Advice For Buyers | TorontoLivings

Oct 14

Buying a Toronto Penthouse Over $3M? Here’s What the Luxury Land Transfer Tax Really Costs

By Mark Savel Advice For Buyers, Luxury Real Estate

You’ve found it. Floor-to-ceiling glass, a wraparound terrace, a view that makes the CN Tower look like a neighbour. The price is $3.4 million, and it’s worth every penny.

Then your lawyer sends the closing estimate.

Since April 2026, every dollar you spend above $3 million in Toronto costs an extra 6.9% in land transfer tax. That’s the City’s new luxury rate stacked on top of the Province’s. For many of the penthouse buyers we work with, it’s the single biggest surprise in the whole purchase.

Let’s take a look at how the luxury land transfer tax works, what it actually costs at penthouse prices, and how to plan for it before you fall in love with the view.

Yes, Penthouses Pay the Luxury Rates Too

A lot of buyers assume the “luxury” land transfer tax is aimed at Bridle Path mansions. It isn’t.

The higher rates apply to any property containing one or two single family residences. Under Ontario’s land transfer tax rules, that definition includes a condominium unit. So a $4 million penthouse pays exactly the same tax as a $4 million detached home in Forest Hill.

In other words, the 40th floor gets no discount. The tax follows the price, not the property type.

The Two Taxes Toronto Buyers Pay

Toronto is the only city in Ontario where buyers pay two land transfer taxes, and both are graduated. That means each slice of the price is taxed at its own rate, so you never pay the top rate on the whole purchase.

The first is Ontario’s land transfer tax. It climbs from 0.5% to 2.0% on the first $2 million, then charges 2.5% on anything above that. That’s where the provincial tax stops, no matter how high the price goes.

The second is Toronto’s municipal land transfer tax, and this is where the luxury rates live. The City’s tax mirrors the provincial rates up to $3 million, then keeps climbing. City Council approved higher luxury rates in December 2025, and they took effect on April 1, 2026.

Today, the slice of a price between $3 million and $4 million is taxed at 4.4%, up from 3.5%. From $4 million to $5 million, the rate is 5.45%, and from $5 million to $10 million, it’s 6.5%. Above that, the City of Toronto’s current rates reach 7.55% up to $20 million and 8.6% beyond it.

Here’s the key point: the new rates apply based on when your deal closes and is registered, not when you signed. If you close today, you pay today’s rates.

What It Actually Costs at Penthouse Prices

Percentages are easy to skim past. Dollar figures are not. Here’s what a buyer pays in combined land transfer tax at common penthouse price points today.

Purchase price	Ontario LTT	Toronto MLTT	Total land transfer tax
$2,990,000	$61,225	$61,225	$122,450
$3,500,000	$73,975	$83,475	$157,450
$4,000,000	$86,475	$105,475	$191,950
$5,000,000	$111,475	$159,975	$271,450
$7,500,000	$173,975	$322,475	$496,450
$10,000,000	$236,475	$484,975	$721,450

Estimates based on current provincial and City rates for a non-first-time buyer. Excludes the City’s administration fee.

Look at the jump between $3 million and $4 million. That extra million costs $69,000 in tax alone, because every dollar in that band is taxed at 4.4% by the City plus 2.5% by the Province.

Put another way: at $4 million, the tax bill is roughly the price of a nice parking spot downtown. At $10 million, it’s closer to the price of a nice condo.

Want to see your own number? Run it through our luxury land transfer tax calculator before you book a showing.

Luxury Land Transfer Tax Calculator

Estimate Ontario and Toronto land transfer tax on high-value homes, including the City's luxury rates that took effect April 1, 2026.

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I'm a first-time home buyerApplies the Ontario (up to $4,000) and Toronto (up to $4,475) rebates.

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See the bracket-by-bracket breakdown

Estimates only, for informational purposes; not legal or tax advice. Ontario LTT rates per the Province of Ontario. Toronto MLTT rates per the City of Toronto, with graduated rates over $3,000,000 effective April 1, 2026 (purchases closing on or after that date). Calculations assume a property with one or two single-family residences (houses and condos); other property types, such as buildings with three or more units, are taxed at different rates. Non-resident speculation tax, commercial/land-only rates and other adjustments are not included. Confirm final amounts with your real estate lawyer.

The Jump Our Penthouse Buyers Feel Most

We work with a lot of buyers shopping for penthouses in Toronto, and the $3 million line comes up in almost every conversation.

Here’s the pattern we see. A buyer starts with a budget around $2.8 or $2.9 million. Then they see a unit with a bigger terrace, a better view or a private elevator, listed at $3.2 or $3.4 million. The price gap feels manageable. The tax gap often doesn’t, at least not until we’ve run the numbers together.

That’s why the $3 million threshold now shapes our offer strategy at the top end. Sometimes the right move is negotiating just under the line. Sometimes the view really is worth it, and the tax simply becomes part of the true price.

Either way, it’s a decision you want to make on purpose. Looking at Toronto’s most expensive condo sales of 2025 is a good reminder of how many top-floor units now trade well above the threshold.

Three Things Condo Buyers Often Miss

The first is timing on pre-construction. Land transfer tax is paid when the purchase closes and is registered, not when you sign. So a penthouse bought off-plan in 2023 but closing now pays the post-April 2026 rates. The good news is that the tax is calculated on the price before HST. If you’re watching a new project like Aqualuna’s penthouse collection, build the current rates into your closing budget now.

The second is parking and lockers. Land transfer tax is based on the total value of what you buy, so parking spaces or lockers included in the purchase price add to that total. For a buyer sitting just under $3 million, two parking spots could be what tips the deal over the line. It’s worth asking your lawyer how your specific deal is structured.

The third applies to buyers from outside Canada. Anyone who isn’t a Canadian citizen or permanent resident pays Ontario’s 25% Non-Resident Speculation Tax, and Toronto adds its own 10% Municipal Non-Resident Speculation Tax on top. Both apply in addition to the regular land transfer taxes, so the numbers change dramatically.

Where $3M+ Condo Buyers Are Looking

Not every luxury buyer wants a glass tower downtown. Many of our clients are looking in midtown, where boutique buildings, large suites and established streets come together. Three neighbourhoods come up again and again.

Casa Loma. Perched on the hill north of Davenport, this is one of the city’s quietest prestige pockets. Condo options are limited and tightly held, which is exactly the appeal. Get to know the area in our Casa Loma neighbourhood guide.

Forest Hill South. Tree-lined streets, Forest Hill Village shops and quick access to St. Clair West station. Larger mid-rise suites here regularly cross the $3 million mark. Start with our Forest Hill South guide, or browse Forest Hill South condos for sale.

The Annex. Victorian streetscapes, the University of Toronto next door and Yorkville a short walk away. It’s a strong pick for buyers who want character and convenience in equal measure. See our Annex neighbourhood guide and current Annex condos for sale.

Prefer the downtown skyline? The Shangri-La penthouse collection shows what the top of that market looks like. The tax math is the same wherever you land in the city.

How to Plan Around the Tax

The luxury land transfer tax isn’t going anywhere, so the smart move is to plan for it from day one.

Planning starts before you book your first showing. Know your all-in cost at a few price points, say $2.9 million, $3.2 million and $3.5 million, rather than just your purchase budget.

It also helps to treat the tax as cash. Land transfer tax is due on closing and can’t be rolled into your mortgage, so a $4 million penthouse means having roughly $192,000 on hand on top of your down payment.

When it’s time to make an offer, keep the thresholds in mind. A unit listed just above $3 million, $4 million or $5 million gives you a fair reason to negotiate, since the tax steps up at each line. If you’re buying pre-construction, plan for the rates in effect when you close, not when you signed. And before closing, confirm the final figure with your real estate lawyer. Our estimates are a planning tool, but your lawyer calculates the official number.

Will the rates change again? Possibly. The Toronto Regional Real Estate Board has asked the Province to cap the City’s rates at the provincial level, while City Hall has raised them three times in under a decade. It’s a trend to watch.

For more on the bigger picture, see our earlier explainer on Toronto’s luxury land transfer tax, or browse multi-million-dollar condos in Toronto.

The Bottom Line

The luxury land transfer tax is a real cost, but it doesn’t have to be a dealbreaker. Buyers who know the numbers early make calmer decisions, negotiate with more confidence and close without surprises.

And with more listings on the market this fall, buyers have more room to negotiate than they’ve had in a while. That could make it a promising time to find the right penthouse at the right price, tax and all.

Thinking about a purchase above $3 million? Book a strategy call with our team, and we’ll walk through your all-in costs before you fall for the view.

Rates current as of October 2026. Figures are estimates for planning purposes only and are not legal or tax advice. Please confirm your land transfer tax with your real estate lawyer.

Oct 04

Love0

What Types of Layouts Are Available at Forest Hill Lofts?

By Mark Savel Advice For Buyers, Lofts

One of the best things about living at Forest Hill Lofts at 1001 Roselawn Avenue is that there really isn’t a “typical” floor plan. Unlike a newer condo where the same handful of layouts might be repeated from floor to floor, Forest Hill Lofts was created within an existing industrial building. When the former knitting factory was converted into residential lofts in 2002, the layouts had to work around the original structure of the building. The result is a collection of lofts that can vary considerably in size, configuration and character.

I’ve been inside many units at 1001 Roselawn over the years, and it’s one of the reasons I always tell buyers not to judge a listing here based solely on the number of bedrooms or square footage. Two units that look almost identical on paper can feel completely different once you step inside. Ceiling heights, concrete pillars, window placement, mezzanines, outdoor spaces and even the shape of the living area can change considerably from one suite to another.

One-Bedroom Lofts

The one-bedroom layouts are some of the smaller homes at Forest Hill Lofts, with certain units starting around the 700-square-foot range. The 13ft high ceilings, large industrial-style windows and open-concept living areas, however, can make these suites feel considerably larger than their square footage suggests.

You’ll also find quite a bit of variation within the one-bedroom layouts themselves. Some have additional areas that can function as a home office or dining space, while others make creative use of the height of the suite for additional storage. For someone who likes open-concept living and doesn’t necessarily need a second bedroom, these can be some of the most interesting and efficient layouts in the building.

One-Bedroom Plus Den Layouts

There are also one-bedroom-plus-den configurations at 1001 Roselawn, although the definition of a “den” can be a little different in a converted loft. Depending on the suite, it could be an open area incorporated into the main living space or a raised section that takes advantage of the building’s ceiling height.

That flexibility can make these layouts particularly useful for buyers who work from home or want a little separation between their living and working spaces without moving into a full two-bedroom unit. As with most layouts in the building, it’s important to look at how the space is actually configured rather than relying solely on the room count.

Two-Bedroom Lofts

Two-bedroom layouts make up a large portion of the suites at Forest Hill Lofts, but they’re also some of the most varied. Some units have two bedrooms located on the same level, including more traditional split-bedroom configurations where the bedrooms sit on opposite sides of the suite. Others use the vertical space of the loft much more creatively.

In many units, the second bedroom is located on a raised mezzanine overlooking the main living area. This allows the suite to maintain its open loft character while still creating a separate sleeping space. It’s one of the features that really distinguishes 1001 Roselawn from a conventional condo building.

Mezzanine Layouts

If there’s one feature that separates certain Forest Hill Lofts layouts from a typical condo, it’s the mezzanine. With ceilings reaching roughly 13 feet in many suites, the original conversion was able to create raised sleeping, office and den areas within some units. In many two-bedroom layouts, the second bedroom sits on this elevated level overlooking the main living space.

Forest Hill Lofts Bedroom with Mezzanine

The area underneath the mezzanine can be just as useful. Depending on the unit, you’ll find storage incorporated below it, giving owners additional storage without taking away from the main living area. The trade-off is that mezzanine bedrooms tend to be more open than a conventional enclosed bedroom. Some buyers love the openness and authentic loft feel, while others prefer the privacy of a traditional bedroom, so it’s an important feature to consider when comparing units. We’ve even seem some units add a glass wall partition, to add more privacy.

Two-Bedroom Plus Den Lofts

A smaller number of units offer two bedrooms plus a den, giving buyers even more flexibility. In keeping with the character of the building, the den isn’t necessarily a conventional enclosed room and may instead occupy a raised portion of the suite or an open area off the main living space.

These layouts can create several distinct zones within the loft while still maintaining the open-concept character of the original conversion. For buyers who need two bedrooms plus a dedicated home office, these can be particularly appealing when they become available. We’ve even seen some dens turned into bedrooms, effectively making them a 3 bedroom layout!

Corner Units

Corner units are another category worth paying attention to at Forest Hill Lofts. Having windows on multiple sides can completely change the feel of a suite, bringing additional natural light into the space and creating exposures that aren’t possible with interior units. Some corner suites also feature large wraparound windows, making the living areas feel especially bright and open. The corner units tend to offer split bedroom layouts instead of the raised mezzanine layout.

Ground-Floor Layouts With Private Terraces

Where a unit is located within the building can be just as important as the floor plan itself. The south-facing ground-floor suites are particularly unique because they have their own private outdoor terraces. These spaces extend the living area outdoors and give the suites a very different feel from units on the upper floors.

For buyers who want the character of a hard loft but still value having their own outdoor space, these ground-floor layouts offer something fairly unique. They can feel almost townhouse-like compared with the more traditional loft layouts elsewhere in the building… and offer a convenient back patio feel – perfect in those summer months.

Lofts With Private Rooftop Terraces

What makes units at Forest Hill Lofts even more unique is that some come with their own private rooftop terraces. These shouldn’t be confused with the building’s shared rooftop terrace, which is available for all residents to enjoy. Select units have private outdoor spaces that are exclusively for the use of that particular suite.

Because there are only a limited number of these layouts, they’re something worth paying attention to when they come onto the market. Private outdoor space isn’t particularly common in a converted hard loft, and having a rooftop terrace can make an already unique floor plan even more desirable, and more valuable when it comes to resale.

Why Floor Plans Matter More at 1001 Roselawn

Shopping for a loft at Forest Hill Lofts is a little different from shopping in a typical Toronto condo building because you can’t necessarily see one two-bedroom unit and assume you know what the next one will look like. One might have a mezzanine bedroom with storage underneath, while another could have two conventional bedrooms. Another might be a corner suite with wraparound windows, while a ground-floor unit could have a private terrace.

That’s part of the appeal of buying in a true conversion. The building has its own character, but so does each individual loft. Rather than choosing between a handful of repeated floor plans, buyers at 1001 Roselawn are often comparing spaces that have their own advantages, quirks and personalities.

Which Forest Hill Lofts Layout Is Best?

There isn’t really one “best” layout at 1001 Roselawn. It depends on how you plan to use the space. If you prioritize openness and authentic loft character, a mezzanine layout might be the most interesting. If privacy is more important, a traditional or split two-bedroom configuration could make more sense. Buyers who work from home may prefer one of the one-bedroom-plus-den or two-bedroom-plus-den layouts, while those who prioritize outdoor space should keep an eye out for the ground-floor terraces and units with private rooftop space.

That’s why I recommend looking beyond just bedroom count and square footage when a unit becomes available at Forest Hill Lofts. At 1001 Roselawn, the individual floor plan, exposure, ceiling height, windows and outdoor space can make all the difference.

Interested in Buying at Forest Hill Lofts?

Because no two units at 1001 Roselawn Avenue are quite the same, finding the right layout can sometimes mean waiting for the right unit to come to market. If you’re interested in buying at Forest Hill Lofts, send us a message below. We know the building, its different layouts and the features that can make one unit stand out from another.

Whether you’re actively looking to buy or simply want to know when something interesting becomes available, we’d be happy to help you keep an eye on the building and find a loft that fits what you’re looking for.

Oct 01

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Your Toronto Condo PDI: What to Look For Before You Get the Keys

By Mark Savel Advice For Buyers

After years of looking at floor plans, renderings and construction updates, the day finally comes: your pre-construction condo actually exists. Before you start measuring for furniture or planning move-in day, there’s one important step left… the Pre-Delivery Inspection, better known as the PDI.

Your PDI is your opportunity to walk through your new condo with the builder or their representative before occupancy, inspect the finished product and document anything that’s damaged, incomplete, missing or simply not working properly. And while it’s exciting to finally see the condo you bought, this isn’t the time to rush. You want to slow things down, look closely and make sure the home you’re about to receive is properly documented.

Here’s how I recommend preparing for your Toronto condo PDI, and what you should be looking for once you’re inside.

What Is a Pre-Delivery Inspection (PDI)?

A Pre-Delivery Inspection is a walkthrough of your new home that happens before you take occupancy. According to Tarion’s Pre-Delivery Inspection guidelines, the PDI is used to identify items that are damaged, incomplete, missing, inaccessible or not operating properly. It also gives the builder an opportunity to show you how the different systems in your new home work.

I like to think of the PDI as creating a snapshot of your condo before you move in. If there’s a scratch across your new flooring, for example, you want it documented before the movers arrive and not three weeks later when there could be a question about when or how it happened.

During the inspection, deficiencies are recorded on the PDI Form. Once everything has been documented, you or your designate will review and sign it and receive a copy for your records. There is one important distinction to understand from the beginning, though: your PDI Form is not the same thing as a warranty claim. We’ll get into why that matters a little later.

How to Prepare for Your Condo PDI

You don’t need to show up with a toolbox, but a little preparation can make your PDI much more productive. I’d bring your Agreement of Purchase and Sale, floor plan, colour and finish selections, upgrade sheets and any other documentation showing what you purchased from the builder.

Remember, you’re not only looking for scratches and dents. You’re also confirming that the condo in front of you is what you actually bought. If you paid for upgraded flooring, a particular countertop, different cabinetry or an upgraded appliance package, compare what’s been installed with your paperwork. Something can be installed perfectly and still be the wrong thing.

If you’re still weighing the differences between buying new and resale, I’ve also broken down the pros and cons of buying a resale vs. pre-construction condo.

Bring Your Phone—and Charge It

Your phone is probably one of the most useful tools you can bring to a PDI. Take photos as you go, especially when you find something damaged or incomplete. For anything significant, I like taking one wider photo that establishes where the deficiency is located and then a closer photo that clearly shows the problem.

Tarion also recommends photographing damaged or incomplete items because those photos may become useful documentation later. My approach is pretty simple: see it, mark it, photograph it and document it.

And Bring Green Painter’s Tape

This is one of my favourite PDI tips, and it’s incredibly simple: bring a roll of bright green painter’s tape.

Whenever you notice a scratch, chip, dent, paint issue or another visible deficiency, put a small piece of tape beside it. The bright colour makes the issue easy for the builder to identify, but it also helps you find it again when you’re reviewing the condo later. By the end of some PDIs, there can be quite a bit of green tape around the unit, and that’s okay. That’s exactly why you’re there.

Your Toronto Condo PDI Checklist

Once the inspection starts, I recommend working systematically through the condo rather than wandering from room to room looking for problems. Start with the big picture and then work your way through each space, checking the finishes, fixtures and systems as you go.

Start With the Big Picture

Before getting caught up in small cosmetic details, take a minute to look at the condo as a whole. Does the layout match what you purchased? Are the rooms and major features where they’re supposed to be? Do the finishes generally match your selections? Are your upgrades installed?

If something immediately looks different from what you expected, now is the time to pull out your paperwork and ask about it. Don’t assume a substitution was permitted simply because it’s already been installed.

Check the Floors, Walls and Ceilings

Take your time looking over the flooring, walls, ceilings, baseboards and trim throughout the condo. You’re looking for things like scratched flooring, chipped tiles, poor transitions, damaged baseboards, drywall imperfections, paint issues, cracks or other visible damage.

It’s worth looking at surfaces from a few different angles, especially when there’s good natural light coming through the windows. Some scratches, dents and paint imperfections can be surprisingly difficult to see when you’re standing directly in front of them. This is also where that roll of green painter’s tape really starts earning its keep.

Open Every Door, Window and Closet

A condo can look perfectly finished until you actually start interacting with it, so don’t be afraid to open things. Try the interior doors, closets, cabinetry and accessible windows. Make sure everything opens and closes smoothly, isn’t rubbing or sticking and doesn’t have obviously damaged or misaligned hardware.

The important thing here is not to treat the PDI as a visual inspection only. If something is designed to open, close, slide, turn or move, give it a try.

Inspect the Kitchen

The kitchen deserves some extra attention because there are so many individual components packed into one relatively small space. Open the cabinets and drawers, inspect the countertops and backsplash and compare the finishes against what you selected when you purchased the condo.

Turn on the faucet and let the water run for a bit, then take a look underneath the sink for any signs of leaking. Check the caulking, plumbing, outlets and appliances while you’re there. You should also confirm that the appliances you’re supposed to receive are present and don’t have any obvious damage.

It’s worth noting that appliances themselves aren’t necessarily covered by the builder’s statutory new-home warranty in the same way construction defects are, so ask the builder how appliance deficiencies and manufacturer warranties are handled.

Give the Bathrooms Extra Attention

Bathrooms are another area where you want to do more than simply look around. Run the faucets, flush the toilets and make sure the water drains properly. Look underneath the vanity for leaks and inspect the tile, grout, mirrors, fixtures and caulking.

And then there’s one test I always like to do—one that occasionally gets me a funny look.

Yes, I Actually Stand in the Bathtub

If there’s a bathtub, I’ll take my shoes off, step inside and carefully walk back and forth or shift my weight around. I’m checking to see whether the tub feels stable and properly supported.

It’s a perfect example of something you might never notice just by looking at it. The bathtub could look completely normal from the outside, but once you step inside, you may notice movement or something that simply doesn’t feel right. That’s why I like actually using things during a PDI rather than only inspecting them visually.

Test the Electrical and Learn How the Condo Works

As you move through the condo, turn the lights on and off and test the switches and accessible outlets where practical. You should also know where your electrical panel is located and ask about anything you don’t understand.

The same goes for your heating and cooling system. Don’t leave the PDI knowing where the thermostat is but having no idea what it actually controls. Ask the builder representative to explain the system, including the thermostat, fan coil or heat pump where applicable, exhaust fans and any equipment you’re responsible for maintaining.

This is also a good opportunity to ask about filters, shut-offs and regular maintenance. I’ve written a separate guide to condo and apartment heating systems if you want to better understand some of the different systems you’ll find in Toronto buildings.

Don’t Let Your PDI Feel Rushed

This might be my biggest piece of advice: slow down.

It’s easy to feel like you need to keep pace with the builder representative who’s taking you through the condo, especially when you’re excited to finally see the place. But you’re inspecting a brand-new home you’ve spent a considerable amount of money on, so take the time to actually inspect it.

Open the cabinets and closets. Run the water. Flush the toilets. Turn on the lights. Look underneath the sinks. Step back and look at the finishes. If something doesn’t make sense, ask about it. You’re not being difficult by taking your time—you’re doing exactly what the PDI is there for.

What Happens If You Find a Deficiency?

If you find something that needs attention, point it out to the builder representative and make sure it’s accurately recorded on the PDI Form. I’d also take a photo for your own records, particularly if the issue is something that could become harder to document after you move in.

Before signing the form, take a few minutes to review it and make sure the deficiencies you identified are actually included and described accurately. Keep your copy of the completed form together with your photos and other purchase documents.

Ideally, the builder will address those items before or shortly after you move in. However, don’t assume that having something written on your PDI Form means the warranty process will automatically take care of it from that point forward.

Your PDI Form Is Not Your Warranty Claim

This is probably the most important technical detail in this entire guide. Your PDI Form documents the condition of your condo before occupancy, but it does not itself represent a request for warranty service through Tarion.

If an item identified during your PDI hasn’t been resolved, you may need to include it on the appropriate warranty form to obtain Tarion’s assistance. As of October 2026, Tarion’s current process allows homeowners to begin adding items to their Initial Form one day after their warranty start date, with the form automatically submitted through MyHome on day 41.

Because warranty procedures and deadlines can change, I’d always check Tarion’s current warranty claim forms and timelines rather than relying on an older article when you’re actually preparing a submission.

The important takeaway is that documenting something at your PDI and submitting it through the warranty process are two different steps.

What About the Condo’s Common Areas?

Your individual condo PDI generally focuses on what’s within the boundaries of your unit. Common elements are different and have their own warranty process involving the condominium corporation.

Where things can get a little confusing is that something may feel like it’s part of your condo while legally being considered a common element. Depending on the condominium’s declaration, this can include things such as balconies, windows or even the suite entrance door.

If you notice an issue involving one of these areas, you can still document it and raise it with the appropriate parties. Understanding the distinction between the individual unit and the condominium corporation is also one of the reasons it’s important to understand what a condo status certificate is and why it’s important when purchasing a resale condo.

What Happens After the PDI?

Once the PDI is finished, keep an eye on the deficiencies you documented and confirm whether they’ve been corrected. You may also discover things after moving in that weren’t obvious during the inspection. That’s not unusual—you can learn a lot more about a home after actually living in it.

Ontario’s statutory new-home warranty provides different protections during the one-, two- and seven-year warranty periods. You can review the current new-home warranty coverage directly through Tarion.

Most importantly, keep good records. Photos, emails, forms and dates aren’t particularly exciting…until you need them.

My Advice After Attending Condo PDIs

The small cosmetic deficiencies are often the easiest things to find. It’s the things you have to actually interact with that are easier to miss, which is why I don’t like treating a PDI as simply a visual walkthrough.

Open the cabinets and closets. Run the faucets. Flush the toilets. Slide the doors. Turn on the lights. Step into the bathtub. Ask how the thermostat works. And when you find something that isn’t right, mark it with that green painter’s tape, photograph it and make sure it’s documented.

A good PDI isn’t about trying to find as many problems as possible. It’s about taking the time to understand the home you’re about to receive and making sure its condition is properly recorded before you move in.

Toronto Condo PDI FAQs

How long does a condo PDI take?

There isn’t one universal length because condos vary in size and builders may schedule their inspections differently. Give yourself enough time that you won’t feel pressured to rush through the unit. A smaller condo may have fewer rooms, but there are still plenty of finishes, fixtures and systems worth checking.

Can I bring my Realtor to my PDI?

Tarion says you can have someone accompany you during your PDI. If you can’t attend yourself, you can also appoint a designate to conduct the PDI on your behalf, although the appropriate authorization should be provided to the builder.

Can I bring a home inspector to my condo PDI?

Tarion doesn’t restrict whom you can choose as your designate, but you’ll want to confirm the builder’s procedures for additional attendees ahead of your appointment. If you’re considering professional assistance, arrange it before PDI day rather than assuming you’ll be able to add someone at the last minute.

What happens if I find damage during my PDI?

Point it out to the builder representative, make sure it’s properly recorded on the PDI Form and take photographs for your own records. The goal is to create a clear record showing that the damage or deficiency existed before you took occupancy.

What happens if the builder doesn’t fix something from my PDI?

If an unresolved item may be covered by Ontario’s statutory new-home warranty, it should be reported through the applicable warranty claim process. Don’t assume the PDI Form itself is a warranty claim.

Is the PDI Form the same as a Tarion warranty claim?

No. The PDI Form creates a record of the home’s condition before occupancy. Tarion’s warranty claim process is separate, so unresolved items may need to be submitted through the appropriate warranty form.

Should I take pictures during my PDI?

Yes. Tarion specifically recommends photographing damaged or incomplete items. Photos can provide useful evidence of what the condo looked like before you moved in.

What should I bring to a condo PDI?

At minimum, I’d bring your purchase documents and selections, a charged phone and a roll of green painter’s tape. Having your paperwork with you makes it much easier to compare the finished condo with what you actually purchased.

Can I report a problem after my PDI?

Yes. Missing something during the PDI doesn’t necessarily eliminate your warranty coverage. However, documenting visible damage or missing items during the PDI can make it much easier to establish that the problem existed before you took occupancy.

Does my condo PDI include my balcony?

Not necessarily. Tarion notes that condo PDIs focus on items within the boundaries of the individual unit. Balconies, windows and entrance doors are examples of items that may be common elements, depending on the condominium’s governing documents.

Final Thoughts: Your PDI Isn’t Just a Walkthrough

For many pre-construction buyers, the PDI is the first time the condo stops being a floor plan and starts feeling like home. Enjoy that moment—but don’t let the excitement distract you from why you’re there.

Take your time, test things, ask questions and document what you find. Bring your paperwork, charge your phone and, yes, bring the green painter’s tape.

You waited long enough for your condo to be built. Spending a little extra time making sure everything is properly documented before you get the keys is time well spent.

Take your time, test things, ask questions and document what you find. Bring your paperwork, charge your phone and, yes, bring the green painter’s tape.

This becomes even more important when purchasing a penthouse or luxury condo, where custom layouts, upgraded finishes and additional features can mean there’s simply more to inspect. I specialize in Toronto penthouses and have helped buyers navigate everything from the initial condo search through to the final stages before getting the keys.

If you’re buying a penthouse or luxury condo in Toronto and want experienced guidance throughout the process, send me a message below!

Feb 04

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TFSA Limits 2026 Explained: A First-Time Buyer’s Secret Weapon

By Mark Savel Advice For Buyers

Why First-Time Buyers Need Every Advantage Right Now

Toronto’s housing market has softened compared to its peak in 2022, but affordability hasn’t suddenly become easy. Prices may be more negotiable, yet down payments remain substantial and buyers who are truly prepared continue to separate themselves from the pack.

Most first-time buyers focus almost exclusively on how much they can borrow. That’s understandable — mortgage pre-approvals feel concrete. But in practice, it’s often how you’ve saved that determines how quickly and confidently you can act when the right home comes along.

That’s where the TFSA comes in. When used intentionally alongside the First Home Savings Account (FHSA), it becomes one of the most flexible and underrated tools first-time buyers have.

TFSA Limits for 2026 — The Numbers That Matter

The 2026 Contribution Limit (And Why It’s Bigger Than It Looks)

For 2026, the annual TFSA contribution limit is $7,000. On its own, that may not sound like a game-changer. But the real power of the TFSA lies in how contribution room accumulates.

If you’ve been eligible for a TFSA since its introduction in 2009 and haven’t maximized it every year, your available room can quietly add up to a six-figure number. As of 2026, the total cumulative TFSA contribution limit is $109,000 for someone who was 18 or older in 2009 and has never contributed.

Many first-time buyers we speak with are surprised to learn they’re sitting on far more unused TFSA space than they realized — room that can be put to work strategically rather than sitting idle.

Unlike some registered accounts, TFSA room isn’t lost if you don’t use it right away. It carries forward indefinitely, giving buyers flexibility to ramp up savings when their income improves or their purchase timeline becomes clearer.

Why TFSAs Are So Powerful for Home Buyers

The TFSA’s appeal is simple but incredibly effective:

Any growth inside the account is completely tax-free
Withdrawals are tax-free, regardless of how much the account has grown
There are no restrictions on when or why you take money out

For first-time buyers, that flexibility matters. Whether plans accelerate, stall, or change entirely, TFSA funds are always accessible without penalties or tax consequences.

TFSA vs FHSA — Different Tools, Different Jobs

What the FHSA Is Designed to Do

The First Home Savings Account was built specifically for buyers purchasing their first home. It allows contributions of up to $8,000 per year, with a lifetime maximum of $40,000.

FHSA contributions are tax-deductible, much like an RRSP. When used for a qualifying first home purchase, withdrawals are tax-free. In other words, it combines the best features of an RRSP and a TFSA — but only for first-time buyers.

For most buyers, the FHSA should be the foundation of their down payment strategy.

Where the TFSA Fits In

The TFSA doesn’t replace the FHSA — it complements it.

We typically see the TFSA used in three key ways:

As an overflow account once FHSA contributions are maxed
As a flexible savings vehicle when timelines are uncertain
As a buffer that allows buyers to adapt if plans change

This combination is powerful. Rather than forcing all savings into a single structure, buyers gain both tax efficiency and optionality.

A Realistic Toronto First-Time Buyer Scenario

Saving With Purpose (Not Just “Whatever’s Left Over”)

Consider a Toronto-based buyer or couple with stable employment and a three-to-five-year purchase horizon. Instead of saving passively, they set clear priorities:

Maximize FHSA contributions annually
Direct additional monthly savings into a TFSA
Match investment risk to their expected purchase timeline

This approach removes guesswork. Savings become intentional, structured, and aligned with a real goal rather than a vague hope of “buying someday.”

How This Strategy Adds Up Over 3–5 Years

Even with conservative assumptions, the combination of regular contributions and tax-free growth can meaningfully accelerate a down payment.

More importantly, it preserves flexibility. If the right opportunity appears sooner than expected, funds are accessible. If timelines stretch, contribution room continues to build and compound.

In a market like Toronto’s, that optionality often matters more than chasing perfect returns.

Why Liquidity and Flexibility Matter More Than Perfect Timing

Trying to time the housing market is tempting — and usually unproductive. What consistently matters more is being financially ready when a good opportunity presents itself.

TFSA withdrawals don’t trigger taxes or penalties. FHSA withdrawals align cleanly with a qualifying purchase. Together, they allow buyers to move decisively without scrambling to restructure their finances at the last minute.

Prepared buyers don’t need to guess where the bottom is. They simply need the ability to act.

Common Mistakes We See First-Time Buyers Make

Over the years, a few patterns show up repeatedly:

Leaving large amounts of TFSA room unused
Over-funding one account while ignoring another
Taking on too much investment risk with short purchase timelines
Waiting for certainty in a market that never truly offers it

The Bottom Line for First-Time Buyers

The TFSA isn’t just an extra savings account. When used strategically alongside the FHSA, it becomes a powerful tool that creates flexibility, speed, and confidence.

In a market like Toronto’s, preparation is leverage. Buyers who understand their options — and use them well — tend to move faster, negotiate better, and feel far less stress along the way.

If you’re planning to buy your first home and want to understand how these tools fit into a realistic Toronto purchase strategy, that conversation is worth having early — well before you start booking showings. Contact us below!

Feb 04

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FHSA 2026 Update: New Limits, Carryforward Rules, and Planning Tips

By Mark Savel Advice For Buyers

Why the FHSA Still Deserves Attention in 2026

The First Home Savings Account (FHSA) has now been around long enough that most first-time buyers have heard of it. But in 2026, we’re still seeing the same mistake play out over and over again: people waiting to open an FHSA because they don’t feel “ready” to buy yet.

That hesitation is understandable. Toronto prices are high, timelines feel uncertain, and many renters assume they’ll deal with the FHSA later. The problem? Waiting doesn’t just delay your savings — it quietly limits how much tax-advantaged room you’ll ever have access to.

According to the Canada Revenue Agency, FHSA contribution room only begins once the account is opened — unused room doesn’t magically backfill for years you waited. The FHSA hasn’t changed in 2026. But misunderstanding how it works can still cost you tens of thousands in future buying power.

What Are the FHSA Contribution Limits in 2026?

The contribution rules for 2026 remain the same as prior years (unlike a TFSA), but they’re worth restating clearly.

You can contribute up to $8,000 per calendar year, with a lifetime maximum of $40,000 per person. Contributions are tax-deductible, similar to an RRSP, and qualifying withdrawals to buy a first home are completely tax-free, similar to a TFSA.

The CRA confirms these limits continue to apply in 2026, with no increase to annual or lifetime caps. That combination alone makes the FHSA one of the most powerful tools Ottawa has ever created for first-time buyers. But the real leverage comes from when you open it.

The Carryforward Rule Most Buyers Get Wrong

This is where things tend to go sideways. FHSA contribution room does not automatically accumulate just because the program exists. Your contribution room only begins once you actually open an FHSA.

How FHSA Carryforward Really Works

If you open an FHSA, any unused annual contribution room carries forward to future years. If you don’t open one, there is nothing to carry forward. That means you can’t retroactively claim FHSA room for years you waited on the sidelines.

Opening Early vs Waiting: A Simple Example

Consider two identical buyers. Buyer A opens an FHSA in 2024 but doesn’t contribute right away. Buyer B waits until 2026 because buying still feels far off.

By 2026:

Buyer A has $24,000 of available contribution room
Buyer B has just $8,000

Same income. Same savings habits. Very different outcomes — entirely because of timing. Opening the account early doesn’t force you to contribute immediately. It simply starts the clock.

Why Starting Early Matters (Even If Buying Feels Years Away)

We hear the same refrains all the time:

“Prices might come down.”
“We’ll save more once income increases.”
“We’re not buying for a while anyway.”

All reasonable thoughts. But the FHSA works best precisely because it allows you to plan ahead of certainty.

Starting early benefits renters who expect their incomes to rise, couples coordinating two separate buying timelines, and buyers who may not know yet whether their first purchase will be a condo, a townhouse, or something else entirely.

You’re not committing to a purchase date. You’re preserving future flexibility.

How the FHSA Fits Into a Real Toronto Buying Plan

In practice, most Toronto buyers don’t rely on a single tool. The FHSA can be used alongside the RRSP Home Buyers’ Plan, allowing buyers to stack tax advantages in a meaningful way. Individually, that can translate into a significant down payment boost. For couples, the numbers become even more impactful when both partners plan early.

This is where we often see the difference between buyers who feel stretched and buyers who feel prepared — not because they timed the market perfectly, but because they structured their savings early.

What Happens If You Don’t End Up Buying?

Another common hesitation is the fear of locking money into something too specific. If you don’t end up buying a qualifying home, your FHSA can be rolled into your RRSP or RRIF without triggering tax consequences. There’s no penalty for changing plans, and no obligation to buy simply because you opened the account. That’s why, from a planning perspective, the downside risk of opening early is extremely limited.

The Bottom Line for First-Time Buyers

Opening an FHSA early doesn’t lock you into a decision. It simply gives you more options later — more contribution room, more tax efficiency, and more control over how and when you buy.

If you’re a renter thinking about buying in Toronto in the next few years, the smartest move often isn’t waiting for the perfect moment — it’s putting the right structure in place early.

Thinking about your first purchase or trying to map out a realistic buying timeline? We help Toronto buyers plan years ahead, not just shop when listings pop up. Start with a conversation and build the strategy before the pressure kicks in.

Feb 04

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FHSA Explained: A Smart Tool for First-Time Buyers in Toronto

By Mark Savel Advice For Buyers

In most Canadian markets, saving for a down payment is a challenge. In Toronto, it’s often the challenge!

One of the biggest hurdles for first-time buyers is assembling a meaningful down payment without draining every dollar of after‑tax income. That’s where the First Home Savings Account (FHSA) changes the equation.

This guide breaks down how the FHSA actually works, how buyers are using it in the real world, and where it fits alongside tools like the RRSP Home Buyers’ Plan.

What Is the First Home Savings Account (FHSA)?

At its core, the FHSA is a registered savings account designed specifically for first‑time homebuyers. What makes it unique is that it combines the best features of two familiar accounts:

RRSP-like deductions when you contribute
TFSA-like withdrawals when you buy

You get a tax deduction going in, and you don’t pay tax coming out — provided the funds are used to buy your first home.

That combination is what makes the FHSA one of the most powerful buyer-focused tools the federal government has ever introduced.

How FHSA Contribution Rules Actually Work

This is where most of the confusion starts.

You can contribute up to $8,000 per year
You can contribute up to $40,000 total over your lifetime
You must be at least 18 and a first-time buyer to open one

One important nuance: contribution room only starts accumulating after you open the account. Unlike a TFSA, you don’t get retroactive room if you wait years to open it.

That’s why we often suggest opening an FHSA as soon as you’re eligible — even if you don’t plan to fund it immediately. You’re essentially starting the clock.

In a Toronto context, that early start matters. Few buyers are maxing this account overnight, but spreading contributions over time — and doing so with pre-tax dollars — meaningfully reduces the amount of cash that needs to be saved the hard way.

Who Qualifies as a First-Time Buyer (and Who Accidentally Doesn’t)

The definition of “first-time buyer” is more flexible — and more technical — than many people realize. And with the FHSA, when and how you qualify matters just as much as if you qualify.

You’re generally considered a first-time buyer if you did not own and live in a home as your principal residence in the current year or any of the previous four calendar years. This is often referred to as the four-year rule.

Here are the key nuances that tend to catch buyers off guard:

Four-year rule: You may still qualify even if you owned a home earlier in your life, as long as you have not occupied a home you owned as your principal residence in the past four years.
Timing matters: The eligibility test applies at the time you open the FHSA, not just when you later make a qualifying withdrawal. If you open an FHSA too early — before you re‑qualify — you may not be eligible at all.
Spouses and common-law partners: If you have a spouse or common-law partner, the rules look at whether either of you lived in a home owned by either partner during the eligibility period. This can unintentionally disqualify renters who moved into a partner’s owned home.
Partial ownership exceptions: In limited situations, acquiring less than a 10% interest in a property may not disqualify you. That said, the FHSA is generally designed to support buyers who have not meaningfully owned or lived in a home during the relevant timeframe.

The practical takeaway is this: if you’ve been renting for the past five years, you may still qualify as a first-time buyer for FHSA purposes — even if you owned a home earlier in your life.

Because these rules are precise and timing-sensitive, this is one area where getting advice before opening an FHSA can make a meaningful difference.

FHSA vs TFSA vs RRSP: Which One Comes First?

A common misconception is that the FHSA replaces other savings accounts. It doesn’t.

Each account serves a different role:

FHSA: Purpose-built for a first home, combining tax deductions and tax-free withdrawals
TFSA: Flexible, liquid, and ideal for shorter-term goals or emergency buffers
RRSP: Long-term retirement planning, with optional access through the Home Buyers’ Plan

For higher-income buyers who are confident they’ll purchase within the next decade, the FHSA often rises to the top of the priority list. For lower-income buyers or those with uncertain timelines, flexibility may matter more.

There’s no universal order — only an order that fits your income, timeline, and risk tolerance.

FHSA vs TFSA: A Side-by-Side Comparison

Feature	FHSA	TFSA
Primary purpose	Saving for a first home	Flexible savings for any goal
Contribution tax treatment	Contributions are tax-deductible	Contributions are not deductible
Withdrawal tax treatment	Qualifying home purchases are tax-free	All withdrawals are tax-free
Annual contribution limit	$8,000	Set annually by the federal government
Lifetime contribution limit	$40,000	No lifetime cap (annual limits accumulate)
Eligibility	First-time homebuyers only	Any Canadian resident 18+
If you don’t buy	Can roll into RRSP or RRIF	Continues as a TFSA
Best used for	Down payment planning	Flexibility, emergencies, short-term goals

FHSA + RRSP Home Buyers’ Plan: Where the Real Leverage Shows Up

The FHSA becomes especially powerful when paired with the RRSP Home Buyers’ Plan (HBP).

Under current rules:

You can withdraw up to $40,000 from your FHSA tax-free
You can withdraw up to $60,000 from your RRSP under the HBP (with repayment requirements)

That’s up to $100,000 per person, or $200,000 per couple, potentially sourced largely from pre-tax income.

In Toronto, where down payments are often the primary obstacle — not qualifying for the mortgage — this stacking approach can be the difference between waiting indefinitely and buying strategically.

FHSA Explained on Video: A Walkthrough for First-Time Buyers

If you prefer seeing this explained step by step, we also recorded a video walkthrough that breaks down the FHSA in practical, plain-English terms — including common mistakes and how buyers are actually using it.

This is especially helpful for:

Buyers early in the planning stage
Couples coordinating multiple accounts
Anyone overwhelmed by CRA language

How FHSA Funds Can Be Invested

An FHSA is just a container. What you earn inside it depends on how the funds are invested.

Most institutions allow FHSA funds to be held in:

Cash
GICs
ETFs
Mutual funds
Stocks

The right mix depends largely on timing. Buyers planning to purchase within a year or two often stay conservative. Those with longer horizons may accept more volatility in exchange for growth.

The key is aligning investment risk with purchase certainty — not chasing returns at the expense of flexibility.

What Happens If You Don’t Buy?

This is another area where the FHSA is often misunderstood.

If you don’t end up buying:

You can keep the FHSA open for up to 15 years
Any unused balance can be rolled into an RRSP or RRIF without triggering tax

In other words, the money doesn’t disappear. The account simply transitions from a home-buying tool into a retirement-planning tool.

That optionality is one of the FHSA’s most underrated features — especially for younger buyers whose plans may evolve.

It’s A Tool, Not a Shortcut

The FHSA doesn’t replace discipline, income, or patience. But for buyers who plan early — and use it intentionally — it can meaningfully lower the barrier to entry.

In a city like Toronto, where every dollar of after‑tax income matters, using the right accounts in the right order can shave years off the buying timeline. The challenge isn’t knowing that the FHSA exists — it’s knowing when to open it, how to fund it, and how it fits alongside RRSPs, TFSAs, and real market pricing.

If you’re a first‑time buyer trying to map out your next move — whether that’s buying this year or planning two to five years out — this is exactly the stage where a bit of upfront strategy pays off.

We’re always happy to walk through how the FHSA fits into your broader buying plan, and how it connects to what’s actually happening in Toronto’s market today.

Feb 02

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Condo Window Condensation in Toronto Winters

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

Every winter, condo owners across Toronto notice the same thing: moisture forming on the inside of their windows. Sometimes it’s a light film. Other times it’s beads of water collecting along the frame or pooling at the corners.

The immediate reaction is often concern — are the windows failing, is there a building issue, or is something wrong with the unit? In reality, winter window condensation is one of the most common cold-weather conditions in condos, and in many cases, it’s a predictable result of how modern buildings, windows, and indoor air behave during colder months.

Understanding what’s normal, what isn’t, and what you can control goes a long way in preventing damage and unnecessary stress.

What Causes Condensation on Condo Windows in Winter

Condensation occurs when warm, moisture-filled indoor air comes into contact with a cold surface. In winter, your window glass and frames are often the coldest surfaces in your unit. When humid air hits that cold surface, moisture drops out of the air and turns into water.

Condo buildings tend to amplify this effect for a few reasons:

Large expanses of glass are common in modern designs
Aluminum window frames conduct cold more readily than other materials
Condos are built to be relatively airtight, which limits natural moisture escape

The colder it gets outside, the colder the interior surface of the window becomes — increasing the likelihood of condensation forming.

Is Condensation on Condo Windows Normal?

In short: yes, some condensation in winter is normal.

Seeing moisture on windows during cold snaps does not automatically mean your windows are defective or that there’s a construction issue. In fact, newer and more energy-efficient buildings can experience condensation more frequently because they trap warm, humid air more effectively than older, draftier structures.

That said, there’s an important distinction between occasional condensation that clears and persistent moisture that lingers or worsens.

Why Some Condo Units Experience It More Than Others

Not all condo units experience condensation the same way. Several factors influence how much moisture shows up on windows:

Window orientation: North-facing units tend to have colder glass due to limited sun exposure
Floor level: Lower floors can be more sensitive to ventilation disruptions
Window type: Sliding windows often show condensation along tracks and frames
Air circulation: Units with restricted airflow see moisture accumulate faster

This is why it’s common to hear multiple owners in the same stack or orientation report similar issues.

The Role of Humidity — What Condo Owners Often Miss

Relative humidity is the single biggest driver of condensation in winter.

Many condo owners aim for a “comfortable” humidity level year-round, not realizing that acceptable indoor humidity must drop as outdoor temperatures fall. What feels comfortable at 0°C outside may be far too high during a -15°C cold snap.

As a general guideline, indoor humidity targets should drop as outdoor temperatures fall:

Outdoor Temperature	Recommended Indoor Humidity Range
Around 0°C	35–45%
Around -10°C	30–40%
Around -20°C	15–30%

These ranges reflect typical condo window performance in winter and help reduce the risk of condensation forming on glass and frames.

Everyday Activities That Quietly Increase Condensation

Many of the biggest contributors to winter condensation are everyday activities that don’t feel excessive on their own. Long hot showers, frequent cooking, running laundry, or using a dryer all add moisture to the air. Humidifiers set a little too high and multiple houseplants — especially when placed near windows — can further increase localized humidity.

Even layout choices matter. Furniture, blinds, or curtains positioned tight to glass restrict warm air from circulating across window surfaces, allowing the glass to stay colder and encouraging moisture to form. Over time, these small contributors can combine to push indoor humidity past safe winter levels.

Ventilation Matters More Than Most Owners Realize

Ventilation plays a critical role in managing moisture.

Bathroom and kitchen exhaust fans aren’t just for odours — they remove humidity. In winter, fans often need to run much longer than expected. It can take hours after a shower for moisture levels to return to baseline.

Make-up air supplied through corridors also matters. That dry winter air helps flush moisture from your suite. Sealing suite doors or blocking airflow can unintentionally trap humidity inside.

When Condensation Becomes a Real Problem

Condensation deserves closer attention when it becomes persistent or starts causing secondary issues. Moisture that continues even after humidity has been reduced, regular pooling or dripping water, staining on frames or drywall, or recurring mold growth are all signs that something more than seasonal condensation may be happening.

Issues that worsen during ventilation outages or appear to affect finishes, window assemblies, or neighbouring units often point to air-balance or ventilation concerns rather than simple lifestyle-related moisture.

Practical Steps Condo Owners Can Take Right Now

The most effective approach is consistent, measured adjustment rather than drastic changes. Monitoring indoor humidity with a reliable hygrometer allows owners to respond as outdoor temperatures fluctuate. Using bathroom and kitchen exhaust fans during — and well after — moisture-producing activities helps remove humidity before it can settle on cold surfaces.

Keeping windows unobstructed, avoiding plants or furniture tight to glass, and opening blinds during the day allows warm air to circulate and encourages evaporation. When condensation does appear, wiping it away promptly helps prevent staining, deterioration, and mold growth.

When to Involve Property Management

Property management should be involved when condensation persists despite reasonable humidity control or begins to show patterns beyond a single unit. Issues that appear across multiple floors, stacks, or during known ventilation disruptions suggest a building-level concern rather than an isolated lifestyle issue.

Providing clear documentation — including timing, outdoor temperatures, humidity readings, and photos — helps management and HVAC professionals determine whether ventilation, air balance, or system performance requires attention.

What Condo Owners Should Take Away

Winter window condensation is common in Toronto condos, especially during prolonged cold weather. In most cases, it comes down to managing the balance between indoor humidity, temperature, and ventilation — not failing windows or poor construction.

Knowing what’s normal, adjusting habits as temperatures change, and acting early when moisture becomes persistent can help protect your unit, finishes, and long-term value.

If you’re actively thinking about buying, selling, or upgrading within the condo market, it’s also worth understanding how building performance, ventilation, and maintenance can differ from one property to the next.

Looking for your next place? Explore a few of the neighbourhoods we specialize in and see what’s available across Toronto — and if you have questions about how a building actually lives day-to-day, we’re always happy to talk it through.

Jan 14

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Top 10 Most Expensive Condo Sales in Toronto in 2025

By Mark Savel Advice For Buyers, Advice For Sellers, Luxury Real Estate

What These Sales Reveal About Toronto’s True Luxury Market

At the very top of Toronto’s condo market, averages stop being useful. What matters instead is scarcity, execution, and whether a property offers something genuinely difficult to replace. In 2025, ultra‑luxury condo sales were few, deliberate, and highly selective — but when the right product appeared, buyers still stepped forward.

This list captures the ten most expensive condo sales completed in Toronto in 2025. Together, they tell a clear story: price resistance existed, but pricing power remained intact for exceptional homes — particularly penthouses, large-format suites, and residences offering privacy, terraces, and concierge-driven living.

The Big Picture: Ultra‑Luxury Condos in 2025

While broader condo segments faced headwinds in 2025, the $6M+ tier operated by a different set of rules. In total, 12 condos traded for over $6 million during the year — a small number by volume, but telling in terms of where true demand still existed. Buyers were rarely stretching. Most were well-capitalized, patient, and highly specific. The result was a market that rewarded quality, not optimism.

A few themes quickly emerge:

• On average, these ultra‑luxury sales closed at approximately 95% of list price, reinforcing disciplined buyer behaviour.
• The average time on market was roughly two months, even at the very top end.
• The average annual property tax bill across this group was approximately $32,000, underscoring the carrying costs at this level.
• The bulk of sales occurred in Yorkville, with the remainder clustered in Rosedale‑adjacent locations.
• Penthouses and sub‑penthouses dominated the list, with outdoor space — terraces in particular — quietly driving value.
• Only one sale occurred outside the downtown core.

With that context, here’s how the top end of Toronto’s condo market actually traded in 2025. Prices shown reflect original list pricing.

The Top 10 Most Expensive Condo Sales of 2025

#1 – 7 Dale Ave PH3 — $14,000,000

Listed: $14,000,000
Size: Over 2,400 sq.ft. interior + expansive terraces
Layout: 3 bedrooms + den, 4 bathrooms
Parking: 3 spaces

This brand-new, never-lived-in penthouse at 7 Dale Avenue claimed the top spot for 2025 — and for good reason. Set above Rosedale’s private gardens and ravine system, this residence combined scale, elevation, and customization potential in one of Toronto’s most tightly held luxury pockets.

With direct elevator access, multiple terraces, and the ability for the buyer to select final finishes, the appeal wasn’t just luxury — it was control. Even at a discount from list, this sale reaffirmed that truly rare penthouses still define the ceiling of Toronto’s condo market.

Listed by: HAZELTON REAL ESTATE INC., BROKERAGE

#2 – 33 Jackes Ave #902 — $10,500,000

Listed: $10,500,000
Size: Approx. 4,482 sq.ft. interior + 1,255 sq.ft. terraces
Layout: 2 bedrooms + den, 4 bathrooms
Parking: 2 spaces (fits 3 cars)

Selling at full ask, this two-level penthouse at 33 Jackes Avenue showcased what happens when architectural pedigree, unobstructed views, and hotel-level service align. With four terraces, curated landscaping, skyline views, and valet service, the property functioned more like a private estate in the sky than a conventional condo.

For sellers, this was a reminder that when pricing is anchored to genuine uniqueness — not optimism — buyers will meet it.

Listed by: CHESTNUT PARK REAL ESTATE LIMITED

#3 – 200 Cumberland St #3403 — $8,499,000

Listed: $8,499,000
Size: Approx. 3,300 sq.ft.
Layout: 3 bedrooms + den, 4 bathrooms
Parking: 2 spaces

Located within Yorkville Private Estates, this southwest corner suite delivered volume, light, and flexibility — all traits buyers were prioritizing in 2025. Floor-to-ceiling windows, panoramic skyline views, and a traditional bedroom wing layout appealed to buyers looking to replicate single-family living without leaving the core.

The final sale price reflected negotiation discipline, but also confidence that premium space in Yorkville remains fundamentally desirable.

Listed by: CHESTNUT PARK REAL ESTATE LIMITED

#4 – 7 Dale Ave #207 — $8,250,000

Listed: $8,250,000
Size: Approx. 3,428 sq.ft. + terrace
Layout: 2 bedrooms, 3 bathrooms
Parking: 1 space

Another entry from 7 Dale Avenue, Suite 207 reinforced the building’s status as one of Toronto’s most refined boutique offerings. With interiors by Studio Munge, radiant heated floors, and a Crestron-integrated smart home system, this residence appealed to buyers focused on craftsmanship over sheer height.

This sale underscored a recurring theme in 2025: boutique luxury held its ground when execution was flawless.

Listed by:
ROYAL LEPAGE REAL ESTATE SERVICES OXLEY REAL ESTATE, BROKERAGE

#5 – 50 Yorkville Ave #4001 — $8,295,500

Listed: $8,295,500
Size: Approx. 2,874 sq.ft.
Layout: 2 bedrooms + den, 4 bathrooms
Parking: 3 spaces

Four Seasons Private Residences continue to define hotel-branded luxury in Toronto, and this northwest-facing suite delivered both scale and service. With private elevator access, marble finishes, and full access to five-star amenities, the appeal here was lifestyle certainty.

The spread between list and sale price also illustrated how even iconic buildings were not immune to negotiation in 2025.

Listed by: INTERCITY REALTY INC., BROKERAGE

#6 – 128 Hazelton Ave #801 — $8,325,000

Listed: $8,325,000
Size: Over 3,700 sq.ft. (two-storey)
Layout: 3 bedrooms, 4 bathrooms
Parking: 2 spaces

One of only 17 residences in the building — and the only two-storey suite — this sub-penthouse offered privacy, scale, and unobstructed park and skyline views. Boutique density, private elevators, and under-construction customization potential all played a role in attracting a buyer at this level.

Listed by: FOREST HILL REAL ESTATE INC., BROKERAGE

#7 – 50 Yorkville Ave #4403 — $8,499,000

Listed: $8,499,000
Size: Over 3,400 sq.ft.
Layout: 2 bedrooms + den, 3 bathrooms
Parking: 2 spaces

Another Four Seasons residence makes the list, reinforcing the building’s continued dominance at the top end. Dual private elevators, multiple terraces, and full hotel services appealed to buyers prioritizing turnkey luxury with minimal friction.

Listed by: HARVEY KALLES REAL ESTATE LTD., BROKERAGE

#8 – 118 Yorkville Ave #601 — $7,750,000

Listed: $7,750,000
Size: Over 5,200 sq.ft.
Layout: 4 bedrooms, 6 bathrooms
Parking: 6 spaces

Located within The Hazelton Hotel, this expansive residence functioned more like a private residence than a condo. Purpose-built for family living, the suite’s scale and access to five-star services made it one of the most functionally unique properties on the list.

Listed by: HAZELTON REAL ESTATE INC., BROKERAGE

#9 – 38 Avenue Rd #2302 — $6,495,000

Listed: $6,495,000
Size: Approx. 4,465 sq.ft.
Layout: 3 bedrooms, 5 bathrooms
Parking: 8 spaces

The only property on the list to sell above asking — and notably, a power of sale. This outcome highlighted how price positioning, combined with rarity and scale, can still generate competition even in cautious market conditions.

Listed by: SLAVENS & ASSOCIATES REAL ESTATE INC., BROKERAGE

#10 – 1 Strathgowan Ave PH02 — $6,995,000

Listed: $6,995,000
Size: Approx. 3,400 sq.ft. + 1,160 sq.ft. terraces
Layout: 3 bedrooms, 4 bathrooms
Parking: 2 spaces

The only sale outside the downtown core, this Lawrence Park penthouse stood out for its flexible layout and extraordinary outdoor space. With just two penthouses in the building, scarcity — not skyline — drove value here.

Listed by: ROYAL LEPAGE REAL ESTATE SERVICES HEAPS ESTRIN TEAM, BROKERAGE

Patterns That Defined the Top End in 2025

Across all ten sales, a few truths became impossible to ignore:

Buyers consistently paid for irreplaceability rather than hype, gravitating toward homes that offered something genuinely difficult to replicate. Large terraces and a sense of privacy mattered just as much as interior square footage, particularly for buyers replacing single-family homes. Hotel‑branded residences and ultra‑boutique buildings continued to dominate outcomes, reflecting a preference for service, discretion, and low density. Above all, pricing discipline proved decisive — well‑positioned listings moved efficiently, while aspirational pricing stalled, even at the very top end.

What This Means for Ultra‑Luxury Buyers

For buyers considering the $5M–$10M+ segment, 2025 reinforced that patience creates real leverage — not because prices collapsed, but because competition thinned. With fewer active buyers operating at this level, decision‑making became calmer and more deliberate, allowing well‑prepared purchasers to negotiate thoughtfully rather than react emotionally. The best opportunities weren’t necessarily cheap, but they offered strong relative value: exceptional homes, limited alternatives, and pricing that reflected today’s conditions rather than yesterday’s peak. For buyers who understood what truly mattered, value was high precisely because competition was lower.

Thinking About Buying or Selling at This Level?

If you’re curious about final sold prices or how these properties ultimately transacted, we’re always happy to share that context privately — just reach out.

Whether you’re quietly exploring opportunities or evaluating what your property could command in today’s market, ultra‑luxury decisions benefit from experience, discretion, and real pricing context.

Reach out to TorontoLivings for a confidential conversation about navigating the top end of Toronto’s condo market.

For Buyers Exploring Toronto’s Ultra‑Luxury Condo Market

If you’re considering a purchase at the very top end of Toronto’s condo market, we’ve built a dedicated resource that tracks the city’s most expensive condos, iconic buildings, and benchmark penthouse offerings — designed to help buyers understand where true value, scarcity, and long‑term prestige actually sit.

Explore our guide to Toronto’s most expensive condos

It’s a useful starting point if you’re narrowing your focus, comparing buildings, or simply trying to understand how the upper tier of the market really works before making your next move. Send us a message below, for a confidential conversation about navigating the top end of Toronto’s condo market!

Jan 13

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Toronto Real Estate Over 45 Years: What the Long-Term Data Really Tells Us

By Mark Savel Advice For Buyers

Every market cycle produces its own headlines. Prices are up. Prices are down. Buyers are waiting. Sellers are hesitant. What often gets lost in the noise is perspective — and that’s exactly what long-term data provides.

The historic TRREB MLS System data, stretching back more than four decades, offers a rare opportunity to step back and see Toronto real estate the way it actually behaves over time: cyclical, uneven, occasionally emotional — but remarkably resilient. For buyers trying to time the market, this kind of context matters far more than any single year or rate announcement.

TRREB MLS System Sales and Average Price

Toronto Real Estate Has Always Moved in Cycles — Not Straight Lines

Looking back to the 1980s and early 1990s, it becomes clear that volatility is not a modern invention. Prices rose sharply in the late 1980s, peaked around 1989–1990, and then corrected through the early 1990s. What followed wasn’t a quick bounce, but a prolonged period of stagnation and slow recovery.

For buyers at the time, this was uncomfortable. But zooming out, that cycle didn’t derail the long-term trajectory. It reinforced a recurring pattern: Toronto real estate doesn’t move in straight lines. It advances in waves, with pauses that feel dramatic in the moment but look measured in hindsight.

The key takeaway for today’s buyers is simple — waiting for a perfectly smooth entry point has never been realistic. The market has always rewarded patience and planning more than precision timing.

Sales Volume Tells the Story Buyers Often Ignore

Prices tend to get all the attention, but sales volume often provides the more useful signal. Over the last 45 years, Toronto has seen periods where transaction counts fell meaningfully, even while prices held relatively steady — and vice versa.

Historically, lower sales years were not signals of collapse. More often, they reflected hesitation. Buyers and sellers stepped back, reassessed, and waited for clarity. Those quieter periods frequently created conditions where prepared buyers had more choice, less competition, and greater negotiating leverage.

In other words, lower activity has often preceded opportunity — not decline.

Price Growth Was Uneven — and That’s the Point

One of the most striking insights from the long-term data is how uneven price growth actually is. There are extended stretches where average prices moved sideways or rose modestly, followed by shorter bursts of rapid appreciation.

Those flat years are easy to dismiss in real time. They feel frustrating. But historically, they’ve played a crucial role in resetting expectations and allowing income growth, population growth, and affordability dynamics to catch up.

For buyers trying to time the market, this matters. The most stable entry points often occurred during periods that felt boring — not during moments of optimism or urgency.

2008–2009: A Real Stress Test for Toronto Real Estate

The global financial crisis remains one of the most instructive stress tests in Toronto’s modern housing history. Sales volumes declined meaningfully, reflecting uncertainty and caution. Prices softened — but did not collapse.

What followed was equally important. The recovery was not instantaneous, but it was steady. Within a few years, prices had regained momentum, and transaction volumes normalized.

For buyers watching today’s market, this period reinforces an important lesson: even during global disruptions, Toronto real estate has shown an ability to stabilize and recover without long-term structural damage.

The Pandemic Era in Proper Context (2020–2025)

Recent price growth can feel extreme when viewed in isolation. But when placed against 45 years of data, the pandemic-era surge looks less like an anomaly and more like an accelerated cycle.

Sales volumes swung sharply during this period, reflecting both urgency and hesitation at different moments. Prices rose quickly, then pulled back as affordability constraints and higher borrowing costs set in — particularly as policy rates rose under the guidance of the Bank of Canada.

For buyers today, anchoring decisions to peak pricing years can be misleading. Long-term data suggests that pullbacks are part of normalization — not signals that the underlying market has fundamentally changed.

What 45 Years of Data Says About “Waiting It Out”

Many buyers believe the safest strategy is to wait until conditions feel perfect. Historically, that moment rarely arrives.

Looking across multiple downturns, buyers who waited for maximum clarity often faced higher prices by the time confidence returned. Those who entered during periods of uncertainty — with conservative assumptions and long-term plans — tended to benefit from both pricing stability and future growth.

This is why our advice has always been less about predicting the market and more about personal readiness. Buying when you have strong job security, predictable income, and confidence in your monthly payments has consistently mattered more than buying at the absolute bottom.

Markets move in cycles. Careers, incomes, and life stages do too. When those align — and the numbers work comfortably — history suggests that waiting for perfect headlines often introduces more risk than moving forward thoughtfully.

The real risk isn’t just market risk. It’s time risk — the cost of delaying decisions while prices, rents, and competition evolve.

How We Use This History When Advising Buyers Today

Having worked through multiple market cycles, we’ve seen firsthand how perspective changes strategy. Rather than trying to predict short-term movements, we focus on helping buyers understand where today fits within a longer arc.

That means prioritizing quality over timing, stress-testing affordability rather than chasing peaks, and recognizing that uncertainty often creates the best negotiating conditions.

History doesn’t tell us exactly what will happen next — but it does tell us how Toronto real estate tends to behave over time. And that perspective has consistently helped buyers make calmer, more confident decisions.

The Market Rewards Perspective, Not Predictions

Forty-five years of data tells a clear story. Toronto real estate has moved through booms, slowdowns, corrections, and recoveries — and yet the long-term trend remains intact.

For buyers trying to time the market, the real advantage comes from understanding cycles, not predicting headlines. Perspective, preparation, and patience have consistently mattered more than perfect timing.

If you’re thinking about buying and unsure how today’s market fits into the bigger picture, let’s talk. Understanding where we are in the cycle — and whether the move makes sense for you — can make all the difference.

Want to stay grounded as conditions change? Our monthly Toronto real estate market report breaks down what’s happening right now — sales, pricing, inventory, and momentum!

Jan 12

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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!