Jul 07

June 2025 Toronto Real Estate Market Update

By Mark Savel Monthly Market Updates

Real estate in Toronto took another small step toward affordability in June. With borrowing costs and average selling prices still trailing last year’s levels, more buyers are beginning to test the waters—even if many are still playing the waiting game.

The housing market showed further signs of recovery in June, as buyers benefited from a growing number of listings. With more inventory to choose from, many were able to negotiate below asking prices—an early sign that market leverage is beginning to tip back toward buyers.

Sales and Listings: Market Gains Traction (Sort Of)

Realtors reported 6,243 sales through the MLS System in June—a modest 2.4% dip compared to June 2024. However, new listings jumped 7.7% year-over-year, reaching 19,839 properties.

On a seasonally adjusted basis, sales were up compared to May 2025, while new listings were down. That combination—more buying activity and slightly less inventory—continues the tightening trend we saw take shape this spring.

Inventory vs. Demand: Are We Headed for Balance?

Month-over-month momentum looks promising, but economic jitters still weigh on decision-making. Many households are hesitant to dive in until they feel more secure about their jobs, rates, and the overall direction of the economy. Still, as inventory tapers and options dwindle, that hesitation could turn into competition sooner than later.

What’s Happening with Prices?

Condos Reach New High for 2025

While overall prices in the GTA trended downward, the condo segment quietly notched a win in June. The average condo price rose to $731,232—the highest it’s been all year. That’s up from $709,905 in May and significantly higher than where the year started at $691,039.

This steady upward trend—especially with June breaking the ceiling—could be an early signal of shifting demand. With lower entry points than detached homes and improved affordability, condos might be the segment to watch as momentum builds through summer.

Detached Prices Cool Off After Strong Start

Detached homes, meanwhile, saw a different trajectory in the first half of 2025. After peaking in February at $1,782,262, average prices for detached properties have gradually softened, settling at $1,641,868 in June. While still higher than January’s average of $1,579,386, the trend suggests a gradual cooldown from earlier highs.

Buyers in the detached segment may find more room to negotiate as prices ease off their earlier highs, especially with higher-carrying costs still weighing on the top end of the market.

Semi-Detached Homes Show Seasonal Resilience

Semi-detached properties had a relatively stable run through the first half of 2025. While they haven’t reached a new peak since March’s high of $1,337,498, June’s average price of $1,278,434 still sits comfortably above where the year began.

The numbers suggest a segment that’s holding firm despite broader market softening—offering a middle ground between affordability and space that continues to resonate with move-up buyers.

Townhomes Ride the Seasonal Wave

Townhomes had a mixed performance in the first half of 2025, with prices fluctuating month to month. After peaking in February at $1,028,339, the average townhome price slid back to $957,605 in June. While that’s still above January’s average of $941,893, the segment appears more sensitive to broader affordability pressures.

For buyers, this could present a timely opportunity—especially for those seeking more space than a condo offers but without stretching to a detached price point.

Overall Price Summary

June’s average selling price landed at $1,101,691, representing a 5.4% drop year-over-year. The MLS Home Price Index Composite Benchmark also dipped 5.5% compared to June 2024. Month-over-month? Both the average price and HPI edged slightly lower from May.

This downward pressure on pricing isn’t new—it’s been with us for several months—but it continues to create an entry point for buyers who were previously priced out.

Price Chart – YoY and MoM Breakdown

Metric	June 2024	May 2025	June 2025	% Change YoY	% Change MoM
Average Price	$1,164,714	$1,110,905	$1,101,691	-5.4%	-0.8%

What’s Fueling (or Delaying) the Recovery?

The market isn’t just reacting to supply and demand—it’s heavily influenced by macroeconomic factors. According to TRREB CIO Jason Mercer, a firm U.S. trade deal and two more expected rate cuts could help “make monthly mortgage payments more comfortable for average GTA households.” That added affordability, paired with improved consumer confidence, could push the recovery into higher gear.

But as of now, buyers are taking their time. Inflation progress has been choppy, and many are still skeptical that rates will come down fast enough to offset homeownership risks.

What Buyers and Sellers Should Know Right Now

For Buyers:

More listings mean more choice—and leverage.
Sellers are increasingly open to negotiation.
Lower borrowing costs = better affordability, even if only modestly improved.

For Sellers:

Price competitively to attract attention.
The tightening trend could benefit well-prepared listings.
With some buyers still on the sidelines, it’s not a frenzy—but serious shoppers are out there.

Final Thoughts: Recovery in Progress, but Far from Over

June continued the pattern we’ve seen throughout spring—a cautious, buyer-empowered market where affordability is slowly improving, but uncertainty still clouds the outlook. The next few months will be crucial. If confidence improves and rates continue to ease, Toronto’s real estate market could be poised for a steadier rebound – but who knows!

Curious what this means for your next move? Reach out by dropping us a message below—we’ll help you navigate the numbers and the nuance.

Jul 03

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What Costs Should You Expect When Selling a Home in Toronto?

By Mark Savel Advice For Sellers

Selling a home in Toronto comes with plenty of moving parts—literally and financially. While the goal is usually to walk away with a tidy profit, it’s worth knowing what expenses could chip away at your bottom line. From staging to legal fees and everything in between, here’s a breakdown of what sellers can expect to spend.

Real Estate Commissions: The Big One

Real estate commissions are often the largest cost in a home sale. In Toronto, it’s standard to pay between 3.5% and 5% of the final sale price, with that amount typically split between the buyer’s and seller’s agents.

While it may seem steep, this fee covers professional marketing, buyer negotiations, and the guidance of experienced agents who can help you sell faster and higher. And yes—commission rates can sometimes be negotiated, especially on higher-end properties.

Meet our team to see how we advocate for every dollar on your behalf.

Legal Fees: Closing with Confidence

Expect to spend between $1,500 and $2,500 in legal fees. That includes the cost of preparing documents, discharging your mortgage, completing title transfers, and managing disbursements like wire transfers or title insurance.

Your real estate lawyer will ensure the closing goes off without a hitch—so this is one area where cutting corners could cost more in the long run.

Mortgage Discharge & Prepayment Penalties

If you’re breaking your mortgage early, be prepared for additional fees. These usually include:

Admin/legal/registration fees (~$250–$500 total)
A prepayment penalty (either 3 months’ interest or an Interest Rate Differential—whichever is higher)

The exact amount varies depending on your lender and mortgage terms. Request a quote from your bank ahead of time so you’re not blindsided at closing.

Staging and Photography: Selling the Story

First impressions count. Many sellers invest in staging and professional photography to maximize appeal—and return.

Physical staging can cost $4,000–$10,000, depending on the size of the home and length of time it’s staged.
Photography and virtual tours typically range from $500–$1,000, though high-end packages can go higher.

It may seem like a lot up front, but well-staged homes tend to sell faster and for more money—often recouping that cost and then some.

Status Certificate (For Condo Sellers)

If you’re selling a condo, buyers will likely request a status certificate, which outlines the financial and legal health of the building. In Toronto, sellers are usually responsible for covering the ~$100 (plus HST) fee.

Make sure to order it early to avoid delays once your property hits the market.

Moving Costs: Don’t Forget the Finish Line

Once the deal is done, it’s time to pack—and that comes with its own price tag. Professional movers in Toronto typically charge:

$1,500–$2,500 for local moves, depending on home size and complexity
More for long-distance or full-service packing/moving combinations

Budget a bit extra if you need short-term storage or specialized services (like moving a piano).

Capital Gains Tax (If It’s an Investment Property)

If the home you’re selling is your principal residence, you’re off the hook for capital gains.

But if it’s an investment or secondary property, 50% of the profit is taxable as income. The amount you owe will depend on your marginal tax rate and how long you held the property.

Keep good records—renovations, legal fees, and realtor commissions can often be deducted from your gain.

Here’s what the CRA says about it.

Toronto Home Selling Costs at a Glance

Cost Type	Typical Range
Real Estate Commission	3.5%–5% of sale price
Legal Fees	$1,500–$2,500
Mortgage Discharge	~$250–$500 + penalties
Staging	$4,000–$10,000
Photography	~$500–$1,000
Status Certificate	~$100 (condos)
Moving	$1,500–$2,500
Capital Gains (if applicable)	50% of gain is taxable

Final Thoughts: Budgeting = Power

Selling comes with its share of expenses—but it doesn’t have to come as a surprise. With a clear view of the costs involved, you can plan better, price smarter, and maximize your returns.

Thinking of listing your home? Here’s how we help you sell higher.

Jul 02

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The Hidden Costs of Buying a Home in Toronto

By Mark Savel Advice For Buyers

When you’re house hunting in Toronto, most of your mental energy is spent calculating down payments, monthly mortgage costs, and whether you can stretch that budget for the home just one block closer to the subway. But behind the sticker price lurks a less obvious layer of expenses that can quickly add up — and if you’re not prepared, they can feel like a surprise punch to your closing-day excitement.

Let’s pull back the curtain on the hidden costs of buying a home in Toronto — from taxes to title insurance and everything in between.

Quick Reference: Hidden Costs Breakdown (based on a $1.5M purchase)

Cost Category	Estimated Range	Notes
Land Transfer Taxes	$52,950+	Applies to a $1.5M home in Toronto (includes provincial + municipal)
Luxury LTT (>$3M homes)	3.5%–7.5% on price tiers	Progressive rates depending on home value
Legal Fees	$1,500–$2,500	Varies by complexity of the deal
Title Insurance	$300–$800	One-time cost
Home Inspection	$400–$700	Add $200+ for specialty inspections
Adjustments	$500–$2,000+	Reimbursement for seller-paid property taxes, fees
Moving & Set-Up Costs	$3,000–$5,000	Movers, utilities, locksmiths, furniture gaps
CMHC Insurance (if <20% down)	Varies by loan size	Mandatory for high-ratio mortgages

1. Double Land Transfer Taxes in Toronto

Toronto is one of the few cities in Canada where homebuyers are hit with two land transfer taxes — one from the province, and one from the city itself.

Ontario Land Transfer Tax (LTT): Scaled based on the purchase price. For example, a $1.5M home results in roughly $26,475.
Toronto Municipal LTT: Also scaled — for the same $1.5M property, you’d pay another $26,475.

Total land transfer tax bill? About $52,950.

What About the Luxury Tax?

Toronto applies an extra tier of LTT to homes over $3 million:

3.5% on the portion between $3M–$4M
4.5% between $4M–$5M
5.5% from $5M–$10M
6.5% from $10M–$20M
7.5% over $20M

That’s a steep climb if you’re in the luxury bracket — and one worth modeling out in advance.

Use the City of Toronto’s Land Transfer Tax Calculator to get a better idea of cost

2. Legal Fees & Title Insurance

Closing a real estate deal requires a real estate lawyer — full stop. And those services come with fees:

Legal fees: Typically $1,500–$2,500 depending on complexity
Title insurance: $300–$800 (a one-time cost)

These protect you against future claims on the property, unpaid liens, or title defects. While some might consider shopping around, this isn’t the place to skimp.

3. Home Inspections (and Re-Inspections)

An inspection is your home’s pre-purchase report card. Costs can vary, but expect:

$400–$700 for a standard inspection
Add $200+ if you need specialized inspections (e.g., sewer scopes, radon, pool inspections)

Even in competitive markets, we always recommend getting one if you can. It’s peace of mind money well spent.

4. Prepaid Utilities, Taxes, and Adjustments

Your closing documents will include adjustments — costs the seller has prepaid (like property taxes or condo fees) that you’ll need to reimburse them for.

Example: If the seller prepaid July’s property taxes and you take possession mid-month, you’ll owe them for the remaining days.

These aren’t huge line items individually, but can still add hundreds to thousands to your final bill.

5. Moving Costs, Hookups & Set-Up Fees

Let’s not forget the final stretch of the journey — actually moving in.

Here’s a quick breakdown:

Moving company: $2,000–$3,000 (more if you’re moving cross-city or have a ton of stuff)
Utility hookups: $50–$200 depending on providers
New locks & security updates: Often overlooked, but recommended ($200–$500)
Appliances or furniture gaps: First-time buyers especially feel this one

Pro tip: budget $3,000–$5,000 for this phase alone, depending on your situation.

Final Thoughts: Budget Beyond the Purchase Price

Buying a home in Toronto is a huge milestone — and a financial stretch for most. But knowing what’s coming can ease that pressure. When we work with buyers, we break down all these costs upfront so there are no surprises come closing day.

If you’re planning a purchase, let’s talk. We’ll help you budget smart, negotiate better, and avoid getting blindsided by the hidden extras.

Want more tips like this? Sign up for our market updates — it’s the smarter way to stay ahead in Toronto real estate.

Next up: Check out our post on how long it takes to buy a home in Toronto for a timeline breakdown from offer to keys in hand.

Jul 01

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How Long Does It Take to Buy a Home in Toronto?

By Mark Savel Advice For Buyers

The Short Answer? It Depends.

We’ve seen it all. One buyer found their dream condo and closed in under 24 hours. Another? They patiently searched for the perfect detached in midtown—over two and a half years later, they got the keys. So, how long does it really take to buy a home in Toronto?

The truth is: there’s no one-size-fits-all answer. But there is a rhythm to the process, and once you know what to expect, it becomes a whole lot easier to plan. From financing to final keys, the timeline can stretch or shrink depending on how the stars align—or don’t.

The Step-by-Step Timeline (Toronto Edition)

1. Mortgage Pre-Approval (1–4 weeks)

Before you start swiping through listings or scheduling showings, talk to a mortgage advisor. A pre-approval tells you how much you can afford—and it makes you a serious buyer in the eyes of sellers. Plus, you’ll save time down the road by having your documents reviewed and income verified early on.

2. House Hunting (1 month to 1+ year)

This is where timelines vary the most. If you’re looking for a unicorn (like a south-facing hard loft with parking and low maintenance fees), be prepared to wait. But if your must-haves are flexible, you could be touring properties and making offers within weeks.

The season also matters—spring and fall tend to have more listings, while summer and winter slow down. Being ready to view properties quickly and having a responsive agent can make all the difference.

3. Offer & Negotiation (1–10 days)

Once you’ve found “the one,” things move quickly. Your agent will run comps, draft an offer, and submit it—often within 24 hours. From there, sellers may counter, reject, or accept. In hot markets, bidding wars can condense this step to hours.

Having your deposit ready and being flexible with closing dates can help your offer stand out. Your agent’s experience negotiating terms is crucial here.

4. Conditional Periods (5–10 business days)

If your offer includes conditions (like financing or a home inspection), you’ll need time to clear them. Most conditions are resolved within a week—but the clock starts ticking the moment the offer is accepted. This is your due diligence window to walk away penalty-free if needed.

5. Closing Period (30–60 days)

This is the legal handoff: your lawyer handles title searches, insurance, requisitions, and funds transfer. Most closings in Toronto land between 30 and 60 days—but longer or shorter timelines are sometimes negotiated based on the buyer/seller needs.

In this stage, you’ll sign the final documents, finalize mortgage paperwork, and ensure your down payment is in place. Your lender and lawyer will coordinate with the seller’s team to make sure everything runs smoothly.

What Slows Buyers Down?

A few common culprits:

Financing snags — delayed documents or new credit issues can stall mortgage approval.
Inventory droughts — low supply means buyers are stuck waiting for the right listing.
Analysis paralysis — some buyers struggle to commit, especially in shifting markets.
Life interruptions — personal or financial changes can pause a search unexpectedly.

Our record for the longest buyer search? 2.5 years from first showing to firm deal. They waited, watched, and ultimately bought with total confidence. In contrast, another client closed in less than a day by walking into an open house, falling in love, and making a cash offer on the spot.

Sometimes it’s about timing. Other times, it’s about persistence.

Speed It Up — How to Buy Faster

If you’re eager to get into your new home sooner, here are a few tips:

Get pre-approved before you browse
Work with an agent who knows the local landscape (that’s us)
Set clear must-haves vs. nice-to-haves
Be ready to act fast when the right listing appears
Don’t wait for the “perfect” property—sometimes 90% perfect is perfect enough
Stay organized with paperwork, and have your deposit liquid and accessible

➡ Buy Better with TorontoLivings

FAQ – Buyer Timelines in Toronto

Can you really buy a home in under a week?

Yes—with cash and a willing seller, we’ve seen it happen in under 24 hours. But it’s rare and depends on fast lawyers, quick due diligence, and no mortgage.

Do cash offers close faster?

Usually, yes. Skipping mortgage approval can shave weeks off the process. But you’ll still need legal review, insurance, and coordinated timing with the seller.

How long does a mortgage take in Toronto?

2 to 4 weeks is typical, assuming you’re responsive and the lender isn’t backed up. Submitting complete documents early helps avoid hiccups.

What happens if the seller wants a longer closing?

You negotiate! Most sellers are flexible, especially if the offer price is strong. Some buyers use longer closings to save more or avoid overlapping rent.

Can I start the process before I’m “100% ready” to buy?

Absolutely. Meeting with a mortgage advisor or agent early helps you understand your options, even if you’re months away from making an offer.

Final Thoughts: Everyone’s Timeline Is Different

Some buyers binge open houses for months before pulling the trigger. Others? Love at first sight.

At TorontoLivings, we adapt to your pace. Whether you’re ready to buy tomorrow—or just starting to explore—we’ll walk you through every step, from setting your budget to handing you the keys.

There’s no pressure—only guidance, support, and expert insight tailored to your journey. Connect with us by leaving a message below!

Jun 27

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Should You Sell Before You Buy in Toronto? Here’s Why We Say Yes.

By Mark Savel Advice For Sellers

If you’re a homeowner in Toronto considering your next move, one of the most common—and stressful—questions you’ll face is: should I sell before I buy? It’s not just a logistical question, but a financial and emotional one. Do you lock in your next dream home first, or secure top dollar for your current property before making your move?

There’s no one-size-fits-all answer—but our advice leans strongly toward selling first. Here’s why.

The Case for Selling First

1. You Know Exactly What You’re Working With

When you sell first, you’re not guessing what your home might fetch—you know. That clarity shapes everything from your down payment to your total budget.

Take one of our recent clients: they were casually eyeing move-up homes in the west end but hadn’t nailed down what they could afford. After selling their place above asking, they suddenly had more buying power—and the confidence to land a bigger home that checked every box.

2. More Leverage as a Buyer

A firm sale in your back pocket gives you leverage. You can make clean offers without a “sale of property” condition—something sellers love to see. In hot or even balanced markets, this makes your offer stand out and increases your negotiating power.

Translation? You could save money on the purchase side just by being ready to move.

3. Avoid Carrying Two Properties

Buying first means you might own two homes at once. That comes with double mortgage payments, double utilities, double everything.

Some turn to bridge financing, which lets you “bridge” the gap between buying and selling—but it’s not always ideal. Rates can be steep, and you’ll need a firm sale agreement to qualify.

Selling first means you avoid that stress entirely.

But What About Finding Your Next Place?

This is the biggest fear, right? Selling your home and not finding something you love in time. Totally fair—but manageable.

There are ways to bridge the gap without panic:

Flexible closings: Negotiate a long closing window on your sale. Many buyers are happy to accommodate if it means landing a great home.
Short-term rentals: Toronto has more tons of furnished and month-to-month rental options — we can help you rent something temporary that fits your timeline.
Lease-back arrangements: In some cases, you can rent your home back from the buyer after closing. It buys you time and saves the hassle of a full move-out.
Family and friend networks: Some sellers choose to bunk with family or trusted friends short-term—cozy? Maybe. Cost-effective and flexible? Absolutely.

Plus, when you’ve already sold, you can shop for your next place with less pressure. You’re not competing against your own ticking clock. That freedom often leads to better decision-making—and better purchases.

In our experience, with a smart plan and a bit of patience, finding the right place after selling is totally doable—and often, even preferable!

Why Buying First is Riskier Than It Sounds

On paper, it might feel safer to lock in your next home first. You get to secure your dream space and transition smoothly—at least in theory. But in practice, this approach often backfires, especially in unpredictable markets.

Here’s what can go wrong:

You could overpay due to urgency: When you’re racing the clock to buy before selling, your decisions are often emotionally charged. You’re less likely to negotiate assertively or wait for the right fit.
You might have to accept a lower offer on your own home: To avoid juggling two properties, many buyers-turned-sellers will settle for a less-than-ideal price just to wrap things up quickly.
You may need bridge financing—or worse, carry two mortgages: Bridge loans come with added costs and qualification requirements. And if your home takes longer to sell, you could end up on the hook for two sets of housing expenses, which puts serious strain on your finances.
Market shifts can catch you off guard: If the market cools after you buy but before you sell, you could be left with less equity than you expected—or worse, stuck with a home that lingers on the market.

At the end of the day, buying first trades certainty for comfort. But that comfort is short-lived if the numbers—or the timing—don’t work in your favour.

What We Tell Our Sellers

Selling first puts you in the driver’s seat. You know your numbers, your timing, and your game plan. From there, it’s easier to pivot, shop smart, and act quickly when the right listing hits the market.

Yes, bridge loans exist—but we don’t recommend relying on them as a strategy. Think of them more as a parachute, not a flight plan.

Our approach: prep your home well, list with confidence, sell strong—then buy smart. That’s how you lead with strength.

New home, family and portrait with cardboard box for moving, mortgage and property purchase. Living

Final Thoughts – Lead with Strength

Buying and selling at the same time is tricky. But by selling first, you control the pace—and your financial footing. You’re not scrambling. You’re not stretching. You’re stepping into your next home with clarity and confidence.

Thinking of selling first? Let’s talk strategy, timelines, and what your home could be worth. Reach out to us here— or send us a comment below.

Jun 26

Love0

Do You Need a Real Estate Agent to Buy Property in Toronto?

By Mark Savel Advice For Buyers

Buying property in Toronto isn’t exactly like strolling through a Sunday open house and tossing in an offer. Between rapid market shifts, bidding wars, complicated legal documents, and emotional highs and lows, the process can feel more like a strategic chess match than a simple shopping trip.

So it’s natural to wonder: do I really need a real estate agent to buy in Toronto?

Let’s break down what’s required, what’s optional, and how professional guidance can be the difference between buyer’s remorse and securing your ideal home—with less stress, more clarity, and a smarter investment.

The Role of a Real Estate Agent in Toronto

In Toronto, real estate agents do more than open doors and draft paperwork. A great agent is your strategist, market translator, and skilled negotiator. They act as your advocate from the moment you start your search to the moment you receive the keys.

Here’s what that can look like:

Decoding neighbourhood trends, property values, and pricing strategies
Tapping into off-market or soon-to-launch listings that aren’t yet public
Flagging red flags in disclosures, condo status certificates, or legal clauses
Connecting you with trusted mortgage brokers, lawyers, and inspectors
Coordinating inspections, financing, and closing timelines for a seamless experience

It’s this blend of insight and hands-on support that helps buyers avoid costly missteps—and often land better deals, faster and with fewer surprises.

Do You Legally Need an Agent to Buy Property?

Short answer: no, it’s not legally required.

You can absolutely buy a home without a real estate agent—whether it’s through a private deal, directly with a builder, or via the listing agent representing the seller. But without your own representation, you’re essentially flying solo in a high-stakes, high-priced environment.

Imagine walking into a courtroom without a lawyer. It’s possible, but would you really want to? Especially when the other party has someone negotiating and protecting their interests.

In real estate, the listing agent is obligated to act in the seller’s best interest. That means they’re not working for you—and they’re not required to point out things that may work against the seller’s position.

Having your own agent levels the playing field.

Benefits of Working with a Real Estate Agent

Here’s where the perks really start stacking up:

1. Access to More Listings

Real estate agents often have early access to listings through industry networks, email alerts, and brokerages that share exclusive pre-market opportunities. In a city like Toronto, where some homes sell within 24 hours, this kind of head start can be the difference between getting the property—or missing out entirely.

2. Expert Negotiation

Your agent brings both experience and data to the table. They understand market conditions, comparable sales, and buyer psychology. They know when to go in strong, when to hold back, and how to structure offers that stand out without having you overpay or waive protections you’ll regret.

3. Process Management

From pre-approval to final closing, there are dozens of moving parts. Offers, amendments, deposits, conditions, appraisals—it adds up fast. A good agent keeps everything (and everyone) on track and ensures no detail slips through the cracks.

4. Emotional Buffering

Buying property—especially your first or forever home—is emotional. And emotions can cloud judgment. Your agent provides an objective lens, helping keep decisions grounded in logic, value, and long-term benefit.

5. Professional Network

A top-tier agent comes with a vetted team of professionals: mortgage brokers, real estate lawyers, home inspectors, movers, contractors, and more. They know who’s reputable—and who to avoid.

Understanding the Buyer Representation Agreement (BRA)

If you decide to work with a buyer’s agent in Ontario, you’ll likely be asked to sign a Buyer Representation Agreement (BRA). This document formalizes your working relationship, outlining responsibilities, boundaries, and expectations.

Key elements include:

The length of the agreement (often 90–180 days)
The area it covers (e.g., Toronto, the GTA, or specific neighbourhoods)
The commission terms (typically paid by the seller)

Signing the BRA means the agent has a legal fiduciary duty to you. That includes full disclosure, loyalty, confidentiality, and promoting your best interests above all else.

Tip: You can always negotiate or customize the BRA. Ask questions. Understand the clauses. A transparent agent will be happy to explain it all.

Who Pays the Agent’s Commission?

One of the biggest misconceptions buyers have is around commission.

In most resale property purchases in Toronto, the seller covers the commission for both their listing agent and the buyer’s agent. That means buyers can benefit from professional representation without paying out of pocket.

Exceptions do exist:

FSBO (For-Sale-By-Owner) deals where no buyer commission is offered
Discounted commission offers where a top-up may be required to meet your agent’s standard rate

In these scenarios, your agent will always explain the situation upfront and let you decide how to proceed.

Case Studies: Success Stories with Toronto Livings

We’ve helped hundreds of clients buy better and sell higher by combining strategy, market timing, and local expertise. Here are just two:

Client A: Bought Below Market Value in Midtown

This Toronto Condo Buyer was relocating from Vancouver and had no idea how fast-paced Toronto’s market had become. We helped them secure financing, understand the cities different areas, and define their needs. Through our network, we found a King West condo the day it hit the market and were able to secure it under the list price!

Client B: Sold High, Bought Smart

A longtime client needed to sell before buying. We arranged staging, drone photography, and a digital marketing push that resulted in multiple offers. Their midtown hard loft sold over asking. From there, they pivoted into a a detached house and are now in the process of growing out the family!

Smart moves don’t happen by accident—they’re the result of experience, timing, and a plan.

FAQs: Common Questions About Using a Real Estate Agent

What if I’m not happy with my agent?

You can always request to be released from your BRA. Most agents will agree, especially if it’s not a good fit. Open communication goes a long way. Don’t settle—work with someone who aligns with your goals and values. If you’re early in the process, consider starting with a shorter agreement or requesting a trial period to ensure compatibility.

How do I choose the right agent?

Look for:

Deep local knowledge
Clear, proactive communication
Proven results in the neighbourhoods you’re interested in
Someone who listens, not just sells

Want to see how we work? Check our testimonials or book a no-pressure consult.

Can an agent help with pre-construction?

Absolutely. In fact, agents often get early access to builder launches, VIP pricing, and incentives not available to the public. Plus, we can help you assess developer track records and negotiate assignment clauses or caps on closing costs. Pre-construction can be lucrative, but it also comes with unique risks—having expert eyes on contracts can save you from surprise fees or delays.

What’s the difference between a buyer agent and a listing agent?

A buyer’s agent represents you, the purchaser. Their job is to advocate for your best interests—helping you find the right property, analyze pricing, and negotiate terms. A listing agent, on the other hand, represents the seller, and their goal is to get top dollar and favourable conditions for their client. Working directly with the listing agent can create a conflict of interest.

Is it worth having an agent if I’ve already found a property?

Yes. Even if you’ve spotted a home on Realtor.ca or walked by a “For Sale” sign, your agent can provide critical support in pricing analysis, offer structuring, due diligence, and negotiation. Plus, they can liaise with the seller’s agent to protect your interests throughout the deal.

Can I switch agents if I find someone better?

Yes, but be mindful of any active contracts. If you’ve signed a BRA, you’ll need to ask your current agent or brokerage to release you formally. Always have an open discussion first—good agents understand the importance of fit and won’t force a client to stay unhappy.

How early should I contact an agent before buying?

As early as possible. Even if you’re just “thinking about it,” an agent can help you set expectations, build a budget, get pre-approved, and narrow your neighbourhood focus. The earlier you engage, the more strategic your plan can be.

Do agents only work with first-time buyers?

Not at all. While many agents love guiding first-time buyers, experienced buyers, investors, and downsizers benefit just as much from strong representation. Every transaction is different—and so is every client’s goal.

Can an agent help me buy outside of Toronto?

Most Toronto-based agents work across the GTA and even into surrounding regions like Durham, Halton, and York. If they don’t serve an area personally, they can refer you to a trusted colleague who does.

Will I lose out on deals if I don’t act fast?

In hot markets, speed matters—but so does preparation. A good agent ensures you’re offer-ready with financing, legal review, and comparable data in hand. That way, when the right property pops up, you’re positioned to move quickly and confidently.

Can I negotiate an agent’s commission?

Sometimes, yes—especially in higher-end transactions or where multiple deals are involved. Just remember: a good agent more than earns their keep. It’s not just about hours worked—it’s about outcomes delivered.

What if I’m not happy with my agent?

Want to see how we work? Check our testimonials or book a no-pressure consult.

Conclusion: Making an Informed Decision

So, do you need an agent to buy property in Toronto? Legally, no. Strategically, it might be your best move.

A skilled agent brings you data, context, connections, and confidence. They unlock opportunities, protect your interests, and make the whole process more efficient and less stressful.

Whether you’re buying your first condo or upgrading to a family home, it pays to have a professional in your corner.

Want to explore your options? Let’s chat and see how we can help you buy smarter, faster, and with peace of mind.

Jun 25

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How Toronto Realtors Determine Property Value for Sellers

By Mark Savel Advice For Sellers

Whether you’re just starting to think about selling or you’re already prepping your home for showings, one big question always comes up: what’s it worth? In a city like Toronto—where prices shift block by block and demand can turn on a dime—accurate property valuation is more art than science.

But don’t worry: it’s not a guessing game either. Good realtors rely on a blend of data, experience, and market instincts to help sellers set smart, strategic listing prices. The process includes a nuanced understanding of current market conditions, buyer psychology, and how a property’s features interact with emerging trends. Here’s how it all comes together.

The Role of Comparative Market Analysis (CMA)

Understanding CMA

The first tool in every Toronto realtor’s kit is the Comparative Market Analysis—or CMA. Think of it like real estate matchmaking: we compare your home to others that recently sold, are currently listed, or were pulled off the market without selling. This is the foundation of a data-backed pricing strategy.

A good CMA looks at:

Recent sold prices (especially within the last 30–90 days)
Current competition in your area
Homes that didn’t sell (aka “expired” or “cancelled” listings)
Seasonal patterns in buying behaviour

This gives a baseline of what buyers are currently paying—and what they’re not. A CMA also helps reveal market velocity—how fast homes are selling—and whether buyers are offering at, above, or below asking price.

Factors Considered in CMA

Not all comparables are created equal. We adjust for:

Square footage and layout
Property age and condition
Lot size
Renovations or upgrades
Parking and outdoor space
Unique characteristics (e.g. laneway access, heritage status, energy efficiency features)

Market timing matters too. A home that sold last fall might not reflect this spring’s realities. That’s where experience comes in—knowing which data points still hold weight and which trends are simply passing.

Professional Appraisals: Going Beyond CMA

When and Why Appraisals Are Used

Sometimes, we’ll recommend a formal appraisal. This might happen if:

The home is especially unique or hard to comp
You’re dealing with a divorce, estate sale, or tax scenario
A lender or legal professional requests it
The seller needs third-party validation for pricing decisions

Unlike a CMA, appraisals are done by certified professionals who follow strict industry standards. They are often required during refinancing or when buyers are securing high-ratio mortgages.

Appraisal Methods

Appraisers typically use three approaches:

Direct Comparison Approach – This is the most commonly used method for residential properties and closely mirrors what we do with a CMA. It involves analyzing recent sales of similar properties in the area—often within the past 3–6 months—and adjusting for differences in features, size, age, and condition. If your home has a finished basement or a larger backyard, those features are factored in compared to the sold comparables. This method works best in stable, active markets where many relevant comps are available.
Cost Approach – This method calculates what it would cost to build the property today (using current labour and materials), then subtracts depreciation based on the home’s age and condition. It also adds in the value of the land. This approach is often used for newer or unique properties, and it’s especially useful when there are few comparables available. For instance, if you’re selling a custom-built home in a less active area, the cost approach can provide a clearer sense of its value.
Income Approach – Primarily used for investment or rental properties, this method estimates a property’s value based on the income it can generate. Appraisers look at rental rates, occupancy levels, and operating expenses to calculate the net income, which is then capitalized to estimate market value. It’s a standard tool for valuing duplexes, triplexes, and multi-unit buildings, where the income stream is as important as the physical asset itself.

Key Factors Influencing Property Value

Location and Neighborhood

Yes, location still reigns supreme. In Toronto, that means school zones, walkability, access to transit, and future development plans can all bump up perceived value. Proximity to downtown, waterfronts, green space, or commercial corridors like Queen West or The Danforth also plays a big role.

Neighborhood vibes matter too—what kind of lifestyle does the area support? Artsy, family-friendly, nightlife-centric? These subtleties influence who your buyer is and what they’re willing to pay.

Property Features and Upgrades

Buyers love move-in ready. Modern kitchens, updated bathrooms, and well-finished basements can significantly boost price. But not all renos are equal—sometimes a coat of paint returns more than a full gut job. Finishes matter, but so do smart layouts and natural light.

Other value-adds include:

Smart home technology
Legal rental suites
Energy-efficient systems (windows, furnaces, insulation)
Curb appeal enhancements like landscaping or exterior facelifts

Market Conditions

Interest rates, inventory levels, buyer sentiment—these all impact what a home is worth today. A hot market may support aggressive pricing, while a cooler one demands more precision.

We also monitor metrics like the MLS Home Price Index, which offers a more nuanced picture of how home values shift over time. It accounts for compositional changes, which average price alone can’t capture.

Tools and Resources Realtors Use

MLS Home Price Index (HPI)

Provided by TRREB, this index goes beyond averages and medians to show value trends adjusted for home type and area. It’s one of the best ways to spot pricing patterns and buyer preferences. When used alongside sales data, it reveals both micro and macro market movements.

Automated Valuation Models (AVMs)

Sites like HouseSigma or Zoocasa use AVMs to estimate value based on algorithmic data. They’re helpful for ballparking, but rarely capture the nuance of staging, renovations, or neighborhood character.

AVMs are best viewed as starting points—not final say. They may suggest a price range, but interpreting why a number shows up is where a seasoned agent adds real value.

Realtor Networks and Off-Market Intel

Realtors also exchange notes about buyer activity, recent offer scenarios, and emerging patterns that don’t show up in the data yet. This human layer of insight adds tremendous clarity when pricing a home.

Real-Life Example: When Numbers Weren’t Enough

We recently helped a seller in Hillcrest Village list a semi with a dated kitchen but an unusually deep lot. AVMs put its value at ~$1.225M, but our CMA—paired with insight into buyer demand for laneway potential—led us to list the home at $1.380M.

After a targeted marketing push, including staging, property tour, and promoting the lot depth for potential garden suite use, we found the right buyer and closed at $1.355M. Knowing what the algorithms missed made all the difference.

This example also underscores the power of marketing strategy. We didn’t just price it—we positioned it for the right buyer. And that positioning turned into profit.

FAQ

What’s the difference between a CMA and an appraisal?
A CMA (Comparative Market Analysis) is performed by a realtor and is used to guide listing price decisions based on similar home sales. An appraisal is conducted by a certified appraiser, often for mortgage or legal purposes, and must meet specific regulatory standards.

How long is a CMA valid for?
Because market conditions can shift quickly—especially in Toronto—a CMA is typically valid for 30 to 90 days. Realtors often update them ahead of listing to reflect the most recent activity.

Do I need to renovate before getting a valuation?
Not necessarily. A good realtor can help you determine which upgrades (if any) will improve value. Sometimes simple changes like painting or staging deliver better ROI than big renovations.

Can I rely on automated tools like HouseSigma or Zoocasa?
AVMs are helpful for general ranges but lack the context a human expert provides. They often miss nuances like staging, finishes, layout quirks, or neighbourhood character.

When should I get a formal appraisal?
Formal appraisals are common in estate settlements, divorces, refinancing, or when a buyer’s lender requires a third-party valuation.

Conclusion

Determining your home’s value isn’t about picking a number—it’s about crafting a strategy. With the right blend of data, experience, and timing, we help sellers not just price, but position their homes for the best possible result.

Every property is unique. Every market moment is different. That’s why accurate valuation isn’t a one-size-fits-all formula—it’s a conversation.

Curious what your property might be worth in today’s market? Send us a message below, we’d be happy to get the conversation started!

Jun 24

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Toronto’s Best Rooftop Pools for Condo Buyers and Renters

By Mark Savel Advice For Buyers, Toronto

Why Rooftop Pools Are the Ultimate Condo Amenity

Toronto’s summer scene hits different when you’ve got a pool with a skyline view. As vertical living becomes the norm in downtown life, rooftop pools have become more than just a luxury—they’re a lifestyle statement. Whether it’s morning laps above the city or sunset cocktails by the water, these elevated oases offer a resort vibe without ever leaving home.

And in a city where outdoor space is always at a premium, rooftop pools are a clever way to blend function, relaxation, and a serious wow-factor.

Top Toronto Condos with Rooftop Pools

1 Hotel Residences (550 Wellington)

Rooftop Pool at the 1 Hotel and Residences

Once known as the Thompson Residences, this King West icon has been reimagined as the eco-luxurious 1 Hotel Toronto. The rooftop pool here is as stylish as it gets—lush greenery, wood tones, and panoramic views give it a summer-in-Tulum feel (without the flight). It’s a hotspot for locals and visitors alike, offering residents a rare mix of tranquility and social buzz.

Why we love it: A hotel-calibre rooftop with a green ethos and that signature King West energy.

300 Front Street

This Tridel-built tower delivers serious resort vibes in the heart of the Entertainment District. Its rooftop deck includes a stunning pool surrounded by cabanas, loungers, and a hot tub—all framed by the city skyline. It’s private, resident-only, and perfect for entertaining guests without ever leaving home.

Why we love it: A true rooftop sanctuary that feels more like a five-star resort than a condo.

Bisha Hotel & Residences

If boutique luxury is your thing, Bisha nails it. The rooftop infinity pool here faces west—ideal for soaking in a Toronto sunset. Shared with hotel guests but known for its calm, curated atmosphere, this pool feels exclusive without being inaccessible.

Why we love it: Private and polished, with a side of golden-hour perfection.

Pier 27

Located right on the waterfront, Pier 27 offers one of the most unique rooftop experiences in the city. Its elevated infinity pool overlooks Lake Ontario, creating a blend of urban and natural views you won’t find elsewhere. It’s a full-on escape without ever leaving Queens Quay.

Why we love it: A true “pool with a view” that feels like you’re floating above the lake.

Fashion House (560 King West)

Minimalist and modern, Fashion House has a rooftop infinity pool that’s pure eye candy. It faces east, which means your morning swims come with a sunrise over the skyline. The sleek design, limited crowds, and King West location make it a favourite among design-forward residents.

Why we love it: It’s the rooftop for architecture lovers and pool purists.

Trilogy on King (1100 King Street West)

A hidden gem in Liberty Village, Trilogy on King is a rental community that punches well above its weight. Its rooftop terrace features an infinity pool, stylish lounge seating, and unobstructed city views. Add in coworking spaces, fitness centres, and an arcade, and you’ve got a lifestyle hub wrapped in one.

Why we love it: Condo-level amenities in a rental package—perfect for flexible urban living.

View Trilogy on King Rentals

Lavelle (Above King)

Not a condo, but worth a mention. Lavelle is a rooftop restaurant and lounge perched 16 storeys above King Street. With three pools, private cabanas, and a buzzing scene day or night, it’s the go-to spot for a social swim with city views.

Why we love it: You don’t need to live there to dive in—just bring your vibe (and maybe a reservation).

Rooftop Pool Roundup: Which Condo Is Right for You?

Looking for a rooftop pool that matches your lifestyle? Here’s the quick hit:

For nightlife and social energy: 1 Hotel, Lavelle
For tranquility and privacy: Bisha, Fashion House
For epic views: Pier 27, Trilogy on King
For a resort-like escape: 300 Front Street

Whether you’re buying, renting, or just daydreaming, there’s a rooftop oasis with your name on it.

Ready to Find Your Dream Condo with a Rooftop Pool?

From first showings to final walkthroughs, we know these buildings inside and out. If a rooftop pool is high on your wish list, we’ll help you find a home that’s just as cool as its amenities.

Leave us a message below and let’s take this search to the top (literally).

Jun 22

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Selling a Tenant-Occupied Condo in Toronto: Can You Sell with a Renter Inside?

By Mark Savel Advice For Sellers

Why This Happens More Often Than You’d Think

Toronto’s condo market is a major hub for investors. Whether it’s someone cashing out after a hot run-up in value or a homeowner relocating, selling a condo that’s currently rented out is more common than you might think. With so many units being used as income properties, it’s not unusual to find listings with tenants still living in them.

We often advise clients to sell without a tenancy in place when possible. A vacant unit is easier to stage, show, and market to a wider range of buyers. That said, selling with a tenant can be done — it just requires extra planning, legal steps, and some cooperation.

Can You Sell a Condo That Has a Tenant?

Short answer? Yes. Under Ontario’s Residential Tenancies Act (RTA), a landlord is allowed to sell a property even if there’s a renter living in it. However, the lease doesn’t automatically end with the sale—it travels with the property unless specific legal steps are taken.

That means if you sell your condo, the buyer will typically inherit your tenant and must respect all lease terms unless:

You and the tenant sign a Form N11
The buyer plans to move in and uses a Form N12 to legally end the lease

Ontario’s Rules for Selling with a Tenant

Fixed-Term vs. Month-to-Month Leases

If the tenant is in the middle of a fixed-term lease (say, a one-year agreement that ends in November), the buyer must honour that term. After the term ends, the lease becomes month-to-month, and you or the buyer may have more flexibility to issue notice.

N12: Buyer Wants to Move In

This form allows a landlord to end the lease only if the purchaser (or their close family member) plans to live in the unit. Here are the conditions:

60 days’ notice from the start of the next rent cycle
Buyer must pay the tenant one month’s rent or offer comparable housing
The buyer must genuinely intend to move in—false use of N12 can lead to hefty fines
Read Form N12

N11: Mutual Agreement to End Tenancy

This is a voluntary agreement between landlord and tenant to end the lease early. It’s often used when the seller wants to market the unit vacant and agrees to offer an incentive.
Read Form N11

Moving boxes in a very messy room with toddler playing in there — Moving boxes in a very messy room

Three Ways to Sell a Tenant-Occupied Condo

1. Sell with the Tenant in Place

This option involves transferring the lease and deposit to the buyer. It appeals to investor buyers looking for turnkey income. Downsides? It may limit your buyer pool and restrict showing availability.

2. Negotiate a Vacant Possession with N11

Many sellers offer “cash-for-keys” to tenants in exchange for a signed N11. This allows you to list the unit vacant, stage it beautifully, and attract a broader pool of buyers (especially end-users).

3. Include N12 Condition in the Offer to Buyer

In this case, the unit is sold with the tenant, but the buyer intends to move in. The N12 is served after the sale, and the buyer assumes the legal and logistical responsibility of giving notice and handling any disputes.

What This Means for Pricing, Showings, and Strategy

Pricing Impact

Units sold with tenants often fetch less than their vacant counterparts. This is due to staging limitations, buyer uncertainty, and timing constraints. If the tenant has below-market rent, that can either help (investor value) or hurt (owner-occupant expectations).

Showing Challenges

Under Ontario law, you must give the tenant 24 hours’ written notice and conduct showings only between 8 a.m. and 8 p.m. Uncooperative tenants or messy units can make for a tough sale.

When Cash-for-Keys Makes Sense

If maximizing price is your priority, offering 1–3 months of rent as an incentive to vacate can make all the difference. It speeds up the process, removes resistance, and gives you full control of how the unit shows.

Real Stories from the Field

We’ve worked with several sellers in this exact situation. One client offered two months’ rent to their tenant, who gladly accepted and moved out early. The now-vacant unit was staged, professionally photographed, and sold over asking in under a week.

In another case, the tenant remained in place. The buyer was an investor happy to assume the lease—but we made sure to schedule showings around the tenant’s work-from-home hours to keep the peace (and presentation).

Key Tips for Sellers

Communicate early and respectfully with your tenant
Offer fair compensation if asking for early move-out
Time your sale around lease milestones
Understand your buyer (investor vs end-user)
Work with realtors familiar with landlord-tenant law

FAQ – Selling a Condo with a Tenant in Ontario

Can I sell with a tenant in place?
Yes, but the lease continues unless terminated by mutual agreement or N12.

Can the tenant refuse to leave?
Yes, unless served a valid N12 or they voluntarily sign an N11.

Do I need the tenant’s permission to list the condo?
No. But showings require 24 hours’ notice and must follow legal time windows.

Will selling with a tenant lower my price?
Often, yes. Especially if the buyer is an end-user or the unit can’t be staged.

What if the buyer is an investor?
They’ll likely welcome the tenant—and inherit the lease and deposit at closing.

What’s the penalty for bad-faith evictions?
Fines up to $50,000 for landlords who issue N12s but never follow through.

Final Thoughts: Selling Smart, Selling Legal

Selling a condo with a tenant in place is totally doable—but it takes strategy, legal know-how, and a bit of finesse. Whether you keep the tenant, negotiate a move-out, or let the buyer take over the process, the key is doing it by the book.

Want help navigating your options? Connect with us, or leave us a message below!

Jun 21

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House vs. Condo in Toronto: Which Makes More Sense in 2025?

By Mark Savel Advice For Buyers, Advice For Sellers

Choosing between a house and a condominium in Toronto is one of the biggest decisions you’ll make in your real estate journey. With significant differences in purchase price, ongoing costs, lifestyle impacts, and long-term investment potential, it’s crucial to weigh the pros and cons in the context of today’s market. In 2025, Toronto homebuyers face shifting affordability, inventory levels, and financing environments that can sway the decision one way or the other. In this deep dive, we’ll explore the key factors—from pricing and carrying costs to location and resale dynamics—to help you determine which option aligns best with your goals and budget.

Purchase-Price Comparison

Average House Prices in the GTA

According to the Toronto Regional Real Estate Board’s May 2025 data, the average price for a detached home in the Greater Toronto Area (GTA) was $1,430,000, representing a 5.4% year-over-year decline. Freehold townhomes averaged $996,000, down 4.3% compared to May 2024. These figures highlight the premium attached to detached and townhome ownership, driven by land value and larger living spaces.

Average Condo Prices in Toronto

Condominium apartments in the GTA saw an average sale price of $683,413 in May 2025, a 6.5% decrease year-over-year. Within the City of Toronto proper, Q1 2025 averages were slightly higher at $710,501, down 1.5% from Q1 2024. Condos offer a lower barrier to entry on purchase price, making them an attractive option for first-time buyers or purchasers with tighter budgets.

Ongoing Carrying Costs

Mortgage Payments & Interest Rates

Current borrowing costs play a pivotal role in your monthly carrying costs. As of June 2025, the lowest advertised 5-year fixed mortgage rate in Toronto is approximately 3.94%. Based on a 25-year amortization, a $1,430,000 mortgage carries a monthly principal + interest payment of roughly $7,500, while a $683,413 mortgage (average condo price) equates to about $3,585 per month.

Condo Maintenance Fees

Condo ownership includes monthly maintenance fees that cover shared services and amenities. In the GTA, median maintenance fees for one-bedroom units range from $533 to $1,039 per month, depending on building age and amenity level. For example, a 700-sqft unit at $0.65/sqft results in a $455 monthly fee. These dues can cover utilities, concierge, fitness centres, and building insurance—expenses typically borne directly by single-family homeowners.

Lifestyle & Location Trade-offs

Space, Privacy & Outdoor Access

Houses typically offer more square footage—both indoors and outdoors—with private yards, driveways, and often multi-car garages. This additional space can translate to greater privacy and room for families, pets, and hobbies. In contrast, condos usually provide limited personal outdoor space (e.g., balconies), and communal areas like rooftop terraces or courtyards are shared among residents.

Amenities, Security & Maintenance

Condos often bundle amenities such as fitness centres, party rooms, concierge services, and security features into the monthly fees. This setup provides convenience and enhanced security without the homeowner needing to manage these services directly. For house owners, these amenities must be sourced and funded independently.

Learn how we help buyers navigate lifestyle priorities!

Resale & Investment Potential

Historical Appreciation—Houses vs. Condos

Over the past decade, detached homes in the GTA have appreciated at an average annual rate of approximately 5.8%, outpacing condominium apartments, which have averaged 4.1% per year since 2015. While both asset classes benefit from Toronto’s long-term growth, single-family homes have shown greater price resilience, particularly in lower-interest environments and low-inventory periods.

Liquidity & Demand in Resale Markets

Condominiums generally offer higher transaction volumes and faster time-on-market data, driven by broader affordability and investor appeal. In 2024, the average days on market (DOM) for GTA condos was 31 days, compared to 42 days for detached homes. However, detached homes have experienced tighter bid-landscape dynamics in sought-after neighbourhoods, sustaining strong demand despite slower turnover.

Toronto Real Estate Market Update for broader market context.

Financing & Affordability Programs

Down Payment Requirements & FHSA

Toronto homebuyers face varying down payment thresholds: 5% for purchase prices up to $500,000 and 10% on the portion above $500,000. For a $683,413 condo, the minimum down payment is $34,171, whereas for a $1,430,000 house, expect $71,500 at minimum. The new First Home Savings Account (FHSA) allows first-time buyers to save up to ,000 tax-free, which can significantly offset these requirements. Learn more in our FHSA guide below:

First-Time Buyer Incentives

Several programs can sweeten the deal. The Canada Mortgage and Housing Corporation (CMHC) offers a 10% refund on mortgage default insurance for FHSA users, while the Land Transfer Tax rebate for first-time buyers can be up to $4,475 in Toronto. Additional municipal incentives, such as the City of Toronto’s rent-to-own pilot, may also apply.

CMHC First-Time Homebuyer Incentive

Client Case Studies

When a House Was Best – Our Recent Success Story

Last spring, we guided a young family in Etobicoke toward purchasing a detached home that offered room for two growing children and a backyard for their dog. Despite slightly higher mortgage payments, they prioritized space and privacy. Within six months, their property value rose by 3.2%, outperforming local condo benchmarks.

When a Condo Made Sense – How We Guided Another Buyer

In downtown Toronto, a professional couple needed proximity to transit and a lock-and-leave residence. We negotiated a $680,000 condo purchase in Liberty Village with low maintenance fees and premium amenities. Their monthly costs were nearly 40% lower than a comparable semi-detached home nearby, freeing up budget for travel and savings.

Pros & Cons at a Glance

Criterion	Houses	Condos
Purchase Price	High	Lower
Down Payment	$71,500+	$34,171+
Monthly Carrying Costs	Mortgage only ($7,500/mo example)	Mortgage + fees ($3,585 + $455/mo example)
Space & Privacy	Private yards, garages	Limited personal outdoor space
Amenities	– Add and maintain independently	Included (gym, concierge, security)
Resale Appreciation	~5.8% annual average	~4.1% annual average
Liquidity & Time on Market	Slower (~42 DOM)	Faster (~31 DOM)

Conclusion & Next Steps

Toronto’s real estate market in 2025 offers solid opportunities in both houses and condos. If you value space, privacy, and long-term appreciation—and can meet higher down payments—a house may be your best bet. However, if affordability, convenience, and lower maintenance responsibilities rank higher, a condo could be the smarter choice.

Ready to explore your options? Contact us, or leave a comment below for a personalized consultation and discover which path aligns with your lifestyle and financial goals.