Skip to main content
All Posts By

Mark Savel

As a lifelong resident of the city, home has always been in midtown Toronto. In creating TorontoLivings, I wanted a place to share my experiences in the city, to educate our clients on the ever-changing market, and show people a side of the City that most don’t see every day.

A bright luxury condo living room in Toronto

Buying a Toronto Penthouse Over $3M? Here’s What the Luxury Land Transfer Tax Really Costs

By Advice For Buyers, Luxury Real Estate

You’ve found it. Floor-to-ceiling glass, a wraparound terrace, a view that makes the CN Tower look like a neighbour. The price is $3.4 million, and it’s worth every penny.

Then your lawyer sends the closing estimate.

Since April 2026, every dollar you spend above $3 million in Toronto costs an extra 6.9% in land transfer tax. That’s the City’s new luxury rate stacked on top of the Province’s. For many of the penthouse buyers we work with, it’s the single biggest surprise in the whole purchase.

Let’s take a look at how the luxury land transfer tax works, what it actually costs at penthouse prices, and how to plan for it before you fall in love with the view.

Yonge and St. Clair from above
Yonge and St. Clair from above

Yes, Penthouses Pay the Luxury Rates Too

A lot of buyers assume the “luxury” land transfer tax is aimed at Bridle Path mansions. It isn’t.

The higher rates apply to any property containing one or two single family residences. Under Ontario’s land transfer tax rules, that definition includes a condominium unit. So a $4 million penthouse pays exactly the same tax as a $4 million detached home in Forest Hill.

In other words, the 40th floor gets no discount. The tax follows the price, not the property type.

The Two Taxes Toronto Buyers Pay

Toronto is the only city in Ontario where buyers pay two land transfer taxes, and both are graduated. That means each slice of the price is taxed at its own rate, so you never pay the top rate on the whole purchase.

The first is Ontario’s land transfer tax. It climbs from 0.5% to 2.0% on the first $2 million, then charges 2.5% on anything above that. That’s where the provincial tax stops, no matter how high the price goes.

The second is Toronto’s municipal land transfer tax, and this is where the luxury rates live. The City’s tax mirrors the provincial rates up to $3 million, then keeps climbing. City Council approved higher luxury rates in December 2025, and they took effect on April 1, 2026.

Today, the slice of a price between $3 million and $4 million is taxed at 4.4%, up from 3.5%. From $4 million to $5 million, the rate is 5.45%, and from $5 million to $10 million, it’s 6.5%. Above that, the City of Toronto’s current rates reach 7.55% up to $20 million and 8.6% beyond it.

Here’s the key point: the new rates apply based on when your deal closes and is registered, not when you signed. If you close today, you pay today’s rates.

What It Actually Costs at Penthouse Prices

Percentages are easy to skim past. Dollar figures are not. Here’s what a buyer pays in combined land transfer tax at common penthouse price points today.

Purchase priceOntario LTTToronto MLTTTotal land transfer tax
$2,990,000$61,225$61,225$122,450
$3,500,000$73,975$83,475$157,450
$4,000,000$86,475$105,475$191,950
$5,000,000$111,475$159,975$271,450
$7,500,000$173,975$322,475$496,450
$10,000,000$236,475$484,975$721,450

Estimates based on current provincial and City rates for a non-first-time buyer. Excludes the City’s administration fee.

Look at the jump between $3 million and $4 million. That extra million costs $69,000 in tax alone, because every dollar in that band is taxed at 4.4% by the City plus 2.5% by the Province.

Put another way: at $4 million, the tax bill is roughly the price of a nice parking spot downtown. At $10 million, it’s closer to the price of a nice condo.

Want to see your own number? Run it through our luxury land transfer tax calculator before you book a showing.

Luxury Land Transfer Tax Calculator

Estimate Ontario and Toronto land transfer tax on high-value homes, including the City's luxury rates that took effect April 1, 2026.

$
$1M$25M+

Total land transfer tax

$0

Ontario LTTToronto MLTT
Talk through your closing costs →
See the bracket-by-bracket breakdown

Estimates only, for informational purposes; not legal or tax advice. Ontario LTT rates per the Province of Ontario. Toronto MLTT rates per the City of Toronto, with graduated rates over $3,000,000 effective April 1, 2026 (purchases closing on or after that date). Calculations assume a property with one or two single-family residences (houses and condos); other property types, such as buildings with three or more units, are taxed at different rates. Non-resident speculation tax, commercial/land-only rates and other adjustments are not included. Confirm final amounts with your real estate lawyer.

The Jump Our Penthouse Buyers Feel Most

We work with a lot of buyers shopping for penthouses in Toronto, and the $3 million line comes up in almost every conversation.

Here’s the pattern we see. A buyer starts with a budget around $2.8 or $2.9 million. Then they see a unit with a bigger terrace, a better view or a private elevator, listed at $3.2 or $3.4 million. The price gap feels manageable. The tax gap often doesn’t, at least not until we’ve run the numbers together.

That’s why the $3 million threshold now shapes our offer strategy at the top end. Sometimes the right move is negotiating just under the line. Sometimes the view really is worth it, and the tax simply becomes part of the true price.

Either way, it’s a decision you want to make on purpose. Looking at Toronto’s most expensive condo sales of 2025 is a good reminder of how many top-floor units now trade well above the threshold.

Annex Condo for sale
Annex Condo

Three Things Condo Buyers Often Miss

The first is timing on pre-construction. Land transfer tax is paid when the purchase closes and is registered, not when you sign. So a penthouse bought off-plan in 2023 but closing now pays the post-April 2026 rates. The good news is that the tax is calculated on the price before HST. If you’re watching a new project like Aqualuna’s penthouse collection, build the current rates into your closing budget now.

The second is parking and lockers. Land transfer tax is based on the total value of what you buy, so parking spaces or lockers included in the purchase price add to that total. For a buyer sitting just under $3 million, two parking spots could be what tips the deal over the line. It’s worth asking your lawyer how your specific deal is structured.

The third applies to buyers from outside Canada. Anyone who isn’t a Canadian citizen or permanent resident pays Ontario’s 25% Non-Resident Speculation Tax, and Toronto adds its own 10% Municipal Non-Resident Speculation Tax on top. Both apply in addition to the regular land transfer taxes, so the numbers change dramatically.

Where $3M+ Condo Buyers Are Looking

Not every luxury buyer wants a glass tower downtown. Many of our clients are looking in midtown, where boutique buildings, large suites and established streets come together. Three neighbourhoods come up again and again.

Casa Loma. Perched on the hill north of Davenport, this is one of the city’s quietest prestige pockets. Condo options are limited and tightly held, which is exactly the appeal. Get to know the area in our Casa Loma neighbourhood guide.

Forest Hill South. Tree-lined streets, Forest Hill Village shops and quick access to St. Clair West station. Larger mid-rise suites here regularly cross the $3 million mark. Start with our Forest Hill South guide, or browse Forest Hill South condos for sale.

The Annex. Victorian streetscapes, the University of Toronto next door and Yorkville a short walk away. It’s a strong pick for buyers who want character and convenience in equal measure. See our Annex neighbourhood guide and current Annex condos for sale.

Prefer the downtown skyline? The Shangri-La penthouse collection shows what the top of that market looks like. The tax math is the same wherever you land in the city.

How to Plan Around the Tax

The luxury land transfer tax isn’t going anywhere, so the smart move is to plan for it from day one.

Planning starts before you book your first showing. Know your all-in cost at a few price points, say $2.9 million, $3.2 million and $3.5 million, rather than just your purchase budget.

It also helps to treat the tax as cash. Land transfer tax is due on closing and can’t be rolled into your mortgage, so a $4 million penthouse means having roughly $192,000 on hand on top of your down payment.

When it’s time to make an offer, keep the thresholds in mind. A unit listed just above $3 million, $4 million or $5 million gives you a fair reason to negotiate, since the tax steps up at each line. If you’re buying pre-construction, plan for the rates in effect when you close, not when you signed. And before closing, confirm the final figure with your real estate lawyer. Our estimates are a planning tool, but your lawyer calculates the official number.

Will the rates change again? Possibly. The Toronto Regional Real Estate Board has asked the Province to cap the City’s rates at the provincial level, while City Hall has raised them three times in under a decade. It’s a trend to watch.

For more on the bigger picture, see our earlier explainer on Toronto’s luxury land transfer tax, or browse multi-million-dollar condos in Toronto.

Annex Condo
Annex Condo

The Bottom Line

The luxury land transfer tax is a real cost, but it doesn’t have to be a dealbreaker. Buyers who know the numbers early make calmer decisions, negotiate with more confidence and close without surprises.

And with more listings on the market this fall, buyers have more room to negotiate than they’ve had in a while. That could make it a promising time to find the right penthouse at the right price, tax and all.

Thinking about a purchase above $3 million? Book a strategy call with our team, and we’ll walk through your all-in costs before you fall for the view.

Rates current as of October 2026. Figures are estimates for planning purposes only and are not legal or tax advice. Please confirm your land transfer tax with your real estate lawyer.

September 2026 Market Update

Toronto Real Estate in September 2026: More Listings, More Choice, More Patience

By Monthly Market Updates

September is normally when Toronto’s real estate market wakes back up after the slower summer months. This year, however, buyers weren’t exactly rushing back.

According to TRREB’s September Market Watch, GTA home sales landed at 5,040, almost identical to August. Sellers, on the other hand, came back in force. New listings jumped by more than a third in a single month.

The result? More choice, softer prices in some segments and buyers who are perfectly happy to take their time. Let’s take a look at what the numbers tell us.

The Big Picture: Sales Steady, Supply Surges

Toronto Realtors reported 5,040 sales in September 2026. That’s down 9% compared to last year and essentially flat from August’s 5,057. In a month that usually brings a fall bounce, flat feels a little underwhelming.

Supply tells a very different story. New listings climbed to 16,500, up 36.7% month-over-month. Active listings rose 6.7% to 26,131. Interestingly, both are still well below last year’s levels, with new listings down 14.4% and active listings down 11.1% year-over-year.

On the pricing side, the average selling price came in at $1,006,409. That’s down 5.1% from last September but up 1.3% from August. Homes took an average of 51 days to sell, unchanged from the month before.

So what does this mean? Sellers are clearly testing the fall market, while buyers are taking a wait-and-see approach. For a closer look at how we got here, check out our August market recap.

Data as of TRREB’s September 2026 Market Watch, released October 2026.

September 2026 Market Update

By the Numbers: How Each Home Type Performed

Here’s how September shook out across the City of Toronto (416) by home type.

Home typeSalesSales vs. AugAvg. pricePrice vs. AugPrice vs. Sept 2025
Detached640+16.4%$1,562,966+2.4%-7.3%
Semi-detached211+32.7%$1,207,884+8.8%+2.2%
Townhouse189+14.5%$922,445+15.6%-0.8%
Condo apartment884-0.1%$640,248-1.8%-6.0%

Condos: A Buyer’s Playground

Condos were the only home type that didn’t get a September lift. Sales held at 884, down 6% from last year, and the average price slipped to $640,248.

That lines up with what we’re seeing on the ground. The condo buyers we’re working with have plenty of options, and many are being selective before making a choice. With so much to choose from, there’s little pressure to rush. If you’ve been eyeing a condo, that’s a promising position to negotiate from.

Semis: The Quiet Overachiever

Semi-detached homes had the strongest month of any home type. Sales jumped 32.7% from August, and the average price rose 8.8% to $1,207,884. Semis were also the only home type to post a year-over-year price gain (+2.2%). For buyers who want freehold living without detached prices, they continue to hit a sweet spot.

Detached and Townhouses: A September Rebound

Detached sales rose 16.4% from August to 640. That said, the average price of $1,562,966 is still 7.3% below last September. Townhouses bounced back too, with prices up 15.6% after a soft August. Thinking about freehold? Browse our neighbourhood guides to see where your budget goes furthest.

What’s Keeping Buyers on the Sidelines?

If prices are softer and there’s more to choose from, why aren’t buyers jumping in? TRREB pointed to uncertainty around the economy, inflation and borrowing costs. Let’s unpack that.

Rates on Hold, but Fixed Rates Creeping Up

The Bank of Canada held its policy rate at 2.25% on September 2, its seventh straight hold. Stability sounds reassuring, but there’s a catch. Long-term bond yields have been rising, which is already nudging fixed mortgage rates higher. Some analysts now think a rate hike could be back on the table before year-end. The next decision lands on October 28, and plenty of would-be buyers appear to be waiting for it.

Inflation and Tariff Jitters

Canada’s inflation rate held at 3.0% in August, the same as July. That sounds high, but much of it comes from elevated gas prices. Core inflation, which strips out the volatile stuff, is sitting around 2%. Add in ongoing trade uncertainty with the U.S., and it’s easy to see why some households want more clarity on their job security before taking on a mortgage.

The Ballot Box Factor: Election Day and Your Closing Costs

Ontario heads to the polls for municipal elections on October 26, and housing is one of the biggest issues on voters’ minds.

One issue worth watching is Toronto’s Municipal Land Transfer Tax (MLTT). Right now, buyers of an average-priced Toronto home who aren’t first-timers pay roughly $36,000 in combined municipal and provincial land transfer taxes. That’s cash due on closing, and it can’t be rolled into your mortgage. You can check current rates and rebates on the City of Toronto’s land transfer tax page.

Mayoral candidate Brad Bradford has pledged to waive the MLTT on the first $1.1 million of a home purchase if elected. Mayor Olivia Chow has warned that cutting the tax would lead to service cuts. Whichever way the vote goes, it could change the math for buyers in the years ahead. Will some buyers hold off until after election day to see how it plays out?

What This Means for You

September didn’t bring the usual fall rush, but it did bring something buyers haven’t had much of in recent years: leverage.

If you’re buying, this is one of the best selection windows we’ve seen in months. Condo buyers in particular can afford to be choosy, and prices remain below last year’s levels. Take your time, but be ready to act when the right place comes along.

If you’re selling, pricing and presentation matter more than ever. With more listings competing for the same pool of selective buyers, the homes that stand out are the ones priced right from day one.

So what’s next? Between the October 28 rate decision and the October 26 election, the next few weeks could bring the clarity many buyers have been waiting for. Will that finally coax them off the sidelines? We’ll be watching closely. In the meantime, if you’d like to talk through your options, get in touch with our team by sending us a message below!

The Forest Hill Lofts Amenities

What Amenities Does the Forest Hill Lofts at 1001 Roselawn Offer?

By Lofts

When people picture condo amenities in Toronto, they often think of swimming pools, 24-hour concierges, golf simulators and sprawling fitness centres. The Forest Hill Lofts at 1001 Roselawn Avenue takes a different approach. As a converted industrial building, it has a relatively simple collection of amenities, including a gym, party room and shared rooftop terrace. There are no pools or elaborate amenity floors here.

The Forest Hill Lofts
The Forest Hill Lofts

As both an owner in the building and a Realtor who has worked with buyers and sellers at 1001 Roselawn, I actually see that as part of its appeal. You get the amenities you’re likely to use without necessarily having to pay for a long list of extras.

A Shared Rooftop Terrace

One of my favourite amenities at the Forest Hill Lofts is the shared rooftop terrace. Located on the fifth level, it gives residents a large outdoor space with tables, seating, sun loungers and BBQs. During the warmer months, it’s a great extension of the building, whether you’re having dinner outside, meeting up with neighbours or just looking for somewhere to sit in the sun.

The Forest Hill Lofts Amenities
The Forest Hill Lofts Amenities

It’s also worth pointing out that some suites have their own private outdoor spaces in addition to the shared rooftop terrace. Depending on the unit, these can include private rooftop or ground-level terraces. That’s one of the interesting things about 1001 Roselawn: because it was converted into residential lofts rather than built as a conventional condo, the layouts and features can vary quite a bit from suite to suite.

The Gym and Party Room

The Forest Hill Lofts Party Room

The building also has a fitness room on the ground floor. It’s not an enormous commercial-style gym, but it covers the essentials with a mix of cardio and strength-training equipment, including kettlebells and a rowing machine. For a boutique loft building, I think it strikes a good balance. You have somewhere convenient to get a workout in without dedicating a huge portion of the building (and ultimately residents’ maintenance fees) to an amenity that may or may not get used.

The Forest Hill Lofts Gym

There’s also a large party room available for residents to book, which is particularly useful when you want to host a larger gathering without trying to fit everyone into your loft. While the suites at 1001 Roselawn can feel impressively spacious thanks to their open layouts and approximately 13-foot ceilings, having a separate entertaining space downstairs is still a nice option.

The Forest Hill Lofts Gym

Why Fewer Amenities Can Actually Be a Good Thing

One thing that’s important to understand about Toronto hard lofts is that they often don’t have the extensive amenity packages found in newer, purpose-built condos. These buildings started life as factories, warehouses, churches, schools and other commercial or institutional spaces, so carving out room for a resort-style amenity floor wasn’t exactly part of the original plan.

But there’s another side to that equation, and it’s something I think buyers sometimes overlook. Pools, elaborate fitness facilities, golf simulators and other specialty amenities don’t just take up space… they also need to be maintained, repaired and eventually replaced. Those costs ultimately have to be paid by the condo corporation and, by extension, the owners.

At the Forest Hill Lofts, the amenity package is comparatively straightforward. There’s enough to make the building more enjoyable without a long list of expensive extras. As an owner myself, I appreciate that. It’s also something I discuss with buyers when we’re comparing buildings. A flashy amenity can look great during a showing, but I always want to know what it costs to maintain and whether it’s something the buyer will actually use.

All Utilities Are Included

Technically, this isn’t an amenity, but it’s one of the more unusual perks of living at the Forest Hill Lofts: all utilities are included in the monthly maintenance fees. That includes water, heat, air conditioning and electricity.

The Forest Hill Lofts

This can be particularly valuable in a building like this one. Many of the lofts have approximately 13-foot ceilings and large, open living spaces, which are part of what makes them so appealing, but that’s also a lot of cubic footage to heat and cool. Having those utilities included means owners aren’t receiving a separate electricity bill every time Toronto decides to give us a February cold snap or a week of 30-degree summer weather. It’s a small detail on paper, but in day-to-day ownership, it’s one I’ve come to appreciate.

A Different Kind of Amenity Package

The Forest Hill Lofts isn’t trying to compete with a brand-new downtown tower with multiple floors of amenities, and that’s not really what this building is about. Instead, you get a shared rooftop terrace, gym and party room, along with practical perks like visitor parking and utilities included in the monthly fees. Select suites take things a step further with their own private terraces.

For me, it fits the personality of the building. You get the character, high ceilings and individuality that come with a true hard loft conversion, while still having a handful of amenities that make everyday life a little more convenient. And you aren’t paying to maintain a swimming pool you’ll use twice a year.

Thinking About Buying or Selling at the Forest Hill Lofts?

I’ve had the somewhat unique experience of knowing 1001 Roselawn from both sides: I own a suite here myself, and I work as a Toronto Realtor helping clients buy and sell lofts. That gives me a different perspective on the building. From understanding the various layouts and terraces to the maintenance fees, amenities and little quirks that come with living in a converted loft.

If you’re considering buying at the Forest Hill Lofts, thinking about selling your suite, or simply want to know what a particular unit might be worth, get in touch with the Toronto Livings team. We’d be happy to help!

Forest Hill Lofts Floor Plans & Layouts

What Types of Layouts Are Available at Forest Hill Lofts?

By Advice For Buyers, Lofts

One of the best things about living at Forest Hill Lofts at 1001 Roselawn Avenue is that there really isn’t a “typical” floor plan. Unlike a newer condo where the same handful of layouts might be repeated from floor to floor, Forest Hill Lofts was created within an existing industrial building. When the former knitting factory was converted into residential lofts in 2002, the layouts had to work around the original structure of the building. The result is a collection of lofts that can vary considerably in size, configuration and character.

Forest Hill Lofts
Forest Hill Lofts

I’ve been inside many units at 1001 Roselawn over the years, and it’s one of the reasons I always tell buyers not to judge a listing here based solely on the number of bedrooms or square footage. Two units that look almost identical on paper can feel completely different once you step inside. Ceiling heights, concrete pillars, window placement, mezzanines, outdoor spaces and even the shape of the living area can change considerably from one suite to another.

One-Bedroom Lofts

The one-bedroom layouts are some of the smaller homes at Forest Hill Lofts, with certain units starting around the 700-square-foot range. The 13ft high ceilings, large industrial-style windows and open-concept living areas, however, can make these suites feel considerably larger than their square footage suggests.

You’ll also find quite a bit of variation within the one-bedroom layouts themselves. Some have additional areas that can function as a home office or dining space, while others make creative use of the height of the suite for additional storage. For someone who likes open-concept living and doesn’t necessarily need a second bedroom, these can be some of the most interesting and efficient layouts in the building.

One-Bedroom Plus Den Layouts

There are also one-bedroom-plus-den configurations at 1001 Roselawn, although the definition of a “den” can be a little different in a converted loft. Depending on the suite, it could be an open area incorporated into the main living space or a raised section that takes advantage of the building’s ceiling height.

Forest Hill Lofts Floor Plans & Layouts

That flexibility can make these layouts particularly useful for buyers who work from home or want a little separation between their living and working spaces without moving into a full two-bedroom unit. As with most layouts in the building, it’s important to look at how the space is actually configured rather than relying solely on the room count.

Two-Bedroom Lofts

Two-bedroom layouts make up a large portion of the suites at Forest Hill Lofts, but they’re also some of the most varied. Some units have two bedrooms located on the same level, including more traditional split-bedroom configurations where the bedrooms sit on opposite sides of the suite. Others use the vertical space of the loft much more creatively.

Forest Hill Lofts Open Concept
Forest Hill Lofts Open Concept

In many units, the second bedroom is located on a raised mezzanine overlooking the main living area. This allows the suite to maintain its open loft character while still creating a separate sleeping space. It’s one of the features that really distinguishes 1001 Roselawn from a conventional condo building.

Mezzanine Layouts

If there’s one feature that separates certain Forest Hill Lofts layouts from a typical condo, it’s the mezzanine. With ceilings reaching roughly 13 feet in many suites, the original conversion was able to create raised sleeping, office and den areas within some units. In many two-bedroom layouts, the second bedroom sits on this elevated level overlooking the main living space.

Forest Hill Lofts Bedroom with Mezzanine
Forest Hill Lofts Bedroom with Mezzanine

The area underneath the mezzanine can be just as useful. Depending on the unit, you’ll find storage incorporated below it, giving owners additional storage without taking away from the main living area. The trade-off is that mezzanine bedrooms tend to be more open than a conventional enclosed bedroom. Some buyers love the openness and authentic loft feel, while others prefer the privacy of a traditional bedroom, so it’s an important feature to consider when comparing units. We’ve even seem some units add a glass wall partition, to add more privacy.

Two-Bedroom Plus Den Lofts

A smaller number of units offer two bedrooms plus a den, giving buyers even more flexibility. In keeping with the character of the building, the den isn’t necessarily a conventional enclosed room and may instead occupy a raised portion of the suite or an open area off the main living space.

These layouts can create several distinct zones within the loft while still maintaining the open-concept character of the original conversion. For buyers who need two bedrooms plus a dedicated home office, these can be particularly appealing when they become available. We’ve even seen some dens turned into bedrooms, effectively making them a 3 bedroom layout!

Corner Units

Corner units are another category worth paying attention to at Forest Hill Lofts. Having windows on multiple sides can completely change the feel of a suite, bringing additional natural light into the space and creating exposures that aren’t possible with interior units. Some corner suites also feature large wraparound windows, making the living areas feel especially bright and open. The corner units tend to offer split bedroom layouts instead of the raised mezzanine layout.

Forest Hill Lofts Corner Layout
Forest Hill Lofts Corner Layout

Ground-Floor Layouts With Private Terraces

Where a unit is located within the building can be just as important as the floor plan itself. The south-facing ground-floor suites are particularly unique because they have their own private outdoor terraces. These spaces extend the living area outdoors and give the suites a very different feel from units on the upper floors.

For buyers who want the character of a hard loft but still value having their own outdoor space, these ground-floor layouts offer something fairly unique. They can feel almost townhouse-like compared with the more traditional loft layouts elsewhere in the building… and offer a convenient back patio feel – perfect in those summer months.

Lofts With Private Rooftop Terraces

What makes units at Forest Hill Lofts even more unique is that some come with their own private rooftop terraces. These shouldn’t be confused with the building’s shared rooftop terrace, which is available for all residents to enjoy. Select units have private outdoor spaces that are exclusively for the use of that particular suite.

1001 Roselawn Roof Top Terrace
1001 Roselawn Roof Top Terrace

Because there are only a limited number of these layouts, they’re something worth paying attention to when they come onto the market. Private outdoor space isn’t particularly common in a converted hard loft, and having a rooftop terrace can make an already unique floor plan even more desirable, and more valuable when it comes to resale.

Why Floor Plans Matter More at 1001 Roselawn

Shopping for a loft at Forest Hill Lofts is a little different from shopping in a typical Toronto condo building because you can’t necessarily see one two-bedroom unit and assume you know what the next one will look like. One might have a mezzanine bedroom with storage underneath, while another could have two conventional bedrooms. Another might be a corner suite with wraparound windows, while a ground-floor unit could have a private terrace.

That’s part of the appeal of buying in a true conversion. The building has its own character, but so does each individual loft. Rather than choosing between a handful of repeated floor plans, buyers at 1001 Roselawn are often comparing spaces that have their own advantages, quirks and personalities.

Which Forest Hill Lofts Layout Is Best?

There isn’t really one “best” layout at 1001 Roselawn. It depends on how you plan to use the space. If you prioritize openness and authentic loft character, a mezzanine layout might be the most interesting. If privacy is more important, a traditional or split two-bedroom configuration could make more sense. Buyers who work from home may prefer one of the one-bedroom-plus-den or two-bedroom-plus-den layouts, while those who prioritize outdoor space should keep an eye out for the ground-floor terraces and units with private rooftop space.

1001 Roselawn Loft Layout
1001 Roselawn Loft Layout

That’s why I recommend looking beyond just bedroom count and square footage when a unit becomes available at Forest Hill Lofts. At 1001 Roselawn, the individual floor plan, exposure, ceiling height, windows and outdoor space can make all the difference.

Interested in Buying at Forest Hill Lofts?

Because no two units at 1001 Roselawn Avenue are quite the same, finding the right layout can sometimes mean waiting for the right unit to come to market. If you’re interested in buying at Forest Hill Lofts, send us a message below. We know the building, its different layouts and the features that can make one unit stand out from another.

Whether you’re actively looking to buy or simply want to know when something interesting becomes available, we’d be happy to help you keep an eye on the building and find a loft that fits what you’re looking for.

under construction

Your Toronto Condo PDI: What to Look For Before You Get the Keys

By Advice For Buyers

After years of looking at floor plans, renderings and construction updates, the day finally comes: your pre-construction condo actually exists. Before you start measuring for furniture or planning move-in day, there’s one important step left… the Pre-Delivery Inspection, better known as the PDI.

Your PDI is your opportunity to walk through your new condo with the builder or their representative before occupancy, inspect the finished product and document anything that’s damaged, incomplete, missing or simply not working properly. And while it’s exciting to finally see the condo you bought, this isn’t the time to rush. You want to slow things down, look closely and make sure the home you’re about to receive is properly documented.

Here’s how I recommend preparing for your Toronto condo PDI, and what you should be looking for once you’re inside.

What Is a Pre-Delivery Inspection (PDI)?

A Pre-Delivery Inspection is a walkthrough of your new home that happens before you take occupancy. According to Tarion’s Pre-Delivery Inspection guidelines, the PDI is used to identify items that are damaged, incomplete, missing, inaccessible or not operating properly. It also gives the builder an opportunity to show you how the different systems in your new home work.

I like to think of the PDI as creating a snapshot of your condo before you move in. If there’s a scratch across your new flooring, for example, you want it documented before the movers arrive and not three weeks later when there could be a question about when or how it happened.

During the inspection, deficiencies are recorded on the PDI Form. Once everything has been documented, you or your designate will review and sign it and receive a copy for your records. There is one important distinction to understand from the beginning, though: your PDI Form is not the same thing as a warranty claim. We’ll get into why that matters a little later.

How to Prepare for Your Condo PDI

You don’t need to show up with a toolbox, but a little preparation can make your PDI much more productive. I’d bring your Agreement of Purchase and Sale, floor plan, colour and finish selections, upgrade sheets and any other documentation showing what you purchased from the builder.

Remember, you’re not only looking for scratches and dents. You’re also confirming that the condo in front of you is what you actually bought. If you paid for upgraded flooring, a particular countertop, different cabinetry or an upgraded appliance package, compare what’s been installed with your paperwork. Something can be installed perfectly and still be the wrong thing.

If you’re still weighing the differences between buying new and resale, I’ve also broken down the pros and cons of buying a resale vs. pre-construction condo.

Bring Your Phone—and Charge It

Your phone is probably one of the most useful tools you can bring to a PDI. Take photos as you go, especially when you find something damaged or incomplete. For anything significant, I like taking one wider photo that establishes where the deficiency is located and then a closer photo that clearly shows the problem.

Tarion also recommends photographing damaged or incomplete items because those photos may become useful documentation later. My approach is pretty simple: see it, mark it, photograph it and document it.

And Bring Green Painter’s Tape

This is one of my favourite PDI tips, and it’s incredibly simple: bring a roll of bright green painter’s tape.

Whenever you notice a scratch, chip, dent, paint issue or another visible deficiency, put a small piece of tape beside it. The bright colour makes the issue easy for the builder to identify, but it also helps you find it again when you’re reviewing the condo later. By the end of some PDIs, there can be quite a bit of green tape around the unit, and that’s okay. That’s exactly why you’re there.

Your Toronto Condo PDI Checklist

Once the inspection starts, I recommend working systematically through the condo rather than wandering from room to room looking for problems. Start with the big picture and then work your way through each space, checking the finishes, fixtures and systems as you go.

Start With the Big Picture

Before getting caught up in small cosmetic details, take a minute to look at the condo as a whole. Does the layout match what you purchased? Are the rooms and major features where they’re supposed to be? Do the finishes generally match your selections? Are your upgrades installed?

If something immediately looks different from what you expected, now is the time to pull out your paperwork and ask about it. Don’t assume a substitution was permitted simply because it’s already been installed.

Check the Floors, Walls and Ceilings

Take your time looking over the flooring, walls, ceilings, baseboards and trim throughout the condo. You’re looking for things like scratched flooring, chipped tiles, poor transitions, damaged baseboards, drywall imperfections, paint issues, cracks or other visible damage.

It’s worth looking at surfaces from a few different angles, especially when there’s good natural light coming through the windows. Some scratches, dents and paint imperfections can be surprisingly difficult to see when you’re standing directly in front of them. This is also where that roll of green painter’s tape really starts earning its keep.

Open Every Door, Window and Closet

A condo can look perfectly finished until you actually start interacting with it, so don’t be afraid to open things. Try the interior doors, closets, cabinetry and accessible windows. Make sure everything opens and closes smoothly, isn’t rubbing or sticking and doesn’t have obviously damaged or misaligned hardware.

The important thing here is not to treat the PDI as a visual inspection only. If something is designed to open, close, slide, turn or move, give it a try.

Inspect the Kitchen

The kitchen deserves some extra attention because there are so many individual components packed into one relatively small space. Open the cabinets and drawers, inspect the countertops and backsplash and compare the finishes against what you selected when you purchased the condo.

Turn on the faucet and let the water run for a bit, then take a look underneath the sink for any signs of leaking. Check the caulking, plumbing, outlets and appliances while you’re there. You should also confirm that the appliances you’re supposed to receive are present and don’t have any obvious damage.

It’s worth noting that appliances themselves aren’t necessarily covered by the builder’s statutory new-home warranty in the same way construction defects are, so ask the builder how appliance deficiencies and manufacturer warranties are handled.

Give the Bathrooms Extra Attention

Bathrooms are another area where you want to do more than simply look around. Run the faucets, flush the toilets and make sure the water drains properly. Look underneath the vanity for leaks and inspect the tile, grout, mirrors, fixtures and caulking.

And then there’s one test I always like to do—one that occasionally gets me a funny look.

Yes, I Actually Stand in the Bathtub

If there’s a bathtub, I’ll take my shoes off, step inside and carefully walk back and forth or shift my weight around. I’m checking to see whether the tub feels stable and properly supported.

It’s a perfect example of something you might never notice just by looking at it. The bathtub could look completely normal from the outside, but once you step inside, you may notice movement or something that simply doesn’t feel right. That’s why I like actually using things during a PDI rather than only inspecting them visually.

Test the Electrical and Learn How the Condo Works

As you move through the condo, turn the lights on and off and test the switches and accessible outlets where practical. You should also know where your electrical panel is located and ask about anything you don’t understand.

The same goes for your heating and cooling system. Don’t leave the PDI knowing where the thermostat is but having no idea what it actually controls. Ask the builder representative to explain the system, including the thermostat, fan coil or heat pump where applicable, exhaust fans and any equipment you’re responsible for maintaining.

This is also a good opportunity to ask about filters, shut-offs and regular maintenance. I’ve written a separate guide to condo and apartment heating systems if you want to better understand some of the different systems you’ll find in Toronto buildings.

Elm and Ledbury Suites

Don’t Let Your PDI Feel Rushed

This might be my biggest piece of advice: slow down.

It’s easy to feel like you need to keep pace with the builder representative who’s taking you through the condo, especially when you’re excited to finally see the place. But you’re inspecting a brand-new home you’ve spent a considerable amount of money on, so take the time to actually inspect it.

Open the cabinets and closets. Run the water. Flush the toilets. Turn on the lights. Look underneath the sinks. Step back and look at the finishes. If something doesn’t make sense, ask about it. You’re not being difficult by taking your time—you’re doing exactly what the PDI is there for.

What Happens If You Find a Deficiency?

If you find something that needs attention, point it out to the builder representative and make sure it’s accurately recorded on the PDI Form. I’d also take a photo for your own records, particularly if the issue is something that could become harder to document after you move in.

Before signing the form, take a few minutes to review it and make sure the deficiencies you identified are actually included and described accurately. Keep your copy of the completed form together with your photos and other purchase documents.

Ideally, the builder will address those items before or shortly after you move in. However, don’t assume that having something written on your PDI Form means the warranty process will automatically take care of it from that point forward.

Your PDI Form Is Not Your Warranty Claim

This is probably the most important technical detail in this entire guide. Your PDI Form documents the condition of your condo before occupancy, but it does not itself represent a request for warranty service through Tarion.

If an item identified during your PDI hasn’t been resolved, you may need to include it on the appropriate warranty form to obtain Tarion’s assistance. As of October 2026, Tarion’s current process allows homeowners to begin adding items to their Initial Form one day after their warranty start date, with the form automatically submitted through MyHome on day 41.

Because warranty procedures and deadlines can change, I’d always check Tarion’s current warranty claim forms and timelines rather than relying on an older article when you’re actually preparing a submission.

The important takeaway is that documenting something at your PDI and submitting it through the warranty process are two different steps.

What About the Condo’s Common Areas?

Your individual condo PDI generally focuses on what’s within the boundaries of your unit. Common elements are different and have their own warranty process involving the condominium corporation.

Where things can get a little confusing is that something may feel like it’s part of your condo while legally being considered a common element. Depending on the condominium’s declaration, this can include things such as balconies, windows or even the suite entrance door.

If you notice an issue involving one of these areas, you can still document it and raise it with the appropriate parties. Understanding the distinction between the individual unit and the condominium corporation is also one of the reasons it’s important to understand what a condo status certificate is and why it’s important when purchasing a resale condo.

What Happens After the PDI?

Once the PDI is finished, keep an eye on the deficiencies you documented and confirm whether they’ve been corrected. You may also discover things after moving in that weren’t obvious during the inspection. That’s not unusual—you can learn a lot more about a home after actually living in it.

Ontario’s statutory new-home warranty provides different protections during the one-, two- and seven-year warranty periods. You can review the current new-home warranty coverage directly through Tarion.

Most importantly, keep good records. Photos, emails, forms and dates aren’t particularly exciting…until you need them.

My Advice After Attending Condo PDIs

The small cosmetic deficiencies are often the easiest things to find. It’s the things you have to actually interact with that are easier to miss, which is why I don’t like treating a PDI as simply a visual walkthrough.

Open the cabinets and closets. Run the faucets. Flush the toilets. Slide the doors. Turn on the lights. Step into the bathtub. Ask how the thermostat works. And when you find something that isn’t right, mark it with that green painter’s tape, photograph it and make sure it’s documented.

A good PDI isn’t about trying to find as many problems as possible. It’s about taking the time to understand the home you’re about to receive and making sure its condition is properly recorded before you move in.

Toronto Condo PDI FAQs

How long does a condo PDI take?

There isn’t one universal length because condos vary in size and builders may schedule their inspections differently. Give yourself enough time that you won’t feel pressured to rush through the unit. A smaller condo may have fewer rooms, but there are still plenty of finishes, fixtures and systems worth checking.

Can I bring my Realtor to my PDI?

Tarion says you can have someone accompany you during your PDI. If you can’t attend yourself, you can also appoint a designate to conduct the PDI on your behalf, although the appropriate authorization should be provided to the builder.

Can I bring a home inspector to my condo PDI?

Tarion doesn’t restrict whom you can choose as your designate, but you’ll want to confirm the builder’s procedures for additional attendees ahead of your appointment. If you’re considering professional assistance, arrange it before PDI day rather than assuming you’ll be able to add someone at the last minute.

What happens if I find damage during my PDI?

Point it out to the builder representative, make sure it’s properly recorded on the PDI Form and take photographs for your own records. The goal is to create a clear record showing that the damage or deficiency existed before you took occupancy.

What happens if the builder doesn’t fix something from my PDI?

If an unresolved item may be covered by Ontario’s statutory new-home warranty, it should be reported through the applicable warranty claim process. Don’t assume the PDI Form itself is a warranty claim.

Is the PDI Form the same as a Tarion warranty claim?

No. The PDI Form creates a record of the home’s condition before occupancy. Tarion’s warranty claim process is separate, so unresolved items may need to be submitted through the appropriate warranty form.

Should I take pictures during my PDI?

Yes. Tarion specifically recommends photographing damaged or incomplete items. Photos can provide useful evidence of what the condo looked like before you moved in.

What should I bring to a condo PDI?

At minimum, I’d bring your purchase documents and selections, a charged phone and a roll of green painter’s tape. Having your paperwork with you makes it much easier to compare the finished condo with what you actually purchased.

Can I report a problem after my PDI?

Yes. Missing something during the PDI doesn’t necessarily eliminate your warranty coverage. However, documenting visible damage or missing items during the PDI can make it much easier to establish that the problem existed before you took occupancy.

Does my condo PDI include my balcony?

Not necessarily. Tarion notes that condo PDIs focus on items within the boundaries of the individual unit. Balconies, windows and entrance doors are examples of items that may be common elements, depending on the condominium’s governing documents.

Final Thoughts: Your PDI Isn’t Just a Walkthrough

For many pre-construction buyers, the PDI is the first time the condo stops being a floor plan and starts feeling like home. Enjoy that moment—but don’t let the excitement distract you from why you’re there.

Take your time, test things, ask questions and document what you find. Bring your paperwork, charge your phone and, yes, bring the green painter’s tape.

You waited long enough for your condo to be built. Spending a little extra time making sure everything is properly documented before you get the keys is time well spent.

For many pre-construction buyers, the PDI is the first time the condo stops being a floor plan and starts feeling like home. Enjoy that moment—but don’t let the excitement distract you from why you’re there.

Take your time, test things, ask questions and document what you find. Bring your paperwork, charge your phone and, yes, bring the green painter’s tape.

This becomes even more important when purchasing a penthouse or luxury condo, where custom layouts, upgraded finishes and additional features can mean there’s simply more to inspect. I specialize in Toronto penthouses and have helped buyers navigate everything from the initial condo search through to the final stages before getting the keys.

If you’re buying a penthouse or luxury condo in Toronto and want experienced guidance throughout the process, send me a message below!

The History of 1001 Roselawn Avenue: From Yarn Factory to Forest Hill Lofts

By Lofts

Long before I knew 1001 Roselawn Avenue as the Forest Hill Lofts, I knew it as the factory beside the park.

I grew up in the area, and some of my earliest memories are of playing baseball in the park beside the building and catching insects along the old Beltline railway tracks. Behind us stood this enormous factory that, as a kid, just seemed like another part of the neighbourhood.

1001 Roselawn Ave As a the Patons & Baldwins Factory
1001 Roselawn Ave As a the Patons & Baldwins Factory

Back then, the property looked very different. The factory extended into what is now the outdoor parking area, and above it stood a large smokestack that could be seen from around the neighbourhood.

Today, the smokestack is gone and the railway tracks have become a walking and cycling trail, while the factory itself has been transformed into the Forest Hill Lofts at 1001 Roselawn Avenue.

But if you know where to look, pieces of its industrial past are still hiding in plain sight… and the story goes back to 1931.

Before the Forest Hill Lofts

It’s hard to picture today, but this stretch of Roselawn Avenue wasn’t always the residential neighbourhood we know now.

According to City of Toronto heritage research, industrial development began appearing along the south side of Roselawn during the 1930s.

Archive photo of Dufferin St
Archive photo of Dufferin St

Running immediately behind these properties was the former Beltline railway. Long before it became a trail filled with joggers, cyclists and dog walkers, trains travelled through here. The railway helped make this stretch of Roselawn a practical location for factories and other industrial uses. One of the largest would be built at Roselawn Avenue and Times Road.

The Paton-Baldwin Knitting Works Opens

In 1931, the building we now know as 1001 Roselawn Avenue was constructed as the Paton-Baldwin Knitting Works.

City heritage research identifies Dexter D. Calvin and Ralph K. Sheppard as the architects behind the factory. The building reflected the Art Deco influences of the period while still being, first and foremost, a working industrial building.

1001 Roselawn underconstruction
1001 Roselawn under construction

More than 90 years later, some of that architecture survives. The long brick facade, large window openings and decorative details are all reminders that this wasn’t originally designed as a condo.

There are clues inside, too. The distinctive Art Deco-style flooring in the lobby has been preserved through the building’s transformation. But my favourite piece of the factory’s history is probably sitting right above the front entrance.

What’s With the Bee?

Look closely at the façade of 1001 Roselawn (near the front enterance) and you’ll notice a bee incorporated into the building. It’s easy to assume it’s just decoration. It’s not. The bee is a connection to Beehive, a yarn brand associated with Patons & Baldwins.

Patons & Baldwins Logo
Patons & Baldwins Logo

Records from the Canadian Intellectual Property Office show the BEEHIVE trademark being used in Canada for wool yarn as early as 1922, almost a decade before the Roselawn factory was built.

Historical trademark records also connect Patons & Baldwins directly to Roselawn Avenue. By the 1930s, the company’s Canadian address was being listed on Roselawn in the former Township of York, with later records specifically identifying 1001 Roselawn Avenue.

Front Entrance of The Forest Hill Lofts
Front Entrance of The Forest Hill Lofts

So that little bee isn’t simply an architectural flourish. It’s essentially a piece of company branding that has survived on the building for generations. And it’s still there today!

The Factory I Remember

For anyone who only knows the Forest Hill Lofts today, it’s difficult to appreciate how different the property once looked.

I remember it well.

As kids, we’d play baseball in the park beside the factory and explore around the Beltline tracks, usually more interested in whatever insects we could find than the massive industrial building behind us.

1001 Roselawn Ave As a the Patons & Baldwins Factory with train tracks
1001 Roselawn Ave As a the Patons & Baldwins Factory with train tracks

The factory complex was larger then. Portions extended into areas that have since been demolished and redeveloped, including what is now the building’s outdoor parking area.

And then there was the smokestack.

It rose above the property and was almost like a beacon for the neighbourhood. You could see it from around the area and immediately know where you were.

At the time, none of this seemed particularly historic.

It was just the factory.

Looking back, that’s probably what makes it so interesting. I grew up beside a piece of Toronto’s industrial history without realizing that within a few years, its original purpose would disappear altogether.

The End of the Factory Era

The factory operated longer than you might expect.

Patons & Baldwins eventually became part of a larger corporate operation, and records show Coats Patons continuing to operate from 1001 Roselawn into the late 1990s. By 1999, however, the industrial era at the property was coming to an end.

Map of Belt Line Train Tracks
Map of Belt Line Train Tracks

After nearly seven decades of manufacturing, the factory closed. The building wasn’t destined for demolition, though. Instead, plans were taking shape for something Toronto was beginning to see more of: converting former industrial buildings into residential lofts. And the original plans for 1001 Roselawn were surprisingly different from what eventually got built.

1001 Roselawn Almost Looked Very Different

In early 2000, a redevelopment application was submitted for the former factory property. According to original City of Toronto planning records, the proposal called for the manufacturing building to be converted into a 180-unit condominium.

But there was another major part of the plan.

The developer wanted to add two additional storeys on top of the existing factory, transforming the four-storey building into a six-storey residential development. The surrounding property was also slated for redevelopment, with 67 freehold townhouses initially proposed around the former factory (which did end up getting built).

Had that plan gone ahead, the Forest Hill Lofts we know today would have looked considerably different.

Then the Loft Market Changed

Only months later, the proposal changed. Interestingly, Toronto’s loft market appears to have played a role. Later City planning documents noted that changes in the loft-condominium market had caused the applicant to consider different development scenarios for the property.

The additional two storeys were eventually dropped. Instead, the existing four-storey factory would remain, with plans calling for it to be converted into 136 condominium units. In hindsight, that decision helped preserve much more of the building’s original scale.

Instead of becoming a six-storey development with a substantial addition on top, the old factory kept the proportions that had defined this corner of Roselawn since the 1930s.

From Factory to Forest Hill Lofts

The transformation from factory to residential lofts took place in the early 2000s, with City heritage research dating the adaptive reuse to approximately 2003. The result was a genuine Toronto hard loft conversion.

Unlike a new condo designed to look industrial, a hard loft starts with an existing industrial or commercial building and adapts it for people to live in.

At 1001 Roselawn, you can see the result throughout the building. The high ceilings (13ft in many of the units), oversized windows, exposed concrete and unconventional floor plans weren’t added to give the condos character. They exist because you’re living inside a building that was never originally designed to contain condos.

It’s also one of the reasons no two units feel exactly alike.

The majority of the building consists of two-bedroom layouts, with some featuring dens. Some units have mezzanines incorporated into their layouts, while others have private rooftop terraces. Ground-floor south-facing units even have private outdoor terraces of their own.

For a deeper look at the building today — including its layouts, amenities and location — you can read my complete guide to the Forest Hill Lofts at 1001 Roselawn Avenue.

And if you’re wondering what actually separates a conversion like this from a newer loft-style condo, I’ve also explained the difference between hard lofts and soft lofts.

Pieces of the Factory That Survive Today

A lot has changed at 1001 Roselawn, but thankfully not everything disappeared during the conversion. The exterior still carries much of its original industrial character. The Art Deco-style lobby flooring remains.

Inside the individual lofts, high ceilings, large windows and exposed concrete continue to hint at the scale of the manufacturing spaces that once occupied the building. And above the entrance, the Beehive emblem is still there.

I think those details are part of what makes true loft conversions so interesting. They’re not perfect recreations of an industrial aesthetic. They’re actual industrial buildings that have been given a second life.

The quirks come with the territory.

More Than 90 Years Later

It’s strange for me to look at 1001 Roselawn today and think about just how much has changed.

The factory I knew as a kid isn’t a factory anymore. The smokestack that once towered over the neighbourhood is gone. Parts of the industrial complex have disappeared. The surrounding land has been redeveloped into homes, and trains no longer travel along the tracks where we used to catch insects.

But the main building survived. More than 90 years after the Paton-Baldwin Knitting Works opened, people now live within the same walls. And there’s still one small reminder of what came before. Next time you’re walking past 1001 Roselawn, look above the entrance.

The bee logo is still there.

Thinking About Buying or Selling at Forest Hill Lofts?

My connection to 1001 Roselawn goes well beyond writing about its history. I own a loft in the building myself and have been helping clients buy and sell at Forest Hill Lofts since 2011.

That means I know the building from both sides, as a Realtor and as an owner. I know the different layouts, which units have features you won’t find elsewhere in the building, and the little details that can make a big difference when it comes time to buy or sell here.

If you’re considering a move to Forest Hill Lofts, thinking about selling your unit, or simply curious what your loft might be worth in today’s market, send me a message below.

I’d be happy to help!

Toronto Real Estate Market Update

Toronto Real Estate Market Update: August 2026

By Monthly Market Updates

If you spent August at the cottage instead of open houses, you weren’t alone. Sales across the GTA slipped from July, new listings fell even faster, and the market did what it does every August: it slowed down and waited for September.

The good news? Prices are starting to look steadier than they have all year. Let’s take a look at what happened in August and what it could mean for the months ahead.

All GTA figures come from TRREB’s August 2026 Market Watch, released September 3, 2026, unless otherwise noted.

Toronto Real Estate Market Update
Toronto Real Estate Market Update

August 2026 at a Glance

Here’s how the Greater Toronto Area shaped up last month, according to TRREB’s August Market Watch:

  • Sales: 5,057 homes, down 2.1% year-over-year
  • New listings: 12,075, down 14.1% year-over-year
  • Active listings: 24,482, down 11.3% year-over-year
  • Average price: $993,410, down 2.7% year-over-year
  • MLS® HPI Composite benchmark: down 4.5% year-over-year
  • Average days on market: 51, up from 45 in July

The short version? Buyers had fewer homes to choose from, and prices are slipping less than they were earlier in the year.

Why August Always Feels a Little Like January

August is traditionally one of the quieter months in Toronto real estate, and this year was no exception. Families are squeezing in the last cottage weekend, parents are shopping for backpacks, and house hunting tends to take a back seat until routines return in September.

Interestingly, August’s slowdown looks a lot like what we see every January. Sales fell 15.7% from July, almost a mirror image of January’s 16.6% dip from December. New listings dropped 16.6% month-over-month, and average days on market climbed to 51, the highest level since February.

That said, August still posted far more sales than January (5,057 versus 3,082). So think of it as the same seasonal pause, not the same market. For a refresher on how the year started, see our January 2026 market update

Fewer Listings, Firmer Footing

The biggest story in August wasn’t sales. It was supply. New listings fell 14.1% compared to last year, far faster than the 2.1% dip in sales. According to TRREB, buyers in some neighbourhoods simply had less to choose from, which likely held back the number of deals.

Here’s the silver lining for anyone watching prices. The 2.7% year-over-year drop in the average price was the smallest annual decline we’ve seen in 2026. Back in February, prices were running nearly 7% below the year before. On a seasonally adjusted basis, the average selling price even edged up from July.

TRREB President Daniel Steinfeld summed up the dilemma nicely: if inventory keeps tightening, “some buyers may face a trade-off between waiting for greater economic certainty and purchasing before prices move higher.”

So, is this the start of renewed price growth? It’s too early to call. But it’s definitely a trend to watch this fall.

Breaking Down the 416 by Property Type

Now let’s zoom in on the City of Toronto (416). Keep in mind these numbers cover the city only, not the wider GTA.

Detached

The average detached home sold for $1,525,749, essentially flat compared to last August (up 0.1%). Sales also rose 2.6% year-over-year. It’s not flashy, but it’s a quiet sign of stability at the top end of the market.

Semi-Detached

Semis averaged $1,110,639, down 1.8% from last year, while sales ticked up 1.3%. After a softer July, prices appear to be finding their footing.

Townhouse

Townhouses were August’s biggest mover. The average price fell to $797,856, down 12.9% year-over-year and 8% from July. Sales slipped 11.3% compared to last year. For buyers who’ve been eyeing a townhome, this could be one of the more promising windows we’ve seen in a while.

Condo Apartment

Condos averaged $651,648, down 2.4% from last year, with sales essentially flat (down 0.6%). That’s a notable improvement from earlier in the year, when condo prices were running 8% to 9% below 2025 levels. Browse Toronto condos for sale {{LINK_NEEDED}} to see what’s on the market now.

Toronto Real Estate Market Update
Toronto Real Estate Market Update

The Bigger Picture: Rates, Jobs and Trade

TRREB’s Chief Information Officer Jason Mercer noted that ownership housing has stayed relatively affordable over the past year. The main thing holding buyers back? Worries about trade with the U.S. and what it could mean for inflation and borrowing costs. Here’s what was happening on each front.

Rates Stay Put

On September 2, the Bank of Canada held its policy rate at 2.25% for the seventh straight time. The rate hasn’t moved since October 2025, which has kept mortgage costs fairly predictable. However, the Bank did flag that tariffs have increased the risk of higher inflation, so it’s a space worth watching.

A Hot Hiring Streak Takes a Breather

Canada added roughly 181,000 jobs from April through July. Then August’s Labour Force Survey showed a loss of 42,000 jobs, with the national unemployment rate holding at 6.4%. One soft month doesn’t undo a strong summer, but it’s a reminder that the economy isn’t moving in a straight line.

The Trade Wildcard

On August 21, Prime Minister Mark Carney suspended trade negotiations with the U.S. after talks broke down. The U.S. then imposed 50% tariffs on about $20 billion of Canadian goods, and Canada’s matching tariffs were set to begin September 8. Since this all unfolded in the final days of the month, it likely had little effect on August sales. Will it make buyers more cautious this fall? That’s the big question.

What This Means for Buyers and Sellers

For buyers: Prices are still below last year’s levels, and mortgage rates have been steady for nearly a year. However, choice is shrinking. If listings keep tightening, today’s softer prices may not stick around. If you’re getting ready to make a move, we can help!

For sellers: Fewer competing listings means your home has a better chance to stand out, especially heading into the typically busier fall market. If you’ve been waiting for the right moment, now’s a smart time to talk strategy for selling your home.

What’s Next?

With vacations over and kids back in school, September usually brings buyers and sellers back to the table. Add in the Bank of Canada’s next rate announcement on October 28 and an evolving trade story, and this fall could be one of the more interesting seasons we’ve seen in a while.

Will tighter supply finally push prices higher? Or will economic uncertainty keep buyers on the sidelines a little longer? We’ll be watching closely. In the meantime, if you have questions about your next move, get in touch with our team.

111 Elizabeth street

Patient, Knowledgeable Guidance for a Downtown Toronto Condo Buyer

By Testimonials

Mark Savel exceeded my expectations of what I thought any realtor could or would do! For anybody buying condos in downtown Toronto, I recommend him. I will recommend him to friends and family, and if I ever buy another condo in downtown Toronto, I will try to hire him if he’s available. I will also hire him to sell my old condo, and I assume he’d be great for buying other types of housing and for outside the downtown core too.

Mark started helping me look in February 2026 and the final offer was made in May 2026. I was an atypical client with zero-time pressure on when to purchase, and with unusual priorities, e.g. very tight restrictions on locations, aiming for a building with low environmental impact, and broad aesthetic constrains. Mark learned my preferences, and very patiently showed me many units and asked many detailed questions on my behalf when I expressed interest. He advised on buildings to be avoided because of high maintenance fees, poor developer reputation for construction, and very
poorly managed buildings. During site visits, he pointed out potential problems including potential structural and leak issues, poor space layout, and noise issues from the neighbourhood; and provided advice on the benefits of the unit and potential improvements that could be made to the unit. He demonstrated great knowledge of condos, condo management and condo equipment, and was always willing to try to ask the property manager when I had a detailed question he did not know the answer to. There were multiple weeks where I was surprised that he did not push me to
make an offer; and indeed, recommended against some units. I slowly came to the realization that his priority is actually as he states – for his client to buy a home they will be happy with; not quick turnover of sales to make more money. I did not expect any realtor to do this.


For the unit I ended up purchasing, I left the negotiations to Mark to get me the best deal. His recommendation for my particular scenario was to make an offer I silently thought would be insulting low. It ended with a price far lower than I expected based on the comparators.

Mark, many thanks!

Clarence

Toronto Loft Realtor Seller Testimonial | Mark Savel

Expert Loft Advice & Dedicated Service from Start to Sold

By Testimonials

We’ve dealt with a lot of real estate agents over the years, and Mark Savel is truly leagues above the rest. He provided expert insight, extensive marketing, and was always available whenever we needed him. Mark worked tirelessly and diligently to get our property sold, and we would recommend him without any reservation. Many thanks Mark!

-Chris & Jen

Toronto Realtor Testimonial | Mark Savel

A Professional, Patient & Pressure-Free Toronto Realtor Experience

By Testimonials

From the moment my wife and I met Mark, we immediately felt a warm and positive connection that continued throughout our entire experience. Mark took the time to understand our needs, preferences, and priorities. He was always available to arrange viewings around our schedules and consistently offered honest, professional advice about each property, its condition, and the surrounding area. We especially appreciated that he shared his expertise without ever pressuring or influencing our decisions. Mark was professional, knowledgeable, patient, and genuinely supportive throughout the entire process. We couldn’t have asked for a better realtor and would highly recommend him!

Raffaele