How many days should I give myself for a financing condition in Ontario?

A typical financing condition in Ontario runs 3–5 business days, though buyers sometimes negotiate 7 or even 10 business days depending on the complexity of their financing situation. The right length depends on how quickly your lender can review the property and confirm final approval.

If your financing is straightforward — salaried employment, strong credit, and a pre-approval already in hand — 3–5 business days is usually enough. If your income is variable (self-employed, commissioned, or rental income), if the property is unusual, or if you are using a mortgage broker who needs to shop multiple lenders, more time is prudent.

Sellers in competitive markets often push for shorter condition periods. Do not agree to a deadline shorter than what you realistically need — if your lender cannot confirm approval in time and you waive the condition anyway to avoid losing the deal, you take on full closing risk. Speak with your mortgage broker or lender before negotiating the condition period so you know what is realistic.