Let’s Talk Real Estate Deposit 
What Is A Standard Deposit Amount?
Just a few years ago, in Simcoe County, we saw a standard deposit of $1,000. Depending on the price point of your purchase, we are seeing a standard of minimum $5,000 for the lower end homes and condos up to $50,000 and over in the higher price points. On average, I would say that I see most deposits around the $20,000 mark.
Truth: The higher the deposit, the more attractive the offer.
How Do I Submit A Deposit? 
Once your offer is accepted and it is time for you to submit your deposit, there are a few various ways that you can proceed. Especially with Covid, Brokerages have taken extra measures to ensure a quick and easy process for deposits. Some brokerages, such as mine at RE/MAX Hallmark Chay, you can submit your deposit thru the “Pay Bill” method with online banking which does not have a limit. If you are able to give a smaller deposit, you can do an E-transfer, however most online banking have a maximum of $2,500 for transfers. Other options are Bank Draft, Certified Cheque or a wire transfer. Some of the other options may have an additional cost however as long as you get your deposit handed in within the allotted time, the better.
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