Editor's note, October 6, 2026: this article was reviewed and rewritten in our accuracy check. An earlier version contained over-asking percentages, offer counts and deposit norms we could not trace to a source, and advice that conflicted with our guidance on personal letters; they have been removed or replaced with figures from the sources listed at the end of the article.
Winning in competing offers comes down to presenting terms a seller can rely on: a price you decided on in advance from real comparable sales, a deposit ready on acceptance, a closing date that suits the seller, and only the conditions you truly need. How often homes get multiple offers, and how far above asking they sell, varies by neighbourhood and month, so ask your agent for recent sales of similar homes nearby rather than relying on rules of thumb.
How competing offers work in Ontario
- Many listings set an offer date; offers are presented together and the seller chooses one, or none.
- Under TRESA, the seller's brokerage must tell everyone who made a written offer how many written offers there are.
- With the seller's written direction, it may also disclose the substance of competing offers, but never anything that identifies who made them.
- The seller can accept any offer, not necessarily the highest, and can decide whether to look at an offer before the offer date.
Do the work before offer night
- Financing: get a pre-approval, and talk to your lender about the specific property, especially if it is unusual (a condo with low fees, a home needing work, a large lot).
- Inspection: if the seller allows pre-offer inspections, book one, so you can make an offer without an inspection condition knowing what you're buying.
- Condos: ask whether a status certificate is available and have your lawyer review it before the offer date.
- Legal: send the listing's schedules to your lawyer before you sign anything.
This preparation costs money with no guarantee you'll win. It is still cheaper than waiving protections you need.
Conditions: what to keep
An offer with fewer conditions is easier for a seller to accept, but only waive a condition when the risk it protects against has already been dealt with. Waiving a financing condition without a firm basis to fund the purchase can cost you your deposit and more if you can't close. If you need a condition, keep it, and make the rest of the offer stronger.
Setting your price
- Start from recent sold prices of comparable homes nearby, not the list price; some listings are priced low to attract offers.
- Adjust for size, condition, parking and lot.
- Decide your walk-away price before offer night and stick to it.
- Make sure you qualify at your price at the stress-test rate, not just your contract rate.
Other terms that matter to sellers
- Deposit: have it ready to deliver within the time the offer requires. A larger deposit signals commitment, but keep enough for closing costs.
- Closing date: ask what the seller prefers and offer it if you can.
- Irrevocable time: keep it short and realistic.
Pre-emptive ("bully") offers
A pre-emptive offer arrives before the offer date. The seller decides whether to consider it; some listings say they won't. If you make one, keep the irrevocable period short, keep it simple to accept, and don't waive a condition you can't afford to lose.
About personal letters
We don't recommend personal letters or photos to a seller. A letter about your family, background or plans can reveal characteristics protected by the Ontario Human Rights Code, and a seller who chooses between buyers on those grounds risks a discrimination complaint. Compete on price, deposit, closing date and conditions.
If you lose
Losing bids is normal. Ask your agent to find out, if the seller's brokerage can share it, how many offers there were, then recheck your comparables before the next one. Don't let frustration push you past your budget.
Your agent's duties
As a client, your agent must promote and protect your best interests (s.8). They must show you every property that meets your criteria, whatever commission is offered on it. See our guide to TRESA.
Planning an offer? Book a call with a licensed Summitly agent, or ask Zara, Summitly's AI virtual agent, to pull recent comparable sales.
