Making an Offer on a House in Stoney Creek and Hamilton: Conditions, Deposits and Multiple Offers
Most buyers focus on the price. It is one line of the offer. The conditions, the deposit and the dates decide how much risk you carry, and the pressure to give up protections is strongest on offer night, when you have the least time to think.
This guide explains what goes into an Ontario offer, what each condition does, how the deposit works and what the rules say about competing offers. It picks up where our guide to the home buying process leaves off.
What is in an offer
An Ontario offer is written on an Agreement of Purchase and Sale. Once both sides sign, it is a binding contract. The main parts are:
- Price and deposit. What you will pay, and how much of it you put down up front.
- Conditions. Things that must be settled before the deal becomes firm.
- What is included. Chattels are movable items, such as appliances, and are listed if they stay. Fixtures are attached to the house, and any the seller is taking are listed as excluded.
- Closing date. The day you pay the balance and get possession.
- Irrevocable time. The deadline for the seller to accept. If it passes, the offer is void and your deposit comes back.
Conditions, and what "firm" means
A condition gives you a set number of days to check something. If it is not satisfied, you can end the deal within that time, following the wording of the clause. It is not a free exit. You are expected to make a real effort to satisfy it.
| Condition | What it gives you time to confirm |
|---|---|
| Financing | That your lender will approve the mortgage on this particular house. |
| Home inspection | The condition of the house, through an inspector you hire. See our home inspection guide. |
| Sale of your current home | That your own house sells. Sellers may add an escape clause, which gives you a short window to firm up or step aside if another offer arrives. |
| Insurance | That you can arrange home insurance on the house on terms you accept. |
Once every condition is fulfilled or waived, the deal is firm and you are committed to close.
The deposit
The deposit is paid with the offer or on acceptance. On the standard Ontario form, "upon acceptance" means within 24 hours. The amount is negotiated. It is usually held in trust by the listing brokerage and credited toward the price on closing, so it is part of your down payment and not an extra charge. The extra charges are in our closing costs guide.
Deposits held by a registered Ontario brokerage are insured against brokerage fraud, insolvency or misappropriation, up to $200,000 per claim (as of October 2026).
If a buyer on a firm deal does not close, the deposit is generally forfeited to the seller, and the seller can also sue for further losses. Your real estate lawyer advises on this, not your agent.
Pre-approval is not approval
A pre-approval looks at you: income, debts and credit. It does not guarantee the mortgage. The lender still has to accept the specific house and its value, often through an appraisal, and can refuse a buyer it has pre-approved. The financing condition covers that gap. Our monthly cost guide helps you set your numbers before offer night.
Multiple offers, offer dates and bully offers
Some sellers set an offer date and will not look at offers until that day. A pre-emptive offer, often called a bully offer, is one submitted earlier. The seller decides in writing how these are handled. If the seller agrees to look at one, the listing agent must notify in writing everyone who has shown interest in the house.
The rules sit in the Trust in Real Estate Services Act, 2002 (TRESA), in its current form since December 1, 2023:
- The seller's brokerage must tell every person making an offer how many competing written offers there are.
- The content of offers stays confidential unless the seller directs in writing that it be shared.
- In an open offer process, the seller chooses which details are shared, with or without price, and they go to everyone making an offer.
- Personal information, and anything that identifies a buyer, can never be shared.
Under TRESA a buyer is either a client of a brokerage, under a representation agreement, or a self-represented party who gets no advice from the seller's agent. Before an agent provides services, they must give you the RECO Information Guide and explain it.
The trade-off when you drop a condition
An offer with no financing or inspection condition is easier for a seller to accept. It also moves real risk onto you. Ontario's real estate regulator tells buyers to think twice before waiving conditions. Buyers who still want a cleaner offer use some of the following. None removes the risk.
- Inspecting before offer day, with the seller's permission.
- Asking the lender how much of the file can be reviewed before the offer. The house itself still has to be approved.
- Offering a larger deposit instead of fewer conditions.
- Setting a ceiling price in advance and holding to it.
Who should not go unconditional
- Buyers with a small down payment. There is little cash to cover a low appraisal.
- Buyers who have not had the house inspected. You are relying on what you could see at a showing.
- Buyers who need to sell first. A firm purchase with an unsold house can mean carrying two homes. See our post on buying first or selling first.
Browse houses for sale
- Houses for sale in Stoney Creek
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- Houses for sale in Fifty Point
Frequently Asked Questions
Can I back out of an offer on a house in Ontario?
Once the seller accepts, the agreement is binding. You can end it only as the contract allows, for example under a condition that is not satisfied by its deadline. Speak to your lawyer first.
How much deposit do I need to buy a house in Hamilton?
The standard Ontario form does not set an amount. It is negotiated in each offer and counts toward your down payment.
Can I see the other offers in a multiple offer situation?
You are entitled to know how many there are. You see details only if the seller chooses to share them, and never anything that identifies the other buyers.
What is a bully offer?
It is an offer submitted before the seller's offer date, usually with a short deadline. The seller decides whether to consider it.
Is a mortgage pre-approval enough to make a firm offer?
Not on its own. The lender still has to approve the house, so a buyer who goes firm without a financing condition carries the risk that the mortgage is refused.
Want to talk through the conditions and deposit for a specific house? Get in touch and we will go through it with you.
This guide is general information, not legal, mortgage or financial advice. Rules, forms and insurance limits change, so confirm the details of any offer with your real estate lawyer and your lender before you sign.