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Aug 07
Love0

Toronto Real Estate Market Update: July 2026

By Monthly Market Updates

The World Cup crowds have cleared out of Exhibition Place, BMO Field is back to being BMO Field, and Toronto’s real estate market spent July doing what it does best: quietly tightening, month after month, without much fanfare 🙁

This latest monthly market update covers the sixth straight month of that trend, and while sales cooled slightly from June’s post-tournament rush, there was some welcomed excitement in condo world!

The Headline Numbers

Here’s how the year has unfolded so far:

MonthSalesNew ListingsActive ListingsAvg. Price
January3,08210,77417,975$973,289
February3,86810,70519,314$1,008,968
March5,03914,44221,596$1,017,796
April5,94617,09725,110$1,051,969
May6,58317,69826,927$1,069,700
June6,77017,28227,329$1,058,658
July5,99514,48426,098$1,003,956

Toronto and GTA realtors reported 5,995 sales in July, which was essentially flat compared to July 2025 (down just 0.9%), while new listings fell sharply, down 17.8% year-over-year. Month-over-month, sales eased 11.5% and new listings dropped 16.2%, which is a normal summer slowdown — but new listings pulled back even faster than sales did, and that’s the part worth paying attention to.

Prices: Getting Closer to Level

The average selling price came in at $1,003,956 in July, down 4.5% from a year ago. That’s a familiar gap by now, but the trend underneath it keeps improving: the MLS HPI Composite benchmark was down 4.6% year-over-year, a smaller decline than June’s 5.4%, and the smallest we’ve seen in months.

TRREB President Daniel Steinfeld put it plainly: with sales now making up a bigger share of listings, buyers have less room to negotiate than they did earlier this year, and prices could start to level off if that pattern holds. TRREB’s Chief Information Officer Jason Mercer added a more optimistic note: recent readings on economic growth and jobs have surprised to the upside, which could help nudge more buyers off the sidelines this fall, especially if prices finish stabilizing.

How Each Home Type Performed (City of Toronto)

In the City of Toronto, 2,242 homes sold in July — up 2.4% from 2,190 a year ago — at an average price of $1,010,836, down 3.3% from July 2025. New listings fell hard, down 17.2% year-over-year to 4,980.

By home type within the 416:

Home TypeJuly Sales (416)Avg. Price (416)Sales vs. July 2025
Detached691$1,547,928+2.4%
Semi-Detached233$1,122,326-7.5%
Townhouse249$867,635+7.8%
Condo Apartment1,054$672,807+2.5%

Condos deserve their own callout this month. At $672,807, July was the segment’s second-strongest average price of the year — trailing only May’s $673,841. And with 1,054 units sold, this marks the fourth consecutive month that Toronto condo sales have topped 1,000 (April: 1,054; May: 1,009; June: 1,124; July: 1,054). For a segment that spent most of the last two years as the market’s slowest mover, four straight months of sustained demand is trend we hope to see continue into the fall market.

Toronto Real Estate Market Update: July 2026

Rates Hold Again — Six in a Row

The Bank of Canada held its policy rate at 2.25% on July 15 — the sixth consecutive hold. The Bank’s language struck a slightly more upbeat tone than earlier in the year: growth is picking up, and inflation is expected to ease gradually, though risks tied to the Middle East conflict and U.S. trade policy remain on the radar. The next scheduled announcement is September 2.

Year-to-Date Snapshot

Through the first seven months of 2026, GTA sales sit at 37,105 — up slightly from 36,891 over the same stretch in 2025. New listings remain the bigger story: down to 102,566 from 120,911, a drop of more than 15%. Average price for the year so far is $1,032,207, down 5.1% from 2025’s YTD figure.

My Take

Six straight rate holds, a shrinking price decline, and a condo segment that’s finally showing signs of life are all trends we’re glad to be seeing. New listings falling faster than sales is exactly the kind of setup that tends to firm up prices, and if the improving economic data Mercer pointed to keeps holding, don’t be surprised if the “leveling off” TRREB has been forecasting shows up before the year is out… provided no new curve balls are delivered from our neighbours in the south.

For buyers, the message hasn’t changed much: conditions are still workable, but they won’t stay this way indefinitely. For sellers — especially in the condo space — the data suggests confidence is warranted, however pricing remains the most important element to get right!

Curious what this means for your specific neighbourhood or situation? I’m always happy to chat, reach out anytime, or sign up for monthly market updates straight to your inbox.

Apr 03
Love0
March Real Estate Market Update

Toronto Real Estate Market Update: March 2026

By Monthly Market Updates

Toronto buyers didn’t need a calendar to know winter had overstayed its welcome. Between the snow, the slush, and two straight months of staying indoors, January and February were quiet for reasons that had nothing to do with mortgage rates or listing prices. Then March showed up — and so did the buyers.

The Headline: Sales Finally Turn a Corner

The Toronto Real Estate Board reported 5,039 home sales in March 2026, up 1.7% year-over-year — the first annual increase the region had seen since last September. Sales also climbed 30% month-over-month from February, which is a bigger jump than typical seasonality alone would explain. Clear roads and longer daylight hours don’t show up in a market report, but they clearly showed up in showing schedules.

TRREB President Daniel Steinfeld called it “encouraging,” noting that more GTA households appear ready to take advantage of improved affordability as the spring market gets underway. For a market that’s spent over a year in buyer’s-market territory, that’s a notable shift in tone.

March Real Estate Market Update

What the Numbers Actually Show

Here’s March 2026 at a glance:

  • Sales: 5,039 (+1.7% YoY, +30.3% MoM)
  • New listings: 14,442 (-16.7% YoY, +34.9% MoM)
  • Active listings: 21,596 (-8% YoY, +11.8% MoM)
  • Average price: $1,017,796 (-6.7% YoY)
  • MLS® HPI Composite: down 7.4% YoY
  • Average days on market: 47

New listings are down sharply from last year, but sales grew faster than listings on a seasonally adjusted basis — a sign, per TRREB, that conditions are tightening even with prices still soft. In the City of Toronto specifically, 1,913 sales closed the month, up a modest 0.9% year-over-year.

That’s worth sitting with for a second: sales are up, prices are still down. As confusing as that may sound, it’s exactly what a market looks like when buyers still have the upper hand on negotiating, and are starting to use it.

Detached, Semis, Townhomes & Condos — Who’s Moving

Not every property type moved at the same pace:

Home TypeMarch 2026 SalesAverage Price
Detached574$1,613,066
Semi-Detached170$1,231,967
Townhouse207$959,513
Condo Apartment951$648,287

Condos remained the highest-volume segment by sales count, but they’re also where price softness has been most persistent (a pattern that’s held for much of the past year). Detached homes, by contrast, continue to command a premium and have held their value more consistently. If you’ve been eyeing the condo market, this could be one of those “trend to watch” moments worth keeping an eye on through the spring.

Why Buyers Still Hold the Cards

Two things kept affordability front and centre in March. First, the Bank of Canada held its policy rate at 2.25% on March 18 — its second hold of the year — with inflation easing to 1.8% and the labour market still soft. That stability (for now) means borrowing costs aren’t adding new pressure on top of already-cautious buyers.

Second, buyers simply have more room to negotiate than they’ve had in years. TRREB’s Jason Mercer put it plainly: buyers continued to benefit from “substantial negotiating power” on price, which is exactly why average and benchmark prices are still down year-over-year even as sales pick up. If you’re a first-time buyer trying to figure out how far your down payment can stretch, tools like the FHSA are worth another look in this kind of market.

March Real Estate Market Update

What’s Next — Spring Outlook

Not every forecast is popping champagne just yet. TD Economics recently trimmed its 2026 outlook, now expecting sales to dip slightly and prices to ease modestly nationally — a notable pullback from its earlier call for solid gains in both sales and price. That’s a fair reminder that one good month doesn’t undo a year of caution.

That said, March gave us something worth watching: sales growing faster than listings, buyers stepping off the sidelines, and the first real signs of seasonal momentum. If that trend holds through April and May, this could be the point where selling prices start to level off rather than keep sliding. Will it stick? Toronto’s spring market has surprised us before.

For the full monthly breakdown as it happens, head over to our market update hub or sign up for our monthly market updates so you’re never caught off guard.

Mar 03
Love0
February in Toronto

Toronto Real Estate Market Update: February 2026

By Monthly Market Updates

According to the calendar, spring is still weeks away. According to February’s numbers, Toronto’s housing market was already clearing its throat. Sales dipped, new listings dipped even faster, and buyers kept doing what they’ve done for months now… watching, waiting, running the numbers one more time.

But here’s the twist: not every corner of the 416 sat still. Detached and townhouse sales actually grew year-over-year, even as prices cooled. So was February a slow month, or a quiet setup for something bigger this spring? Let’s take a look!

February in Toronto

The Numbers at a Glance

In the 416, February 2026 looked like this compared to February 2025:

  • Sales: 1,491, down from 1,575 — a dip of about 5.3%
  • New listings: 4,035, down from 4,991 — a decline of roughly 19.2%
  • Average price: $1,019,144, down from $1,089,187 — off by about 6.4%
  • MLS HPI Composite (City of Toronto): down 8.08% year-over-year, according to TRREB’s February 2026 Market Watch report

A Sales Split: Where the City Held Steady

Here’s where it gets interesting. Not every segment of the 416 told the same story last month:

  • Detached homes: 437 sales, actually up 3.6% year-over-year, though average price eased to $1,568,543 (down 11.4%)
  • Semi-detached: 150 sales, down 3.8%, while average price ticked up 4.6% to $1,229,853
  • Townhouses: 153 sales, up 2.7%, with average price down 4.6% to $980,175
  • Condo apartments: 733 sales, down 12.3% — the softest segment by far — with average price down 8.1% to $663,984

So while the condo market continues to face the most pressure on both price and demand, detached and townhouse sales actually grew year-over-year. That’s worth sitting with for a second: even in a “down” month, two of four housing types saw more buyers close deals than they did a year ago.

Why Prices and Listings Cooled

The short version? Buyers are waiting for clarity. TRREB Chief Information Officer Jason Mercer put it plainly in the board’s February release, noting that more than 100,000 GTA buyers are holding off on a purchase while they wait for prices to level off and for “positive news on the trade front” (TRREB Market Watch).

That hesitation lines up with the broader economic backdrop. The Bank of Canada opened 2026 by holding its policy rate steady at 2.25%, continuing a pause that began in December, as it weighed ongoing uncertainty around U.S. trade policy (Canadian Mortgage Professional). Steady rates are one less variable for buyers to worry about — but “steady” isn’t quite the same as “confidence-inspiring,” and that shows up in February’s listing numbers.

February in Toronto

The Month-Over-Month Bounce

Here’s the part that didn’t make many headlines: on a month-over-month basis, every single housing type in the 416 saw sales and prices climb from January to February.

  • Detached sales rose about 51% month-over-month, with average price up 1.7%
  • Semi-detached sales rose about 56%, with average price up 7.3%
  • Townhouse sales rose about 35%, with average price up nearly 12%
  • Condo sales rose about 29%, with average price up 5.1%

Some of that is simply seasonal — January is typically the slowest month of the year. But a broad-based lift like this, across every category, is a trend to watch heading into the spring market.

Year-to-Date: Where 2026 Stands

Looking at the City of Toronto’s first two months combined, 2026 is trailing 2025:

  • Sales: 2,562 vs. 2,948 (down 13.1%)
  • New listings: 8,115 vs. 9,732 (down 16.6%)
  • Average price: $989,346 vs. $1,041,180 (down 5.0%)

That said, TRREB’s own outlook — echoed in coverage from Storeys — points to tightening supply as a setup for stronger activity in the second half of the year, as reduced competition from new listings could eventually support both sales and pricing.

What This Means If You’re Buying or Selling

For buyers, this is still a market with real negotiating room, particularly in the condo segment where both price and competition remain soft. For sellers of detached and townhouse properties, February’s sales growth is a signal that qualified buyers are out there — even if fewer of your neighbours are listing alongside you.

Either way, timing matters more than headlines. If you’re weighing a move this spring, it’s worth getting a read on your specific pocket of the 416 before making a decision. Check out our Toronto real estate market update hub for ongoing coverage, or find out what your home is worth in today’s market. Want this kind of breakdown in your inbox every month? Sign up for our market updates and stay ahead of the curve.

Feb 04
Love0
Downtown Condos

January 2026 Real Estate Market Update

By Monthly Market Updates

A Cold and Cautious Start to 2026

January is always a difficult month to read too much into — and January 2026 came with a few extra asterisks. In addition to the usual post‑holiday slowdown, Toronto experienced two significant snowfalls and extended stretches of freezing temperatures which resulted in fewer showings and delayed listings.

With that in mind, January should be viewed less as a verdict on the year ahead and more as an early signal of how buyers and sellers are behaving under current conditions.

Toronto Snow Storm 2026
Toronto Snow Storm 2026

The January 2026 Snapshot

Sales across the Toronto market totalled 3,082 transactions in January, reflecting a year‑over‑year decline. New listings came in at 10,774, also down compared to last January, while active listings remained elevated at 17,975.

The average selling price finished the month at $973,289, down year‑over‑year (the time we saw a monthly average this low was November 2023 – cue the headlines), while average days on market stretched to 67 days — a noticeable increase that reinforces the slower pace of decision‑making across the market. 

Sales & Inventory: Supply Still Setting the Pace

Sales softened again in January, but seasonality, affordability pressures, and weather all played a role. What’s more telling is that inventory remains relatively high for this time of year, keeping buyers firmly in control of timing and negotiations.

The increase in average days on market reinforces that point. Homes are taking longer to sell not because buyers aren’t looking, but because they’re willing to wait — and often pass — unless pricing and presentation align.

For buyers, this environment continues to offer leverage. For sellers, the margin for error on pricing is thinner than it’s been in years!

Market Breakdown by Property Type

Detached Homes

Detached homes recorded 290 sales in January, with an average selling price of $1,541,791. While sales volumes were softer compared to last January, pricing proved more resilient than in other segments. End‑users continue to dominate this category, particularly in established neighbourhoods where long‑term value remains the priority.

Buyers are taking their time and negotiating harder, especially on homes that need work. Sellers who priced realistically and prepared their homes well were still able to transact, while aspirational pricing struggled to gain traction — and in some cases, attracted no showings at all.

Semi‑Detached Homes

Semi‑detached homes saw 96 sales in January, with an average selling price of $1,146,188. This segment remained one of the more stable areas of the market, supported by move‑up buyers and families seeking freehold ownership without detached‑home pricing.

That said, stability does not mean immunity. Buyers are still value‑driven, and pricing accuracy matters. Well‑located semis continue to perform best, while over‑priced listings face longer market times.

Townhouses

Townhouses posted 113 sales in January, with an average selling price of $876,585. Sales were softer relative to both semis and detached homes, reflecting buyer hesitation and increased comparison shopping across property types.

For buyers, this has translated into increased choice and negotiating room. For sellers, positioning against both condos below and semis above is increasingly important.

Condo Apartments

Condo apartments accounted for the largest share of total sales in January, with 568 transactions, but they also told the clearest story of price adjustment. The average condo selling price declined to $624,886 — a level not seen since January 2021.

Investor hesitation, higher carrying costs, and financing conditions continue to weigh on this segment. At the same time, end‑users are finding more selection and leverage than they’ve had in years.

For buyers, this remains the most opportunity‑rich segment of the market. For sellers, patience or sharp pricing is required — rarely both.

Yonge and Bloor Condos
Yonge and Bloor Condos

Economic & Rate Backdrop

The Bank of Canada held its overnight rate steady in January, maintaining the current borrowing environment. However, several major banks are forecasting the possibility of rate increases later in 2026.

That expectation alone is influencing behaviour. Buyers are factoring future affordability into decisions today, while sellers are adjusting expectations based on what financing may look like later in the year.

Rates may not be moving — but expectations are.

What January Sets Up for the Months Ahead

January rarely sets the tone for the full year, but it does reveal behaviour. As weather improves and spring approaches, February and March will be far more telling.

Key indicators to watch include:

  • Whether sales volume begins to accelerate
  • How quickly new listings are absorbed
  • Whether condo inventory continues to build

A shift in any of these areas would signal a change in leverage.

Bottom Line

January 2026 delivered a market that rewards realism. Buyers have time and choice, but the best opportunities won’t last indefinitely. Sellers can still succeed — but strategy, pricing, and preparation matter more than optimism.

If you’re thinking about buying or selling in the year ahead, understanding how these conditions affect your specific property type and neighbourhood is key. We help clients make sense of the data, set realistic expectations, and move with confidence — whether that means acting quickly or waiting for the right moment.

If you’d like to talk through your plans for 2026, we’re always happy to help… send us a message below!

Dec 18
Love0
530 St. Clair

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

By 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.

1001 Roselawn Ave
1001 Roselawn Ave

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!

Jul 16
Love0
Toronto Condo

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

By 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.

Dec 01
Love0
Interior of Condo

November 2024 Toronto Real Estate Market Update

By Monthly Market Updates

November Snapshot – Sales Surge, Prices Nudge Up

According to the calendar… 2024 is nearly in the rearview. According to the data? The recovery may have already begun.

In November 2024, GTA home sales shot up 40.1% compared to the same time last year, clocking in at 5,875 sales. While new listings also increased, they rose by a much softer 6.6%—tightening market conditions and pushing average prices upward. The average selling price across the GTA reached $1,106,050, up 2.6% year-over-year.

On a seasonally adjusted basis, November also showed an uptick from October, suggesting that buyer confidence is returning earlier than expected.

Detached Homes Lead the Way

It’s detached homes that are doing the heavy lifting. With lower borrowing costs easing monthly payment pressure, many buyers are upgrading from condos or entering the market directly into low-rise homes.

The result? Detached properties, particularly in the City of Toronto, saw price growth that outpaced inflation. This segment continues to outperform as buyers prioritize space, privacy, and long-term value.

Condos Still Soft, But Opportunities Are Brewing

While freehold homes heat up, condos remain cool. Average prices for condominium apartments are still lower than a year ago—largely due to continued high inventory.

But here’s the upside: buyers have more negotiating power than they’ve had in years. This opens a window for renters who’ve been watching mortgage rates with interest. As borrowing costs continue to trend downward, we may see condo demand quietly rebound heading into spring.

What’s Driving the Shift?

The stage was set in early 2024: inflation finally began cooling, and with it came the start of a downward trend in borrowing costs. After months of waiting, many buyers are stepping off the sidelines.

Add in lower average prices (still well below peak levels), and the result is a more accessible market—with pent-up demand ready to ignite.

What This Means for Buyers and Sellers

If you’re a buyer, be strategic. Detached homes are tightening quickly, especially in prime pockets of Toronto. If you’ve been eyeing a condo, this may be your best shot to secure a deal.

For sellers, especially those in the low-rise segment, the outlook is promising. With fewer listings and more active buyers, properly priced homes are drawing attention—and offers.

Chart: GTA Market by the Numbers (Nov 2023 vs. Nov 2024)

MetricNov 2023Nov 2024% Change
Home Sales (GTA)4,1945,875+40.1%
New Listings10,87411,592+6.6%
Avg. Selling Price (All GTA)$1,078,900$1,106,050+2.6%
MLS HPI Benchmark↓ sharper drop↓ just 1.2%Improving

Looking Ahead – What Will 2025 Bring?

Will the Bank of Canada make further cuts? Will condo inventory finally shrink? Can first-time buyers take advantage of winter pricing before the usual spring surge?

The signs are pointing to an earlier-than-expected rebound. And while interest rates and inflation remain moving targets, buyer optimism is trending up.

Final Thoughts + What You Can Do Next

November’s market offered a glimpse of what 2025 might hold: more activity, tighter inventory, and renewed confidence. If you’re planning to make a move, now’s the time to build a strategy.

Ready to Talk Strategy?

Let’s break down your options over coffee—or Zoom. Whether you’re renting, buying, or just exploring, we’ll help you build a plan that works for 2025 and beyond.

May 12
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Trusted Toronto Loft Realtor | Mark Savel Review

By Testimonials

 

Mark inspires a level of trust and confidence during one of life’s most challenging and risky moments, namely the purchase of a new home. Add to that risk the complexity of buying in Toronto’s market and the situation can lead to a roller coaster ride. Mark’s knowledge of Toronto’s market, his professionalism, calm and strong interpersonal skills are just what I needed in getting back into the market after 15 years. He understood my needs so well that I bought the first home he showed me after he steered me away from a lovely home with what proved a sketchy renovation that I had first seen on my own. My new home is utterly gorgeous and suits my lifestyle and creativity to a tee. It is a total pleasure working with a professional like Mark Savel and I will work with him again if I buy a third property.

– Cass