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.
We reached out to Joey to help us with our apartment search. We had a very tight timeline as we needed to move quickly for work. What a pleasant surprise when we saw Joey’s responsiveness! He helped us find a place in just a few weeks, organized the visits with great professionalism, responded exceptionally quickly, and was incredibly kind.
We couldn’t have found a better person to help us. Thank you for everything! Don’t hesitate for a second if you’re looking for a real estate agent to assist you with your projects. We’ll definitely reach out to Joey again in a few years!
It’s a great pleasure to recommend Joey Virgilio. I have known him for 4 years. I was impressed with his professionalism in helping me to rent out 3 apartments and sold one of my condo without any difficulties . He has positive energy and attentiveness with strong communication. He is cheerful, detail oriented, reliable and trustworthy. I have full confidence with him dealing with all my properties.
One of the most common questions Toronto homebuyers ask is: “How much downpayment do I need to buy a house in Toronto?” And the answer? Well, it depends. Your down payment hinges on the price of the home you’re eyeing—and in Toronto, where prices regularly push past $1 million, the amount required can be significantly higher than the national minimums.
Let’s break it down so you can better understand what you’ll need to save.
Minimum Down Payment Rules For Buying in Toronto
Here’s how the Toronto (and Canadian) down payment structure works:
5% on the first $500,000 of a home’s purchase price
10% on the portion from $500,001 to $1,500,000
20% for homes priced over $1.5 million (and no CMHC insurance allowed)
As of 2024, the government increased the insured mortgage limit to $1.5 million—up from the previous $1 million cap—giving buyers in expensive markets like Toronto more breathing room with lower down payment thresholds.
What Does That Mean for Toronto Buyers?
The average home price in Toronto hovers around $1.1 million. That puts many buyers in the zone where they’ll need to put down at least $80,000 to $100,000 (a mix of 5% and 10%).
But if you’re buying above the $1.5 million mark, it’s 20% minimum—meaning a $300,000 down payment on a $1.5M home. That’s a steep climb for most buyers, especially first-timers. That’s why we often advise clients to get pre-approved early and understand what their budget truly allows.
CMHC Insurance: When It Applies and What It Costs
If your down payment is less than 20%, your mortgage must be insured through the Canada Mortgage and Housing Corporation (CMHC) or similar providers. This insurance protects the lender—not you—but is required to secure your mortgage.
Here’s what it typically costs:
4.00% of your loan if you’re putting just 5% down
3.10% if you’re putting 10%
2.80% if you’re putting 15%
You’ll also pay Ontario provincial sales tax on the premium (not added to the mortgage). You can use a CMHC calculator to estimate your costs.
Common Questions from Toronto Buyers
These are the questions that come up most often during buyer consults:
“Can I use gifted money?” Yes. You’ll need a signed letter confirming the funds are a gift and not repayable.
“I’m self-employed—does that change things?” Lenders will want to see at least two years of business income. You might face stricter scrutiny, but it’s not a deal-breaker.
“Are there any programs to help me?” Yes! And we’ll cover them next.
Down Payment Assistance Programs
If saving for a down payment feels out of reach, you’re not alone—and fortunately, there are programs specifically designed to help Toronto buyers get into the market:
First-Time Home Buyer Incentive (FTHBI): This shared equity program lets the federal government contribute 5%–10% of your purchase price. You repay the same percentage later, based on your home’s future value.
Home Buyers’ Plan (HBP): Withdraw up to $35,000 from your RRSP ($70,000 as a couple) tax-free to buy your first home. You’ll have 15 years to pay it back.
First Home Savings Account (FHSA): A new account that allows you to save up to $8,000/year ($40,000 lifetime) tax-free. Contributions are tax-deductible, and withdrawals for a qualifying home purchase are also tax-free.
Land Transfer Tax Rebates: First-time buyers can claim a rebate of up to $4,000 from Ontario’s LTT and up to $4,475 from Toronto’s municipal LTT—for a potential $8,475 in savings.
These programs can shave thousands off your upfront costs and make homeownership far more attainable. Each has its own fine print, so it’s best to chat with a mortgage specialist or real estate professional to see which ones you qualify for.
Other Cost Considerations Beyond the Down Payment
Your down payment isn’t the only cost you’ll need to budget for. When buying a home in Toronto, a handful of additional expenses can add up quickly:
Legal Fees: Typically range from $1,500 to $2,500 depending on your lawyer and the complexity of the transaction. This covers title searches, document review, registration, and disbursements.
Land Transfer Tax (LTT): Ontario and Toronto both charge LTT. Use a land transfer tax calculator to estimate your exact amount.
Home Inspection: A professional inspection usually costs $400 to $600 and is worth every penny for peace of mind.
Appraisal Fee: If required by your lender, expect to pay about $300 to $500.
Title Insurance: Often recommended and sometimes mandatory—costs roughly $250 to $500.
Moving Costs: Whether it’s a DIY truck rental or a full-service move, budget at least $500 to $2,000.
Adjustments and Prepaid Costs: These include utilities, property taxes, and condo fees that the seller may have prepaid. You’ll need to reimburse them for your share at closing.
Having a well-padded buffer—say 1.5% to 4% of your home’s purchase price—can help cover these expenses without stress.
Final Thoughts — Planning Your Path to Homeownership
In a city like Toronto, where real estate prices can feel overwhelming, planning ahead is your best ally. Know the numbers. Use the tools. And contact us to help build a strategy that works for your budget and timeline.
Need help estimating your down payment and closing costs? Let’s talk. A smart plan today could be the key to owning tomorrow.
Let’s talk about one of the biggest questions plaguing buyers (right after “Do we really need a powder room on the main floor?”): fixed or variable mortgage?
It’s not just a financial decision—it’s emotional. It’s about your risk tolerance, your long-term goals, and what kind of sleep you want at night. And in Canada’s current rate environment, it’s more relevant than ever.
The Basics: What’s the Difference?
Let’s start with the basics.
A fixed-rate mortgage locks in your interest rate for the entire term. You get predictability. Your payment doesn’t change, which makes budgeting a breeze. Whether rates skyrocket or sink, your monthly payment stays the same.
A variable-rate mortgage fluctuates with the lender’s prime rate, which is tied to the Bank of Canada’s overnight rate. That means your interest costs—and sometimes your payment—can rise or fall during the term. Some lenders offer variable products with fixed payments, where more or less goes toward the principal depending on rates.
What’s Happening in 2025?
As of spring 2025, the Bank of Canada has already started trimming rates after a prolonged tightening cycle. Inflation has cooled somewhat, and there’s widespread speculation that rates will ease further into 2026.
That’s got many Canadians thinking: should I ride the wave down with a variable rate, or lock in now just in case we’re in for more surprises?
When Fixed Rates Make Sense
Choose a fixed rate if:
You’re risk-averse and don’t want to gamble with future payments.
You’re stretching your budget and can’t afford payment fluctuations.
You expect interest rates to rise again, or at least stay high.
You need certainty—say, you’re buying your first home and just want one less thing to worry about.
Fixed is the vanilla ice cream of mortgages. Safe, stable, and not likely to ruin your day.
When Variable Rates Might Be the Smart Play
Consider a variable if:
You have room in your budget and can handle short-term bumps.
You believe rates will drop over the next 12–24 months.
You want to take advantage of prepayment privileges (variable mortgages often come with lower penalties).
You’re planning to sell or refinance in the near future and don’t want to get dinged with steep fixed-rate penalties.
Some of the savviest investors and seasoned buyers opt for variable—but they’re also the types who read Bank of Canada statements like bedtime stories.
Reality Check: What About Hybrid Mortgages?
If you’re feeling indecisive (no shame!), you could split the difference. Some lenders offer hybrid mortgages, where part of your loan is fixed and part is variable. It’s a bit more complex, but could offer a best-of-both-worlds solution for buyers with one foot in each camp.
Mortgage Strategy Should Match Your Life Strategy
Maybe you’re a new homeowner with tight margins. Maybe you’re upgrading and renting out your old condo. Maybe you’re a serial mover chasing the next hot neighbourhood. Your mortgage should match your life—not just market forecasts.
Here’s the truth: both fixed and variable rates can be the “right choice” depending on your situation.
What We’re Telling Clients in Toronto
Right now, many of our buyers are leaning toward shorter-term fixed mortgages—think 1 to 3 years. That way, they lock in predictability but keep the door open to refinance if rates drop.
Others are sticking with variable rates with the confidence that they’ll see savings over the next few years—especially if they’re not planning to break the mortgage early.
The key? Talk to a mortgage broker you trust. Get the real numbers, not just the sales pitch. We’ve worked with some excellent brokers across Toronto, and we’re happy to introduce you.
Final Thought
Listen, the decision between fixed and variable isn’t just about the math—it’s about peace of mind. Don’t pick the product that looks smartest on paper. Pick the one that lets you sleep well and move forward confidently.
Want help running the numbers or connecting with a great mortgage pro? Reach out to us here and we’ll guide you every step of the way.
I can’t recommend Joey … enough! His dedication and patience throughout the entire apartment search process were truly exceptional. He took the time to understand exactly what I was looking for and never made me feel rushed or pressured. Even when things got a bit challenging, He stayed positive, responsive, and completely committed to helping me find the perfect place — and we did! I’m so grateful for the time, care, and attention to detail ….. brought to every step of the journey.
I was helping a friend in Toronto to sell his condo, and purchase a newer one. My friend asked me to look for an agent and to do the preliminary work for him, since I am already retired. He needed to find an agent, to pinpoint some possible properties to buy. I contacted eleven agents. Eight of them responded by email, and four followed up the following day by phone. I interviewed all four by phone. I liked Joey the most.
The young man was eager, polite, low pressure and knowledgeable. He answered all my questions fully and gave me the confidence I needed to pass him on to my friend. They got along well, Joey successfully sold the condo and bought him the new place, and helped along with every question and concern all along to the last minute. I am in the real estate developing business, in a different city and use agents regularly, I give Joey the highest mark in patience, kindness, and for his great attitude, He went out of his way to respond to his client, who was not very knowledgeable, and who needed hand holding with each step along the way. He also found him a great lawyer to close the deal and helped him with all sorts of last minute details. He would even respond if called late at night. If you are looking for a good, honest, sincere, knowledgeable, and hard working agent, Joey Virgilio is your man.
He and his team deliver what they promise and solve every wrinkle along the way for you!!! All the best for a great successful future Joey. Very Happy Clients.
April in Review – Affordability Improves, But Confidence Lags
Toronto’s spring market has always set the tone for the year ahead—and April 2025 was no exception. Realtors in the GTA recorded 6,244 sales in May (reflecting April activity), a 13.3% decline from the same time last year. But while the numbers might seem underwhelming, the mood on the ground tells a more nuanced story.
New listings jumped to 21,819, marking a 14% increase year-over-year. That means buyers suddenly have options—a refreshing change after years of limited inventory. With more supply comes less competition, fewer bidding wars, and more room to negotiate.
TRREB President Elechia Barry-Sproule put it succinctly: “Buyers have certainly benefited from greater choice and improved affordability this year. However, each neighbourhood and market segment have their own nuances.”
Translation: the market is shifting, but your experience will depend on where—and what—you’re buying.
Buyers Have Leverage—So What’s Holding Them Back?
Affordability has improved. Mortgage rates have eased slightly. Listings are up. In theory, this should be a slam dunk for buyers. And yet? Many remain cautious.
The average selling price in the GTA was $1,120,879, down 4% year-over-year. The MLS® Home Price Index Composite Benchmark slipped further, down 4.5%. Still, both measures edged up slightly month-over-month, hinting that prices might be stabilizing.
So, what gives? It’s not just about numbers—it’s about confidence and at the moment, there isn’t a whole lot of it!
Despite a cooler year-over-year picture, recent momentum is pointing upward. April to May sales increased for the second straight month. While new listings also rose, they didn’t outpace sales—suggesting mild tightening in market conditions.
Does this mean a full recovery is underway? Not quite. But well-priced, move-in-ready homes—especially in transit-connected or walkable areas—are starting to attract serious attention.
Here’s what we’re noticing from our conversations and showing schedules:
Buyers are crunching the numbers first—and only booking viewings when the math makes sense.
Sellers who price realistically (think: post-peak expectations) are getting action. Overpriced listings? Not so much.
In-demand areas like the Junction, St. Clair West, and Leslieville continue to draw steady interest—especially for family-friendly, move-in-ready homes.
What’s Next? Rate Cuts, Supply Fixes, and Opportunity Windows
TRREB has emphasized that government follow-through on housing initiatives is critical. That means:
Lowering excessive taxes and fees
Speeding up permitting
Encouraging innovation in housing construction
TRREB CEO John DiMichele also noted that a rate cut, especially with inflation cooling, would be a welcome boost for both new buyers and those renewing their mortgages.
Toronto’s April market felt like the start of something. Prices dipped, listings rose, and with that came renewed breathing room. While macroeconomic jitters haven’t vanished, motivated buyers are quietly stepping forward.
If you’re planning a move, now’s a great time to get your ducks in a row—before competition heats up again.
5 star service from Mark the Shark! 3rd time working with Mark now and every experience has been spectacular. From start to finish, communication has been seamless with outstanding work ethic. Highly recommend! Fantastic podcasts with Joey as well with a wealth of knowledge navigating the market in every season . Keep up the great work gentlemen!
I crossed paths with Joey four years ago when he helped me find my first place in Toronto, and I couldn’t have been more grateful for his assistance. When I had to move again, there was no question who I’d reach out to—Joey was the first person I contacted, and I’m so glad I did! I always felt supported and confident in Joey’s guidance, and his kindness and patience truly set him apart. If you’re looking for a realtor who genuinely cares and has your best interests at heart, Joey is the one to call!
Let’s kick things off with some good news: homeownership in the GTA just got a little more affordable. Compared to March 2024, borrowing costs are down, home prices have dipped, and monthly payments are easing. For would-be buyers, that’s a welcome shift after years of relentless price growth and tight supply. Sounds like a win, right?
Well… yes and no.
Inventory Surges While Sales Slow
According to TRREB, 5,011 homes sold in March 2025 — a sharp 23.1% decline compared to the same time last year. Meanwhile, 17,263 new listings hit the market, representing a 28.6% year-over-year increase. That’s a notable rise in inventory, but fewer transactions are closing.
This growing disconnect between supply and demand signals a deeper shift in buyer behaviour. Whether it’s higher interest rates earlier in the year, uncertainty around employment, or just the overwhelming number of options, buyers are taking their time. They’re comparing, calculating, and — more often than not — waiting.
“Once consumers feel confident in the economy and their job security, home buying activity should improve,” said TRREB President Elechia Barry-Sproule.
In other words, this is more about psychology than pricing. Confidence — or the lack of it — continues to shape how and when deals get done.
Prices Dip, Then Flatten
The MLS® Home Price Index Composite benchmark dropped 3.8% year-over-year, while the average selling price landed at $1,093,254, a 2.5% decline from March 2024.
Month-over-month on a seasonally adjusted basis? Prices were essentially flat. That stability could suggest we’re nearing the bottom of the current price cycle. While that doesn’t mean prices will suddenly rebound, it does imply we may be entering a phase of price normalization, where the swings aren’t as dramatic — at least for now.
Across the GTA, pockets of opportunity are emerging. Detached homes in outer-416 zones, for instance, are seeing greater price flexibility. And for first-time buyers? Smaller condos, especially in older buildings, may offer better value than they have in recent memory.
King West Views
More Affordable, But Buyers Are Cautious
The silver lining this month is clear: affordability has improved. With lower borrowing costs, more listings to choose from, and sellers increasingly open to negotiation, buyers have the kind of leverage that was virtually unheard of just a few years ago.
Yet many are still cautious. Why?
Between federal election buzz, trade policy uncertainty, sticky inflation, and concerns about job security, it’s a cocktail of hesitation. Add in memories of recent market volatility — and for some, declining home equity — and it makes sense that people want to be sure before making big moves.
“Home buyers need to feel their employment situation is solid before committing to monthly mortgage payments over the long term,” added TRREB’s Jason Mercer.
Anecdotally, we’re seeing more conditional offers, longer decision cycles, and increased reliance on financial advisors and mortgage pre-approvals. This isn’t panic — it’s prudence. And in today’s market, that mindset is driving the tempo.
What We’re Watching This Spring
Interest Rate Decisions – Expected cuts from the Bank of Canada could further ease borrowing pressure. If rates fall meaningfully, expect renewed interest in the detached segment.
Election Promises – Housing is a key issue across party platforms. Will that turn into meaningful action? Policy clarity could push more buyers off the fence.
Buyer Sentiment – Confidence is still the wildcard. If job numbers remain strong and inflation cools, momentum could shift quickly. Until then, a cautious optimism prevails.
Investor Activity – With prices soft and rents holding, some investors are eyeing re-entry — particularly in mid-rise buildings and transit-connected nodes.
Spring Showings Volume – Foot traffic at open houses is up, but conversions remain slow. If we see a rise in accepted offers heading into May, that may mark a true turning point.
Final Thoughts
Yes, affordability is improving and options are expanding. But for now, many buyers are keeping their hands in their pockets. That said, markets like this can create rare opportunities — especially for those willing to move when others wait.
If you’re thinking about buying, selling, or just want to understand where you stand, let’s talk. Whether you’re upsizing, downsizing, or exploring a new neighbourhood, we’ll walk you through what’s moving (and what’s not) — and help you navigate every step with clarity.
