Often, Vancouver and Toronto are connected when the discussion turns to real estate, mainly because they frequently experience similar trends when it comes to house prices. That being said, there’s a current trend in Toronto that could be foreboding for buyers in the Lower Mainland.
It has to do with inspections.
In Toronto (or GTA as Torontonians say) the market is so competitive that many buyers are waiving house inspections to enhance their bids on properties. According to one realtor, 70 to 80 per cent of offers are not conditional on a home inspection.
This is risky business.
By not including a home inspection as a condition of an accepted offer, buyers are gambling and, with homes in both cities regularly selling for more than $1 million, it’s a significant gamble. While home inspections may not catch every “defect” in a house, it almost always catches the major ones and, generally, is considered money well spent. This is especially true with older homes, simply because they are more susceptible to major repairs.
Just something for Lower Mainland buyers to think about before striking “home inspection” from an offer to purchase.