Mark Savel | TorontoLivings - Toronto Real Estate

Jun 13

The livings room of an updated unit at Candy Factory Lofts

The Best Authentic Hard Lofts in Downtown Toronto

By Mark Savel Lofts

Old Bricks, New Lives

Step inside an authentic hard loft and Toronto’s industrial past greets you in the scent of weathered pine, the cool touch of century‑old brick, and the echo of open space beneath timber beams. Fewer than 3 % of the city’s condos qualify as true hard lofts—but every square foot carries the provenance of a factory floor or warehouse aisle. For the full back‑story on how hard and soft lofts differ, visit our Ultimate Guide to Hard & Soft Lofts after this read.

Beyond the brick and beam lies a lifestyle that prizes individuality. No two conversions are identical; ceiling heights change from room to room, rivet‑studded columns interrupt open floor plans, and a century’s worth of paint layers tell stories you’ll never fully uncover. Historic designation protects the exterior shell, but the interiors have become living canvases for architects, artists, and everyday urbanists. If glass towers feel interchangeable, hard lofts are the antidote—stubbornly imperfect and gloriously human.

What Makes a Hard Loft … Hard?

Authentic hard lofts start with bones—post‑and‑beam structures, concrete mushroom columns, and steel‑sash windows—reinforced by heritage bylaws that protect them. Utilities and retrofits can be trickier than in purpose‑built condos; financing quirks abound, and soundproofing is an art form. If you crave the details, the City of Toronto’s Heritage Preservation Services explains why adaptive reuse matters.

Materials that age gracefully – Reclaimed maple, Douglas‑fir, and poured concrete don’t just endure; they accumulate patina and character. Well‑sealed brick regulates humidity, keeping interiors comfortable year‑round.

Volume equals light – Eleven‑to‑seventeen‑foot ceilings paired with warehouse windows invite daylight deep into the suite, reducing reliance on artificial lighting and making plants (and people) thrive.

Modern systems behind historic walls – Most conversions add fan‑coil HVAC, fiber‑optic cabling, and upgraded elevators, but they hide them behind drywall bulkheads so as not to distract from the heritage fabric.

To keep tabs on current inventory (minus any price talk), bookmark our monthly Toronto Real Estate Market Update.

East‑Side Legends

Wrigley Lofts — 245 Carlaw Ave, Leslieville

Factory flashback: Built in 1915–16 for the Wm. Wrigley Jr. Company, the Beaux‑Arts gum plant once shipped Spearmint across Canada. Its loading docks now serve as quirky terrace space.

Loft‑living highlights: 14‑foot concrete slabs, steel warehouse windows, raw ducts overhead, and original smoke doors repurposed as sliding room dividers. Units run true live/work, so expect photography studios beside kombucha breweries.

Building perks: Freight‑sized elevators ideal for art installations, secure bike storage, and a communal roof deck with sunrise views over the Port Lands.

Neighbourhood snapshot: Steps to Film Row cafés, Queen East’s gallery strip, and weekend vintage markets at The Leslieville Flea.

Broadview Lofts — 68 Broadview Ave, Riverside

Factory flashback: Born in 1914 as a Rexall Drug warehouse, later grain storage, before Sorbara Group’s 2006 loft revival.

Loft‑living highlights: Brick‑and‑beam warmth meets glassy penthouse additions; original freight‑elevator doors grace many suites, and clerestory windows usher in golden afternoon light.

Building perks: A dramatic, hotel‑style lobby anchored by a 1900s safe, a rooftop party room with skyline views, and ample guest parking—rare for conversions.

Neighbourhood snapshot: Riverside’s brew‑pub trail, the Broadview Hotel’s rooftop bar, and 24‑hour Queen streetcar service at your front door.

Merchandise Lofts — 155 Dalhousie St, Church‑Yonge Corridor

Factory flashback: A Simpson’s—then Sears—catalogue‑warehouse complex from 1910–49, spanning an entire city block and once linked to the Eaton Centre by underground tunnels.

Loft‑living highlights: 480 sprawling suites, mushroom columns, soaring atriums, a rooftop dog run, lap pool, and indoor half‑court basketball—rare amenities for a heritage building.

Building perks: A two‑level Metro grocery store next‑door, 24‑hour concierge, and on‑site dry cleaning—all beneath exposed steel trusses that remind you of the building’s industrial DNA.

Neighbourhood snapshot: Six minutes on foot to the Eaton Centre and Yonge subway, yet sheltered from late‑night noise on a side street lined with heritage facades.

West‑Side Icons

Candy Factory Lofts — 993 Queen St W, Trinity‑Bellwoods

Factory flashback: Three red‑brick warehouses (circa 1907–1930s) once churned out Rockets and Fizzers candy for Ce De Candy Co. Weekly deliveries of powdered sugar left a sweet aroma that residents swear still lingers after rain.

Loft‑living highlights: 12.5‑foot timber ceilings, thick maple floors, exposed sprinkler lines, and Juliet balconies overlooking Trinity Bellwoods Park.

Building perks: A fully equipped gym tucked beneath vaulted rafters, a dog wash station off the side alley, and an intimate lounge that hosts resident art exhibitions.

Neighbourhood snapshot: Queen West’s indie boutiques, Ossington’s dining corridor, Bellwoods drum circles, and nearby 501 streetcar for cross‑town hops.

Toy Factory Lofts — 43 Hanna Ave, Liberty Village

Factory flashback: A 1912 paper plant turned Irwin Toy factory, re‑imagined by Lanterra in 2008. Original conveyor‑belt housings became quirky sculptural elements in the lobby.

Loft‑living highlights: Douglas‑fir posts, soaring steel beams, and a mix of authentic brick lofts plus double‑height soft‑loft additions that offer mezzanine sleeping areas.

Building perks: Full‑service concierge, a landscaped roof terrace with barbecue pods, guest suites for visiting friends, and Tesla superchargers in the garage.

Neighbourhood snapshot: Liberty Village’s patio‑packed nightlife, Bentway skating trail, GO/King streetcar links, and Saturday farmers’ markets at Massey Harris Park.

Robert Watson Lofts — 363 & 369 Sorauren Ave, Roncesvalles

Factory flashback: An early‑1900s confectionery plant revived in 2007 with a glass‑and‑steel addition that respectfully riffs on the original massing.

Loft‑living highlights: Century bricks meld with polished concrete; most suites sport Juliet or full terraces overlooking the leafy rail path, and common areas display vintage candy‑making artifacts.

Building perks: A communal courtyard garden scented by lilacs, an indoor bike garage linked to the West Toronto Rail Path, and a pet‑friendly policy that makes dog socials a weekly ritual.

Neighbourhood snapshot: Roncy’s coffee culture, seasonal Polish street festivals, and hip bike lanes speeding you to High Park in under five minutes.

Tip Top Lofts — 637 Lake Shore Blvd W, Waterfront

Factory flashback: Built in 1929 as Tip Top Tailors’ Art‑Deco headquarters—its neon rooftop sign is a city icon and one of the few neon structures protected under heritage bylaws.

Loft‑living highlights: 13‑foot fluted columns, dramatic saw‑tooth windows, lakeside views, and six glass‑and‑steel storeys added in 2002, creating duplex penthouses with private terraces.

Building perks: Concierge service, a well‑equipped gym that faces Lake Ontario, and an internal courtyard shielded from the Lakeshore’s winter winds.

Neighbourhood snapshot: Martin Goodman Trail at your doorstep, a ten‑minute walk to Harbourfront Centre, and instant access to Billy Bishop Airport for weekend getaways.

Foundry Lofts — 1100 Lansdowne Ave, Davenport

Factory flashback: The 1903 Canada Foundry locomotive plant features a grand atrium—once an assembly line—that now serves as a climate‑controlled indoor street for residents.

Loft‑living highlights: A skylit interior courtyard, multi‑level units, original steel trusses overhead, and operable windows larger than many condo balconies.

Building perks: An expansive party space in the former engine‑testing chamber, on‑site micro‑gallery curated by local artists, and dog‑friendly walking paths along the adjacent rail corridor.

Neighbourhood snapshot: Emerging Davenport Village, with new cafés edging the tracks, cycling access to the Green Line park project, and fast bus service to the UP Express.

Side‑by‑Side Loft Cheat Sheet

Loft	Year Built	Conversion	Typical Ceilings	Unit Count	Signature Amenity
Wrigley	1915	1999	14 ft	81	Rooftop deck
Broadview	1914	2006	11–13 ft	166	Heritage‑vaulted lobby
Merchandise	1910–49	1999	12–14 ft	480	Indoor basketball court
Candy Factory	1907–30s	2000	12.5 ft	121	Resident art lounge
Toy Factory	1912	2008	13–17 ft	213	Roof terrace & EV charging
Robert Watson	1900s	2007	11–15 ft	153	Courtyard garden
Tip Top	1929	2002	13 ft	256	Lakeside gym
Foundry	1903	2008	12–15 ft	104	Grand atrium

(Maintenance fees, property taxes, and sale prices vary—contact us for the latest specifics.)

Buying an Authentic Hard Loft in 2025 and Beyond

Financing quirks – Many lenders view heritage lofts as higher‑risk; CMHC premiums can be steeper, and boutique insurers may cap loan‑to‑value. Work with a mortgage broker who has closed on conversions before—lender familiarity smooths underwriting.

Inspections & environmental checks – Older factories can hide asbestos insulation, lead paint, or residual hydrocarbons from industrial use. A specialist inspector with environmental‑site‑assessment experience is worth every dollar.

Mechanical & acoustic upgrades – Conversions often installed fan‑coil HVAC long after the factories closed; ask for service logs and check sound‑transmission‑class (STC) ratings between floors. If you’re eyeing a unit beneath a mezzanine, test echo levels during a walkthrough.

Heritage clauses – Exterior brickwork and window mullions typically fall under conservation rules. Renovate, yes—replace, maybe not without the city’s blessing. Factor approval timelines into your renovation schedule.

Frequently Asked Questions

Are hard lofts a good investment in a softer market?
Heritage scarcity shields value better than glass‑tower abundance; appreciation isn’t guaranteed, yet demand usually outstrips supply.

Do heritage rules restrict renovations?
Interior updates are generally flexible, but exterior changes—brick repointing, window replacement—require Heritage Preservation approval.

How does condo insurance differ?
Lofts often need unit‑owner upgrades to cover exposed brick and timber; premiums run slightly higher, but specialized brokers can help.

Why do maintenance fees vary so widely?
Small unit counts mean fewer doors sharing big‑ticket items like roof membranes. Converted factories also face periodic masonry and window‑restoration budgets.

Can I Airbnb my hard loft?
Many heritage buildings enforce stricter rules than modern condos. Some ban short‑term rentals entirely to preserve community stability—verify bylaws before you buy.

What’s the resale audience for lofts?
Creative professionals, downsizers seeking character, and remote tech workers all flock to lofts. Marketing should highlight provenance and floor‑plan flexibility rather than bedroom count alone.

For more insights, tune in to Episode 12 of the Toronto Livings Podcast.

Let the Walls Whisper

Toronto’s factories forged everything from chewing gum to locomotives. A century later, their bones still stand strong—only now they cradle light‑filled homes instead of assembly lines. If you’re ready to let an old wall whisper its story to you, let’s tour a loft together. Get in touch with us below —your next chapter might just begin under a timber beam.

Jun 13

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Buying a Home in Toronto? Start with a Discovery Call (Here’s How Ours Work)

By Mark Savel Advice For Buyers

Buying a home in Toronto is thrilling—but let’s be honest, it can also feel overwhelming. Between rising prices, shifting neighbourhood trends, and confusing mortgage rules, knowing where to begin is half the battle. That’s why our first step isn’t a property tour. It’s a conversation.

We call it a discovery call. And here’s exactly what you can expect.

What Is a Real Estate Discovery Call?

A discovery call is a 20- to 30-minute chat where we get to know you—your goals, your budget, and what “home” means to you. There’s no paperwork, no pressure, and no strings attached. Think of it as your chance to pick our brains before diving in.

Why We Start with a Call (Not a Showing)

While it might be tempting to jump straight into open houses, we believe in building a smart foundation first. This helps us:

Save you time
Set realistic expectations
Share valuable local insight upfront

When we understand where you’re coming from, we can help you get where you’re going—faster and with fewer surprises.

Here’s What We Cover on the Call

Your Why: Motivation + Timeline

Are you upsizing for a growing family? Relocating for work? Curious about whether now is the right time? Your “why” gives us direction—and helps us customize your path forward.

Budget & Mortgage Status

We’ll walk through your ideal budget and where you stand with financing. Haven’t spoken to a lender yet? No worries—we can refer trusted mortgage pros to help you run the numbers.

Must-Haves vs Nice-to-Haves

This is where we start turning your Pinterest board into a practical checklist. A balcony, parking, ensuite laundry? Great. We’ll help prioritize what matters most, and what might be flexible.

Quick story: One couple came in convinced they wanted a detached home. After chatting, they realized a hard loft was a better fit—and they couldn’t be happier.

Neighbourhood Talk

Which areas are you considering? The Junction? Midtown? East Danforth? We’ll share the real scoop on each—the vibe, price trends, and pros/cons from people who actually live there.

Education on the Market

We’ll give you a snapshot of what’s happening now: how long homes are sitting, where prices are heading, and what trends to watch. No fluff—just honest, up-to-date advice.

(For a deeper dive, check out our monthly market updates.)

The Buying Process (Simplified)

From first tour to firm offer, we’ll walk you through the whole process in plain language. Including:

What offer conditions matter
How inspections and deposits work
What to expect at closing

How We Work (and What Happens Next)

We’ll also cover how we represent you: our communication style, negotiating strategies, and what happens after the call. Spoiler: we follow up with a tailored next step email (and it literally covers EVERYTHING), not a generic drip campaign.

What You Don’t Need to Bring

You don’t need your mortgage pre-approval letter. You don’t need a list of listings. And you definitely don’t need to know all the lingo.

All we ask? Bring your questions and your curiosity. We’ll handle the rest.

A Real Story: From First Call to Front Door

One couple we worked with were new to Toronto and unsure where to begin. On the call with Joey, they shared their dream of walkable neighbourhoods, good coffee, and parks for their dog. Fast forward three months: they’re happily settled in a Roncesvalles condo steps from everything they wanted.

It started with one call.

Let’s Talk—No Strings Attached

Whether you’re buying in six weeks or six months, your smartest first move is booking a discovery call. We’ll listen, guide, and help you gain clarity without the sales pressure – leave us a message below!

Resources for Buyers:

Jun 10

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5 Smart Inspection Checkpoints Every Toronto Homebuyer Should Spot

By Mark Savel Advice For Buyers

Buying a home in Toronto isn’t just about square footage or curb appeal—it’s about making sure the bones of the house are solid before you ever write that offer. Over the years, I’ve toured hundreds of homes with buyers, and there are five key areas I always zone in on. Whether you’re a first-time buyer or a seasoned investor, these checkpoints could save you from major headaches down the road.

1. Curbside Clues: Waterproofing & Drainage

Before you even step inside, take a slow walk around the exterior. Look for signs that water may not be draining properly: negative grading (where the ground slopes toward the house), cracks in the foundation, or staining along the brick or siding. These are often early warnings that water could be getting into the basement.

In a city like Toronto—where spring brings big rains and melting snow—drainage issues are a common (and costly) concern. A home lacking proper downspout extensions or with eroded soil near the base can become a sump-pump horror story waiting to happen.

For more on what waterproofing standards look like, the City of Toronto’s basement flooding protection page offers a helpful primer.

2. Window Watch: Seals, Sills & Efficiency

Windows don’t just frame your view—they can also frame future repair bills. When touring a home, check for condensation between panes (a telltale sign of a failed seal), warping, or frames that stick when you try to open them.

Older single-pane windows or wood sashes that have seen better days can drastically affect heating costs in the winter and resale value down the line. According to Natural Resources Canada, ENERGY STAR windows can reduce energy bills by an average of 8%.

Tip: Run your hand near the frame to feel for drafts. If you’re catching a breeze on a calm day—that’s a red flag.

3. Roof Round-Up: Age, Material & Maintenance

Roofs aren’t easy to inspect up close on a quick tour, but a good set of eyes can still spot warning signs from ground level. Curling or missing shingles, visible moss growth, sagging rooflines, or exposed flashing are all signs the roof might be past its prime.

Asphalt shingles, the most common type in Toronto, typically last about 20 years—less if ventilation is poor or the previous owner went for a cheaper product.

And if the listing says “new roof” but the shingles scream 1997? It’s worth a follow-up.

4. Inside Intel: Electrical & Plumbing Priorities

Once inside, I keep a sharp eye on what’s behind the walls—because some of the biggest deal-breakers are hidden in plain sight. Start with the electrical: are there enough outlets? Are any warm to the touch? Is there visible knob-and-tube wiring (still found in some older Toronto homes)?

Plumbing-wise, check under sinks for signs of leaks, look at the water pressure, and ask if the home has any polybutylene piping—a material prone to failure. If the home has been renovated, ask whether the plumbing and wiring were updated with permits.

Want to check for ESA-certified work? Visit Electrical Safety Authority Ontario.

5. Renovation Radar: Walls, Ceilings & Permits

Here’s where experience really pays off. I once toured a home with a client and something about the ceiling line caught my eye—it looked like a structural wall had been removed. Sure enough, after checking with the City of Toronto, we found no permits had ever been pulled for that kind of work. We walked away from the deal.

If you spot inconsistent ceiling textures, odd bulkheads, or missing supports, it’s worth asking: was this work done properly—and legally? You can check building permit history for any property through the City of Toronto’s permit portal.

Unpermitted work can impact insurance, financing, and even your ability to resell.

Final Thought: Touring homes can feel exciting—but it’s also a high-stakes inspection walk. Look past the staging and freshly baked cookies. The signs are often there… you just have to know where to look.

Want a second set of eyes on your next tour? Let’s chat— drop us a message below!

Jun 10

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Purpose-Built Rentals 101: Why Your Next Lease Might Be in a Building Made Just for Renters

By Mark Savel Purpose Built Rentals

Looking for predictable rents, standout amenities, and a landlord who’s actually reachable? Purpose-built rentals (PBRs) are designed from the ground up with renters in mind. We’ll break down how they compare to condos, spotlight top options like Sloane by Fitzrovia, and help you decide if this style of living is the right fit.

What Is a Purpose-Built Rental?

Unlike condo rentals—where you’re often dealing with individual owners and inconsistent rules—purpose-built rentals are owned and operated by a single landlord, usually a professional developer or REIT. Everything, from the lease terms to the amenities, is built with tenants in mind.

Key Differences: PBR vs. Condo Rental

	Purpose‑Built Rental	Condo Unit
Ownership	One landlord or institution	Individual owner
On‑Site Management	Dedicated leasing and maintenance team	Usually managed off‑site by a third party
Rent Guidelines	Often exempt from rent caps if built after Nov 2018, but many offer fixed increases	Also exempt, but owners set their own terms
Amenities	Designed for renters, consistently maintained	Varies by building and condo board decisions
Lease Terms	Uniform, transparent	Can vary widely owner to owner

Did you know? According to CMHC, purpose-built rental completions in Toronto jumped 47% in 2024. Vacancy sits around just 1.5%—renters are moving fast on these units.

Why More Renters Are Choosing PBRs

Here’s what we regularly hear from our clients:

Stable Pricing. Developers often include 1- to 2-year rent caps to attract long-term renters.
Responsive Management. Need repairs? They’re often handled within hours—not weeks.
Community-Centric Living. Amenities like rooftop lounges, dog runs, and co-working studios cater to your everyday lifestyle.

A recent TRREB Rental Report noted average condo rents rose 8% year-over-year, while most purpose-built buildings kept increases closer to 4%—and many lock that rate in your lease.

Spotlight: Sloane by Fitzrovia

Located just north of Yorkdale, Sloane brings hotel-like amenities together with a residential feel that’s hard to beat:

Bowling alley & arcade for on-site entertainment
Doctor’s suite & kids’ playroom for easy scheduling
PS5 gaming pods with ergonomic setups
Dog run & pet spa for your four-legged roommate
Coworking space with fast Wi-Fi and private booths

Rendering of gym at Sloanes second and third tower

Quick snapshot: Studios from ~$2,100, two-beds from ~$3,250. TTC Glencairn Station in under 10 minutes. On-site car-share and EV charging available.

Want a full list of amenities or to check current move-in offers? Reach out to the TorontoLivings rental team—we’ve got the details and can set up a tour.

Other Purpose-Built Options Worth a Look

The Parker (Yonge & Eglinton): Sky-lounge, rooftop pool, and stylish interiors.
The Selby (Sherbourne & Bloor): Historic charm meets high-end design—plus a dog spa.
Liberty House (Liberty Village): Social-forward features like a co-lab kitchen and curated events.

Is It Right for You?

Ask yourself:

Need budget stability? PBRs often include multi-year lease terms.
Work hybrid or remote? Look for coworking spaces and private meeting pods.
Got a pet? Many buildings have pet-friendly policies baked in—Sloane is a standout.
Planning to buy? Flexible lease terms can bridge you to your next move—our Buy Better guide has you covered.

Let’s Find You a Fit

The Toronto rental market is changing fast—and purpose-built rentals are leading the charge. If you’re tired of the condo shuffle or want to know what perks are out there, we can help. Leave us a message below!

Call or DM the TorontoLivings team. We’ll match you with the right building, walk you through the lease, and negotiate the best incentives—so you can move in stress-free.

Jun 09

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Buying an Older Condo in Toronto: What Smart Buyers Need to Know

By Mark Savel Advice For Buyers

Buying into a mature condo building in Toronto might not have the same flash as something pre-construction—but for the right buyer, it could be the smartest move you make. Older condos often come with more square footage, solid construction, and a deeper community feel. But they also carry risks that demand a little extra due diligence.

Let’s break down the key advantages, potential pitfalls, and how to tell when an older condo is worth it.

The Upside: Why Older Buildings Still Win in Toronto

1. Spacious Layouts

New condos average under 600 sqft for a one-bedroom. Compare that to older units built pre-2000—where 700–900 sqft is the norm. Think defined dining areas, actual coat closets, and functional kitchens. For families, remote workers, or anyone planning to stay long-term, this extra elbow room can dramatically improve your quality of life.

2. Character Features

Some older buildings offer features nearly extinct in new builds: gas BBQ hookups, larger balconies, wood-burning fireplaces (in rare cases), and even two-storey layouts. Buildings like DNA1 on Shaw or the Summit near King West are great examples. These elements can boost resale value for buyers looking for something more unique than a “glass box in the sky.”

3. Established Communities

Older buildings tend to have more owner-occupants and less investor churn. The result? A stronger sense of community and generally better upkeep. You might find active resident committees, building-wide events, and long-time neighbours who care deeply about the property’s future. These soft factors play a major role in your day-to-day satisfaction.

4. Stronger Reserve Funds

Well-managed buildings with decades of budgeting behind them often have healthy reserves, meaning fewer surprise costs. (Always verify this via the reserve fund study, of course.) Some older buildings even overfund their reserves in anticipation of future projects, which could mean smoother sailing for you down the line.

Check out our blog post, discussing: Toronto Condo Reserve Funds – Top 5 Red Flags Every Buyer Should Spot

The Downside: Not Without Its Risks

1. Higher Maintenance Fees

Older condos often have higher fees to cover aging systems. Expect fees in the range of $0.90–$1.40 per square foot. For a 900 sqft unit, that’s $810–$1,260/month. But—those fees may include heat, hydro, or cable (which newer buildings often bill separately). It’s crucial to compare what’s included rather than just looking at the total dollar amount.

2. Special Assessments

A solid reserve fund doesn’t mean you’re immune from a surprise. Elevators, boilers, or parking garages eventually wear out—and if the reserve isn’t enough, owners share the bill.

One buyer recently walked away from an offer after reading the status certificate: the building needed $1.5M in underground garage repairs and hadn’t yet voted on a special assessment.

Other red flags? Unusually quiet boards (no newsletters or AGMs), deferred maintenance (cracked tiles, broken elevators), or lawsuits between residents and the condo corporation. All are worth investigating.

3. Dated Design & Mechanicals

Think beige tile, narrow galley kitchens, and popcorn ceilings. Some buyers see this as a chance to add value; others, a costly headache. It’s all about your appetite for renovations. Replacing fan coil units, windows, or electrical panels can be complex in older buildings and may require board approval.

How to Do Your Homework: Due Diligence 101

Review the Status Certificate

This is your window into the building’s finances, reserve fund, legal issues, and upcoming projects. It also outlines rules (like pet restrictions, short-term rentals, and use of amenities) that can make or break your condo experience.

Read our blog post on: Understanding the Importance of Status Certificates

Examine the Reserve Fund Study

Are there upcoming major repairs? Is the fund sufficiently topped up? A good rule of thumb: reserve contributions should be 25–35% of maintenance fees. Ask for the most recent engineering audit and look at the 3-year repair forecast. Bonus tip: check when the last big-ticket item (roof, HVAC, windows) was done.

Compare What You Get

Some buildings include heat, hydro, or cable in their fees—while others don’t. Make sure you’re comparing apples to apples when evaluating costs. Ask whether the condo has bulk internet, security patrols, or shared amenities with neighbouring buildings. These extras can add major value—or extra costs.

Old vs. New: Condo Comparison Chart

Feature	Older Condo	New Condo
Price/Sqft	Lower	Higher
Size/Layout	Larger, more defined	Compact, open-concept
Maintenance Fees	Higher, more inclusive	Lower initially
Reserve Fund	Established	Low (early years)
Potential Surprise Costs	Moderate–High	Moderate–Low
Aesthetic	Dated, reno potential	Sleek, modern
Community	Owner-occupied, stable	High rental turnover
Amenities	Modest, well-used	Glossy, less used
Construction Quality	Concrete, durable	Mixed (often drywall + glass)

Final Thoughts: Is an Older Condo Right for You?

If you value space, location, and have the budget (and patience) to potentially modernize, older condos can be great value—especially in a cooling 2025 market. But don’t skip the homework. Ask tough questions, read the docs, and work with a realtor who’s walked this road before (that’s us!)

Older condos aren’t for everyone—but for buyers who know what to look for, they can offer unmatched livability and long-term value. It’s not about the age—it’s about the bones, the budget, and the building’s future.

Still have questions, leave us a message below or Let’s connect and talk strategy.

Jun 08

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Toronto Condo Reserve Funds: Top 5 Red Flags Every Buyer Should Spot

By Mark Savel Advice For Buyers

What Is a Reserve Fund and Why It Matters

When you buy a condo in Toronto, you’re not just purchasing a unit—you’re buying into a community with shared responsibilities. That includes footing the bill for repairs to common areas like roofs, parking garages, and elevators. Enter the reserve fund: a legally mandated savings account that every condo corporation must maintain to cover the cost of major repairs and replacements.

Ontario’s Condominium Act requires that this fund be reviewed at least every three years by a professional engineer through what’s known as a Reserve Fund Study. A healthy reserve fund protects owners from sudden “special assessments”—those dreaded lump-sum charges when there’s not enough money saved for big-ticket items.

Want to know learn more about why we review status certificates in the first place? Check out our blog post on: Understanding the Importance of Status Certificates

Red Flag #1 – A Reserve Fund That’s Way Too Low

How low is too low?

While there’s no official benchmark, experienced buyers and agents know what to look for. In Toronto, a mid-size condo building should ideally have at least $500,000–$1,000,000 in its reserve fund—more if it’s older or has luxury amenities. Anything substantially below that could spell trouble.

What it tells you

A low reserve balance often means the condo has been under-saving for years. That raises the odds of surprise costs falling to unit owners. It could also mean that major repairs are overdue—or being deferred to avoid raising fees.

What About New Condos?

It’s totally normal for brand-new condos to have relatively low reserve fund balances in their early years. Most developers seed the fund with an initial contribution, but the bulk of future savings comes from monthly fees paid by owners over time.

That said, even in a new building, the initial Reserve Fund Study should outline a detailed contribution schedule that shows the fund growing gradually—and sustainably. Be wary if:

The fund balance stays flat for several years
Contributions are delayed or minimized
There’s no clear funding plan for long-term repairs

A low balance alone isn’t a red flag in year one—but a poorly planned trajectory is.

Red Flag #2 – No Recent Reserve Fund Study

Condo boards are legally required to commission a Reserve Fund Study every three years. If a building hasn’t updated its study in that timeframe, it’s out of compliance.

Even worse: the older the study, the less accurate it is in predicting upcoming expenses. Without current data, you’re flying blind as a buyer.

Learn more on Ontario.ca’s Reserve Fund overview.

Red Flag #3 – The “Contribution Holiday” Trap

Some condo boards try to keep monthly fees artificially low by taking a so-called “contribution holiday”—pausing regular payments into the reserve fund. While this may look good on paper, it’s a short-term fix that can lead to long-term pain.

We once had a buyer eyeing a charming boutique condo downtown. The unit was gorgeous. But when we reviewed the financials, the reserve fund was barely funded—just $220,000 for a 25-year-old building with aging infrastructure. Worse still, the Reserve Fund Study warned of upcoming shortfalls of $15,000 per unit. The board had been on a contribution holiday for two years.

The buyer walked. Smart move.

Red Flag #4 – History of Special Assessments

If a building has a history of levying special assessments, take notice. These one-time fees—sometimes $10,000 to $30,000 per unit—usually mean the reserve fund was underfunded when a big repair came due.

Ask to see previous AGM (Annual General Meeting) minutes or speak with the property manager. Frequent assessments may point to chronic mismanagement.

Red Flag #5 – Expensive Repairs Coming, No Money Saved

What’s worse than a low reserve fund? A low reserve and a big-ticket repair right around the corner. We’re talking about:

Elevator replacements
Parking garage membrane repairs
Roof and window overhauls

These aren’t optional. And if the building hasn’t budgeted for them? Owners will be footing the bill.

Pro Tip – What Smart Buyers Should Always Check

Ask to see the Reserve Fund Study

It should be recent, realistic, and detail how the fund will grow over time.

Read AGM minutes for hidden clues

Sometimes future problems are only hinted at in board meeting notes. Don’t skip them.

Have your lawyer review the Status Certificate

Yes, every time. A good real estate lawyer knows exactly where to look.

Final Thoughts: It’s Not Just About the Unit

You might fall in love with the layout, the finishes, or that view—but none of that will matter if your building’s finances are in rough shape.

Spotting these red flags early can save you tens of thousands—and a lot of future stress.

Ready to Buy Better?

Before you commit to a condo, make sure you’re not inheriting someone else’s financial mess. The lawyers we work with, have reviewed hundreds of status certificates—and know what to look for (and when to walk away).
Contact us today or send us a message below, for a no-pressure chat about your next move!

Jun 07

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CHIP Reverse Mortgages: What Canadian Seniors NEED to Know

By Mark Savel Advice For Sellers

Reverse mortgages in Canada have been gaining visibility, especially among seniors looking for ways to unlock the value of their homes without selling. The most recognized option is the CHIP Reverse Mortgage, offered exclusively through HomeEquity Bank.

On paper, it promises tax-free cash with no monthly payments—sounds great, right? But in practice, it’s not always the best solution. Let’s unpack what the CHIP program really offers, and why it may not be the win-win it first appears to be… read on, or watch a recent podcast episode we recorded about the topic:

What Is a CHIP Reverse Mortgage?

A CHIP (Canadian Home Income Plan) Reverse Mortgage allows Canadian homeowners aged 55 or older to borrow up to 55% of their home’s value without giving up ownership or moving out. Unlike a traditional mortgage, you don’t make monthly repayments. Instead, the loan (plus interest) is repaid when you sell your home, move out, or pass away.

Who Qualifies for One?

Age: All homeowners listed on title must be at least 55 years old.
Home Type and Value: Primary residences that meet minimum value thresholds qualify.
Location: Homes in major urban centres like Toronto, Vancouver, and Calgary tend to be eligible, while rural properties may not.

Old home needs a coat of fresh paint — Older home that needs a refresh

How Does It Work?

Once approved, you can receive funds in a lump sum, as recurring payments, or as a combination. You’ll retain full ownership and can use the cash however you choose—whether that’s covering medical costs, funding renovations, or helping out family.

Importantly, no payments are required until the home is sold. However, interest accrues over time, and since you’re not paying it down monthly, it compounds quickly.

Costs and Interest Rates

Interest Rates: Typically higher than traditional mortgage or HELOC rates—often hovering around 7%–9%. Because interest is compounded, the longer the loan remains unpaid, the more it grows—this can quietly erode a large portion of your equity without any monthly statements to remind you.
Fees: Expect to pay out-of-pocket for a home appraisal, independent legal advice, and administrative setup fees. These can collectively total over $2,000 depending on your province and property value.
Closing Considerations: Unlike a traditional mortgage, you won’t see principal reduction over time. In fact, you’ll see the opposite: your debt increases while your equity shrinks—especially in markets where property appreciation has stalled.

In short, you’re borrowing against your future—and that borrowed amount can grow significantly over time. Seniors who don’t fully understand how compounding interest works may be surprised to see how much is owed when the mortgage comes due. It’s essential to crunch the long-term numbers or consult a financial planner before committing.

Repayment and the No Negative Equity Guarantee

You sell your home
You move out permanently (e.g., to long-term care)
You pass away

When any of these events occur, the reverse mortgage must be paid off in full—typically through the proceeds of the home’s sale. If there’s any equity left after repayment, it goes to your estate or beneficiaries. But depending on how long the loan was active, that leftover amount may be significantly less than expected.

CHIP includes a No Negative Equity Guarantee, which ensures that you (or your estate) will never owe more than the fair market value of your home—so long as you’ve complied with the loan conditions (like maintaining the property and paying property taxes and insurance). While this offers peace of mind, it’s important to understand that this guarantee doesn’t protect your remaining equity—it only caps your losses if the loan balance exceeds your home’s value.

Put differently: you won’t go underwater, but you might come out with far less than you—or your heirs—had planned for.

Senior Chinese Couple Sitting on Front Steps of Their House

CHIP Reverse Mortgage vs HELOC: Key Differences

Feature	CHIP Reverse Mortgage	HELOC (Home Equity Line of Credit)
Monthly Payments Required	No	Yes (interest-only minimum)
Credit Check	Not required	Required
Interest Rates	Higher (7–9% typical)	Lower (typically 6% or less)
Access to Funds	Lump sum or instalments	As needed, up to a credit limit
Repayment Timeline	Due on sale, move, or death	Monthly; full balance due if closed
Home Ownership	Retained	Retained
Estate Impact	Can reduce inheritance	Minimal if well-managed
Best For	Older homeowners with limited income	Homeowners with strong credit and income

Pros:

No Monthly Payments: Helpful for those on fixed incomes, allowing retirees to stay in their homes without the stress of monthly bills.
Tax-Free Cash: Doesn’t impact Old Age Security (OAS) or Guaranteed Income Supplement (GIS) eligibility, which can be a major relief for low-income seniors.
Flexibility: Funds can be used for anything—from medical expenses to home improvements to helping family members financially.

Cons:

High Interest Rates: These are notably higher than those offered with traditional mortgages or HELOCs. Over time, the cost of borrowing can grow dramatically.
Compounding Debt: Interest is added to the principal regularly, which means you’re paying interest on interest. This can result in a much larger debt than anticipated.
Reduced Estate Value: Because the loan must be repaid from the sale of the home, there’s often less inheritance left for your loved ones.
Better Alternatives May Exist: Depending on your situation, you might qualify for a HELOC with better terms, consider downsizing, or explore other equity-based strategies that preserve more of your wealth.

A Note from Us:

We’ve seen cases where a CHIP mortgage helped a senior stay in their home during difficult times—but we’ve also seen families surprised by how little equity remained when the house eventually sold. In our experience, CHIP reverse mortgages work best as a last-resort option—not a first pick.
If you don’t need the funds urgently, it’s worth taking the time to speak with a financial advisor or broker who can walk you through safer, more flexible alternatives. The convenience of no payments today could come with a heavy price tag tomorrow.

Real-Life Example

Meet Joan, a 74-year-old homeowner in East York. Her bungalow was paid off, but rising property taxes and a fixed pension were straining her budget. She accessed 0,000 via a CHIP reverse mortgage to cover renovations and set up an emergency fund.

Five years later, when she moved into assisted living, the mortgage balance had ballooned to $204,000. Her family sold the home for $765,000—still plenty left over, but significantly less than if she’d explored a traditional HELOC at the start.

Alternatives to Consider

Home Equity Line of Credit (HELOC): Often overlooked, HELOCs offer competitive interest rates and allow you to borrow only what you need, when you need it. Unlike a reverse mortgage, you pay interest only on the amount used, and repayment terms are typically more transparent.
Downsizing: Selling your current home and moving into a smaller, more manageable property can free up substantial equity. While emotionally difficult, it often makes financial sense, especially in urban centres like Toronto where detached homes command high prices.
Renting Out Part of Your Home: Turning a basement into a legal secondary suite or creating a laneway home can generate consistent rental income—providing cash flow without giving up equity. Plus, it may even boost your property’s value.
Refinancing with a Traditional Mortgage: If you’re still in good health, under 75, and have decent credit, refinancing with a conventional lender could be a better option. It keeps your interest rate lower, your equity intact, and repayment schedules more predictable.
Government Assistance Programs: Depending on your income and province, you may be eligible for senior-focused grants or home renovation rebates. These programs can cover accessibility upgrades, property tax deferrals, and more—reducing your need to borrow in the first place.

Smiling master. Seniour handyman repairing washbasin with smile — Senior repairing home

FAQ: CHIP Reverse Mortgages

Can I get a CHIP Reverse Mortgage if I still have a mortgage?

Yes, but the existing mortgage must be paid off as part of the reverse mortgage process. CHIP funds are often used to clear any remaining balance before releasing the rest to the homeowner.

Do I need to pass a credit check to qualify?

No, a CHIP Reverse Mortgage does not require traditional income or credit verification. Eligibility is primarily based on age, home value, and property location.

Can I use the funds from CHIP for anything?

Yes. The funds are yours to use however you choose—common uses include supplementing retirement income, paying off debts, renovating the home, or assisting family members financially.

How long does the approval process take?

It typically takes 1 to 3 weeks from application to funding, depending on how quickly documentation is provided and appraisals are completed.

What happens if I outlive the loan?

There is no expiration date on the loan. It remains in effect until the homeowner sells the property, moves out permanently, or passes away. The loan is then repaid from the sale proceeds.

How much can I borrow with a CHIP Reverse Mortgage?

You can typically borrow up to 55% of your home’s appraised value. The exact amount depends on your age, the home’s value and location, and your existing mortgage balance (if any).

Do I still own my home?

Yes, you retain full ownership of your home. The lender places a lien on the property, just like with any mortgage, but title remains in your name.

What happens if the property value drops?

The No Negative Equity Guarantee ensures you or your estate won’t owe more than the fair market value of the home—even if housing prices decline. However, you may still lose a significant portion of your equity to interest costs.

Can I move and keep the CHIP loan?

No. The CHIP Reverse Mortgage must be repaid in full if you sell your home or permanently move out. It is designed for homeowners who plan to age in place.

What kinds of homes qualify?

Detached homes, townhouses, and select condos in urban areas typically qualify. Rural or unusual properties may be ineligible or receive lower borrowing limits.

Is a CHIP Reverse Mortgage safe?

Yes, in terms of regulation and lender reputation—CHIP is offered through HomeEquity Bank, a federally regulated Canadian bank. However, while it’s safe, it’s not always the most financially sound option due to high interest rates and equity erosion over time.

Can I lose my home with a CHIP Reverse Mortgage?

Not if you meet your obligations. You must maintain the property, pay property taxes, and keep it insured. Failing to do so can breach the terms of the loan, potentially leading to foreclosure.

How is a CHIP Reverse Mortgage different from a HELOC?

With a HELOC, you can borrow as needed and only pay interest on what you use—but it requires income verification and regular payments. CHIP doesn’t require payments, but charges higher interest that compounds over time and is repaid when the home is sold or the owner passes away.

Will it affect my government benefits?

No. CHIP proceeds are not considered taxable income and won’t affect OAS or GIS benefits, which makes them appealing to lower-income seniors who want to supplement their cash flow.

Can I repay the CHIP Reverse Mortgage early?

Yes, but there may be early repayment penalties depending on how soon you repay. It’s best to discuss options with a CHIP specialist or financial advisor if you expect to sell or repay the loan within the first few years.

Final Thoughts

CHIP reverse mortgages can be useful—but they aren’t for everyone. If you’re equity-rich but cash-poor, they offer an immediate lifeline. But if you have time to plan and qualify for lower-cost alternatives, it’s worth exploring those first.

Before signing on the dotted line, speak to a trusted financial advisor, mortgage professional or simply contact us!

The right choice will depend on your age, your needs, and your long-term goals. Just because you can unlock your equity doesn’t always mean you should.

Further Resources

Jun 06

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Tree lined residential street with older two story Tudor style

Toronto Real Estate Market Update – May 2025

By Mark Savel Monthly Market Updates

For buyers, sellers, and the real estate-curious, the numbers are in—and they’re telling a story of supply, hesitation, and opportunity.

According to the Toronto Regional Real Estate Board’s (TRREB) May 2025 data, GTA home sales dropped 13.3% year-over-year, totaling 6,244 transactions. Meanwhile, new listings surged by 14% with 21,819 homes hitting the market. That pushed active listings up a striking 41.5% compared to last May, with some months earlier this year even seeing inventory jumps north of 70%.

But more choice hasn’t translated to more action. The average home price slid 4% from May 2024, now sitting at $1,120,879. And homes are taking longer to sell—TRREB data aligns with what we’re seeing on the ground: even well-staged, competitively priced homes are sitting longer than they did last spring (nearly 40 days, in total)

Property Type Insights

If 2021 was the year of the condo bidding war, 2025 is shaping up to be the condo cooldown.

Condo sales dropped a sharp 25% year-over-year. In fact, TRREB notes that fewer condos are trading hands now than during the early ‘90s.

Detached homes haven’t fared much better, but not all segments are in the red. In the 416, semi-detached homes and townhouses posted modest gains—up 1.5% and 3.4%, respectively—indicating that more budget-conscious buyers may be shifting focus to multi-family options.

Economic Factors Influencing the Market

So, what’s behind the slowdown? It’s not just prices or mortgage rates—it’s confidence.

Yes, borrowing costs are down slightly compared to last year, and yes, prices have dipped. But the real wildcard appears to be economic uncertainty.

The Bank of Canada has held its benchmark rate at 2.75% for two consecutive months, offering cautious optimism—but with the federal government’s latest Throne Speech reiterating housing promises without delivering timelines, many buyers remain on the sidelines.

Still, not all economic indicators are gloomy. Inflation cooled to 1.7% in April, and with unemployment rising to 7%, a rate cut could be on the table this summer—a move that would be particularly welcome for first-time buyers and those up for renewal.

Rental Market Dynamics

While the resale market softens, Toronto’s rental market tells a different tale. Rents are creeping up month-over-month, with average unfurnished one-bedrooms renting for $2,148. That’s a 1.02% increase from April, though still about $91 cheaper than the same time last year.

The real shift is in inventory—tenants now have far more options. For landlords, that means more competition. For renters, it may mean finally finding a place that ticks all the boxes—without a bidding war.

Navigating the Current Market

We’re in a transitional phase, not a tailspin. And with change comes strategy.

Buyers: You now have time on your side. Properties are sitting longer, sellers are more flexible, and your window to negotiate has widened. But don’t let analysis paralysis cost you a great home—especially with the potential for rate cuts later this year.

Sellers: The days of ‘list Friday, sold Monday’ are behind us—for now. In a crowded market, pricing smart and staging well are your new best friends. We’re advising our clients to lead with value and market with intention.

Everyone else: Whether you’re upsizing, downsizing, or simply trying to make sense of it all, the right advice matters more than ever. Every neighbourhood, property type, and price band tells a different story.

Thinking of buying or selling in this shifting market?

Let’s talk strategy. Whether you’re looking for your next home or need guidance on listing in today’s conditions, we’re here to help – Book a consultation or reach out anytime.

Jun 04

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Joey Virgilio Helped Us Find a Home Fast – Amazing Experience!

By Mark Savel Testimonials

We reached out to Joey to help us with our apartment search. We had a very tight timeline as we needed to move quickly for work. What a pleasant surprise when we saw Joey’s responsiveness! He helped us find a place in just a few weeks, organized the visits with great professionalism, responded exceptionally quickly, and was incredibly kind.

We couldn’t have found a better person to help us. Thank you for everything! Don’t hesitate for a second if you’re looking for a real estate agent to assist you with your projects. We’ll definitely reach out to Joey again in a few years!

Laura M

May 30

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Trusted Realtor for Rentals & Sales – Joey Virgilio

By Mark Savel Testimonials

It’s a great pleasure to recommend Joey Virgilio. I have known him for 4 years. I was impressed with his professionalism in helping me to rent out 3 apartments and sold one of my condo without any difficulties . He has positive energy and attentiveness with strong communication. He is cheerful, detail oriented, reliable and trustworthy. I have full confidence with him dealing with all my properties.

Agnes T.