[et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||3px|||” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.20.2″ _module_preset=”default” width=”95%” max_width=”100%” custom_margin=”||-24px||false|false” custom_margin_tablet=”||-24px||false|false” custom_margin_phone=”||-34px||false|false” custom_margin_last_edited=”on|phone” custom_padding=”55px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb _builder_version=”4.27.4″ _module_preset=”default” custom_margin_tablet=”” custom_margin_phone=”30px||-10px||false|false” custom_margin_last_edited=”on|phone” global_colors_info=”{}”][wahi_breadcrumb-link title=”Real Estate 101″ 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text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|desktop” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n
There are several common misconceptions about the costs and processes involved with homebuying. Here, we debunk those myths.<\/p>\n
[\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” custom_margin=”||11px|||” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n
By Kristin Doucet<\/a> | 5 minute read<\/p>\n [\/et_pb_text][et_pb_post_title title=”off” author=”off” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||26px|||” global_colors_info=”{}”][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||3px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|desktop” custom_padding=”0px||9px|||” global_colors_info=”{}” width__hover_enabled=”off|desktop”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/wahi.com\/wp-content\/uploads\/2025\/10\/Fact-vs.-Fiction.jpg” alt=”An image of a moving truck turning a corner in a city.” title_text=”Fact-vs.-Fiction” align=”center” force_fullwidth=”on” _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”1px||29px|||” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|desktop” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”1.13rem” text_line_height=”1.75rem” custom_margin=”-18px||2px|||” custom_padding=”||7px||false|true” custom_padding_tablet=”||7px||false|true” custom_padding_phone=”|15px|7px|15px|false|true” custom_padding_last_edited=”on|phone” hover_enabled=”0″ text_font_size_tablet=”1.13rem” text_font_size_phone=”0.9rem” text_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n Whether it’s concerning the best time of year to purchase a home or the size of the downpayment required, misconceptions abound in Canadian real estate<\/a>.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” min_height=”791.1px” custom_padding=”32px||23px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” min_height=”765.1px” custom_margin=”||-48px|||” custom_padding=”6px||68px|||” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n Myth: <\/b>Unless you have 20% of the home\u2019s purchase price to put down, you can\u2019t buy a house without getting mortgage insurance.<\/span><\/p>\n <\/p>\n <\/span><\/p>\n Reality: <\/b>In Canada, the required down payment is not always 20%. It is, however, required for homes above $1 million. For homes under $500,000, you need a minimum down payment of 5%. For those between $500,000 and $999,999, you need 5% on the first $500,000 and 10% on the portion above that. Larger down payments do reduce mortgage insurance costs and monthly payments, but a 20% down payment is <\/span>not always mandatory<\/span><\/i>.<\/span><\/p>\n \u00a0<\/span><\/p>\n Platforms that provide transparent financial information, mortgage\u2010option comparisons, and local data help buyers understand what they realistically need for the home they want to buy.\u00a0<\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n Myth:<\/b> The best way to find a Realtor<\/a> is through friends or family, or referrals.<\/span><\/p>\n <\/p>\n <\/span><\/p>\n <\/span><\/p>\n Reality:<\/b> Referrals are useful, but it doesn\u2019t necessarily mean that the Realtor you\u2019re referred to has expertise in a particular market or local knowledge of the neighbourhood where you want to live, nor does it mean they\u2019re the right fit. <\/span>Choosing the right Realtor is one of the most important steps in buying or selling a home because the right fit ensures you have someone who has the right expertise or local knowledge, understands your goals, communicates effectively, and advocates for your best interests. A strong match can save you time, money, and stress, while helping you navigate the complexities of the market with confidence. Ultimately, the right Realtor can turn a complicated process into a smoother, more rewarding experience.<\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/p>\n Myth:<\/b> Because of weather, market cycles, or tradition, spring is the best time when the real estate market is favourable.<\/span><\/p>\n \u00a0<\/span><\/p>\n <\/span><\/p>\n Reality<\/b>: While spring often sees a spike in listings, buyers believe the nicer weather, better curb appeal, etc., mean that\u2019s the best time to buy or sell. Homes sell year\u2011round, and sometimes listing in off\u2011peak seasons (i.e., winter) means less competition, more motivated buyers or sellers, and potentially more room to negotiate.\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n <\/span><\/p>\n A <\/span>Wahi study<\/span><\/a> of Greater Toronto Area home sales in 2024 shows that, while April is often the busiest month overall, the top month for home-selling activity varies widely across neighbourhoods, spanning January through December depending on location.\u00a0<\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”32px||23px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”1px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider show_divider=”off” _builder_version=”4.18.0″ _module_preset=”default” height=”30px” custom_margin=”||-6px|||” locked=”off” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Section” module_id=”sell-widget” _builder_version=”4.24.2″ _module_preset=”default” background_color=”#f0faf4″ custom_padding=”0px||0px||false|false” da_popup_slug=”sell-widget” da_disable_devices=”off|off|off” global_module=”300579″ global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”1_2,1_2″ make_equal=”on” _builder_version=”4.24.0″ _module_preset=”default” background_enable_color=”off” module_alignment=”center” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.24.0″ _module_preset=”default” custom_css_main_element=”margin: auto;” global_colors_info=”{}”][et_pb_image src=”https:\/\/wahi.com\/wp-content\/uploads\/2025\/01\/Realtors-Card.png” alt=”Find a Realtor for You” title_text=”Find a Realtor for You” src_tablet=”” src_phone=”https:\/\/wahi.com\/wp-content\/uploads\/2024\/04\/Frame-7115-1.png” src_last_edited=”on|phone” _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.24.0″ _module_preset=”default” custom_css_main_element=”margin: auto;” global_colors_info=”{}”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” header_font=”Poppins|700|||||||” header_line_height=”44px” header_2_font=”|700|||||||” header_2_font_size=”22px” header_2_line_height=”44px” max_width=”100%” max_width_tablet=”” max_width_phone=”270px” max_width_last_edited=”on|phone” module_alignment=”center” custom_margin=”||10px||false|false” header_text_align_tablet=”” header_text_align_phone=”center” header_text_align_last_edited=”on|phone” header_font_size_tablet=”” header_font_size_phone=”30px” header_font_size_last_edited=”on|desktop” custom_css_main_element=”font-weight: 800 !important;” custom_css_free_form=”#sell-widget h1{|| font-weight: 700 !important;|| font-size: 30px;||}” global_colors_info=”{}”]<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”22px” text_line_height=”26px” header_font=”||||||||” header_line_height=”26px” header_2_font_size=”22px” header_2_line_height=”26px” max_width=”100%” max_width_tablet=”” max_width_phone=”270px” max_width_last_edited=”on|phone” module_alignment=”left” custom_margin=”||30px||false|false” text_font_size_tablet=”” text_font_size_phone=”18px” text_font_size_last_edited=”on|phone” text_orientation_tablet=”” text_orientation_phone=”center” text_orientation_last_edited=”on|phone” module_alignment_tablet=”” module_alignment_phone=”center” module_alignment_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n We’ll match you with a proven agent in your area.<\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/wahi.com\/ca\/en\/find-a-realtor-in-your-area” button_text=”Learn more” button_alignment=”left” button_alignment_tablet=”” button_alignment_phone=”center” button_alignment_last_edited=”on|phone” _builder_version=”4.24.2″ _module_preset=”default” custom_button=”on” button_text_size=”12px” button_border_radius=”4px” button_letter_spacing=”1px” button_font=”|700|||||||” button_use_icon=”off” custom_margin=”||||false|false” custom_padding=”10px|20px|10px|20px|true|true” button_text_size_tablet=”” button_text_size_phone=”13px” button_text_size_last_edited=”on|phone” custom_css_main_element=”font-weight: 800 !important;” custom_css_free_form=”#sell-widget a.et_pb_button{|| font-weight: 600 !important;||}||||@media (max-width: 600px){||#sell-widget a.et_pb_button{||display: block;||text-align: center;||}||}” global_colors_info=”{}” custom_css_main_element_last_edited=”on|phone” custom_css_main_element_phone=”font-weight: 800 !important;||display: block;||text-align: center;” custom_css_main_element_tablet=”font-weight: 800 !important;”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”29px||0px|||” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”||4px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.6em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”29px” header_2_font_size_phone=”19px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n Myth: <\/b>If you renovate, you will <\/span>always<\/span><\/i> increase your home\u2019s value.<\/span><\/p>\n <\/span><\/p>\n <\/p>\n <\/span><\/p>\n Reality:<\/b> Not all renovations are equal. Some improvements (like kitchen upgrades, bathrooms, or energy-efficient systems) often have good returns. Others, such as custom features or ultra\u2011luxury finishes, may not recoup their costs depending on your market.<\/span><\/p>\n \u00a0<\/span><\/p>\n <\/span><\/p>\n The 2024 <\/span>Wahi Great Canadian Dream Home Survey<\/span><\/a> highlights what features matter most to homebuyers. The survey shows that renovations are still important, as most buyers prefer move-in ready homes. In fact, 64% of potential homebuyers said they prefer renovated homes rather than fixer-uppers or tear-downs.<\/p>\n <\/span><\/p>\n \u00a0<\/span><\/p>\n <\/span><\/p>\n \u201cEvery home is different. How much more a renovated home sells for depends on myriad variables, including local condition, quality and style of the build, and overall investment, to name a few,\u201d says Anne Alkok, a Calgary-based REALTOR\u00ae and Broker of Record at Wahi. \u201c Sometimes spending less but focusing on good ROI improvements (paint, landscaping, minor repairs) can give you more bang for your buck.\u201d<\/span>\u00a0<\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/em><\/p>\n <\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.6em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”29px” header_2_font_size_phone=”19px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n <\/span><\/p>\n Myth:<\/b> Real estate in Canada is a guarantee: values will keep rising.<\/span><\/p>\n <\/p>\n <\/span><\/p>\n <\/span><\/p>\n Reality:<\/b> Real estate markets are cyclical and influenced by interest rates, economic conditions, supply and demand, migration, government policy, and more. Prices can stagnate or even decline in certain areas, especially if oversupply, regulatory changes, or rising borrowing costs intervene. Rather than believing that prices always go up, it\u2019s smarter to look at trends, local data, and risk factors, rather than assume perpetual growth.<\/span><\/p>\n <\/p>\n <\/span><\/p>\n The RPS-Wahi <\/span>House Price Index<\/span><\/a> tracks year-over-year changes in home prices over time in 10 key markets across Canada. It offers a more stable and consistent picture of home price trends, so you can see where home prices are rising <\/span>and<\/span><\/i> falling.\u00a0<\/p>\n <\/span><\/p>\n \u00a0<\/span><\/p>\n <\/span><\/p>\n Major metro areas like Toronto<\/a> and Vancouver, for example, have seen home price growth dramatically decrease in recent months, largely due to the pace of condo depreciation in those cities. In August, condos saw a -6% year-over-year decline in home price growth, while semi-detached homes saw a -1% decline and detached homes saw a 1% increase.\u00a0<\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/em><\/p>\n <\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.6em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”29px” header_2_font_size_phone=”19px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n <\/span><\/p>\n <\/p>\n Myth: <\/b>Without touring a property in person, it\u2019s hard to know if a property is over- or underpriced.\u00a0<\/span><\/p>\n <\/span><\/p>\n <\/p>\n <\/span><\/p>\n Reality: <\/b>In many cases, you <\/span>can<\/span><\/i> get a lot of useful information without an in\u2011person visit using digital tools that provide a listing\u2019s history, sold comparables, home value<\/a> estimates and more.\u00a0 <\/span>Wahi\u2019s free app<\/span><\/a>, for instance, gives you access to real\u2011time market data, real days on market,\u00a0 insights into sold transaction history, accurate home value estimates, price drop alerts, and more.<\/span><\/p>\n \u00a0<\/span><\/p>\n <\/span><\/p>\n While it\u2019s still necessary to visit a property in person, these tools can play a powerful role in reducing uncertainty and helping you make smarter decisions.<\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/span><\/p>\n <\/em><\/p>\n <\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.6em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”29px” header_2_font_size_phone=”19px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n <\/span><\/p>\n <\/p>\n Myth:<\/b> When you buy a home in Canada, part of your down payment or closing costs goes toward paying your real estate agent\u2019s commission.<\/span><\/p>\n \u00a0<\/span><\/p>\n<\/h2>\n
When it comes to Canadian real estate, many prospective buyers lack a clear understanding of the costs and processes involved, making it challenging to navigate the market. Some commonly believed notions can mislead buyers, sellers, or even investors, which can result in poor decisions or missed opportunities. Fortunately, with greater access to data, technology, and digital platforms like Wahi, many of these myths are being dispelled. Below are several of the most common misconceptions about Canadian real estate and the truth behind them.
<\/span><\/h3>\nMyth 1: You need a 20% down payment to buy a home.\u00a0<\/strong><\/h2>\n
Myth 2: You should use a real estate agent you already know. \u00a0<\/strong><\/h2>\n
Myth 3: Spring is the best time to buy or sell your home.
\u00a0<\/strong><\/h2>\nFind the Right REALTOR\u00ae for You<\/h2>\n
Myth 4: Renovations always pay off.\u00a0<\/strong><\/h2>\n
Myth 5: Home prices always go up.
<\/b><\/strong><\/h2>\n<\/span><\/h2>\n
Myth 6: You can\u2019t properly assess a home\u2019s value unless you visit in person.<\/b><\/strong><\/h2>\n
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Myth 7: The buyer pays the real estate commission.<\/b><\/strong><\/h2>\n