Mackey & McCormick, Buyer Resources

When you make an offer on a home in Ontario, conditions are what stand between a promise to buy and a binding commitment. They give you a defined window to confirm that the purchase actually works, and a way out if it doesn't. They also come with deadlines, trade-offs, and a decision every buyer eventually faces: keep them, or waive them to make the offer stronger.

A quick note: this is general information, not legal or financial advice. The binding terms are whatever your signed agreement says, so have your agent and a real estate lawyer review any conditions and waivers before you commit.

What a Condition Actually Does

A condition makes your offer depend on something being confirmed within a set period. If you satisfy it, the deal moves forward. If it can't be satisfied and you handle it properly within the deadline, the agreement can end and your deposit is returned according to its terms. Once all conditions are fulfilled or waived, the offer is firm, and walking away from a firm offer without legal grounds can cost you your deposit and potentially more.

The Conditions You'll See Most Often

Financing: your offer depends on your lender confirming the mortgage for this specific property. A pre-approval is a strong start, but it doesn't guarantee approval for a particular home at a particular price, since the lender may order an appraisal or review the property before committing.
Home inspections: give you time to have the property professionally inspected and either move ahead, negotiate repairs or a price adjustment, or step away if the findings are serious.
Status certificate review (condos): lets you and your lawyer review the building's finances, reserve fund, and any legal or special assessment issues before you're locked in.
Sale of your current home: makes your purchase depend on selling your existing property. It's less common and tends to weaken an offer, but it's an option in some situations.

Condition periods are negotiated and vary, but they're typically measured in a handful of business days, with financing often getting the longest window. Your agreement will state the actual deadline.

Deadlines Are Not Flexible

The single most important detail about conditions is timing. Depending on how your agreement is worded, missing the deadline to act on a condition can be treated as waiving it, or an offer collapse. Waivers and fulfillments need to be in writing to count. That's why we track every condition date with our buyers from the moment an offer is signed, and why you should involve your lawyer early rather than in the final hours.

What You Give Up When You Waive

Waiving a condition makes your offer cleaner and, in a competitive situation, more attractive to a seller. It also means you take on the risk that the condition was designed to cover.

Waive financing, and you're committed even if the lender's appraisal comes in low or you're approved for less than expected. Any shortfall may have to come out of your own pocket.
Waive the inspection, and you lose your contractual exit and your leverage to renegotiate if something serious turns up later, such as foundation, electrical, or roof problems that can run into the tens of thousands of dollars.
Waive the status certificate review on a condo, and you may take on a building's financial problems without knowing about them.

Middle Paths Worth Considering

It's rarely a choice between keeping everything and waiving everything. A few options sit in between.

Get a pre-offer inspection. You pay for an inspection before you submit, so you can write a stronger offer with real information in hand.
Review the status certificate before you offer on a condo. Many are available quickly, which lets you drop that condition without flying blind.
Shorten your condition windows. A shorter inspection or financing period can make a conditional offer more appealing without removing your protection.
Waive selectively. Waiving may be more reasonable for a home you already know well or a new build with a strong builder warranty than for an older home you've seen once.
Talk to your mortgage broker or lender first. Knowing exactly how your lender approaches appraisals can tell you how much financing risk you'd actually be taking on.

When Waiving Can Make Sense, and When It Doesn't

Waiving can be a reasonable strategic call when you've done the homework in advance: you've inspected the property already, your financing is locked in with a lender who has reviewed the specific home, and you can comfortably absorb a surprise. It rarely makes sense when you're stretching your budget, when the home is older or has visible signs of wear, or when the pressure to waive is coming from the pace of the moment rather than the facts of the property. Market conditions matter too. When buyers have more choice and homes take longer to sell, there's generally less pressure to give up protection, and sellers are often more willing to accept reasonable conditions. When competition heats up, the calculus changes, which is exactly when having a plan matters most.

The Bottom Line

Conditions are a tool, not an obstacle. Used well, they protect you from the biggest financial surprises of buying a home. Waived thoughtfully, they can help you win a competitive offer without taking on risks you haven't measured. The key is deciding which approach fits before you're in the middle of an offer, with a deadline running. If you're thinking about making an offer, reach out. We'll walk through which conditions make sense for the specific property and situation, and how to structure an offer that's both competitive and protected.