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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.

Jun 06
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Tree lined residential street with older two story Tudor style

Toronto Real Estate Market Update – May 2025

By Monthly Market Updates

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

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

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

Property Type Insights

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

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

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

Toronto Skyline with condos
Toronto Skyline with condos

Economic Factors Influencing the Market

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

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

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

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

Rental Market Dynamics

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

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

Navigating the Current Market

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

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

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

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

Thinking of buying or selling in this shifting market?

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

Jun 04
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Joey Virgilio Helped Us Find a Home Fast – Amazing Experience!

By Testimonials

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

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

Laura M

May 30
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210 Victoria

Trusted Realtor for Rentals & Sales – Joey Virgilio

By Testimonials

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

Agnes T.

May 29
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Brick house, real estate

Toronto Downpayment Guide for Homebuyers

By Advice For Buyers

How Much Money Do I Need to Put Down?

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.

May 24
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Should You Go Fixed or Variable on Your Mortgage in Toronto?

By Advice For Buyers

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.

May 21
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Condo Living Room

Exceptional Apartment Rental Hunting Experience with Joey Virgilio

By Testimonials

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.

Milad M

May 07
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Toronto Condos

Patient & Honest Toronto Condo Agent

By Testimonials

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.

Jordan P.

May 01
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House in Toronto

April 2025 Toronto Real Estate Market Recap

By Monthly Market Updates

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!

Want to track the financial factors influencing real estate? Canada Mortgage Trends and Bank of Canada rate updates are great places to start.

#image_title

Signs of Life: Month-over-Month Momentum

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.

Want a deep dive into the data? TRREB Market Watch has you covered.

What We’re Seeing On the Ground

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.

Got your eye on something unique? Explore Lofts for Sale in Toronto to see what’s out there.

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.

Stay informed with:

Final Take – Opportunity, If You’re Ready

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.

Book a Buyer Consultation to map out your next steps, or send us a message using the form below!

Apr 20
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830 Lawrence Ave West

5-Star Real Estate Service with Mark & Joey | Toronto Livings

By Testimonials

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!

Anthony N.

Apr 10
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Downtown Toronto Traffic

Why I Chose Joey Virgilio Again as My Toronto Realtor

By Testimonials

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!

Diana N.