Advice For Sellers | TorontoLivings

Jan 12

2025 Wasn’t the Year of the Condo — But It Quietly Set the Stage for What Comes Next

By Mark Savel Advice For Buyers, Advice For Sellers

The Condo Year That Forced Real Decisions

If 2025 had a defining theme for downtown Toronto condos, it was realism.

This wasn’t a year where demand vanished — it was a year where buyers slowed down, sellers were tested, and the market stopped rewarding shortcuts. Inventory stayed elevated, financing costs stayed restrictive, and condos were the first segment to fully feel both pressures at once. What emerged wasn’t panic or paralysis, but a market that demanded accuracy.

For anyone paying attention, 2025 quietly reset expectations — and in doing so, laid important groundwork for what comes next.

Inventory Took Control of the Conversation

Throughout 2025, active condo listings remained structurally high. Even during the spring, when sales typically surge, inventory continued to build. That meant buyers weren’t just choosing between a handful of options — they were comparing dozens of similar units, often within the same building.

More listings didn’t translate into more urgency. Instead, they created hesitation, comparison shopping, and leverage. Visibility no longer guaranteed momentum; pricing accuracy did.

Sales Volume Was Selective, Not Stalled

On paper, condo apartment sales averaged roughly 908 transactions per month in 2025, down from the 2024 average of 1032 per month. Spring and early summer posted the strongest numbers, while late summer and year-end cooled noticeably.

But those averages mask what was really happening downtown. Sales clustered around correctly priced units with strong layouts, while investor-heavy product lagged behind. Buyers showed up, but only when the numbers made sense.

This was a market where demand existed — it just refused to overpay.

Condo sales continued throughout the year, but they weren’t evenly distributed. Well-located, livable units still attracted attention, while investor-heavy product often sat longer than expected.

This created the impression of an active market on paper but a cautious one on the ground. Buyers showed up informed, patient, and selective. They waited for price adjustments, tracked relists, and rarely felt pressured to act quickly.

In many ways, 2025 separated genuine end-user demand from speculative momentum — especially downtown.

Pricing Reality: The Slow Grind Lower

Condo prices didn’t collapse in 2025, but they softened steadily.

The average condo apartment price hovered around $698,000 for the year, drifting lower on a year-over-year basis in nearly every month. By late 2025, average prices were roughly 5–8% below the same period a year earlier, depending on the month.

Month-to-month changes were modest — often a few thousand dollars at a time — but the cumulative effect mattered. Sellers who chased the market down through multiple price reductions often ended up selling for less than those who priced realistically from day one.

For buyers, this slow grind lower shifted psychology. Instead of rushing, many waited for confirmation — and often got it. What we found most interesting was the months between August and November. Prices started trending up each month, from an average price of $667,660 to ending in November at $701,259.

Days on Market Became the Silent Negotiator

Time became one of the most important metrics in the condo market.

Average days on market climbed into the mid‑40s over the year, and stretched further toward year-end. By December, average DOM reached roughly 65 days, a stark contrast to the fast-moving condo market of prior years.

Longer listing histories gave buyers confidence to negotiate. Offers became more conditional, price discussions more direct, and relists more common. In a market once defined by speed, patience became leverage.

One of the clearest shifts in 2025 was the role of time.

Rising days on market gave buyers leverage without confrontation. Longer listing histories invited questions, encouraged conditional offers, and opened the door to meaningful negotiations. In a downtown condo market once defined by speed, time became the most powerful bargaining tool.

Listings that lingered weren’t necessarily flawed — but they were rarely immune to price discussions.

Mortgage Rates Changed Behaviour, Not Demand

The Bank of Canada’s interest rate environment shaped nearly every condo decision in 2025.

Lower borrowing costs didn’t add a ton of buyers — but it did change the math. Monthly payments became the focal point, especially for condos where affordability is closely scrutinized. Even small rate changes translated into meaningful differences in purchasing power.

What stood out was timing. Rate drops during the year often coincided with short-lived boosts in showing activity, but they didn’t translate into sustained urgency.

Where Downtown Condos Struggled Most

Small Investor Units and Micro Layouts

Studios and small one-bedroom units faced the toughest conditions. Carrying costs remained high, rental growth was uneven, and assignment competition lingered. Buyers demanded discounts, and many sellers were forced to confront numbers that no longer worked the way they once did.

Investor-Heavy Buildings

Buildings with large volumes of similar units struggled to stand out. With multiple near-identical listings competing at once, pricing transparency worked against sellers. Buyers knew exactly where leverage existed — and used it.

Return to Office: The Quiet Variable

One of the most underappreciated shifts in 2025 showed up in the rental numbers.

As downtown office attendance improved, rental absorption strengthened — particularly in the second half of the year. Condo apartments that struggled to lease earlier in 2025 began filling more consistently, especially near transit, and the downtown core.

This mattered for investors. While prices and rates kept many on the sidelines, improving rental stability helped re-anchor long-term projections.

Where Buyers Found Opportunity

For buyers willing to think beyond headlines, 2025 offered rare leverage.

Larger three-bedroom units, functional two-bedrooms, and end-user-oriented buildings became negotiable in ways that would have been unthinkable a few years earlier. Conditions, price reductions, and flexibility all re-entered the equation.

What Condo Sellers Learned the Hard Way

Pricing accuracy mattered more than marketing.

In 2025, sellers who priced strategically often sold. Those who tested the market frequently ended up adjusting — sometimes multiple times. Condition, layout, and presentation regained importance, and patience without a plan proved costly.

Why Investors May Re-Enter — Carefully

While 2025 wasn’t the year of the investor, it wasn’t the end either.

With rental absorption improving downtown and borrowing expectations beginning to stabilize, long-term investors started watching again. Not broadly — selectively. Units with strong fundamentals, livable layouts, and sustainable numbers drew quiet interest.

The speculative investor faded. The patient one began running the numbers again. We expect to see more of this with a return to office for many who work in the downtown core.

Rooftop pool at Bisha Hotel & Residences

Looking Ahead to 2026

As 2025 closed, the downtown condo market felt more balanced — not tight, but clearer.

Inventory remains elevated, but expectations are better aligned. Buyers understand value. Sellers understand leverage. Investors understand risk. That clarity may prove to be 2025’s most important legacy.

Thinking About Buying or Selling a Downtown Condo?

Whether you’re weighing a purchase, planning a sale, or simply trying to understand where downtown condos are headed next, clarity matters more than ever.

We spend every day helping buyers and sellers navigate Toronto’s condo market with real data, real context, and honest advice — not pressure. If you’d like a second opinion on pricing, timing, or strategy as we move into 2026, we’re always happy to talk.

Send us a message below to discuss your next move — even if you’re just exploring your options!

Jan 12

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Toronto Real Estate Market 2025 Year-End Review & Outlook

By Mark Savel Advice For Buyers, Advice For Sellers, Toronto

If 2024 was about uncertainty, 2025 was about adjustment.

The defining force this year wasn’t disappearing demand — it was inventory overwhelming the market’s ability to absorb it. Toronto averaged 25,548 active listings throughout 2025, a level that consistently exceeded what buyer demand could comfortably clear. Supply peaked mid-year at 31,603 active listings in June, then remained elevated through most of the fall before finally compressing into December.

Sales activity followed a familiar seasonal arc, averaging 5,228 sales per month, but that demand was spread thin across a much larger pool of listings. On paper, the market looked active. On the ground, it felt selective.

Buyers had options. Time. Leverage. Sellers could still transact — but only when expectations were realistic from the outset. This wasn’t a crash. It wasn’t a rebound either. It was a prolonged re-pricing environment, where leverage steadily and decisively shifted toward buyers.

Sales & Demand: Present, But Highly Filtered

Sales volumes showed resilience through the middle of the year. Monthly sales climbed from 3,847 in January to a peak stretch above 6,100 sales between May and July, confirming that buyers were not sitting on the sidelines entirely.

But that demand was fragile.

By December, sales slipped back to 3,697, nearly identical to January levels, despite clearer pricing, more transparency, and softer expectations. That bookend tells the real story of 2025: demand existed, but urgency never fully returned.

Where buyers did act decisively, three patterns stood out:

• Homes priced directly in line with recent comparable sales
• Listings that were clearly superior to competing inventory
• Properties positioned as good value, not best-case scenarios

Homes that missed those marks didn’t just sell later — they often sold for less, after extended exposure and multiple price reductions.

Inventory & Supply: The Dominant Force of 2025

If there was a single variable that shaped behaviour this year, it was supply.

New listings averaged 15,469 per month, with spring inflows particularly heavy. April through June alone added nearly 60,000 new listings to the market. Even as sales improved seasonally, absorption never caught up.

The impact compounded over time. Active listings rose from 17,157 in January to over 30,000 by May, fundamentally changing buyer psychology. And even when new listings slowed sharply — falling to just 5,299 in December — buyers were still choosing from 17,005 active listings.

That’s not scarcity by any definition.

As a result, buyers compared more homes before committing, conditional offers became routine again, and sellers lost the ability to rely on urgency or fear of missing out. Inventory didn’t need to keep rising forever to reshape the market. It simply needed to stay elevated long enough for psychology to change — which it did.

Pricing & Value: Softening, With Clear Winners and Losers

The average Toronto sale price in 2025 landed around $1.065M, but that headline number hides meaningful divergence beneath the surface.

Prices peaked in late spring, then softened steadily through the second half of the year, tracking directly with elevated inventory and rising buyer selectivity. Average Days on Market climbed from 38 days in Q2 to 57 days by Q4, reinforcing how patience — not urgency — defined buyer behaviour by year-end.

Well-priced homes often sold within their first listing window. Overpriced listings typically required multiple reductions. Final sale prices increasingly drifted away from original list prices.

By Q4, buyers weren’t negotiating off asking prices — they were negotiating off perceived value, often pointing to better alternatives still sitting on the market.

2025 by Housing Segment: Four Markets, One Theme

Detached Homes

Detached homes were the most resilient segment in 2025, but not immune.

Sales volumes held up better here than in other segments, particularly in established neighbourhoods where land value, schools, and long-term scarcity continued to support demand. Even so, elevated supply capped pricing momentum. Many detached listings required sharper initial pricing to generate traction.

Buyers were qualified, deliberate, and far less emotional than in past cycles. Overpriced detached homes frequently sat through multiple listing periods, while realistically priced homes attracted steady — if unspectacular — interest.

Semi-Detached Homes

Semi-detached homes felt affordability pressure more directly.

As a traditional step-up option, this segment was highly sensitive to interest-rate psychology. Demand existed, but buyers had more choice than usual, and that softened competition.

Well-presented semis in strong neighbourhoods continued to sell, but rarely with the multiple-offer dynamics sellers had come to expect. Pricing accuracy mattered enormously, making this segment a clear barometer of buyer confidence.

Townhouses

Townhouses experienced one of the more noticeable shifts in 2025.

Inventory growth, particularly in newer and suburban-adjacent projects, increased competition and reduced urgency. Buyers weighed townhouses more carefully against condos and smaller detached options, prioritizing layout, fees, and long-term livability.

Well-priced freehold townhouses performed reasonably well. Those that lacked differentiation or sat awkwardly between price points often struggled.

Condos

Condos were the most challenged segment of 2025.

Elevated supply, especially among one-bedroom and investor-oriented units, weighed heavily on pricing and absorption. Buyers had ample choice and often adopted a wait-and-see posture, particularly in buildings with high listing concentration.

While unique, well-located, or larger units still sold, competition was fierce and pricing pressure persistent. By year-end, condos increasingly led the market’s re-pricing rather than following it.

What This Meant for Buyers

For buyers, 2025 delivered something Toronto rarely offers: choice without chaos.

Elevated inventory created real leverage, particularly on listings that had been on the market 30 days or longer. Disciplined buyers were often rewarded with price reductions, seller concessions, and time to conduct proper due diligence.

That said, decisiveness still mattered. Homes that were clearly priced right — especially in strong neighbourhoods or turnkey condition — continued to attract competition.

The opportunity wasn’t universal leverage. It was selective leverage.

What This Meant for Sellers

For sellers, 2025 was a year where strategy mattered more than timing.

Listings that launched aligned with market reality often sold efficiently, even in a high-inventory environment. Those that chased aspirational pricing frequently became stale and paid for it later.

The data reinforced a difficult but consistent truth: waiting for the market to “come back” was rarely rewarded.

Carrying costs, competition, and buyer fatigue often outweighed the benefit of holding out, particularly in the second half of the year. Sellers who succeeded treated pricing as a proactive decision, not a fallback plan.

Short-Term Outlook Heading Into 2026

As the market moves into 2026, inventory remains the variable to watch.

New listings have slowed seasonally, but active supply is still high enough to keep buyers cautious and selective. Interest-rate sentiment may improve, but affordability constraints haven’t disappeared.

The most likely near-term scenario is continued sorting: well-priced homes transact, misaligned ones adjust, and leverage remains situational rather than universal.

Thinking About Buying or Selling in 2026?

Markets like this reward strategy, not guesswork.

If you’re planning to buy or sell in 2026 and want clarity around pricing, timing, and leverage, we’re happy to help you think it through. Whether that means stress-testing a sale price, identifying real buying opportunities, or simply understanding how current conditions affect your plans, our role is to give you clear, grounded advice—before you make any big decisions. Get in touch with us by sending a message below!

Dec 23

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Avoid Frozen Pipes This Winter: A Toronto Homeowner’s Guide

By Mark Savel Advice For Sellers

Why Frozen Pipes Are a Real Risk in Toronto

A prolonged cold weather — not just a single freezing night — is what puts household plumbing at risk during winter. Pipes running through exterior walls, basements, garages, and poorly insulated areas are especially vulnerable when temperatures stay below zero for days at a time.

Toronto winters aren’t just about the odd cold night — they’re about sustained stretches of below‑freezing temperatures. That’s when problems start. Pipes don’t usually burst because of a single chilly evening; they fail after days of cold air working its way into exterior walls, basements, garages, and uninsulated spaces.

From what we see during winter listings, renovations, and vacant properties, the highest risk almost always shows up when a home is under‑heated, partially occupied, or left unattended. Snowbirds, estate homes, rentals between tenants, and homes mid‑reno are especially vulnerable.

When You Should Drain Your Pipes

Insurance providers and the Insurance Bureau of Canada consistently point to winter vacancies as one of the leading causes of burst pipes and water damage. In Toronto, this risk is amplified when homes sit empty during extended cold snaps, whether due to travel, renovations, or properties being prepared for sale.

Draining your pipes isn’t something every homeowner needs to do every winter — but in the right situations, it’s one of the simplest ways to avoid major water damage.

You should strongly consider draining your pipes if:

Your home will be vacant for more than a few days, especially during a cold snap
You’re leaving the city for an extended period during winter
The property is under renovation with exposed plumbing
Heat or power reliability is a concern

This is also where insurance expectations come into play. Many Canadian insurers require homeowners to either maintain heat at a minimum level or shut off and drain the plumbing when a home is vacant. Skipping this step can complicate a water‑damage claim if something goes wrong.

A Simple, No‑Stress Way to Drain Your Pipes

This doesn’t need to be a complicated process. The goal is simply to remove standing water that could freeze and expand.

A basic homeowner‑level approach looks like this:

Shut off the main water supply where it enters the home
Open faucets on the highest level first, then work your way down
Open the lowest faucet in the house (usually a basement sink or laundry tub)
Flush toilets to empty the tanks and bowls
Open exterior taps and hose bibs — these are among the most common failure points

You don’t need to chase every last drop. You’re reducing risk, not performing surgery.

If you’re unsure where your main shut‑off is, this is worth identifying before winter — not during an emergency!

Common Winter Pipe Mistakes We See Every Year

A few patterns show up consistently once temperatures drop:

Assuming “a little heat” is enough in a vacant home
Forgetting about garage plumbing or exterior lines
Leaving hoses connected outside
Not realizing insurance policies have specific vacancy requirements
Relying on luck instead of a simple prevention plan

Most frozen‑pipe issues we encounter could have been avoided with one or two proactive steps.

A Quick Toronto Winter Checklist for Homeowners

Before winter fully settles in, ask yourself:

Will this home be vacant or lightly used?
Do I know my insurance requirements for winter vacancies?
Are exterior taps properly shut off and drained?
Is someone checking in during extended absences?
Does draining the system make more sense than relying on heat alone?

A short checklist now can save months of disruption later.

Final Thought

Winter preparation isn’t about overreacting — it’s about being realistic. In a city like Toronto, where cold snaps are part of the norm, draining your pipes when a home is vacant is one of the simplest ways to protect your property and avoid insurance headaches.

If you’re selling, renovating, or managing a rental that won’t be lived in full‑time this winter, planning ahead matters. And if you’re unsure how winter prep fits into your broader home or real estate plans, we’re always happy to be a resource.

Whether you live in your home full‑time or treat it as a seasonal base in the city, winter preparation is part of responsible Toronto homeownership. Draining your pipes when the situation calls for it is a small step that can prevent very big headaches.

And if you’re navigating a winter sale, renovation, or rental transition — especially with a property that won’t be lived in day‑to‑day — we’re always happy to help you think through the safest, smartest approach.

Reach out by sending us a message below!

Dec 18

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Toronto Just Raised the Luxury Land Transfer Tax — Here’s What It Means for Buyers and Sellers

By Mark Savel Advice For Buyers, Advice For Sellers

Toronto City Council has officially approved another increase to the city’s luxury land transfer tax — a move that will directly impact high‑value home buyers and, indirectly, sellers navigating Toronto’s upper‑end market.

While the change won’t take effect immediately, it adds yet another layer of cost to buying luxury real estate in Toronto, a city that already has one of the most expensive closing‑cost environments in the country. Let’s break down what was approved, when it kicks in, and what it realistically means for buyers and sellers moving into 2026.

Toronto City Council Has Approved Another Luxury Land Transfer Tax Hike

Earlier this week, Toronto City Council voted to increase the municipal luxury land transfer tax on higher‑priced homes. The measure passed as part of the city’s broader effort to generate additional revenue without raising property taxes across the board.

It’s important to underline one key point right away: these new rates do not apply immediately. The updated luxury land transfer tax structure will take effect in April 2026, giving buyers, sellers, and developers a window to plan ahead.

Toronto already charges a municipal land transfer tax on top of Ontario’s provincial land transfer tax. This latest change applies only to the city portion — but at luxury price points, that distinction still translates into significant dollars.

How the New Luxury Land Transfer Tax Works (Graduated Rates Explained)

The approved increase applies to homes with purchase prices above $3 million and works on a graduated scale. That means different portions of the purchase price are taxed at different rates, rather than the entire value being taxed at a single flat rate.

Once implemented in April 2026, the new municipal luxury land transfer tax rates will be:

$3M to $4M: 4.40%
$4M to $5M: 5.45%
$5M to $10M: 6.5%
$10M to $20M: 7.55%
Over $20M: 8.6%

These figures represent increases of roughly 0.9 to 1.1 percentage points across the luxury brackets compared to the previous structure.

What This Actually Costs: Real‑World Luxury Home Examples

To put real numbers behind the policy change, below are illustrative before‑and‑after comparisons showing how the municipal luxury land transfer tax changes once the new rates take effect in April 2026. These examples are simplified for clarity and assume the same graduated structure before and after the increase.

Important note: These figures focus only on Toronto’s municipal land transfer tax, not the Ontario land transfer tax. Numbers are approximate and meant for planning conversations — not legal advice.

Buying a $3,500,000 Home in Toronto

Before April 2026 (previous luxury rates – approx.)

Estimated municipal LTT: ~$111,000

After April 2026 (new luxury rates)

Estimated municipal LTT: ~$138,000

Difference: ~$27,000 more in city land transfer tax

This is where the increase is felt most sharply. Buyers hovering just above $3M may rethink pricing, negotiate harder, or focus on properties that stay below the luxury threshold altogether.

Buying a $5,000,000 Home in Toronto

Before April 2026 (previous luxury rates – approx.)

Estimated municipal LTT: ~$200,000

After April 2026 (new luxury rates)

Estimated municipal LTT: ~$245,000

Difference: ~$45,000 more in city land transfer tax

At this level, buyers are typically more flexible — but a $40K–$50K jump in closing costs still factors into overall value discussions, renovation budgets, or comparisons with non‑Toronto options.

Buying a $10,000,000 Property in Toronto

Before April 2026 (previous luxury rates – approx.)

Estimated municipal LTT: ~$525,000

After April 2026 (new luxury rates)

Estimated municipal LTT: ~$650,000

Difference: ~$125,000 more in city land transfer tax

At the ultra‑luxury end, the tax increase is unlikely to derail a purchase — but it is no longer a rounding error. On eight‑figure deals, these changes meaningfully affect total acquisition costs and require more deliberate planning.

What This Means for Luxury Buyers — Now vs. After April 2026

Timing is going to matter more than ever.

Buyers who are actively searching now and able to close before April 2026 will avoid the increased rates altogether. As that date approaches, we expect to see more attention paid to closing timelines, especially for resale homes already trading near luxury thresholds.

For buyers planning purchases in 2026 and beyond, budgeting accuracy becomes critical. Closing costs in Toronto were already substantial — this change simply raises the stakes.

What This Means for Sellers Heading Into 2026

For sellers, the tax technically isn’t their bill — but it absolutely influences buyer behaviour.

Higher transaction costs can affect:

How aggressively buyers negotiate
How long buyers take to make decisions
Which price brackets see the most activity

Some sellers may choose to list earlier to capture buyers motivated to close before April 2026, while others may need to price more strategically to account for increased buyer costs.

Toronto vs. the 905: The Tax Gap Keeps Growing

One of the quiet side effects of this change is how much wider the gap becomes between Toronto and surrounding municipalities.

Buyers comparing Toronto to areas like Oakville, Vaughan, or Mississauga will once again notice that those markets do not charge a municipal land transfer tax. On luxury purchases, that difference alone can amount to six figures.

This doesn’t mean Toronto loses its appeal — but it does mean the decision calculus is shifting.

The City’s Argument — And the Market’s Pushback

Supporters of the increase argue the tax targets a small segment of buyers who can afford to contribute more to city finances. From the City’s perspective, it’s a progressive approach that limits the impact on everyday homeowners.

Critics, including industry groups, counter that repeated transaction‑based taxes risk dampening market activity and making Toronto less competitive long‑term — especially at a time when buyers have more geographic flexibility than ever.

As with many policy decisions, the truth likely sits somewhere in the middle.

What Buyers and Sellers Should Be Thinking About Right Now

Whether you’re buying or selling in the luxury segment, planning ahead matters:

Understand how April 2026 changes your closing costs
Stress‑test your budget beyond the purchase price
Factor timing into your broader strategy

These aren’t reasons to rush or panic — but they are reasons to be informed.

Looking for a Luxury Home in Toronto?

Final Thoughts: Another Cost Layer in an Already Expensive City

Toronto remains one of the most desirable real estate markets in the country, but it’s also becoming one of the most complex from a cost standpoint.

The newly approved luxury land transfer tax hike, effective April 2026, adds another variable buyers and sellers need to account for. With the right planning and guidance, it’s manageable — but ignoring it isn’t an option.

If you’re considering a luxury purchase or sale and want to understand how these changes affect your specific situation, this is a conversation worth having sooner rather than later… send us a message below!

Dec 18

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Pied-à-Terre in Toronto: Meaning, Use Cases, and Where Buyers Focus

By Mark Savel Advice For Buyers, Advice For Sellers

What Is a Pied-à-Terre?

A pied-à-terre is a small, secondary residence used on a part‑time basis rather than as a primary home. The term comes from France (literally meaning “foot on the ground”), and in Toronto real estate it almost always refers to a downtown condo owned by someone who lives elsewhere most of the time.

Think of it as a city base — a place to stay during the workweek, for cultural events, or for regular visits — without the commitment of full‑time urban living. In practice, Toronto pied‑à‑terres are typically studios or one‑bedroom condos in walkable, transit‑rich neighbourhoods with strong building management and concierge services.

Importantly, a pied‑à‑terre isn’t bought purely as an investment. It’s a lifestyle‑driven purchase first, with flexibility and long‑term value playing supporting roles.

Why Pied-à-Terres Fell Out of Favour — And Why They’re Back

During the height of COVID, Toronto experienced a very real shift. Remote work untethered many professionals from daily commutes, and a noticeable number of residents left the city for larger homes, quieter streets, or more space further afield. Downtown condos — the traditional home of the pied‑à‑terre — suddenly felt less essential.

Fast‑forward to today, and the story has shifted once again — quietly, but meaningfully.

Hybrid work is now the norm rather than the exception. Offices are busier mid‑week. Cultural life has fully returned. And many people who left Toronto didn’t lose their connection to the city — they just changed how they use it.

Instead of moving back full‑time, a growing number of buyers are opting for part‑time ownership. A pied‑à‑terre offers a practical middle ground: maintain a primary home outside the core while still having a reliable, comfortable place downtown.

Add in the fact that downtown condo prices have come down from their peak, and the timing suddenly makes sense. For many buyers, today’s market feels like a re‑entry point rather than a stretch.

Who Typically Buys a Pied-à-Terre in Toronto

While every buyer’s story is different, pied‑à‑terre owners in Toronto tend to fall into a few familiar profiles:

Professionals commuting into the city two or three days a week
Former Torontonians who moved out during COVID but still work, socialize, or invest time downtown
Suburban homeowners who want a downtown base for events, dining, or late nights
Snowbirds and international buyers splitting time between cities
Empty nesters who no longer need a full‑time city home but still want access

What they share isn’t a desire for more space — it’s a desire for convenience, predictability, and control over how they experience the city.

What Buyers Look for in a Toronto Pied-à-Terre

When a property is only used part‑time, priorities naturally shift.

Most pied‑à‑terre buyers focus on:

Location over size — walkability and transit matter more than square footage
Efficient layouts — every inch needs to work
24‑hour concierge and security — peace of mind when you’re away
Low‑maintenance ownership — lock‑and‑leave convenience
Strong resale and rental demand — flexibility if plans change

Not every condo checks these boxes, even if the price looks right on paper.

How we help: We help buyers avoid buildings that look good online but don’t function well for part‑time living — from inefficient layouts to management issues that only show up after you own.

Where Buyers Focus: Toronto’s Most Popular Pied-à-Terre Neighbourhoods

While pied‑à‑terres can exist across the city, demand consistently clusters in a few key downtown areas.

Yorkville

Yorkville remains a top choice for buyers who value prestige, walkability, and transit access. Luxury buildings, strong concierge services, and proximity to Bloor Street make it especially appealing for executives and international owners.

King West & King East

For buyers who want to be close to tech, finance, dining, and nightlife, King West and King East continue to dominate. These neighbourhoods work particularly well for mid‑week living and short, frequent stays.

Financial District

This is the classic pied‑à‑terre market. Smaller, efficient condos used primarily during the workweek, with unmatched access to offices, transit, and PATH connections.

Entertainment District

Events, culture, restaurants, and transit converge here. Buyers drawn to sports, theatre, and downtown energy often gravitate to this pocket.

Yonge & Bloor

As a major transit hub with consistent resale demand, Yonge & Bloor offers flexibility. It’s especially popular with buyers who want easy access to multiple parts of the city.

Neighbourhood guidance: Choosing the right neighbourhood matters even more when you’re only here part‑time. We help match how you’ll use the city with where you’ll enjoy it most.

Below are some our favourite luxury buildings in the city, that often attract those looking for a pied-a-terre

Are Pied-à-Terres a Good Investment?

A pied‑à‑terre shouldn’t be viewed as a traditional income property. While some owners choose to rent their units long‑term, the real value lies in flexibility.

You’re buying:

A guaranteed place to stay
Freedom from hotels or short‑term rentals
A hedge against rising accommodation costs
Optional future rental or resale upside

With condo pricing more balanced than it was a few years ago, many buyers feel the risk‑reward equation has improved — especially if they already plan to use the unit regularly.

CTA — Honest advice: We’ll tell you when buying makes sense — and when renting or staying flexible is the smarter move. Not every situation calls for ownership.

A Smart Alternative: Medium‑Term Rentals

For some buyers, owning a pied‑à‑terre is the end goal. For others, it’s a step they’re not quite ready to take — and that’s where medium‑term rentals come in.

Medium‑term rentals (typically 1–6 months) have quietly become a strong alternative for people who:

Need a downtown base a few days a week
Are testing neighbourhoods before buying
Want flexibility without committing capital
Are returning to Toronto gradually post‑COVID

Unlike short‑term rentals, medium‑term options feel more like real homes. And unlike hotels, they offer consistency, privacy, and comfort — without long‑term ownership risk.

How this ties in: Many clients use a medium‑term rental as a bridge — re‑establishing a downtown routine first, then deciding whether a pied‑à‑terre makes sense longer term.

Final Thoughts: Toronto Isn’t an All‑or‑Nothing City Anymore

For many buyers, the pied‑à‑terre reflects how life actually works now — flexible schedules, hybrid work, and a desire to stay connected without over‑committing. As prices recalibrate and the city continues to hum back to life, part‑time ownership is becoming a very intentional choice.

How we can help: If you’re considering a pied‑à‑terre in Toronto, we can help you evaluate buildings, neighbourhoods, and options that actually suit part‑time living — and avoid the ones that don’t.

Whether you’re returning to the city or redefining how you use it, the goal is the same: buy smart, buy intentionally, and enjoy the flexibility that comes with it – send us a message below to get started today!

Dec 03

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Toronto’s Luxury Land Transfer Tax: What Buyers Over $3M Need to Know

By Mark Savel Advice For Buyers, Advice For Sellers

If you’re shopping for a home in Toronto over $3 million, you’re not just buying into a neighbourhood—you’re buying into a tax bracket.

Between the provincial land transfer tax and Toronto’s own municipal land transfer tax, high-end buyers are paying some of the steepest closing costs in the country. And now, with talk of even higher taxes on “luxury” homes, the $3M line has become a psychological—and financial—wall for a lot of buyers.

Let’s break down what’s really going on at the top end of the market, and what it means if you’re buying or selling above $3M in Toronto.

Toronto’s Luxury Land Transfer Tax in Plain English

Toronto is unique in Canada because you pay two land transfer taxes on a purchase:

Ontario’s provincial land transfer tax (LTT)
Toronto’s municipal land transfer tax (MLTT)

Both are tiered taxes—different portions of the purchase price are taxed at different rates. For provincial LTT, Ontario applies: 0.5% on the first $55,000, 1% up to $250,000, 1.5% to $400,000, 2% up to $2,000,000, and 2.5% on anything over $2,000,000.

Toronto’s municipal tax mirrors those lower tiers, but as of January 1, 2024, the City introduced new luxury brackets for high-value homes:

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

These luxury rates apply only to properties with at least one, and not more than two, single-family residences—think detached, semi, or certain townhomes—inside Toronto’s boundaries.

So if you’re buying in Forest Hill, Lawrence Park, the Bridle Path, or a renovated detached in central Toronto, you’re very much in luxury-tax territory.

How Much Tax Are We Actually Talking About?

To keep things simple, let’s look at approximate totals for a buyer in Toronto (provincial + municipal combined), using the current bracket structure:

$3,000,000 purchase
- Roughly $61,500 in Ontario LTT
- Roughly $61,500 in Toronto MLTT
- Total: about $123,000 in land transfer tax
$4,000,000 purchase
- Roughly $86,500 in Ontario LTT
- Roughly $96,500 in Toronto MLTT (thanks to that 3.5% luxury tier)
- Total: about $183,000 in land transfer tax
$5,000,000 purchase
- Roughly $111,500 in Ontario LTT
- Roughly $141,500 in Toronto MLTT
- Total: about $253,000 in land transfer tax

These are ballpark figures based on the official rate structure from the Province and the City; every deal should still be run through a lawyer or a reliable calculator for precise numbers.

The takeaway? Once you cross into the $3M+ bracket, your land transfer tax bill alone can rival the price of a condo parking spot… or three.

Why $2.99M Has Become the New Line in the Sand

Here’s what we’re seeing on the ground: buyers are pushing hard to cap their purchase at or below $3M.

When you know that every extra dollar above $3M gets hit with a 3.5% municipal luxury levy on top of the provincial 2.5% over $2M, it’s no surprise that:

Some buyers are setting their saved searches to $2.8M or $2.9M max
Offer strategies are being crafted very intentionally around “Do not cross $3M”
Properties listed just above $3M are facing more resistance—and sometimes longer days on market—than those priced just under

From our side at TorontoLivings, we’ve seen more purchasers push to get their luxury house “until $3 million.” That behaviour lines up with what other brokers and analysts are calling “threshold compression”—activity bunching just below key policy lines.

How Sellers Are Responding

Sellers above $3M are adapting too:

Pricing homes at $2,995,000 instead of $3,050,000
Being more open to offers just under $3M to keep buyers out of the higher tax band
Investing more in presentation and marketing to justify a price that does cross the line

When tax policy starts driving list prices and offer strategies, it’s a sign the luxury LTT isn’t just a background closing cost anymore—it’s actively shaping the market.

If you’re thinking about selling in that range, it’s worth a conversation about strategy—especially around pricing. Our Sell Higher guide walks through how we position listings in shifting markets like this.

Did the Luxury Tax Actually Raise Revenue—or Just Headaches?

The stated goal of Toronto’s luxury MLTT changes was to raise more money from a relatively small slice of high-value deals. Law firms and policy observers noted that City Hall was trying to plug budget gaps, alongside other tools like higher parking fees and calls for new revenue sources.

On the flip side, industry groups—especially the Toronto Regional Real Estate Board (TRREB)—have been blunt: they argue that piling more tax onto home purchases, particularly in a city already dealing with affordability issues, could drive buyers away and reduce transaction volume at the top end.

You don’t have to read the full policy submissions to see the impact. Just look at:

Slower absorption above $3M in certain neighbourhoods
More buyers comparing “Toronto vs just outside of Toronto”
A growing sense, especially among move-up buyers, that “maybe we don’t need that extra bedroom if it comes with six-figure tax”

We’ve seen this play out before with other city policies—think of the Toronto Vacant Home Tax and how it changed the calculus for certain owners. The luxury LTT is doing something similar, just at a different price band.

And Now… Talk of Even Higher Taxes on “Luxury” Homes

Just as the market was getting used to the new 2024 brackets, the conversation moved again.

Recent reporting has highlighted that Mayor Olivia Chow is proposing to increase the tax rates on higher-value home sales even further, including those between $3M and $4M and above. In broad strokes, the idea is to bump the municipal luxury rates by roughly 0.9 to 1.1 percentage points in the upper tiers, pushing the MLTT on a $3M–$4M home toward the mid-4% range.

The pitch from City Hall is simple: these are the wealthiest buyers in the city, and asking them to contribute more helps fund services that everyone uses.

TRREB’s counter-argument is just as simple: stacking more tax on already expensive homes risks slowing the market and pushing activity outside city limits.

Why This Matters Even If You’re “Just Browsing”

Even without exact implementation details, the message to luxury buyers is loud and clear:

Taxes at the top end are not done evolving
The $3M line is likely to become even more sensitive over time
If you’re considering a long-term primary residence in the $3M–$5M range, you’ll want to model closing costs carefully

It also means that timing—and where you buy—matters more than ever.

How Toronto’s Luxury Tax Compares to Buying Just Outside the City

Here’s where things get interesting.

If you buy in Oakville, Mississauga, Vaughan, Markham, or other 905 municipalities, you still pay Ontario’s provincial LTT, but you do not pay a municipal land transfer tax like Toronto’s.

On a multi-million-dollar purchase, skipping the municipal side can mean tens of thousands of dollars in savings.

Roughly speaking:

A $3M home in Toronto = two layers of land transfer tax
A $3M home in Oakville or Vaughan = one layer (provincial only)

Of course, that doesn’t mean everyone should default to the 905. You’re also trading:

Commute time
School options
Neighbourhood character
Access to downtown amenities

But it does explain why we’re seeing some luxury-segment buyers:

Cross-shopping central Toronto vs. Oakville waterfront, or
Looking at newer builds in Vaughan instead of a slightly dated detached in the city core

If you’re weighing those trade-offs, our Buy Better guide and Toronto Real Estate Market Update hub are great places to start mapping out the options.

What Buyers Over $3M Should Be Thinking About

If you’re shopping above $3M in Toronto, here are a few practical moves:

1. Model the Total Cost, Not Just the Purchase Price

Run scenarios at:

$2.95M
$3.05M
$3.5M

You’ll see how quickly the combined land transfer taxes add up as you cross different thresholds. A good real estate lawyer or a reputable online calculator can give you precise numbers.

2. Build the Tax Into Your Negotiation Strategy

If you’re hovering around $3M, consider:

Structuring offers to stay under the threshold
Highlighting the tax jump when negotiating with the seller
Looking slightly under your max budget, knowing the tax bill will fill in the gap

We’re seeing many buyers treat the luxury LTT as part of the “effective price” of the home—not an afterthought.

3. Think Long-Term, Not Just “Sticker Shock”

Yes, the upfront tax is painful. But if you’re buying a home you’ll live in for 10–15 years, the question becomes:

“Is this the right home, in the right area, for the life I want… even with the tax?”

That’s where conversations about schools, commute, future renovation potential, and resale come into play. We’re big believers in matching the home and the life, not just the budget.

What Sellers Above $3M Need to Watch

On the selling side, the luxury LTT changes should play into your pricing and marketing decisions.

1. Pricing Around the Threshold

If your home’s fair-market value is somewhere between $2.9M and $3.2M, the difference between listing at $2,995,000 vs $3,099,000 is no longer just a rounding error—it’s a psychological barrier for buyers who’ve already run the tax math.

A thoughtful pricing strategy can:

Expand your buyer pool
Reduce friction during negotiations
Shorten days on market in a segment that’s naturally thinner

2. Justifying a Price Above $3M

If you are clearly above the line—say in the $3.5M+ range—your marketing needs to answer:

“Why this house?”
“Why this neighbourhood?”
“Why is it worth the extra tax, not just the extra price?”

This is where high-quality visuals, floor plans, neighbourhood storytelling, and a strong digital strategy matter. You’re not just selling a house—you’re selling the argument that this specific property is worth carrying the tax burden.

If you’re curious how we approach that, our Sell Smarter page walks through our system for maximizing value in markets exactly like this.

Final Thoughts: Is Toronto’s Luxury Market Adapting… or Migrating?

Luxury buyers in Toronto are facing a triple reality:

High base prices for quality homes
Stacked land transfer taxes (provincial + municipal, with luxury tiers over $3M)
Talk of even higher rates on “luxury” properties going forward

Some will adapt—tightening their search to just under key thresholds, negotiating harder, and focusing on homes they’ll keep for the long haul.

Others will migrate—to neighbouring municipalities with similar homes but lighter tax loads.

Either way, if you’re buying or selling above $3M in Toronto, this isn’t background noise anymore. It’s a core part of your strategy.

If you’re trying to make sense of your own numbers—whether you’re on the buy side or the sell side—feel free to reach out. And if you want to keep tabs on how policy and market trends evolve from here, make sure you’re subscribed to our market updates so you’re never guessing about what City Hall (or the market) is planning next.

Dec 02

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Priority Transit Lanes on Bathurst & Dufferin: What to Expect

By Mark Savel Advice For Buyers, Advice For Sellers, Toronto

What’s Changing — Bathurst & Dufferin’s New Priority Lanes

Toronto is rolling out priority transit lanes along two of the city’s busiest north–south corridors: Bathurst Street and Dufferin Street. If you’ve driven, ridden, or walked these stretches recently, you’ve likely felt the congestion firsthand.

The new configuration introduces red-painted priority lanes designed to keep TTC vehicles moving. On Bathurst, the priority lanes run roughly 3.4 km from Bathurst Station down to Lake Shore, converting centre lanes to streetcar-only sections and removing pockets of on-street parking. Dufferin will see curbside bus/streetcar lanes from Dufferin Station down to King Street West, paired with new signage, turn restrictions, and loading-zone adjustments.

It’s a major shakeup for two corridors that serve tens of thousands of daily riders — and thousands of drivers who now have one less lane to work with.

Why the City Is Doing This — Transit, Congestion & the 2026 World Cup

According to the City of Toronto and the TTC, both streets have reached a breaking point. Streetcars are routinely slowed to a crawl by general traffic, frequent stops, and parked or turning vehicles. Bus service on Dufferin — one of the busiest surface routes in the city — faces the same fate.

The plan is part of RapidTO, a city-wide initiative investing in dedicated transit lanes to improve reliability. And yes, there’s also a deadline: Toronto is hosting World Cup 2026 events, meaning the city needs faster and more predictable ways to move huge crowds along these central corridors.

In theory, riders should see:

Shorter travel times
More reliable service
Fewer “bunching and gaps” on streetcar and bus routes

But there’s a tradeoff — and it’s a big one.

What Riders & Drivers Should Expect — Gains, Losses & Growing Pains

Let’s be honest: traffic on Bathurst and Dufferin already feels painfully inefficient, especially during rush hours. Removing mixed-traffic lanes won’t magically unclog the streets — if anything, drivers may feel the pinch even more.

Drivers may experience:

Longer north–south travel times
More congestion from lane reductions
Loss of on-street parking in key segments
New turn restrictions

Transit riders may experience:

Faster, more predictable streetcar/bus trips
Fewer service delays caused by stalled traffic

Local businesses are watching closely. Beyond concerns about customer parking, many will face tougher delivery logistics. With curb lanes shifting to transit‑only use, delivery trucks will have fewer legal loading zones, forcing drivers to circle longer, park farther away, or schedule drop‑offs during off‑peak hours. For businesses that rely on frequent shipments — restaurants, retail shops, service vendors — even small delays can add up quickly. Some rely heavily on street parking and fear these changes could redirect customers elsewhere. Residents have also voiced concerns about cars diverting onto side streets — a natural byproduct of any major lane reallocation.

What It Means for Neighbourhoods & Real Estate

Transit accessibility has always played a big role in Toronto’s real estate story. When commuting becomes easier, neighbourhood desirability often rises with it.

For many buyers, being close to a reliable transit line is a bigger priority than owning a parking spot. These changes could boost the appeal of homes, condos, and rentals along Bathurst and Dufferin — especially for people who value car-free or car-light living.

For drivers? The reaction might be mixed. Increased congestion or reduced parking could nudge some homeowners toward quieter streets or areas with better road access.

But overall, improvements to public transit tend to strengthen neighbourhood demand over the long term.

Our Take — A Tough Transition, with Long‑Term Gains

From our experience moving around the city daily, we know how frustrating things already are: Traffic is already jammed, and these improvements won’t fix driving anytime soon.

But if the goal is to move the most people efficiently, dedicated transit lanes make sense. And in a city growing as fast as Toronto, prioritizing the TTC — the system most people rely on — feels like the right long-term play.

Will it be painful for drivers? Absolutely.

Will it help transform two notoriously slow corridors into reliable transit spines over time… we’ll see!

One more wrinkle worth noting: it’s still unclear when the lanes will officially become enforced TTC-priority lanes, and the City hasn’t yet confirmed what fines drivers might face for entering or stopping in them once enforcement begins. Until those details are finalized, expect a transition period where rules, signage, and compliance continue to evolve.

Enforcement & Penalties

Fines for Misuse

The Toronto Police Service may issue fines for:

Travelling in or entering the lane improperly: $110 and three demerit points
Stopping in the lane unless within designated loading areas: $170
Parking in a commercial loading zone without actively loading/unloading passengers or goods: $50

Sep 16

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Bank of Canada 2026 Rate Announcements & Toronto Real Estate

By Mark Savel Advice For Buyers, Advice For Sellers

As 2026 approaches, all eyes are once again on the Bank of Canada (BoC) and its interest rate announcements. After a period of steady adjustments through 2024 and 2025, the BoC has published its official 2026 schedule—dates that will shape everything from mortgage rates to Toronto’s housing market. With Toronto real estate highly sensitive to rate changes, this calendar matters to both buyers and sellers.

The 2026 Announcement Calendar

The BoC has confirmed eight interest rate decision dates in 2026 (Bank of Canada):

January 28
March 18
April 29
June 10
July 15
September 2
October 28
December 9

Each announcement is released at 9:45 a.m. ET. Four of these dates—January, April, July, and October—also come with a full Monetary Policy Report, offering deeper insight into the BoC’s outlook.

Forecasts & Drivers in 2026

So what’s at stake? As of mid-2025, the policy interest rate sits at 2.75%, with economists anticipating gradual cuts through 2025 and into 2026. Forecasts suggest we could see rates ease closer to 2.00%–2.50% by year’s end (True North Mortgage).

The key drivers the BoC will weigh:

Inflation trends – whether price growth holds steady within the 2% target range.
Economic growth – Canada’s GDP recovery pace, especially as tariffs and global trade pressures evolve.
Labour markets – employment strength and wage growth as signs of consumer demand.
Global risks – from U.S. interest rate policies to energy prices and supply chain stability.

Tracking Toronto’s Real Estate Activity

At Toronto Livings, we keep close tabs on the numbers that matter most:

Sales activity – recent TRREB data shows summer 2025 home sales rising modestly compared to last year.
Average prices – while sales are up, prices have faced downward pressure, with buyers negotiating more aggressively in a high-inventory market.
Inventory & listings – more active listings mean more choice for buyers; months of inventory (MOI) is trending higher (Move Smartly).
Condo vs. low-rise – low-rise homes have seen stronger year-over-year recovery, while the condo segment remains softer.

This real-time tracking helps us anticipate how the BoC’s decisions will ripple through Toronto’s housing market.

How Rate Changes Could Affect Toronto Real Estate in 2026

If rates fall: Lower borrowing costs could spur demand, especially among first-time buyers and move-up families. Low-rise homes may see renewed bidding wars if affordability improves.
If rates hold steady: Market momentum may remain muted, with price growth restrained and condos facing continued challenges.
If cuts are slower than expected: Buyers may stay cautious, and new construction projects—already at lower than historical levels—could face further delays.

What Buyers and Sellers Should Watch For

Key dates – mark the BoC’s eight announcements on your calendar.
Statements & reports – focus on inflation commentary, labour market analysis, and forward guidance.
Local market data – keep an eye on TRREB monthly updates for sales, listings, and pricing.

For buyers: staying pre-approved and watching for rate dips could provide an edge.
For sellers: higher inventory means standing out matters more than ever—pricing and presentation will be critical.

Conclusion

The BoC’s 2026 rate decisions are poised to shape not only mortgage costs but also the rhythm of Toronto’s real estate market. With forecasts leaning toward modest easing, the year could bring more opportunities for buyers while keeping sellers on their toes. We’ll continue to track the data and provide insights to help you navigate what’s ahead.

Jul 22

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Medium-Term Rentals in Toronto: Flexible Housing for 30–180 Days

By Mark Savel Advice For Sellers, Medium Term Rentals

What Are Medium-Term Rentals?

Medium-term rentals are furnished homes or condos leased for 30 days to 6 months—the sweet spot between nightly Airbnb-style stays and traditional one-year leases. They’re perfect for people who need a place longer than a vacation but don’t want to commit to a full-year lease.

Toronto’s housing market, with its constant flow of newcomers, corporate relocations, and transitional homeowners, makes medium-term rentals more relevant than ever!

Who Are Medium-Term Rentals For?

Corporate Relocations & Work Assignments

When employees relocate for a project or work assignment, staying in a hotel for months can be expensive—and uninspiring. Medium-term rentals offer a home-like alternative with full kitchens, private living spaces, and flexible terms.

Looking for an example? Check out this fully furnished 3-bedroom in Toronto, perfect for corporate relocations.

Homeowners Renovating or Between Homes

If you’re remodeling your home—or selling one place while waiting for another to close—a medium-term rental keeps you comfortable during the transition. Think of it as a stress-free way to ride out those noisy renovations or delayed closings.

Extended Visits & Medical Stays

Some families need to be in Toronto for months at a time—whether for specialized medical treatment, supporting a loved one, or even “test-driving” the city before making a permanent move. Medium-term rentals make these longer stays convenient and comfortable.

Why Toronto is Perfect for Medium-Term Rentals

Strong Demand from Relocations

Toronto is Canada’s corporate and financial hub. With global companies moving employees in and out of the city, demand for fully furnished, flexible housing remains high—even as overall rents have cooled slightly in 2025.

Tight Hotel Supply & Rising Costs

Extended hotel stays can feel cramped and costly. Medium-term rentals often provide more space for less money, plus practical perks like full kitchens and in-suite laundry.

Investor Opportunity

For investors, medium-term rentals can be a sweet spot:

Higher nightly rates than long-term leases
Fewer regulatory headaches than short-term rentals (and less turnover chaos)

What to Look for in a Medium-Term Rental

Whether you’re renting or investing, here’s what makes a great medium-term property:

Fully furnished with quality essentials (not just mismatched leftovers)
All-in pricing – utilities, Wi-Fi, and parking included
Great location – near transit, corporate hubs, or hospitals

Considering a Medium-Term Rental?

If you need temporary housing for work, renovations, or a life transition, a medium-term rental could be the perfect fit. Explore this fully furnished 3-bedroom Toronto rental, ideal for corporate stays or relocations and experience how seamless a temporary move can be.

Ready to Find Your Medium-Term Rental?

Whether you’re relocating for work, waiting on a new home to close, or just need a comfortable place during renovations, we can help you secure the right space. Contact the Toronto Livings Team today and let’s find you a rental that feels like home—even if it’s only for a few months.

Jul 16

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How Long Is a Status Certificate Valid in Toronto? What Buyers and Sellers Need to Know

By Mark Savel Advice For Buyers, Advice For Sellers

Why Status Certificates Matter

When you’re buying or selling a Toronto condo, the status certificate is one of the most important documents in the deal. It’s a snapshot of the building’s financial health, reserve fund, insurance, and any legal issues that could impact ownership. Lenders and lawyers rely on it to confirm that you’re not walking into unexpected costs—or worse, a building with looming legal trouble.

The Legal Reality: Valid Only on the Day It’s Issued

Here’s the key takeaway: a status certificate is legally valid only on the date it’s produced. According to the Ontario Condominium Act, it’s essentially a “point-in-time” document. Think of it like a financial snapshot—accurate the moment it’s taken, but not guaranteed tomorrow. Condo boards aren’t required to notify you of any changes after the certificate is issued.

The Practical Reality: Lawyers and Lenders Play by Different Rules

While the law is clear, real-world practice adds a layer of interpretation. Lawyers and lenders treat the document as “current” for a certain window of time:

Lawyers

Most lawyers will review a status certificate within 10 days of issuance.
Between 30–60 days, many will request a verbal update from property management to confirm nothing has changed.
Past 60 days, some lawyers may advise ordering a new one if the deal is still pending.

Lenders

Most lenders require a status certificate that’s no more than 30 days old before approving mortgage funds.
Beyond 90 days, virtually every lender will require a fresh certificate, no matter what.

Why There’s No Universal Rule

The reason for this inconsistency is simple: condo finances can change fast. A new special assessment, a lawsuit, or unexpected repairs can throw a building’s financials off balance in a matter of weeks. Lawyers and lenders set their own risk tolerance, which is why two deals on identical units might have different requirements.

Real-World Example

Not long ago, we had a deal where the status certificate was just outside the 90-day window. The lender wouldn’t release funds until a new certificate was ordered—costing the seller time and the buyer an extra $100 in fees. Nothing had changed in the building’s finances, but the lender’s policy was firm: no exceptions beyond 90 days.

Best Practices for Buyers and Sellers

Track the date carefully. Treat the issue date as a countdown clock.
Expect lender caution. If financing is involved, budget for the possibility of ordering a second certificate.
Talk to your lawyer early. Ask how long they’re comfortable relying on an older certificate.
If you’re selling, be proactive. If your certificate is nearing 60 days old and the deal isn’t firm yet, consider ordering a new one before being asked.

Quick FAQ

Can you rely on an old status certificate if nothing has changed?
Sometimes, but only with confirmation. Lawyers may request verbal updates, and lenders often won’t accept verbal assurance beyond 30–60 days.

Who pays for a new status certificate if one is needed?
Typically, the seller provides the initial certificate. If a new one is required due to delays, it’s often negotiated, but sellers usually cover it to keep the deal moving.

What if something changes after the certificate is issued?
Buyers can request an updated certificate, and significant changes (like a new special assessment) could give them grounds to back out before firming the deal.

Thinking About Buying or Selling a Condo?

Understanding the fine print of a status certificate can make or break a deal—and that’s where we come in. Whether you’re reviewing one for a potential purchase or preparing your unit for sale, our team knows exactly what to look for (and how to keep deals moving, even when lenders get picky).

Reach out to us today to talk through your condo plans—let’s make sure your next move is a confident one.