05/26/2026
One of the biggest risks many home buyers in Ontario don’t think about is the appraisal.
Just because your offer gets accepted doesn’t mean the bank automatically agrees with the price.
If the lender’s appraisal comes in lower than your purchase price, you may have to cover the difference yourself.
Example:
You buy for $800,000
The bank appraises it at $770,000
You may need an extra $30,000 upfront to close the deal.
This is especially important in competitive markets like Toronto, Vaughan, Richmond Hill, and across the GTA.
Understanding appraisal risk before submitting an offer can protect you from major financial surprises.
🎥 More first-time home buyer tips and GTA real estate insights on my YouTube channel — link in bio.
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