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A deposit is an initial sum of money provided with an offer to demonstrate serious intent to the seller, typically held in trust until closing. In contrast, a down payment represents a larger percentage of the purchase price paid at closing to secure the home and reduce the mortgage amount. While the deposit is generally added to the down payment, these terms are not interchangeable and have different timing and purposes in a property transaction. This podcast also touches on variations like builder deposits for new construction.

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This episode provides essential information for Canadian homebuyers about encountering rental items, particularly water heaters, in newly purchased properties. It explains that rental agreements for appliances like water heaters, furnaces, and air conditioners are common, often involving monthly fees, maintenance inclusion, and contract terms. While buyers typically assume existing rental contracts if properly disclosed, failure to disclose can create grounds to challenge the agreement, potentially obligating the seller to cover buyout costs. The text outlines options for buyers who inherit these contracts, including buying out the unit (with costs varying based on the unit's age) or cancelling the agreement by returning the unit, although penalties may apply for early termination or unauthorized removal. Finally, it offers advice for future homebuyers to prevent surprises by inquiring about rental items and reviewing purchase agreements carefully.

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The recent Canadian federal election, which resulted in a Liberal victory, is expected to bring about policy changes aimed at addressing the country's housing crisis. While the government has a plan to increase housing supply, the impact will not be immediate. The market is anticipated to remain relatively flat or see slight price dips in 2025, with potential for moderate growth in 2026 if interest rates fall and the economy improves. Regional differences will persist, with more affordable areas like Alberta and the Prairies potentially seeing faster price growth. Buyers are advised not to expect significant price crashes but can benefit from increased supply and potentially lower rates. Sellers need to be realistic with pricing, and investors should monitor potential new regulations while noting continued strong rental demand.

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