toronto housing market | TorontoLivings - Toronto Real Estate

Jun 21

House vs. Condo in Toronto: Which Makes More Sense in 2025?

By Mark Savel Advice For Buyers, Advice For Sellers

Choosing between a house and a condominium in Toronto is one of the biggest decisions you’ll make in your real estate journey. With significant differences in purchase price, ongoing costs, lifestyle impacts, and long-term investment potential, it’s crucial to weigh the pros and cons in the context of today’s market. In 2025, Toronto homebuyers face shifting affordability, inventory levels, and financing environments that can sway the decision one way or the other. In this deep dive, we’ll explore the key factors—from pricing and carrying costs to location and resale dynamics—to help you determine which option aligns best with your goals and budget.

Purchase-Price Comparison

Average House Prices in the GTA

According to the Toronto Regional Real Estate Board’s May 2025 data, the average price for a detached home in the Greater Toronto Area (GTA) was $1,430,000, representing a 5.4% year-over-year decline. Freehold townhomes averaged $996,000, down 4.3% compared to May 2024. These figures highlight the premium attached to detached and townhome ownership, driven by land value and larger living spaces.

Average Condo Prices in Toronto

Condominium apartments in the GTA saw an average sale price of $683,413 in May 2025, a 6.5% decrease year-over-year. Within the City of Toronto proper, Q1 2025 averages were slightly higher at $710,501, down 1.5% from Q1 2024. Condos offer a lower barrier to entry on purchase price, making them an attractive option for first-time buyers or purchasers with tighter budgets.

Ongoing Carrying Costs

Mortgage Payments & Interest Rates

Current borrowing costs play a pivotal role in your monthly carrying costs. As of June 2025, the lowest advertised 5-year fixed mortgage rate in Toronto is approximately 3.94%. Based on a 25-year amortization, a $1,430,000 mortgage carries a monthly principal + interest payment of roughly $7,500, while a $683,413 mortgage (average condo price) equates to about $3,585 per month.

Condo Maintenance Fees

Condo ownership includes monthly maintenance fees that cover shared services and amenities. In the GTA, median maintenance fees for one-bedroom units range from $533 to $1,039 per month, depending on building age and amenity level. For example, a 700-sqft unit at $0.65/sqft results in a $455 monthly fee. These dues can cover utilities, concierge, fitness centres, and building insurance—expenses typically borne directly by single-family homeowners.

Lifestyle & Location Trade-offs

Space, Privacy & Outdoor Access

Houses typically offer more square footage—both indoors and outdoors—with private yards, driveways, and often multi-car garages. This additional space can translate to greater privacy and room for families, pets, and hobbies. In contrast, condos usually provide limited personal outdoor space (e.g., balconies), and communal areas like rooftop terraces or courtyards are shared among residents.

Amenities, Security & Maintenance

Condos often bundle amenities such as fitness centres, party rooms, concierge services, and security features into the monthly fees. This setup provides convenience and enhanced security without the homeowner needing to manage these services directly. For house owners, these amenities must be sourced and funded independently.

Learn how we help buyers navigate lifestyle priorities!

Resale & Investment Potential

Historical Appreciation—Houses vs. Condos

Over the past decade, detached homes in the GTA have appreciated at an average annual rate of approximately 5.8%, outpacing condominium apartments, which have averaged 4.1% per year since 2015. While both asset classes benefit from Toronto’s long-term growth, single-family homes have shown greater price resilience, particularly in lower-interest environments and low-inventory periods.

Liquidity & Demand in Resale Markets

Condominiums generally offer higher transaction volumes and faster time-on-market data, driven by broader affordability and investor appeal. In 2024, the average days on market (DOM) for GTA condos was 31 days, compared to 42 days for detached homes. However, detached homes have experienced tighter bid-landscape dynamics in sought-after neighbourhoods, sustaining strong demand despite slower turnover.

Toronto Real Estate Market Update for broader market context.

Financing & Affordability Programs

Down Payment Requirements & FHSA

Toronto homebuyers face varying down payment thresholds: 5% for purchase prices up to $500,000 and 10% on the portion above $500,000. For a $683,413 condo, the minimum down payment is $34,171, whereas for a $1,430,000 house, expect $71,500 at minimum. The new First Home Savings Account (FHSA) allows first-time buyers to save up to ,000 tax-free, which can significantly offset these requirements. Learn more in our FHSA guide below:

First-Time Buyer Incentives

Several programs can sweeten the deal. The Canada Mortgage and Housing Corporation (CMHC) offers a 10% refund on mortgage default insurance for FHSA users, while the Land Transfer Tax rebate for first-time buyers can be up to $4,475 in Toronto. Additional municipal incentives, such as the City of Toronto’s rent-to-own pilot, may also apply.

CMHC First-Time Homebuyer Incentive

Client Case Studies

When a House Was Best – Our Recent Success Story

Last spring, we guided a young family in Etobicoke toward purchasing a detached home that offered room for two growing children and a backyard for their dog. Despite slightly higher mortgage payments, they prioritized space and privacy. Within six months, their property value rose by 3.2%, outperforming local condo benchmarks.

When a Condo Made Sense – How We Guided Another Buyer

In downtown Toronto, a professional couple needed proximity to transit and a lock-and-leave residence. We negotiated a $680,000 condo purchase in Liberty Village with low maintenance fees and premium amenities. Their monthly costs were nearly 40% lower than a comparable semi-detached home nearby, freeing up budget for travel and savings.

Pros & Cons at a Glance

Criterion	Houses	Condos
Purchase Price	High	Lower
Down Payment	$71,500+	$34,171+
Monthly Carrying Costs	Mortgage only ($7,500/mo example)	Mortgage + fees ($3,585 + $455/mo example)
Space & Privacy	Private yards, garages	Limited personal outdoor space
Amenities	– Add and maintain independently	Included (gym, concierge, security)
Resale Appreciation	~5.8% annual average	~4.1% annual average
Liquidity & Time on Market	Slower (~42 DOM)	Faster (~31 DOM)

Conclusion & Next Steps

Toronto’s real estate market in 2025 offers solid opportunities in both houses and condos. If you value space, privacy, and long-term appreciation—and can meet higher down payments—a house may be your best bet. However, if affordability, convenience, and lower maintenance responsibilities rank higher, a condo could be the smarter choice.

Ready to explore your options? Contact us, or leave a comment below for a personalized consultation and discover which path aligns with your lifestyle and financial goals.

Jun 14

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Planning to Buy in Toronto? Here’s How to Prepare for a Mortgage

By Mark Savel Advice For Buyers

Getting a mortgage might not be the most exciting part of buying a home in Toronto—but it is one of the most important. A solid mortgage plan gives you clarity, confidence, and a serious leg up when it’s time to make an offer.

At Toronto Livings, we make sure our buyers don’t go in blind. That means connecting you early with trusted mortgage professionals, mapping out a realistic budget, locking in your pre-approval, and exploring all financing options that might be available to you. Here’s how the process works, and how we help every step of the way.

Why Mortgage Prep Comes Before the House Hunt

In Toronto’s competitive market, sellers want to know you’re serious—and that starts with having a pre-approval in hand. Beyond that, knowing what you can really afford (versus what a lender might approve you for) protects you from overextending and sets you up for long-term success.

It also helps narrow your home search from the start. With a clear understanding of your budget, you can focus your energy on properties that are actually within reach—saving time, emotional energy, and potential disappointment.

A calculator and several colored houses. The concept of buying a home on credit or a mortgage

Step 1 – Get Connected with a Mortgage Pro

What We Do for Our Clients

We work with a network of experienced mortgage brokers and bank reps who know the ins and outs of the Toronto market. Once we understand your goals, we’ll refer you to a pro who can walk you through options tailored to your financial picture.

Our job doesn’t end at the introduction. We stay in touch with both you and your mortgage advisor throughout the process to make sure everything stays aligned with your purchase timeline.

Mortgage Broker vs. Bank: What’s the Difference?

Mortgage brokers shop your application across multiple lenders, including banks, credit unions, and private lenders. That often means better flexibility or terms. Bank mortgage specialists, on the other hand, work with a single institution—which can be convenient if you already bank there. We’ll help you weigh which is the better fit.

Sometimes, our buyers will get pre-approvals from both—just to compare their options and feel confident in their decision.

Step 2 – Know Your Real Budget

Affordability Isn’t Just the Pre-Approval Number

Just because you’re approved for $850,000 doesn’t mean you should spend it. Lenders use ratios like GDS (Gross Debt Service) and TDS (Total Debt Service) to set thresholds, but lifestyle factors matter too. If you’re juggling daycare, car payments, or freelance income, your “real” comfort zone might look different.

Want to run the numbers? This affordability calculator is a great starting point.

We always ask our buyers: What monthly payment feels comfortable? Then we reverse-engineer your price range based on that number—not just the maximum approval.

Factor in Closing Costs and Hidden Expenses

Don’t forget the one-time costs: Toronto’s double land transfer tax, legal fees, title insurance, home inspection, moving expenses… it adds up quickly. We’ll help you estimate these ahead of time so you’re not caught off guard.

Depending on your situation, you might also want to budget for:

CMHC insurance premiums (if putting down less than 20%)
Condo reserve contributions
Immediate renos or furniture purchases

Having a cushion for these extras can make your first year of homeownership far less stressful.

Step 3 – Lock In Your Pre-Approval

What You’ll Need to Provide

Getting pre-approved usually takes a few days, provided you have your docs ready. Here’s a checklist of what most mortgage brokers or lenders will ask for:

Identification

Government-issued photo ID (driver’s license, passport, etc.)

Proof of Income

Recent pay stubs (usually the last two)
A current employment letter stating salary, role, and duration of employment
If self-employed: last 2 years of Notices of Assessment, T1 Generals, and business financials

Proof of Down Payment

Bank statements showing savings
Gift letter if funds are coming from a family member
Investment or RRSP account statements if applicable

Credit Information

Authorization for the lender to pull your credit score
Details of any outstanding loans, credit cards, or lines of credit

Monthly Obligations

Documentation for car loans, student loans, or other recurring debts
Child support or alimony obligations (if applicable)

Gathering these in advance makes your mortgage application smoother—and shows sellers you’re serious.

What a Pre-Approval Actually Means

A pre-approval confirms how much you’re eligible to borrow and can lock in an interest rate for 90–120 days. It isn’t a final approval—but it shows sellers you’re ready to go. And that can make the difference in a multiple-offer situation.

It’s also an excellent gut-check. If the numbers feel tight, we can step back and revisit your strategy before you fall in love with a property that pushes your limits.

Step 4 – Explore Your Financing Options

Insured vs. Uninsured Mortgages

If your down payment is under 20%, your mortgage will need to be insured (usually through CMHC), which adds a premium but allows for lower upfront costs. If you have 20% or more, you avoid the insurance fee—and often get access to better terms.

Each path has pros and cons. We’ll walk you through both so you can decide what works best for your long-term plans.

First-Time Buyer Incentives

If you’re a first-time buyer, don’t overlook programs like the RRSP Home Buyers’ Plan or the First-Time Home Buyer Incentive. These can help stretch your budget, but they come with fine print—we’ll help you understand it.

We’ll also flag less-talked-about programs like land transfer tax rebates and municipal grants when they apply.

What If You’re Buying Before Selling?

If you’re purchasing a new home before your current one sells, you may need bridge financing or a home equity line of credit (HELOC) to make the gap work. We’ll help coordinate with your mortgage pro to keep everything aligned.

Timing matters here—and we’ll build a game plan so you don’t end up juggling two mortgages longer than needed.

How We Make This Easy

We Do the Legwork

From intro calls to follow-ups, we keep you on track and informed. Our goal is to make mortgage prep feel less like a chore and more like a strategic move—because that’s exactly what it is.

We also translate the mortgage lingo, break down the numbers, and advocate for you every step of the way.

Real Buyer Story

Mark once worked with a couple looking in midtown. By connecting them with a mortgage broker early, they discovered a lender willing to count variable freelance income. That pre-approval let us move fast on a listing they loved—and they landed it without overbidding.

They later told us that without that early prep, they probably would’ve hesitated and missed out.

Ready to Get Started?

Mortgage prep isn’t just a checkbox—it’s your foundation. If you’re thinking of buying, let’s talk strategy. We’ll connect you with trusted pros, map out your next steps, and get you ready to buy better. Send us a message below!

Jun 13

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Buying a Home in Toronto? Start with a Discovery Call (Here’s How Ours Work)

By Mark Savel Advice For Buyers

Buying a home in Toronto is thrilling—but let’s be honest, it can also feel overwhelming. Between rising prices, shifting neighbourhood trends, and confusing mortgage rules, knowing where to begin is half the battle. That’s why our first step isn’t a property tour. It’s a conversation.

We call it a discovery call. And here’s exactly what you can expect.

What Is a Real Estate Discovery Call?

A discovery call is a 20- to 30-minute chat where we get to know you—your goals, your budget, and what “home” means to you. There’s no paperwork, no pressure, and no strings attached. Think of it as your chance to pick our brains before diving in.

Why We Start with a Call (Not a Showing)

While it might be tempting to jump straight into open houses, we believe in building a smart foundation first. This helps us:

Save you time
Set realistic expectations
Share valuable local insight upfront

When we understand where you’re coming from, we can help you get where you’re going—faster and with fewer surprises.

Here’s What We Cover on the Call

Your Why: Motivation + Timeline

Are you upsizing for a growing family? Relocating for work? Curious about whether now is the right time? Your “why” gives us direction—and helps us customize your path forward.

Budget & Mortgage Status

We’ll walk through your ideal budget and where you stand with financing. Haven’t spoken to a lender yet? No worries—we can refer trusted mortgage pros to help you run the numbers.

Must-Haves vs Nice-to-Haves

This is where we start turning your Pinterest board into a practical checklist. A balcony, parking, ensuite laundry? Great. We’ll help prioritize what matters most, and what might be flexible.

Quick story: One couple came in convinced they wanted a detached home. After chatting, they realized a hard loft was a better fit—and they couldn’t be happier.

Neighbourhood Talk

Which areas are you considering? The Junction? Midtown? East Danforth? We’ll share the real scoop on each—the vibe, price trends, and pros/cons from people who actually live there.

Education on the Market

We’ll give you a snapshot of what’s happening now: how long homes are sitting, where prices are heading, and what trends to watch. No fluff—just honest, up-to-date advice.

(For a deeper dive, check out our monthly market updates.)

The Buying Process (Simplified)

From first tour to firm offer, we’ll walk you through the whole process in plain language. Including:

What offer conditions matter
How inspections and deposits work
What to expect at closing

How We Work (and What Happens Next)

We’ll also cover how we represent you: our communication style, negotiating strategies, and what happens after the call. Spoiler: we follow up with a tailored next step email (and it literally covers EVERYTHING), not a generic drip campaign.

What You Don’t Need to Bring

You don’t need your mortgage pre-approval letter. You don’t need a list of listings. And you definitely don’t need to know all the lingo.

All we ask? Bring your questions and your curiosity. We’ll handle the rest.

A Real Story: From First Call to Front Door

One couple we worked with were new to Toronto and unsure where to begin. On the call with Joey, they shared their dream of walkable neighbourhoods, good coffee, and parks for their dog. Fast forward three months: they’re happily settled in a Roncesvalles condo steps from everything they wanted.

It started with one call.

Let’s Talk—No Strings Attached

Whether you’re buying in six weeks or six months, your smartest first move is booking a discovery call. We’ll listen, guide, and help you gain clarity without the sales pressure – leave us a message below!

Resources for Buyers:

May 29

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Toronto Downpayment Guide for Homebuyers

By Mark Savel Advice For Buyers

How Much Money Do I Need to Put Down?

One of the most common questions Toronto homebuyers ask is: “How much downpayment do I need to buy a house in Toronto?” And the answer? Well, it depends. Your down payment hinges on the price of the home you’re eyeing—and in Toronto, where prices regularly push past $1 million, the amount required can be significantly higher than the national minimums.

Let’s break it down so you can better understand what you’ll need to save.

Minimum Down Payment Rules For Buying in Toronto

Here’s how the Toronto (and Canadian) down payment structure works:

5% on the first $500,000 of a home’s purchase price
10% on the portion from $500,001 to $1,500,000
20% for homes priced over $1.5 million (and no CMHC insurance allowed)

As of 2024, the government increased the insured mortgage limit to $1.5 million—up from the previous $1 million cap—giving buyers in expensive markets like Toronto more breathing room with lower down payment thresholds.

What Does That Mean for Toronto Buyers?

The average home price in Toronto hovers around $1.1 million. That puts many buyers in the zone where they’ll need to put down at least $80,000 to $100,000 (a mix of 5% and 10%).

But if you’re buying above the $1.5 million mark, it’s 20% minimum—meaning a $300,000 down payment on a $1.5M home. That’s a steep climb for most buyers, especially first-timers. That’s why we often advise clients to get pre-approved early and understand what their budget truly allows.

CMHC Insurance: When It Applies and What It Costs

If your down payment is less than 20%, your mortgage must be insured through the Canada Mortgage and Housing Corporation (CMHC) or similar providers. This insurance protects the lender—not you—but is required to secure your mortgage.

Here’s what it typically costs:

4.00% of your loan if you’re putting just 5% down
3.10% if you’re putting 10%
2.80% if you’re putting 15%

You’ll also pay Ontario provincial sales tax on the premium (not added to the mortgage). You can use a CMHC calculator to estimate your costs.

Common Questions from Toronto Buyers

These are the questions that come up most often during buyer consults:

“Can I use gifted money?” Yes. You’ll need a signed letter confirming the funds are a gift and not repayable.

“I’m self-employed—does that change things?” Lenders will want to see at least two years of business income. You might face stricter scrutiny, but it’s not a deal-breaker.

“Are there any programs to help me?” Yes! And we’ll cover them next.

Down Payment Assistance Programs

If saving for a down payment feels out of reach, you’re not alone—and fortunately, there are programs specifically designed to help Toronto buyers get into the market:

First-Time Home Buyer Incentive (FTHBI): This shared equity program lets the federal government contribute 5%–10% of your purchase price. You repay the same percentage later, based on your home’s future value.
Home Buyers’ Plan (HBP): Withdraw up to $35,000 from your RRSP ($70,000 as a couple) tax-free to buy your first home. You’ll have 15 years to pay it back.
First Home Savings Account (FHSA): A new account that allows you to save up to $8,000/year ($40,000 lifetime) tax-free. Contributions are tax-deductible, and withdrawals for a qualifying home purchase are also tax-free.
Land Transfer Tax Rebates: First-time buyers can claim a rebate of up to $4,000 from Ontario’s LTT and up to $4,475 from Toronto’s municipal LTT—for a potential $8,475 in savings.

These programs can shave thousands off your upfront costs and make homeownership far more attainable. Each has its own fine print, so it’s best to chat with a mortgage specialist or real estate professional to see which ones you qualify for.

Other Cost Considerations Beyond the Down Payment

Your down payment isn’t the only cost you’ll need to budget for. When buying a home in Toronto, a handful of additional expenses can add up quickly:

Legal Fees: Typically range from $1,500 to $2,500 depending on your lawyer and the complexity of the transaction. This covers title searches, document review, registration, and disbursements.
Land Transfer Tax (LTT): Ontario and Toronto both charge LTT. Use a land transfer tax calculator to estimate your exact amount.
Home Inspection: A professional inspection usually costs $400 to $600 and is worth every penny for peace of mind.
Appraisal Fee: If required by your lender, expect to pay about $300 to $500.
Title Insurance: Often recommended and sometimes mandatory—costs roughly $250 to $500.
Moving Costs: Whether it’s a DIY truck rental or a full-service move, budget at least $500 to $2,000.
Adjustments and Prepaid Costs: These include utilities, property taxes, and condo fees that the seller may have prepaid. You’ll need to reimburse them for your share at closing.

Having a well-padded buffer—say 1.5% to 4% of your home’s purchase price—can help cover these expenses without stress.

Final Thoughts — Planning Your Path to Homeownership

In a city like Toronto, where real estate prices can feel overwhelming, planning ahead is your best ally. Know the numbers. Use the tools. And contact us to help build a strategy that works for your budget and timeline.

Need help estimating your down payment and closing costs? Let’s talk. A smart plan today could be the key to owning tomorrow.

May 01

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April 2025 Toronto Real Estate Market Recap

By Mark Savel Monthly Market Updates

April in Review – Affordability Improves, But Confidence Lags

Toronto’s spring market has always set the tone for the year ahead—and April 2025 was no exception. Realtors in the GTA recorded 6,244 sales in May (reflecting April activity), a 13.3% decline from the same time last year. But while the numbers might seem underwhelming, the mood on the ground tells a more nuanced story.

New listings jumped to 21,819, marking a 14% increase year-over-year. That means buyers suddenly have options—a refreshing change after years of limited inventory. With more supply comes less competition, fewer bidding wars, and more room to negotiate.

TRREB President Elechia Barry-Sproule put it succinctly: “Buyers have certainly benefited from greater choice and improved affordability this year. However, each neighbourhood and market segment have their own nuances.”

Translation: the market is shifting, but your experience will depend on where—and what—you’re buying.

Buyers Have Leverage—So What’s Holding Them Back?

Affordability has improved. Mortgage rates have eased slightly. Listings are up. In theory, this should be a slam dunk for buyers. And yet? Many remain cautious.

The average selling price in the GTA was $1,120,879, down 4% year-over-year. The MLS® Home Price Index Composite Benchmark slipped further, down 4.5%. Still, both measures edged up slightly month-over-month, hinting that prices might be stabilizing.

So, what gives? It’s not just about numbers—it’s about confidence and at the moment, there isn’t a whole lot of it!

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

Signs of Life: Month-over-Month Momentum

Despite a cooler year-over-year picture, recent momentum is pointing upward. April to May sales increased for the second straight month. While new listings also rose, they didn’t outpace sales—suggesting mild tightening in market conditions.

Does this mean a full recovery is underway? Not quite. But well-priced, move-in-ready homes—especially in transit-connected or walkable areas—are starting to attract serious attention.

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

What We’re Seeing On the Ground

Here’s what we’re noticing from our conversations and showing schedules:

Buyers are crunching the numbers first—and only booking viewings when the math makes sense.
Sellers who price realistically (think: post-peak expectations) are getting action. Overpriced listings? Not so much.
In-demand areas like the Junction, St. Clair West, and Leslieville continue to draw steady interest—especially for family-friendly, move-in-ready homes.

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

What’s Next? Rate Cuts, Supply Fixes, and Opportunity Windows

TRREB has emphasized that government follow-through on housing initiatives is critical. That means:

Lowering excessive taxes and fees
Speeding up permitting
Encouraging innovation in housing construction

TRREB CEO John DiMichele also noted that a rate cut, especially with inflation cooling, would be a welcome boost for both new buyers and those renewing their mortgages.

Stay informed with:

Final Take – Opportunity, If You’re Ready

Toronto’s April market felt like the start of something. Prices dipped, listings rose, and with that came renewed breathing room. While macroeconomic jitters haven’t vanished, motivated buyers are quietly stepping forward.

If you’re planning a move, now’s a great time to get your ducks in a row—before competition heats up again.

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

Nov 15

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Does A Landlord Have To Pay A Tenant To Move Back Into Their Own Home?

By Mark Savel Advice for Landlords, Video Blog

If you are a landlord in Ontario wanting to move back into your rental property, then this post is for you!

In the past, all you had to do was simply notify the tenant of your intention to move back in, and the tenancy would effectively come to an. (with proper notice of course)

Unfortunately, many (shady) landlords weren’t using this method in the most honest of ways. Instead of moving back-in, some landlords would simply relist at a higher price. Naturally, this displaced many tenants resulting in unnecessary moves and extra costs. The Ontario government quickly got wind of this and moved swiftly to shut the loophole down.

As of September 1st, 2017, the rules surrounding how and who can move back in have changed significantly. As per the Landlord Tenant Board: A landlord may apply to terminate a tenancy on the basis the rental unit is needed for use by the landlord, the landlord’s family member, or a person who provides or will provide care services to the landlord or landlord’s family. Notice how they didn’t say cousins or even siblings? It must only be an immediate family member, and the move must be in “good faith”.

You also to compensate the tenant for displacing them. Yes, you read that right – landlords now have to: compensate the tenant in an amount equal to one month’s rent or offer another rental unit acceptable to the tenant.

Examples of Evicting a Tenant as Bad Faith

Some examples the board provides of termination in bad faith include:

advertises the rental unit for rent;
enters into a tenancy agreement in respect of the rental unit with someone other than the former tenant;
advertises the rental unit, or the building that contains the rental unit, for sale;
demolishes the rental unit or the building containing the rental unit; or
takes any step to convert the rental unit, or the building containing the rental unit, to use for a purpose other than residential premises.

These provisions only apply during the period that begins on the date the landlord gave the tenant the notice and ends one year after the former tenant moves out of the unit.

Fines or Remedies

If a landlord is caught breaking the rules, the LTB may order the landlord to pay:

a specified sum to the tenant for all or any portion of any increased rent that the former tenant has incurred or will incur for a one-year period after vacating the rental unit;
reasonable out-of-pocket moving, storage and other like expenses that the former tenant has incurred or will incur;
an order for abatement of rent;
an administrative fine not exceeding the greater of $25,000 and the monetary jurisdiction of the Small Claims Court; or,
any other order that the LTB considers appropriate.

Steps a Landlord Must Take to Move Back Into Their Rental Property

If you and your family truly do need to move back into a rental property – make sure you follow all the correct procedures:

Give proper notice.
Compensate the tenant in an amount equal to one month’s rent or offer another rental unit acceptable to the tenant.
Ensure only you or an allowable family member is moving back in and that the move is being done “in good faith”

With a max fine of up to $25,000, going about it in the wrong way is no slap on the wrist! Full details can be viewed on the Landlord Tenant Board website… and of course, none of this is to be taken as legal advice – just my experience in the wild world of Toronto Real Estate.

Happy Real Estating!