Choosing a neighbourhood is more important than choosing a house.
Sounds bold, but we mean it. You can renovate a kitchen—changing your neighbours, commute, or school zone? Not so easy.
That’s why our approach to neighbourhood matchmaking is part art, part algorithm, and entirely personal. Here’s how we help Toronto buyers zero in on a community that fits like a glove.
Step 1: Discover Your Lifestyle Profile
Toronto isn’t a one-size-fits-all city. It’s a mosaic of micro‑neighbourhoods, each with its own rhythm. So we start with the big question:
Who are you—and what kind of daily life do you want?
Some common profiles:
Family-focused: You’re after schools, playgrounds, and quiet streets. Think Leaside, The Beaches, or Leslieville.
Urban professionals: You want transit, restaurants, and culture at your doorstep. King West, Liberty Village, or the Annex might be your match.
Creative & social: You crave character homes, indie coffee, and a local art scene. Hello, Cabbagetown, Ossington, or Roncesvalles.
We talk about lifestyle first so that budget and bedrooms don’t blindside what really matters: how you want to live.
Step 2: Set Your Priorities (And Rank Them!)
Everyone says “location matters,” but what in the location actually matters to you?
We guide you through a priority ladder:
Transit & commute: Do you need a short subway ride to work—or will you be working from home with the occasional GO train?
Schools & parks: If you have kids (or plan to), we’ll walk you through top-performing school zones and family-friendly pockets.
Culture & community: Love farmer’s markets? Prefer quiet, tree-lined streets? Crave restaurant row? We take it all into account.
No one neighbourhood wins on everything. But by identifying your top 2–3 must-haves, we can narrow the field.
Step 3: Match Housing Type to Budget
Let’s talk real estate realities. Toronto’s housing inventory is diverse—but so are the price tags.
Condos & Lofts: Most common in Liberty Village, Downtown Core, or along the waterfront.
Semis & Townhomes: You’ll find these sprinkled through Leslieville, Dufferin Grove, and Danforth East.
Detached & Luxury: If character homes or top-tier finishes are on your list, think Forest Hill, The Annex, or Rosedale.
Real Life Situation: A first-time buyer looking for a modern 1-bed near nightlife might land in Liberty Village. A growing family? They may stretch to East York or Davisville for more space and schools.
Step 4: Future-Proof Your Move
Real estate isn’t just about today. It’s also about where a neighbourhood is heading. We help you evaluate:
Upcoming infrastructure: Like the Ontario Line or new transit hubs.
Local development plans: Is that quiet street about to get a new condo tower?
Resale & rental outlook: Are you planting roots—or thinking investment?
By factoring in long-term trajectory, we match you with neighbourhoods that make sense today and tomorrow.
Real Clients, Real Matches
Here’s how it plays out in real life:
Alex & Priya were busy professionals who wanted walkability, nightlife, and a short commute. We placed them in a 1+den in Liberty Village—close to restaurants, the GO station, and their spin studio.
The Bains family had a toddler and another on the way. School rankings and parks were non-negotiable. After a few tours, Leaside won out for its kid-friendly vibe, top public schools, and backyard potential.
Margaret, an empty-nester downsizing from North York, wanted charm, character, and a strong sense of community. She’s now happily settled in a Victorian in Cabbagetown, within walking distance of Riverdale Farm.
How Our Matchmaking Works
Here’s our typical process:
Discovery Call– You tell us your lifestyle, goals, and wishlist.
Neighbourhood Shortlist – We build a curated list based on our deep Toronto knowledge.
Tour Time – We show you homes and hoods side-by-side.
Refine & Decide – We adjust based on what feels right in person.
It’s not just about real estate. It’s about real life.
Let’s Find Your Fit
The right home starts with the right neighbourhood. We’ll help you explore, compare, and commit with confidence.
Your next chapter starts with a map—and we know it by heart.
Getting a mortgage might not be the most exciting part of buying a home in Toronto—but it is one of the most important. A solid mortgage plan gives you clarity, confidence, and a serious leg up when it’s time to make an offer.
At Toronto Livings, we make sure our buyers don’t go in blind. That means connecting you early with trusted mortgage professionals, mapping out a realistic budget, locking in your pre-approval, and exploring all financing options that might be available to you. Here’s how the process works, and how we help every step of the way.
Why Mortgage Prep Comes Before the House Hunt
In Toronto’s competitive market, sellers want to know you’re serious—and that starts with having a pre-approval in hand. Beyond that, knowing what you can really afford (versus what a lender might approve you for) protects you from overextending and sets you up for long-term success.
It also helps narrow your home search from the start. With a clear understanding of your budget, you can focus your energy on properties that are actually within reach—saving time, emotional energy, and potential disappointment.
Step 1 – Get Connected with a Mortgage Pro
What We Do for Our Clients
We work with a network of experienced mortgage brokers and bank reps who know the ins and outs of the Toronto market. Once we understand your goals, we’ll refer you to a pro who can walk you through options tailored to your financial picture.
Our job doesn’t end at the introduction. We stay in touch with both you and your mortgage advisor throughout the process to make sure everything stays aligned with your purchase timeline.
Mortgage Broker vs. Bank: What’s the Difference?
Mortgage brokers shop your application across multiple lenders, including banks, credit unions, and private lenders. That often means better flexibility or terms. Bank mortgage specialists, on the other hand, work with a single institution—which can be convenient if you already bank there. We’ll help you weigh which is the better fit.
Sometimes, our buyers will get pre-approvals from both—just to compare their options and feel confident in their decision.
Step 2 – Know Your Real Budget
Affordability Isn’t Just the Pre-Approval Number
Just because you’re approved for $850,000 doesn’t mean you should spend it. Lenders use ratios like GDS (Gross Debt Service) and TDS (Total Debt Service) to set thresholds, but lifestyle factors matter too. If you’re juggling daycare, car payments, or freelance income, your “real” comfort zone might look different.
We always ask our buyers: What monthly payment feels comfortable? Then we reverse-engineer your price range based on that number—not just the maximum approval.
Factor in Closing Costs and Hidden Expenses
Don’t forget the one-time costs: Toronto’s double land transfer tax, legal fees, title insurance, home inspection, moving expenses… it adds up quickly. We’ll help you estimate these ahead of time so you’re not caught off guard.
Depending on your situation, you might also want to budget for:
CMHC insurance premiums (if putting down less than 20%)
Condo reserve contributions
Immediate renos or furniture purchases
Having a cushion for these extras can make your first year of homeownership far less stressful.
Step 3 – Lock In Your Pre-Approval
What You’ll Need to Provide
Getting pre-approved usually takes a few days, provided you have your docs ready. Here’s a checklist of what most mortgage brokers or lenders will ask for:
Identification
Government-issued photo ID (driver’s license, passport, etc.)
Proof of Income
Recent pay stubs (usually the last two)
A current employment letter stating salary, role, and duration of employment
If self-employed: last 2 years of Notices of Assessment, T1 Generals, and business financials
Proof of Down Payment
Bank statements showing savings
Gift letter if funds are coming from a family member
Investment or RRSP account statements if applicable
Credit Information
Authorization for the lender to pull your credit score
Details of any outstanding loans, credit cards, or lines of credit
Monthly Obligations
Documentation for car loans, student loans, or other recurring debts
Child support or alimony obligations (if applicable)
Gathering these in advance makes your mortgage application smoother—and shows sellers you’re serious.
What a Pre-Approval Actually Means
A pre-approval confirms how much you’re eligible to borrow and can lock in an interest rate for 90–120 days. It isn’t a final approval—but it shows sellers you’re ready to go. And that can make the difference in a multiple-offer situation.
It’s also an excellent gut-check. If the numbers feel tight, we can step back and revisit your strategy before you fall in love with a property that pushes your limits.
Step 4 – Explore Your Financing Options
Insured vs. Uninsured Mortgages
If your down payment is under 20%, your mortgage will need to be insured (usually through CMHC), which adds a premium but allows for lower upfront costs. If you have 20% or more, you avoid the insurance fee—and often get access to better terms.
Each path has pros and cons. We’ll walk you through both so you can decide what works best for your long-term plans.
First-Time Buyer Incentives
If you’re a first-time buyer, don’t overlook programs like the RRSP Home Buyers’ Plan or the First-Time Home Buyer Incentive. These can help stretch your budget, but they come with fine print—we’ll help you understand it.
We’ll also flag less-talked-about programs like land transfer tax rebates and municipal grants when they apply.
What If You’re Buying Before Selling?
If you’re purchasing a new home before your current one sells, you may need bridge financing or a home equity line of credit (HELOC) to make the gap work. We’ll help coordinate with your mortgage pro to keep everything aligned.
Timing matters here—and we’ll build a game plan so you don’t end up juggling two mortgages longer than needed.
How We Make This Easy
We Do the Legwork
From intro calls to follow-ups, we keep you on track and informed. Our goal is to make mortgage prep feel less like a chore and more like a strategic move—because that’s exactly what it is.
We also translate the mortgage lingo, break down the numbers, and advocate for you every step of the way.
Real Buyer Story
Mark once worked with a couple looking in midtown. By connecting them with a mortgage broker early, they discovered a lender willing to count variable freelance income. That pre-approval let us move fast on a listing they loved—and they landed it without overbidding.
They later told us that without that early prep, they probably would’ve hesitated and missed out.
Ready to Get Started?
Mortgage prep isn’t just a checkbox—it’s your foundation. If you’re thinking of buying, let’s talk strategy. We’ll connect you with trusted pros, map out your next steps, and get you ready to buy better. Send us a message below!
Buying a home in Toronto is thrilling—but let’s be honest, it can also feel overwhelming. Between rising prices, shifting neighbourhood trends, and confusing mortgage rules, knowing where to begin is half the battle. That’s why our first step isn’t a property tour. It’s a conversation.
We call it a discovery call. And here’s exactly what you can expect.
What Is a Real Estate Discovery Call?
A discovery call is a 20- to 30-minute chat where we get to know you—your goals, your budget, and what “home” means to you. There’s no paperwork, no pressure, and no strings attached. Think of it as your chance to pick our brains before diving in.
Why We Start with a Call (Not a Showing)
While it might be tempting to jump straight into open houses, we believe in building a smart foundation first. This helps us:
Save you time
Set realistic expectations
Share valuable local insight upfront
When we understand where you’re coming from, we can help you get where you’re going—faster and with fewer surprises.
Here’s What We Cover on the Call
Your Why: Motivation + Timeline
Are you upsizing for a growing family? Relocating for work? Curious about whether now is the right time? Your “why” gives us direction—and helps us customize your path forward.
Budget & Mortgage Status
We’ll walk through your ideal budget and where you stand with financing. Haven’t spoken to a lender yet? No worries—we can refer trusted mortgage pros to help you run the numbers.
Must-Haves vs Nice-to-Haves
This is where we start turning your Pinterest board into a practical checklist. A balcony, parking, ensuite laundry? Great. We’ll help prioritize what matters most, and what might be flexible.
Quick story: One couple came in convinced they wanted a detached home. After chatting, they realized a hard loft was a better fit—and they couldn’t be happier.
Neighbourhood Talk
Which areas are you considering? The Junction? Midtown? East Danforth? We’ll share the real scoop on each—the vibe, price trends, and pros/cons from people who actually live there.
Education on the Market
We’ll give you a snapshot of what’s happening now: how long homes are sitting, where prices are heading, and what trends to watch. No fluff—just honest, up-to-date advice.
From first tour to firm offer, we’ll walk you through the whole process in plain language. Including:
What offer conditions matter
How inspections and deposits work
What to expect at closing
How We Work (and What Happens Next)
We’ll also cover how we represent you: our communication style, negotiating strategies, and what happens after the call. Spoiler: we follow up with a tailored next step email (and it literally covers EVERYTHING), not a generic drip campaign.
What You Don’t Need to Bring
You don’t need your mortgage pre-approval letter. You don’t need a list of listings. And you definitely don’t need to know all the lingo.
All we ask? Bring your questions and your curiosity. We’ll handle the rest.
A Real Story: From First Call to Front Door
One couple we worked with were new to Toronto and unsure where to begin. On the call with Joey, they shared their dream of walkable neighbourhoods, good coffee, and parks for their dog. Fast forward three months: they’re happily settled in a Roncesvalles condo steps from everything they wanted.
It started with one call.
Let’s Talk—No Strings Attached
Whether you’re buying in six weeks or six months, your smartest first move is booking a discovery call. We’ll listen, guide, and help you gain clarity without the sales pressure – leave us a message below!
Buying a home in Toronto isn’t just about square footage or curb appeal—it’s about making sure the bones of the house are solid before you ever write that offer. Over the years, I’ve toured hundreds of homes with buyers, and there are five key areas I always zone in on. Whether you’re a first-time buyer or a seasoned investor, these checkpoints could save you from major headaches down the road.
1. Curbside Clues: Waterproofing & Drainage
Before you even step inside, take a slow walk around the exterior. Look for signs that water may not be draining properly: negative grading (where the ground slopes toward the house), cracks in the foundation, or staining along the brick or siding. These are often early warnings that water could be getting into the basement.
In a city like Toronto—where spring brings big rains and melting snow—drainage issues are a common (and costly) concern. A home lacking proper downspout extensions or with eroded soil near the base can become a sump-pump horror story waiting to happen.
Windows don’t just frame your view—they can also frame future repair bills. When touring a home, check for condensation between panes (a telltale sign of a failed seal), warping, or frames that stick when you try to open them.
Older single-pane windows or wood sashes that have seen better days can drastically affect heating costs in the winter and resale value down the line. According to Natural Resources Canada, ENERGY STAR windows can reduce energy bills by an average of 8%.
Old Windows
Tip: Run your hand near the frame to feel for drafts. If you’re catching a breeze on a calm day—that’s a red flag.
3. Roof Round-Up: Age, Material & Maintenance
Roofs aren’t easy to inspect up close on a quick tour, but a good set of eyes can still spot warning signs from ground level. Curling or missing shingles, visible moss growth, sagging rooflines, or exposed flashing are all signs the roof might be past its prime.
Asphalt shingles, the most common type in Toronto, typically last about 20 years—less if ventilation is poor or the previous owner went for a cheaper product.
And if the listing says “new roof” but the shingles scream 1997? It’s worth a follow-up.
4. Inside Intel: Electrical & Plumbing Priorities
Once inside, I keep a sharp eye on what’s behind the walls—because some of the biggest deal-breakers are hidden in plain sight. Start with the electrical: are there enough outlets? Are any warm to the touch? Is there visible knob-and-tube wiring (still found in some older Toronto homes)?
Plumbing-wise, check under sinks for signs of leaks, look at the water pressure, and ask if the home has any polybutylene piping—a material prone to failure. If the home has been renovated, ask whether the plumbing and wiring were updated with permits.
Here’s where experience really pays off. I once toured a home with a client and something about the ceiling line caught my eye—it looked like a structural wall had been removed. Sure enough, after checking with the City of Toronto, we found no permits had ever been pulled for that kind of work. We walked away from the deal.
If you spot inconsistent ceiling textures, odd bulkheads, or missing supports, it’s worth asking: was this work done properly—and legally? You can check building permit history for any property through the City of Toronto’s permit portal.
Unpermitted work can impact insurance, financing, and even your ability to resell.
Final Thought: Touring homes can feel exciting—but it’s also a high-stakes inspection walk. Look past the staging and freshly baked cookies. The signs are often there… you just have to know where to look.
Want a second set of eyes on your next tour? Let’s chat— drop us a message below!
Buying into a mature condo building in Toronto might not have the same flash as something pre-construction—but for the right buyer, it could be the smartest move you make. Older condos often come with more square footage, solid construction, and a deeper community feel. But they also carry risks that demand a little extra due diligence.
Let’s break down the key advantages, potential pitfalls, and how to tell when an older condo is worth it.
The Upside: Why Older Buildings Still Win in Toronto
1. Spacious Layouts
New condos average under 600 sqft for a one-bedroom. Compare that to older units built pre-2000—where 700–900 sqft is the norm. Think defined dining areas, actual coat closets, and functional kitchens. For families, remote workers, or anyone planning to stay long-term, this extra elbow room can dramatically improve your quality of life.
2. Character Features
Some older buildings offer features nearly extinct in new builds: gas BBQ hookups, larger balconies, wood-burning fireplaces (in rare cases), and even two-storey layouts. Buildings like DNA1 on Shaw or the Summit near King West are great examples. These elements can boost resale value for buyers looking for something more unique than a “glass box in the sky.”
3. Established Communities
Older buildings tend to have more owner-occupants and less investor churn. The result? A stronger sense of community and generally better upkeep. You might find active resident committees, building-wide events, and long-time neighbours who care deeply about the property’s future. These soft factors play a major role in your day-to-day satisfaction.
4. Stronger Reserve Funds
Well-managed buildings with decades of budgeting behind them often have healthy reserves, meaning fewer surprise costs. (Always verify this via the reserve fund study, of course.) Some older buildings even overfund their reserves in anticipation of future projects, which could mean smoother sailing for you down the line.
Older condos often have higher fees to cover aging systems. Expect fees in the range of $0.90–$1.40 per square foot. For a 900 sqft unit, that’s $810–$1,260/month. But—those fees may include heat, hydro, or cable (which newer buildings often bill separately). It’s crucial to compare what’s included rather than just looking at the total dollar amount.
2. Special Assessments
A solid reserve fund doesn’t mean you’re immune from a surprise. Elevators, boilers, or parking garages eventually wear out—and if the reserve isn’t enough, owners share the bill.
One buyer recently walked away from an offer after reading the status certificate: the building needed $1.5M in underground garage repairs and hadn’t yet voted on a special assessment.
Other red flags? Unusually quiet boards (no newsletters or AGMs), deferred maintenance (cracked tiles, broken elevators), or lawsuits between residents and the condo corporation. All are worth investigating.
3. Dated Design & Mechanicals
Think beige tile, narrow galley kitchens, and popcorn ceilings. Some buyers see this as a chance to add value; others, a costly headache. It’s all about your appetite for renovations. Replacing fan coil units, windows, or electrical panels can be complex in older buildings and may require board approval.
How to Do Your Homework: Due Diligence 101
Review the Status Certificate
This is your window into the building’s finances, reserve fund, legal issues, and upcoming projects. It also outlines rules (like pet restrictions, short-term rentals, and use of amenities) that can make or break your condo experience.
Are there upcoming major repairs? Is the fund sufficiently topped up? A good rule of thumb: reserve contributions should be 25–35% of maintenance fees. Ask for the most recent engineering audit and look at the 3-year repair forecast. Bonus tip: check when the last big-ticket item (roof, HVAC, windows) was done.
Compare What You Get
Some buildings include heat, hydro, or cable in their fees—while others don’t. Make sure you’re comparing apples to apples when evaluating costs. Ask whether the condo has bulk internet, security patrols, or shared amenities with neighbouring buildings. These extras can add major value—or extra costs.
Old vs. New: Condo Comparison Chart
Feature
Older Condo
New Condo
Price/Sqft
Lower
Higher
Size/Layout
Larger, more defined
Compact, open-concept
Maintenance Fees
Higher, more inclusive
Lower initially
Reserve Fund
Established
Low (early years)
Potential Surprise Costs
Moderate–High
Moderate–Low
Aesthetic
Dated, reno potential
Sleek, modern
Community
Owner-occupied, stable
High rental turnover
Amenities
Modest, well-used
Glossy, less used
Construction Quality
Concrete, durable
Mixed (often drywall + glass)
Final Thoughts: Is an Older Condo Right for You?
If you value space, location, and have the budget (and patience) to potentially modernize, older condos can be great value—especially in a cooling 2025 market. But don’t skip the homework. Ask tough questions, read the docs, and work with a realtor who’s walked this road before (that’s us!)
Older condos aren’t for everyone—but for buyers who know what to look for, they can offer unmatched livability and long-term value. It’s not about the age—it’s about the bones, the budget, and the building’s future.
When you buy a condo in Toronto, you’re not just purchasing a unit—you’re buying into a community with shared responsibilities. That includes footing the bill for repairs to common areas like roofs, parking garages, and elevators. Enter the reserve fund: a legally mandated savings account that every condo corporation must maintain to cover the cost of major repairs and replacements.
Ontario’s Condominium Act requires that this fund be reviewed at least every three years by a professional engineer through what’s known as a Reserve Fund Study. A healthy reserve fund protects owners from sudden “special assessments”—those dreaded lump-sum charges when there’s not enough money saved for big-ticket items.
While there’s no official benchmark, experienced buyers and agents know what to look for. In Toronto, a mid-size condo building should ideally have at least $500,000–$1,000,000 in its reserve fund—more if it’s older or has luxury amenities. Anything substantially below that could spell trouble.
What it tells you
A low reserve balance often means the condo has been under-saving for years. That raises the odds of surprise costs falling to unit owners. It could also mean that major repairs are overdue—or being deferred to avoid raising fees.
What About New Condos?
It’s totally normal for brand-new condos to have relatively low reserve fund balances in their early years. Most developers seed the fund with an initial contribution, but the bulk of future savings comes from monthly fees paid by owners over time.
That said, even in a new building, the initial Reserve Fund Study should outline a detailed contribution schedule that shows the fund growing gradually—and sustainably. Be wary if:
The fund balance stays flat for several years
Contributions are delayed or minimized
There’s no clear funding plan for long-term repairs
A low balance alone isn’t a red flag in year one—but a poorly planned trajectory is.
Red Flag #2 – No Recent Reserve Fund Study
Condo boards are legally required to commission a Reserve Fund Study every three years. If a building hasn’t updated its study in that timeframe, it’s out of compliance.
Even worse: the older the study, the less accurate it is in predicting upcoming expenses. Without current data, you’re flying blind as a buyer.
Some condo boards try to keep monthly fees artificially low by taking a so-called “contribution holiday”—pausing regular payments into the reserve fund. While this may look good on paper, it’s a short-term fix that can lead to long-term pain.
We once had a buyer eyeing a charming boutique condo downtown. The unit was gorgeous. But when we reviewed the financials, the reserve fund was barely funded—just $220,000 for a 25-year-old building with aging infrastructure. Worse still, the Reserve Fund Study warned of upcoming shortfalls of $15,000 per unit. The board had been on a contribution holiday for two years.
The buyer walked. Smart move.
Red Flag #4 – History of Special Assessments
If a building has a history of levying special assessments, take notice. These one-time fees—sometimes $10,000 to $30,000 per unit—usually mean the reserve fund was underfunded when a big repair came due.
Ask to see previous AGM (Annual General Meeting) minutes or speak with the property manager. Frequent assessments may point to chronic mismanagement.
Red Flag #5 – Expensive Repairs Coming, No Money Saved
What’s worse than a low reserve fund? A low reserve and a big-ticket repair right around the corner. We’re talking about:
Elevator replacements
Parking garage membrane repairs
Roof and window overhauls
These aren’t optional. And if the building hasn’t budgeted for them? Owners will be footing the bill.
Pro Tip – What Smart Buyers Should Always Check
Ask to see the Reserve Fund Study
It should be recent, realistic, and detail how the fund will grow over time.
Read AGM minutes for hidden clues
Sometimes future problems are only hinted at in board meeting notes. Don’t skip them.
Have your lawyer review the Status Certificate
Yes, every time. A good real estate lawyer knows exactly where to look.
Final Thoughts: It’s Not Just About the Unit
You might fall in love with the layout, the finishes, or that view—but none of that will matter if your building’s finances are in rough shape.
Spotting these red flags early can save you tens of thousands—and a lot of future stress.
Ready to Buy Better?
Before you commit to a condo, make sure you’re not inheriting someone else’s financial mess. The lawyers we work with, have reviewed hundreds of status certificates—and know what to look for (and when to walk away). Contact us today or send us a message below, for a no-pressure chat about your next move!
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.
Hey there, Toronto property owner! If you’re scratching your head about the Vacant Home Tax (VHT), you’re not alone. As someone who’s spent countless hours researching and writing about Toronto’s Real Estate scene, I’m here to break down everything you need to know about this hot topic in our city’s housing policy.
What’s New with the Vacant Home Tax in 2025?
Let me start with some fresh updates that might affect your wallet: Toronto has increased the VHT rate to 3% of your property’s Current Value Assessment for 2024. That’s right – if you’ve got a $1 million property sitting empty, we’re talking about a $30,000 tax bill. Yikes!
But don’t panic just yet. I’ll walk you through everything you need to know to either comply with or legitimately avoid this tax.
Key Program Changes for 2024-2025
The City of Toronto has just rolled out some major updates to the VHT program. Here’s what’s changing:
Extended Declaration Period: You now have from November 1, 2024, to April 30, 2025, to submit your declaration
Increased Tax Rate: The rate has jumped from 1% to 3% of your property’s Current Value Assessment
New User-Friendly Portal: Launching November 1, 2024, making declarations easier than ever
Multilingual Support: A dedicated Customer Care Centre through 311 offering support in 180 languages
Email Confirmations: You’ll receive confirmation of your declaration via email (if provided)
What Counts as “Vacant”?
A property is considered vacant if it was unoccupied for more than six months during the previous year and it was NOT your principal resident. Now heres where it gets confusing, so to keep it simple, heres 2 considerations to ask yourself:
Is the property considered your principal residence for at least 6 months
If it’s not – was it occupied or was it vacant during last calendar year for longer than 6 months?
If it is NOT your principal residence and HAS been vacant for 6 months or more THEN ITS CONSIDERED VACANT. Important to note, it doesn’t have to be a continuous 6 months either. It can be spread across the year – important for those with short term rentals.
If it IS your principal residence, and as long as a property remains your principal residence, you can declare the occupancy status as occupied and the tax will not apply. This applies even if you leave for extended periods of time due to travel or work (e.g. snow birds). To claim this occupancy status, the property must be your principal residence for at least six months of the taxation year. Also, don’t try an be smart – You can only have one principal residence.
But don’t panic – there are several valid exemptions!
Legitimate Exemptions (Yes, They Exist!)
Here are some situations where you might be off the hook:
Medical Care: If you or your tenant is receiving long-term medical care and is out of the house for it.
Principal Residence: The property was your main home
Death of Owner: The property owner passed away during the year
Renovations: Major renovations with valid permits (but there are specific requirements)
Legal Issues: Court orders preventing occupancy
Transfer of Legal Ownership: Property was sold during the year
Provide any supporting documentation if claiming an exemption
Submit and keep your confirmation number Pro Tip: Keep your confirmation number! The city has made this easier by providing email confirmations or printed confirmations upon request.
What Happens If You Don’t Comply?
I hate to be the bearer of bad news, but the consequences of non-compliance are steep:
Fines starting at $250
Potential tax rate of up to 3% of your property’s value
Risk of audit
Legal penalties for false declarations
Disputing a Vacant Home Tax Assessment
If you believe you’ve been incorrectly assessed, you have until December 2025 to submit a Notice of Complaint. Here’s what you need to do:
Gather your evidence
Submit your Notice of Complaint form
Provide supporting documentation
Wait for the review decision
Need Help? Where to Get More Information
Still have questions? Don’t worry, we’ve all been there. Here are your best resources:
This beefed-up VHT program is Toronto’s way of saying “let’s get serious about housing.” The goal? To nudge property owners toward renting or selling their vacant properties, ultimately feeding into the city’s affordable housing initiatives.
Remember, whether you’re a seasoned property owner or new to the game, staying on top of these requirements isn’t just good practice – it’s essential for avoiding costly penalties. Keep these dates in your calendar, and make sure you’re ready to declare when the time comes.
Want to stay ahead of the curve? Start gathering your documentation now and keep an eye out for that online portal launch in November. Your future self (and wallet) will thank you.
Frequently Asked Questions (FAQ)
General Questions
Q: Do I have to declare even if I live in my property?
A: Yes! All residential property owners in Toronto must declare annually, even if you live in the property as your principal residence.
Q: What is the tax rate for 2024?
A: The Vacant Home Tax rate has increased to 3% of your property’s Current Value Assessment (CVA), up from the previous 1%.
Q: How many properties in Toronto need to declare?
A: Approximately 820,000 properties within Toronto require an annual declaration of occupancy status.
Declaration Process
Q: When can I submit my declaration for 2024?
A: The declaration period opens November 1, 2024, and runs until April 30, 2025.
Q: What happens if I miss the declaration deadline?
A: While late declaration fees are currently waived, your property could be deemed vacant by default. It’s best to declare on time to avoid any complications.
Q: How do I get proof of my declaration?
A: You can:
Receive an email confirmation (if you provide your email address)
Print or save the confirmation page with your confirmation number
Request a printed confirmation by calling 311
Property Status Questions
Q: How long can my property be empty before it’s considered vacant? A: A property is considered vacant if it’s unoccupied for more than six months during the calendar year, unless it qualifies for an exemption.
Q: Does the six-month period need to be consecutive? A: No, the six months don’t need to be consecutive. The total time throughout the year is what counts.
Q: What if I’m traveling but this is my main home? A: If the property is your principal residence, it’s exempt from the Vacant Home Tax even if you’re away for extended periods.
Payment and Financial Questions
Q: When do I need to pay the Vacant Home Tax? A: For 2024, payments are due in three installments:
September 15, 2025
October 15, 2025
November 17, 2025
Q: How much revenue does the tax generate?
A: The program generated $56.5 million in 2022 and $50.6 million in 2023. With the new 3% rate, the city expects approximately $105 million annually.
Exemptions and Special Cases
Q: Will the city check my utility usage to verify occupancy?
A: While utility data may be used in audits, it’s not the primary verification method since approximately 45% of residential properties don’t have individual meters.
Q: What if I’m renovating my property?
A: Properties under renovation with proper permits may qualify for an exemption. Be sure to maintain all documentation related to your permits and renovation work.
Support and Help
Q: How can I get help with my declaration?
A: You have several options:
Call 311 to reach the dedicated Customer Care Centre (support available in 180 languages)
Visit Tax and Utility counters at Toronto City Hall or civic centres
Use the online portal at toronto.ca/VacantHomeTax
Q: What if I disagree with my tax assessment? A: You can submit a Notice of Complaint until December 2025 for the 2024 tax year. Be sure to gather all supporting documentation before submitting your complaint.
Program Impact
Q: What happens to the money collected from this tax?
A: Revenue supports various housing initiatives including:
The HousingTO Plan
Toronto Community Housing Corporation improvements
The Multi-Unit Residential Acquisition (MURA) program
Other affordable housing initiatives
Important Disclaimer
⚠️ Please Note: While we strive to keep this guide up-to-date, tax regulations and programs can change. This article is for informational purposes only and should not be considered legal or financial advice. The information provided is based on the City of Toronto’s Vacant Home Tax Program as of November 2024.
For the most current and authoritative information about the Vacant Home Tax Program, including:
If you’ve been following the real estate scene in the Greater Toronto Area, you’ve probably noticed something interesting happening. Remember all that doom and gloom from last year? Well, things are starting to look pretty different, and it’s largely thanks to the Bank of Canada’s recent moves.
The Game-Changer: Rate Cuts
Let’s talk about what’s really stirring the pot. The Bank of Canada has been on quite a roll lately, slashing rates four times in a row since last June. The latest cut was a big one – dropping the key rate from 5% to 3.75%. And guess what? The market is definitely taking notice.
The Numbers Don’t Lie
Here’s where it gets exciting. October 2024 saw some pretty impressive numbers:
Home sales jumped by a whopping 44.4% compared to last year
We’re talking about 6,658 properties changing hands
Even month-over-month, we saw a solid 14% increase
What’s Hot and What’s Not
Want to know what’s really flying off the market? Townhouses are the surprise winner here, with sales skyrocketing by 56.8%. But honestly, everything’s moving:
Detached homes? Up 46.6%
Semi-detached? Up 44%
Even condos are getting in on the action with a 33.4% increase
The Price Tag Story
Now, here’s the interesting part – despite all this activity, prices haven’t gone completely bonkers. The average home will set you back about $1.1 million, which is only up about 1.1% from last year. Not too shabby, considering all the action we’re seeing… that being said, in October – the average price for a detached home was over $1.7 million sooooo context is important!
What This Means for You
If you’re thinking about jumping into the market, here’s the scoop: There’s still plenty of inventory out there, which means you’ve got options. But (isn’t there always a but?), experts are saying this sweet spot might not last forever. As more buyers jump back in and inventory gets snapped up, we might see prices start to climb, especially by spring 2025.
The Bottom Line
Here’s my take: The market is definitely warming up, but we’re not seeing the crazy bidding wars of years past – at least not yet. The rate cuts have brought buyers back to the table, but they’re being smart about it. If you’ve been sitting on the fence, now might be the time to start looking seriously.Just remember, real estate is always local, and what’s happening in one neighborhood might be completely different from another.
My advice? Keep an eye on those interest rates, do your homework, and maybe start booking some viewings.
P.S. Don’t forget to subscribe to our newsletter for more real estate insights and market updates!
