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Major Attractions Open on Canada Day

Many of the GTA’s top attractions are open on Canada Day, offering special hours and events for visitors:

• Canada’s Wonderland: Open from 10 a.m. to 10 p.m., with Splash Works available from 11:30 a.m. to 7 p.m.
• Casa Loma: Explore the castle from 9:30 a.m. to 5 p.m.
• CN Tower: Open 9:30 a.m. to 9 p.m. (Note: some services may be affected by strikes or maintenance.)
• Ripley’s Aquarium: Visit from 9 a.m. to 11 p.m.
• Royal Ontario Museum (ROM): Open 10 a.m. to 5:30 p.m.
• Toronto Zoo: Open 9:30 a.m. to 7 p.m.
• Art Gallery of Ontario (AGO): Open 10:30 a.m. to 4 p.m.

Shopping Centres Open on July 1

If you’re looking to shop or grab a bite, several major malls are open with special holiday hours:

• Eaton Centre: 11 a.m. to 7 p.m.
• Pacific Mall: 11 a.m. to 8 p.m.
• Square One Shopping Centre: 11 a.m. to 6 p.m.
• Vaughan Mills: Open with holiday hours (check for specifics)
• Hillcrest Mall: Open (check for specifics)

Note: Some malls, including Yorkdale, Sherway Gardens, and Scarborough Town Centre, will be closed for the holiday.

Can’t-Miss Canada Day Events

Canada Day in the GTA is packed with free and ticketed events for all ages. Here are some highlights:

• Nathan Phillips Square: Enjoy live music, performances, face painting, and more from 12 p.m. to 5:30 p.m.
• Queen’s Park: Festivities run from 10 a.m. to 5 p.m., featuring entertainment stages, midway rides, crafts, and guided tours.
• Amesbury Park: Flea market, inflatables, food trucks, live music, and fireworks at 10 p.m.
• Ashbridges Bay Park: Spectacular fireworks at 10 p.m.
• Harbourfront Centre: Marketplace, live music, dance, comedy, and fireworks at 10:45 p.m.
• Mel Lastman Square: Live performances, kids’ zone, food fair, and fireworks at 10 p.m.
• Downsview Park: Free entry, games, inflatables, food trucks, and fireworks.

Regional Highlights Across the GTA

Beyond Toronto, communities throughout the GTA are hosting their own celebrations:

• Mississauga (Celebration Square, Port Credit): Live performances, kids’ zone, street festival, and fireworks at 10 p.m.
• Brampton (Chinguacousy Park): Inflatable rides, games, live music, vendors, and fireworks at 10 p.m.
• Ajax (Ajax Downs Racetrack): Cultural and musical performances, community marketplace, and fireworks at 10 p.m.
• Burlington (Spencer Smith Park): Festivities all day, drone show at 9:40 p.m., and fireworks at 10 p.m.
• Oakville (Bronte Heritage Waterfront Park): Community performances, food trucks, and fireworks at 10 p.m.
• Hamilton (Bayfront Park): Food truck rally, kids’ zone, performances, and fireworks at 10 p.m.
• Niagara Falls: Illuminated falls and fireworks at 10 p.m.

What’s Closed on Canada Day

Keep in mind that some services and businesses will be closed:

• Federal and provincial government offices
• Canada Post (no mail delivery, post offices closed)
• Some major malls (Yorkdale, Sherway Gardens, Scarborough Town Centre)

Make the most of your Canada Day in the GTA! With so much to see and do, there’s something for everyone—whether you’re exploring local attractions, enjoying community events, or relaxing with family and friends.

Plan ahead, check event times, and don’t forget to support local businesses as you celebrate!

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Delayed Entry and Rising Barriers

The biggest takeaway? It’s getting harder for new buyers to break into the market. With 65% of first-time buyers spending the maximum they could afford and 41% relying on family gifts or inheritance for their down payment, it’s clear that traditional paths to homeownership are becoming less accessible. Saving for a down payment now takes several years for most, and many buyers are turning to new tools like the First Home Savings Account (FHSA)—used by 38% of first-time buyers—to help bridge the gap.

Financial Caution and Preparedness

Despite these challenges, first-time buyers are approaching the market with remarkable optimism and caution. Nearly 80% believe their home is a good investment, and almost three-quarters feel confident they got the right mortgage deal. Two out of three buyers created a budget before purchasing, and 70% set aside a financial buffer to handle potential interest rate hikes or unexpected expenses.

Changing Strategies and Digital Savvy

Today’s first-time buyers aren’t going it alone. Professional advice is more important than ever, with 86% feeling prepared during the mortgage process and 42% using a mortgage broker to secure better rates and compare options. Digital research is now the norm—over half of buyers turned to social media for mortgage information, signaling a shift toward online-first decision-making.

Stress and Market Complexity

The process isn’t without its challenges. Nearly 40% of buyers found mortgage qualification stressful, especially in high-priced markets. Awareness of the mortgage stress test is high, and it’s influencing both buying decisions and household budgets.

What Does This Mean for Future Buyers?

The low percentage of first-time buyers in 2025 tells a story of a market where affordability barriers, family support, and financial literacy are more important than ever. Canadians are adapting by planning carefully, seeking expert advice, and using every tool at their disposal. But the journey to homeownership is now more complex—and more collaborative—than ever before.

Are you a first-time buyer navigating today’s market? Share your experiences below or reach out for tips on making your homeownership dream a reality in 2025.

[Data source: 2025 CMHC Mortgage Consumer Survey]

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Once an offer is accepted with conditions, the transaction enters a crucial phase: the conditional period. This is when both sides work to satisfy the terms that must be met before the sale becomes firm. Here’s what you can expect during this stage, how deadlines work, and what happens if conditions aren’t fulfilled.

Understanding the Conditional Period

A conditional offer means the sale is subject to certain requirements—known as conditions—being met by a specific deadline. Common examples include:

• Financing approval
• Home inspection
• Review of condominium documents or status certificate
• Sale of the buyer’s current home
• Well water or septic testing (for rural properties)
• Approval by a lawyer

The conditional period typically lasts anywhere from a few days to a couple of weeks, depending on what was negotiated in the agreement2347.

Fulfilling Conditions

During this period, the party responsible for the condition (usually the buyer) must take action:

• Financing: The buyer works with their lender to secure mortgage approval. If approved, they sign a Notice of Fulfillment to confirm the condition is met236.
• Home Inspection: The buyer arranges an inspection. If satisfied with the results, they sign a Notice of Fulfillment or a Waiver. If issues are found, they may negotiate repairs or a price adjustment, or choose to walk away168.
• Other Conditions: For conditions like reviewing documents or selling another home, the responsible party must complete the necessary steps and provide written notice when the condition is fulfilled237.

Waiver vs. Notice of Fulfillment

• Notice of Fulfillment: Confirms in writing that the condition has been satisfied (e.g., financing approved, inspection completed)168.
• Waiver: Used when the party decides to forgo the condition (e.g., buyer chooses to proceed without an inspection)168.

Both documents are submitted to the other party and their agents, making the agreement firm once all conditions are fulfilled or waived168.

Meeting Deadlines

Every condition comes with a deadline. If the responsible party fulfills or waives the condition by the deadline, the deal becomes firm. If not, the contract can be voided without penalty, and the deposit is typically returned to the buyer327.

What If a Condition Isn’t Met?

If any condition isn’t satisfied by the deadline:

• The party unable to fulfill the condition signs a mutual release, ending the agreement23.
• The deposit is returned to the buyer, usually in the form of a bank draft2.
• Both sides are free to move on and consider other opportunities.

Pro Tips for a Smooth Conditional Period

• Stay organized: Keep track of all deadlines and required documents.
• Communicate promptly: Let all parties know as soon as a condition is fulfilled or if issues arise.
• Consult professionals: Work closely with your real estate agent, mortgage broker, and lawyer to ensure all requirements are met on time23.

Final Thoughts

The conditional period is a time for due diligence and careful attention to detail. By understanding the process, meeting deadlines, and communicating clearly, you’ll help ensure your transaction moves smoothly from conditional to firm—and one step closer to a successful closing.

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A Step-by-Step Guide for Sellers and Buyers

Congratulations—your offer has been accepted! This is a huge milestone in any real estate transaction, but it’s not the finish line just yet. Here’s what happens next, how conditions are handled, and what you need to know about deposits.

1. The Deal: From Accepted Offer to Firm Sale

Once both parties sign the Agreement of Purchase and Sale (APS), you have a legally binding contract—provided all conditions are met. If your offer was “firm” (no conditions), the deal is now locked in and both sides are committed to closing.

If the offer was “conditional,” the sale isn’t final until all conditions are fulfilled or waived within the agreed time frame. Common conditions include:

• Financing: The buyer must secure mortgage approval.
• Home Inspection: The property must pass a professional inspection to the buyer’s satisfaction.
• Status Certificate (for condos): The buyer reviews the condo’s financial and legal status.

During this conditional period, both sides work to satisfy the terms. If a condition isn’t met, the buyer (or seller, depending on the condition) can walk away with no penalty.

2. The Deposit: How It’s Handled

The deposit is a crucial part of the transaction. Here’s how it works:

• Amount: Typically, the deposit is about 5% of the purchase price, but this can vary.
• Timing: The deposit is usually due within 24 hours of offer acceptance, unless otherwise specified in the agreement. Sometimes it’s submitted “herewith” (with the offer), or there may be a schedule for additional deposits if conditions are met.
• Who Holds It: The deposit is paid to the listing brokerage and held in their trust account until closing.
• What It Means: The deposit shows the buyer’s good faith and commitment to the deal. If the transaction closes, the deposit is credited toward the purchase price. If the deal falls through due to unmet conditions, the deposit is returned to the buyer.

3. Fulfilling Conditions

If there are conditions in the agreement, here’s what to expect:

• Home Inspection: The buyer arranges for a professional inspection. If issues are found, the buyer can request repairs, a price reduction, or walk away.
• Financing: The buyer finalizes mortgage approval. Lenders may require an appraisal.
• Other Conditions: Any other agreed-upon conditions (such as reviewing documents) must be satisfied.

Once all conditions are met or waived in writing, the deal becomes “firm.” At this point, both parties are fully committed to closing.

4. Preparing for Closing

After the deal is firm:

• Lawyers Get Involved: Both sides’ lawyers handle title searches, prepare documents, and coordinate the transfer of funds and ownership.
• Final Walkthrough: The buyer may do a final visit to ensure the property is in the agreed-upon condition.
• Statement of Adjustments: Lawyers prepare this document to account for prepaid expenses (like property taxes) and calculate the final amount due on closing.

5. Closing Day

On closing day, the buyer’s lawyer transfers the remaining funds (including the deposit) to the seller’s lawyer. The deed is registered in the buyer’s name, and the buyer receives the keys. The transaction is now complete!

Key Takeaways

• After offer acceptance, focus on fulfilling any conditions and ensuring the deposit is delivered on time.
• The deposit is held in trust and credited toward the purchase price on closing.
• Once conditions are met, the deal is firm and both parties prepare for closing day.
• Your real estate lawyer and agent will guide you through each step to ensure a smooth transaction.

If you have questions about the process after your offer is accepted, reach out anytime—we’re here to help you navigate every step with confidence!

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How to Handle It When Buyer and Seller Can’t Agree

Sometimes in real estate, even after all the back-and-forth, the buyer and seller just can’t see eye to eye on the terms of a deal. Maybe it’s the price, the closing date, or certain conditions—whatever the sticking point, it’s important to know that this is a normal part of the process and doesn’t mean the end of your selling journey.

Here’s what really happens when an agreement isn’t reached, and how to handle the situation with confidence and professionalism.

Why Agreements Sometimes Don’t Happen

• Negotiation Gaps: The buyer and seller might have different expectations on price, deposit, or closing date.
• Conditions Not Met: Financing, inspection, or review of documents can lead to unresolved issues.
• Irrevocable Date Passes: Every offer comes with an irrevocable date—the deadline for the other party to accept. If no agreement is reached by this time, the offer simply expires and is no longer valid.

What Happens When There’s No Deal?

• The Offer Expires: If the seller doesn’t accept or counter the buyer’s offer before the irrevocable date, the offer becomes null and void. No further action is required, and the deposit is returned to the buyer in full.
• No Legal Obligation: Since both parties haven’t agreed and signed, there’s no binding contract. Both sides are free to walk away and consider other opportunities.
• No Hard Feelings: It’s common for negotiations to end without a deal. It’s simply part of the process.

How to Handle This Situation as a Seller

1. Stay Professional and Positive
Don’t take it personally. Real estate negotiations are business decisions for both sides. Keeping things cordial preserves your reputation and leaves the door open for future discussions.

2. Reassess Your Strategy
If you’re seeing a pattern—maybe several buyers are walking away at the same sticking point—it could be a sign to review your price, terms, or how your property is being presented. Talk with your agent about recent feedback and the current market.

3. Keep the Lines Open
Just because this round didn’t work out doesn’t mean the buyer won’t come back. Sometimes, after a little time or a change in circumstances, a deal can still be reached.

4. Move Forward with Confidence
You’re now free to consider new offers or even relist your property with a fresh approach. Every negotiation, even the ones that don’t work out, gives you valuable insight into what buyers are looking for and how to position your home next.

What About the Buyer’s Deposit?

If there was a deposit submitted with the offer, it’s held in trust and is returned to the buyer in full if no agreement is reached and the offer expires.

Final Thoughts

Not every negotiation ends in a sale—and that’s okay. The market is always moving, and the right buyer is out there. By staying flexible, open to feedback, and working closely with your agent, you’ll be ready when the next opportunity comes along.

If you have questions about a negotiation that didn’t work out or want to review your selling strategy, let’s connect. We’re here to help you navigate every step of the process, no matter what comes your way.

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