Toronto Real Estate | TorontoLivings

Sep 08

August 2025 Toronto Real Estate Market Update

By Mark Savel Monthly Market Updates

If it felt like the market hit pause in August… it kind of did.

Between vacations, back-to-school prep, and one last cottage weekend, it’s no surprise that activity slowed across the board. For our team — and many of our clients — the majority of the month was spent away from the action. Historically, August tends to be one of the sleepiest months in Toronto real estate, and this year followed that familiar script.

That said, a quiet market doesn’t mean a stagnant one. Beneath the surface, some subtle (and potentially significant) shifts took place.

Sales Slow, Listings Rise – A Buyer’s Market (On Paper)

The Toronto Regional Real Estate Board (TRREB) reported 5,211 sales in August 2025 — a 2.3% increase year-over-year, but a sharp 14% decline from July. That drop wasn’t unexpected, given the seasonal slowdown. What stood out more was the surge in new listings: 14,038 properties hit the MLS, up 9.4% from last year and higher than July’s tally.

In plain terms: buyers had more to choose from, and fewer competitors to contend with.

TRREB President Elechia Barry-Sproule put it this way: “With the economy slowing and inflation under control, additional interest rate cuts by the Bank of Canada could help offset the impact of tariffs. Greater affordability would not only support more home sales but also generate significant economic spin-off benefits.” (FYI, the Bank of Canada is meeting on Sept 17th to decide on the policy interest rate)

You can almost hear the fall market gears warming up… but then again, who really know!?!

Pricing Holds Steady — But Down From Last Year

The average selling price in the GTA came in at $1,022,143 — down 5.2% year-over-year and 2.81% from July. The MLS Home Price Index (HPI) Composite also fell 5.2% annually but held flat month-over-month.

That month-over-month stability may seem like good news for sellers, but context is everything. Properties sat longer, with average days on market rising to 49 — the second slowest pace of the year (only January was slower at 55 days).

In short: homes are still selling, but not without negotiation — and patience.

Condos: The Softest Spot on the Map

Of all housing types, the condo segment saw the steepest summer dip. Just 890 condo sales were recorded — making it the third weakest month of 2025. Prices followed suit, with the average condo selling for $667,660, marking the worst monthly performance of the year.

That said, inventory remains healthy and choice is abundant — which could be a silver lining for buyers looking to enter the market or make a move-up purchase.

What This Means for Fall (And Why September Matters More Than Ever)

August may have been sluggish, but fall could be a different story. With many buyers and sellers returning from summer break, we expect momentum to pick up in September.

TRREB Chief Information Officer Jason Mercer noted that, even with lower borrowing costs and softer pricing, affordability remains a challenge. But any additional cuts from the Bank of Canada — like the ones forecasted this fall — could bring sidelined buyers back into the game.

What Buyers and Sellers Should Know Right Now

For Buyers:

Inventory is your advantage. With listings up and competition low, now’s the time to shop around and negotiate with confidence.
Interest rate cuts may be coming. Acting before they hit the headlines could save you from bidding wars down the road.
Condos are especially soft. If you’ve been eyeing a unit downtown or looking for an investment property, this could be the moment to pounce.

For Sellers:

Buyers are cautious, not absent. Presentation, pricing, and patience are key.
Prep now for the fall surge. We expect renewed activity in September — having your listing market-ready could pay dividends.
Highlight value. With affordability still a top concern, make sure your home’s best features are front and centre.

Final Thoughts – Don’t Sleep on the Slow Months

Yes, August was quiet. But that silence came with a lot of signal: more listings, longer days on market, and room for negotiation across nearly every housing segment.

Sellers: now’s the time to prep your listing for fall. Presentation, pricing, and timing will matter more than ever.

Buyers: if you’ve been waiting on the sidelines, this might be the moment to step in. Less competition. More inventory. And the possibility of more favourable rates ahead.

After a well-earned summer breather, Toronto’s market is gearing up again — and we’re here to help you navigate what’s next.

Looking to buy or sell this fall?
Reach out to the Toronto Livings team — even if August was all about rest, we’re ready to help you move forward in September.

Aug 04

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July 2025 Toronto Real Estate Market Update

By Mark Savel Monthly Market Updates

A Stronger Summer Showing

The Toronto real estate market delivered its strongest July sales performance since 2021 — a welcome shift after a slow start to the year. According to the Toronto Regional Real Estate Board (TRREB), 6,100 homes were sold across the GTA last month. That’s a 10.9% increase over July 2024.

New listings also climbed to 17,613, up 5.7% year-over-year. But with sales rising faster than listings, the market saw a modest tightening — signalling that more buyers are finding opportunities to jump in.

Are Prices Still Falling?

Yes — but there’s more to the story.

The MLS®Home Price Index (HPI) Composite Benchmark was down 5.4% compared to last year, while the average selling price dropped 5.5% to $1,051,719.

Month-over-month, prices held steady — suggesting the bottoming-out trend we started to see in June may be sticking around.

“Improved affordability, brought about by lower home prices and borrowing costs, is starting to translate into increased home sales,” said TRREB President Elechia Barry-Sproule.

On the Ground: More Buyers, Faster Sales

From what we’re seeing firsthand — buyers are back.

Between back-to-back interest rate cuts earlier in 2025 and greater affordability in key segments (especially entry-level condos and townhomes), buyer activity is up. Homes are selling faster, showing traffic has picked up, and serious buyers are making moves.

This is the second month in a row that sales have outpaced new listings on a seasonally adjusted basis — a trend worth watching as we head into the fall market.

Rate Relief & Economic Outlook

While the Bank of Canada held its key rate at 4.25% in July, economists expect another cut may be on the table this fall (September is the next meeting).

Mortgage rates have already reacted, with many 5-year fixed options dipping below 5% — making ownership slightly more attainable for buyers who were previously priced out.

But the economic picture remains mixed. As TRREB’s Chief Market Analyst Jason Mercer notes:

“Recent data suggest that the Canadian economy is treading water… further interest rate cuts would spur home sales and see more spin-off expenditures, positively impacting the economy and job growth.”

What About the Foreign Buyer Ban?

Despite its name, the foreign buyer ban isn’t an outright block. There are several exemptions that allow non-residents to purchase real estate in Canada, including:

Multi-unit buildings with 4+ units
Vacant land and development parcels
Recreational and rural properties
Purchases by international students and temporary workers under defined rules

This is important context for developers and investors looking at multiplex conversions or purpose-built rentals.

Key Stats at a Glance (July 2025)

Metric	Value	YoY Change
Home Sales (GTA)	6,100	+10.9%
New Listings	17,613	+5.7%
Avg. Selling Price	$1,051,719	-5.5%
MLS® HPI Composite	—	-5.4%
BoC Key Interest Rate	4.25%	—
5-Year Fixed Mortgage Rates	~4.89%	Lower than 2024

What Buyers and Sellers Should Know Right Now

For Buyers:

Timing is on your side. With prices flat month-over-month and rates slowly trending down, conditions are more favourable than they’ve been in years.
Competition is still manageable, but we expect that to shift as fall approaches — don’t sleep on pre-approval and fast decision-making.
Condos and townhomes are heating up, especially in midtown and west-end pockets. If you’ve been on the sidelines, now’s the time to revisit your strategy.

For Sellers:

Pricing matters more than ever. Overpricing is a fast track to stagnation — strategic pricing is key in this transitional market.
Presentation counts. With more motivated buyers, staging, pre-inspections, and marketing make a real difference.
We’re seeing faster sales for homes that show well and are priced right — especially in walkable, transit-connected neighbourhoods.

Final Thoughts

Affordability is improving. Buyer confidence is growing. And if July’s numbers are any indication, we’re moving toward a more balanced market.

With fall just around the corner, there’s likely more activity — and more competition — to come.

If you’re planning to buy, sell, or just want to know how the shifting market affects your next move, reach out to us here.

Want a better sense of your home’s current value? Get your free evaluation and we’ll show you what today’s buyers are paying.

Jul 16

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

By Mark Savel Advice For Buyers, Advice For Sellers

Why Status Certificates Matter

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

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

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

The Practical Reality: Lawyers and Lenders Play by Different Rules

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

Lawyers

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

Lenders

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

Why There’s No Universal Rule

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

Real-World Example

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

Best Practices for Buyers and Sellers

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

Quick FAQ

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

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

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

Thinking About Buying or Selling a Condo?

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

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

Jul 14

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Where to Order a Status Certificate for a Toronto Condo

By Mark Savel Advice For Buyers, Advice For Sellers

If you’ve ever made an offer on a Toronto condo—or are about to—you’ll quickly hear this term: status certificate. It might not sound exciting, but this document is a cornerstone of any smart condo purchase. It gives you (and your lawyer) a detailed snapshot of the condo corporation’s financial health, rules, and any red flags that could impact your investment.

Let’s break down what a status certificate is, what’s inside, where you can order one in Ontario, and why it matters more than most buyers realize.

What is a Status Certificate?

A status certificate is an official document issued by a condominium corporation that provides key financial and legal information about a specific condo unit and the condo corporation as a whole.

In Ontario, it’s a legal requirement under Section 76 of the Condominium Act, 1998. Condo corporations must issue one within 10 calendar days of receiving a written request and a $100 fee (HST included).

Whether you’re buying, selling, or refinancing a condo, this document is essential—it can affect offer conditions, financing approval, and even your long-term ownership experience.

What’s Inside a Status Certificate?

It’s more than just a single sheet. A typical status certificate includes:

Declaration, by-laws, and rules of the condo corporation
Monthly common expenses for the unit (and whether the current owner is up to date)
Audited financial statements from the previous year
Annual operating budget
Reserve fund balance and funding plan (important for future repairs)
Insurance certificate
Details of any legal proceedings, judgments, or outstanding claims
Whether the unit is subject to a lien
Names and contact information for directors and officers of the condo board

This bundle helps your real estate lawyer flag issues like underfunded reserves or pending lawsuits—things that aren’t obvious from a showing or MLS listing.

Check out the podcast episode we did on all things status certificates:

Cost, Timeline, and Ordering Channels

Ordering a status certificate in Ontario is relatively straightforward. Here’s what to expect:

Cost: $100 (HST included), set by provincial regulation
Delivery timeline: 10 calendar days from the date of request and payment
Format: Usually provided via secure PDF download, email, or printed hard copy

Some management firms also offer expedited service—usually within 2–3 business days—for an additional fee (often ranging from $50 to $135 extra).

Where to Order a Status Certificate in Ontario

Depending on how a building is managed, status certificates can be ordered through several platforms. Here are the most commonly used options:

StatusCertificate.com
The most widely used service in Ontario. Many property management firms rely on this platform. Simply search by condo address and unit number, and you can order directly online.
Condo Control
Used by many Toronto buildings. If your condo is registered, you can order certificates through your resident portal.
CondoBI
Provides centralized access for condo documents. Works with affiliated management companies and allows digital payment and delivery.
Percel Property Management
Offers both standard and expedited status certificate orders. Ideal for time-sensitive transactions.
Crossbridge Condominium Services
Ontario’s largest condo manager. Ordering forms are available on individual property pages.
Wilson Blanchard
Allows status certificate requests online for buildings they manage.
CondoCafe
Used by large firms like FirstService Residential. You’ll need login credentials linked to your building.
Direct from Property Manager or Condo Board
In smaller or self-managed buildings, requests are handled manually. Contact the property manager or board directly and be prepared to send payment via cheque or e-transfer.

Why Status Certificates Matter in the Buying Process

For buyers, the status certificate is typically reviewed as part of a conditional offer—meaning your deal only proceeds if the certificate comes back clean. That review is done by your real estate lawyer, and they’re looking for:

Evidence of a healthy reserve fund
Any upcoming special assessments (one-time repair costs to be paid by owners)
Legal issues involving the condo corporation
Liens or unpaid maintenance fees on the unit
Rules or restrictions that may affect how you use the property (e.g., pets, short-term rentals)

Sellers may also choose to proactively order one in advance to speed up the process—especially in competitive markets.

Common Questions About Status Certificates

Who pays for it?
Traditionally, the buyer covers the cost (as part of their due diligence), but some sellers may offer it upfront.

Can anyone request one?
Yes—anyone can request a status certificate as long as they provide the written request and $100 fee.

How long is it valid?
There’s no official expiry, but certificates older than 30 days are often considered outdated for legal review.

What if it’s not delivered within 10 days?
That’s a breach of the Condominium Act. While rare, your lawyer can escalate if delays occur.

Is the content negotiable?
No—the condo corporation must disclose certain information in a fixed format. It’s not something you can “amend.”

Final Thoughts

Ordering a status certificate might seem like a formality, but it can reveal a lot about the property you’re buying—or selling. In a city like Toronto where condo purchases move fast, understanding where to order one and what to look for can give you a real edge.

Think of it as your condo’s report card—and every good deal starts with doing your homework.

For more tips on buying a condo in Toronto, send us a message below!

Sources & Further Reading:

Jul 07

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June 2025 Toronto Real Estate Market Update

By Mark Savel Monthly Market Updates

Real estate in Toronto took another small step toward affordability in June. With borrowing costs and average selling prices still trailing last year’s levels, more buyers are beginning to test the waters—even if many are still playing the waiting game.

The housing market showed further signs of recovery in June, as buyers benefited from a growing number of listings. With more inventory to choose from, many were able to negotiate below asking prices—an early sign that market leverage is beginning to tip back toward buyers.

Sales and Listings: Market Gains Traction (Sort Of)

Realtors reported 6,243 sales through the MLS System in June—a modest 2.4% dip compared to June 2024. However, new listings jumped 7.7% year-over-year, reaching 19,839 properties.

On a seasonally adjusted basis, sales were up compared to May 2025, while new listings were down. That combination—more buying activity and slightly less inventory—continues the tightening trend we saw take shape this spring.

Inventory vs. Demand: Are We Headed for Balance?

Month-over-month momentum looks promising, but economic jitters still weigh on decision-making. Many households are hesitant to dive in until they feel more secure about their jobs, rates, and the overall direction of the economy. Still, as inventory tapers and options dwindle, that hesitation could turn into competition sooner than later.

What’s Happening with Prices?

Condos Reach New High for 2025

While overall prices in the GTA trended downward, the condo segment quietly notched a win in June. The average condo price rose to $731,232—the highest it’s been all year. That’s up from $709,905 in May and significantly higher than where the year started at $691,039.

This steady upward trend—especially with June breaking the ceiling—could be an early signal of shifting demand. With lower entry points than detached homes and improved affordability, condos might be the segment to watch as momentum builds through summer.

Detached Prices Cool Off After Strong Start

Detached homes, meanwhile, saw a different trajectory in the first half of 2025. After peaking in February at $1,782,262, average prices for detached properties have gradually softened, settling at $1,641,868 in June. While still higher than January’s average of $1,579,386, the trend suggests a gradual cooldown from earlier highs.

Buyers in the detached segment may find more room to negotiate as prices ease off their earlier highs, especially with higher-carrying costs still weighing on the top end of the market.

Semi-Detached Homes Show Seasonal Resilience

Semi-detached properties had a relatively stable run through the first half of 2025. While they haven’t reached a new peak since March’s high of $1,337,498, June’s average price of $1,278,434 still sits comfortably above where the year began.

The numbers suggest a segment that’s holding firm despite broader market softening—offering a middle ground between affordability and space that continues to resonate with move-up buyers.

Townhomes Ride the Seasonal Wave

Townhomes had a mixed performance in the first half of 2025, with prices fluctuating month to month. After peaking in February at $1,028,339, the average townhome price slid back to $957,605 in June. While that’s still above January’s average of $941,893, the segment appears more sensitive to broader affordability pressures.

For buyers, this could present a timely opportunity—especially for those seeking more space than a condo offers but without stretching to a detached price point.

Overall Price Summary

June’s average selling price landed at $1,101,691, representing a 5.4% drop year-over-year. The MLS Home Price Index Composite Benchmark also dipped 5.5% compared to June 2024. Month-over-month? Both the average price and HPI edged slightly lower from May.

This downward pressure on pricing isn’t new—it’s been with us for several months—but it continues to create an entry point for buyers who were previously priced out.

Price Chart – YoY and MoM Breakdown

Metric	June 2024	May 2025	June 2025	% Change YoY	% Change MoM
Average Price	$1,164,714	$1,110,905	$1,101,691	-5.4%	-0.8%

What’s Fueling (or Delaying) the Recovery?

The market isn’t just reacting to supply and demand—it’s heavily influenced by macroeconomic factors. According to TRREB CIO Jason Mercer, a firm U.S. trade deal and two more expected rate cuts could help “make monthly mortgage payments more comfortable for average GTA households.” That added affordability, paired with improved consumer confidence, could push the recovery into higher gear.

But as of now, buyers are taking their time. Inflation progress has been choppy, and many are still skeptical that rates will come down fast enough to offset homeownership risks.

What Buyers and Sellers Should Know Right Now

For Buyers:

More listings mean more choice—and leverage.
Sellers are increasingly open to negotiation.
Lower borrowing costs = better affordability, even if only modestly improved.

For Sellers:

Price competitively to attract attention.
The tightening trend could benefit well-prepared listings.
With some buyers still on the sidelines, it’s not a frenzy—but serious shoppers are out there.

Final Thoughts: Recovery in Progress, but Far from Over

June continued the pattern we’ve seen throughout spring—a cautious, buyer-empowered market where affordability is slowly improving, but uncertainty still clouds the outlook. The next few months will be crucial. If confidence improves and rates continue to ease, Toronto’s real estate market could be poised for a steadier rebound – but who knows!

Curious what this means for your next move? Reach out by dropping us a message below—we’ll help you navigate the numbers and the nuance.

Jul 04

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Living Near Yorkdale: 5 Perks You Didn’t Know About

By Joey Virgilio Advice For Buyers, Purpose Built Rentals, Toronto

Ask most Torontonians what Yorkdale conjures up and they’ll picture a gleaming cathedral of luxury retail—Gucci bags, Apple launches, the whole nine yards. Fair! But plant yourself just outside those revolving doors and you’ll discover a neighbourhood that quietly levels‑up your daily routine. From dirt‑cheap car‑wash memberships to secret lattés away from the food‑court frenzy, living near Yorkdale is basically a life hack in postal‑code form.

Below, five perks even seasoned shoppers might have missed (plus a quick‑fire spec sheet if you’re sizing up a move).

1. Retail & Outlet Double‑Dip

Yes, you’re footsteps from the world‑class Yorkdale Shopping Centre—handy when you shatter your phone screen and need Genius Bar triage stat. But the real wallet saver is a seven‑minute stroll west to Orfus Road’s factory‑outlet row. Roots hoodies at half price, Nike kicks on permanent clearance, boxed kitchen gadgets you didn’t know you needed—errand day suddenly feels like a covert sample sale.

Pro tip: Tack on a weekday morning run to dodge weekend bus‑tour crowds. Your future self (and closet) will thank you.

2. Transit & Travel Hacks in Your Pocket

Living beside a subway station is nice. Living beside Yorkdale Station and a full GO Bus terminal is downright smug. Swipe onto the TTC for a 20‑minute ride downtown, or board GO Bus Route 94 straight to Pearson when a last‑minute seat‑sale pings your inbox. No Uber surge, no long‑term parking tab.

Driving? Theres ample free parking on site — and cyclists get a secure Bike Room complete with lockers so you’re not playing street‑lock roulette.

3. Unlimited Car Wash

Salt, slush, and construction grime can make your car look like it’s auditioning for a Mad Max sequel. Enter Crosstown Car Wash Yorkdale. For roughly the cost of a monthly streaming bundle ($24.99), their unlimited‑wash club keeps your ride shiny year‑round—plus free vacuums for a quick interior detox.

4. Off‑Mall Food & Coffee Gems

Skip the food‑court lineup and wander a block or two for flavours you won’t find under the mall’s skylights:

Cocoon Coffee, 855 Wilson Ave – tiny, plant‑filled, laptop‑friendly; their honey‑lavender latte has a cult following.
COPS Doughnuts – hot, made-to-order mini donuts best devoured while they’re still warm.
Amico Bakery on Dufferin – cannoli so crisp they crack audibly. Arrive early; nonna’s already in line.
Lady York on Dufferin – Italian grocery stalwart with a legendary deli counter and fresh weekly specials.

Your taste buds (and Instagram feed) just got a promotion.

5. Greenspace & Purpose‑Built Perks

A luxury mall address might not scream “outdoor oasis,” yet Downsview Park is a single subway stop north—290 acres of running trails, summer concerts, and an urban farm market that sells out of sourdough by 10 a.m.

Looking to rent before you buy? Sloane by Fitztrovia sits right beside the park. Think boutique‑hotel lobby vibes plus resident‑only bowling alley, PS5 gaming lounge, kids’ jungle‑gym zone, and co‑work suites outfitted with a few extra private booths. Purpose-built living also comes with a few extra perks you won’t find when you rent an ordinary condo unit.

Sloane West and East Tower Terrace and Pool

Quick Specs

Walk Score	72 – “Very walkable” (errands ≈ 10 min on foot)
Transit Score	87 – Subway, GO Bus, and express shuttles
Bike Score	64 – Growing network of protected lanes
Suite Mix	Studios → 3‑bed condos & rentals
Lease Terms	12‑month standard
Demographic Vibe	Mix of young professionals, airport‑commuters & long‑time locals

*Scores via Walk Score and TTC trip planner.

Is Yorkdale Your Next Neighbourhood Move?

If you crave designer shopping at 9 a.m., freshly baked donuts at noon, and need to catch a flight at Pearson by 7 p.m.—all while paying less than downtown rent—Yorkdale might be your Goldilocks zone. And should you prefer turnkey renter perks over negotiating with an investor landlord, Sloane by Fitztrovia has a bowling lane with your name on it.

Ready to chat strategy or book a tour? shoot us a message below —we’ll walk (or bus) you through next steps.

Jul 03

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What Costs Should You Expect When Selling a Home in Toronto?

By Mark Savel Advice For Sellers

Selling a home in Toronto comes with plenty of moving parts—literally and financially. While the goal is usually to walk away with a tidy profit, it’s worth knowing what expenses could chip away at your bottom line. From staging to legal fees and everything in between, here’s a breakdown of what sellers can expect to spend.

Real Estate Commissions: The Big One

Real estate commissions are often the largest cost in a home sale. In Toronto, it’s standard to pay between 3.5% and 5% of the final sale price, with that amount typically split between the buyer’s and seller’s agents.

While it may seem steep, this fee covers professional marketing, buyer negotiations, and the guidance of experienced agents who can help you sell faster and higher. And yes—commission rates can sometimes be negotiated, especially on higher-end properties.

Meet our team to see how we advocate for every dollar on your behalf.

Legal Fees: Closing with Confidence

Expect to spend between $1,500 and $2,500 in legal fees. That includes the cost of preparing documents, discharging your mortgage, completing title transfers, and managing disbursements like wire transfers or title insurance.

Your real estate lawyer will ensure the closing goes off without a hitch—so this is one area where cutting corners could cost more in the long run.

Mortgage Discharge & Prepayment Penalties

If you’re breaking your mortgage early, be prepared for additional fees. These usually include:

Admin/legal/registration fees (~$250–$500 total)
A prepayment penalty (either 3 months’ interest or an Interest Rate Differential—whichever is higher)

The exact amount varies depending on your lender and mortgage terms. Request a quote from your bank ahead of time so you’re not blindsided at closing.

Staging and Photography: Selling the Story

First impressions count. Many sellers invest in staging and professional photography to maximize appeal—and return.

Physical staging can cost $4,000–$10,000, depending on the size of the home and length of time it’s staged.
Photography and virtual tours typically range from $500–$1,000, though high-end packages can go higher.

It may seem like a lot up front, but well-staged homes tend to sell faster and for more money—often recouping that cost and then some.

Status Certificate (For Condo Sellers)

If you’re selling a condo, buyers will likely request a status certificate, which outlines the financial and legal health of the building. In Toronto, sellers are usually responsible for covering the ~$100 (plus HST) fee.

Make sure to order it early to avoid delays once your property hits the market.

Moving Costs: Don’t Forget the Finish Line

Once the deal is done, it’s time to pack—and that comes with its own price tag. Professional movers in Toronto typically charge:

$1,500–$2,500 for local moves, depending on home size and complexity
More for long-distance or full-service packing/moving combinations

Budget a bit extra if you need short-term storage or specialized services (like moving a piano).

Capital Gains Tax (If It’s an Investment Property)

If the home you’re selling is your principal residence, you’re off the hook for capital gains.

But if it’s an investment or secondary property, 50% of the profit is taxable as income. The amount you owe will depend on your marginal tax rate and how long you held the property.

Keep good records—renovations, legal fees, and realtor commissions can often be deducted from your gain.

Here’s what the CRA says about it.

Toronto Home Selling Costs at a Glance

Cost Type	Typical Range
Real Estate Commission	3.5%–5% of sale price
Legal Fees	$1,500–$2,500
Mortgage Discharge	~$250–$500 + penalties
Staging	$4,000–$10,000
Photography	~$500–$1,000
Status Certificate	~$100 (condos)
Moving	$1,500–$2,500
Capital Gains (if applicable)	50% of gain is taxable

Final Thoughts: Budgeting = Power

Selling comes with its share of expenses—but it doesn’t have to come as a surprise. With a clear view of the costs involved, you can plan better, price smarter, and maximize your returns.

Thinking of listing your home? Here’s how we help you sell higher.

Jul 02

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The Hidden Costs of Buying a Home in Toronto

By Mark Savel Advice For Buyers

When you’re house hunting in Toronto, most of your mental energy is spent calculating down payments, monthly mortgage costs, and whether you can stretch that budget for the home just one block closer to the subway. But behind the sticker price lurks a less obvious layer of expenses that can quickly add up — and if you’re not prepared, they can feel like a surprise punch to your closing-day excitement.

Let’s pull back the curtain on the hidden costs of buying a home in Toronto — from taxes to title insurance and everything in between.

Quick Reference: Hidden Costs Breakdown (based on a $1.5M purchase)

Cost Category	Estimated Range	Notes
Land Transfer Taxes	$52,950+	Applies to a $1.5M home in Toronto (includes provincial + municipal)
Luxury LTT (>$3M homes)	3.5%–7.5% on price tiers	Progressive rates depending on home value
Legal Fees	$1,500–$2,500	Varies by complexity of the deal
Title Insurance	$300–$800	One-time cost
Home Inspection	$400–$700	Add $200+ for specialty inspections
Adjustments	$500–$2,000+	Reimbursement for seller-paid property taxes, fees
Moving & Set-Up Costs	$3,000–$5,000	Movers, utilities, locksmiths, furniture gaps
CMHC Insurance (if <20% down)	Varies by loan size	Mandatory for high-ratio mortgages

1. Double Land Transfer Taxes in Toronto

Toronto is one of the few cities in Canada where homebuyers are hit with two land transfer taxes — one from the province, and one from the city itself.

Ontario Land Transfer Tax (LTT): Scaled based on the purchase price. For example, a $1.5M home results in roughly $26,475.
Toronto Municipal LTT: Also scaled — for the same $1.5M property, you’d pay another $26,475.

Total land transfer tax bill? About $52,950.

What About the Luxury Tax?

Toronto applies an extra tier of LTT to homes over $3 million:

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

That’s a steep climb if you’re in the luxury bracket — and one worth modeling out in advance.

Use the City of Toronto’s Land Transfer Tax Calculator to get a better idea of cost

2. Legal Fees & Title Insurance

Closing a real estate deal requires a real estate lawyer — full stop. And those services come with fees:

Legal fees: Typically $1,500–$2,500 depending on complexity
Title insurance: $300–$800 (a one-time cost)

These protect you against future claims on the property, unpaid liens, or title defects. While some might consider shopping around, this isn’t the place to skimp.

3. Home Inspections (and Re-Inspections)

An inspection is your home’s pre-purchase report card. Costs can vary, but expect:

$400–$700 for a standard inspection
Add $200+ if you need specialized inspections (e.g., sewer scopes, radon, pool inspections)

Even in competitive markets, we always recommend getting one if you can. It’s peace of mind money well spent.

4. Prepaid Utilities, Taxes, and Adjustments

Your closing documents will include adjustments — costs the seller has prepaid (like property taxes or condo fees) that you’ll need to reimburse them for.

Example: If the seller prepaid July’s property taxes and you take possession mid-month, you’ll owe them for the remaining days.

These aren’t huge line items individually, but can still add hundreds to thousands to your final bill.

5. Moving Costs, Hookups & Set-Up Fees

Let’s not forget the final stretch of the journey — actually moving in.

Here’s a quick breakdown:

Moving company: $2,000–$3,000 (more if you’re moving cross-city or have a ton of stuff)
Utility hookups: $50–$200 depending on providers
New locks & security updates: Often overlooked, but recommended ($200–$500)
Appliances or furniture gaps: First-time buyers especially feel this one

Pro tip: budget $3,000–$5,000 for this phase alone, depending on your situation.

Final Thoughts: Budget Beyond the Purchase Price

Buying a home in Toronto is a huge milestone — and a financial stretch for most. But knowing what’s coming can ease that pressure. When we work with buyers, we break down all these costs upfront so there are no surprises come closing day.

If you’re planning a purchase, let’s talk. We’ll help you budget smart, negotiate better, and avoid getting blindsided by the hidden extras.

Want more tips like this? Sign up for our market updates — it’s the smarter way to stay ahead in Toronto real estate.

Next up: Check out our post on how long it takes to buy a home in Toronto for a timeline breakdown from offer to keys in hand.

Jul 01

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How Long Does It Take to Buy a Home in Toronto?

By Mark Savel Advice For Buyers

The Short Answer? It Depends.

We’ve seen it all. One buyer found their dream condo and closed in under 24 hours. Another? They patiently searched for the perfect detached in midtown—over two and a half years later, they got the keys. So, how long does it really take to buy a home in Toronto?

The truth is: there’s no one-size-fits-all answer. But there is a rhythm to the process, and once you know what to expect, it becomes a whole lot easier to plan. From financing to final keys, the timeline can stretch or shrink depending on how the stars align—or don’t.

The Step-by-Step Timeline (Toronto Edition)

1. Mortgage Pre-Approval (1–4 weeks)

Before you start swiping through listings or scheduling showings, talk to a mortgage advisor. A pre-approval tells you how much you can afford—and it makes you a serious buyer in the eyes of sellers. Plus, you’ll save time down the road by having your documents reviewed and income verified early on.

2. House Hunting (1 month to 1+ year)

This is where timelines vary the most. If you’re looking for a unicorn (like a south-facing hard loft with parking and low maintenance fees), be prepared to wait. But if your must-haves are flexible, you could be touring properties and making offers within weeks.

The season also matters—spring and fall tend to have more listings, while summer and winter slow down. Being ready to view properties quickly and having a responsive agent can make all the difference.

3. Offer & Negotiation (1–10 days)

Once you’ve found “the one,” things move quickly. Your agent will run comps, draft an offer, and submit it—often within 24 hours. From there, sellers may counter, reject, or accept. In hot markets, bidding wars can condense this step to hours.

Having your deposit ready and being flexible with closing dates can help your offer stand out. Your agent’s experience negotiating terms is crucial here.

4. Conditional Periods (5–10 business days)

If your offer includes conditions (like financing or a home inspection), you’ll need time to clear them. Most conditions are resolved within a week—but the clock starts ticking the moment the offer is accepted. This is your due diligence window to walk away penalty-free if needed.

5. Closing Period (30–60 days)

This is the legal handoff: your lawyer handles title searches, insurance, requisitions, and funds transfer. Most closings in Toronto land between 30 and 60 days—but longer or shorter timelines are sometimes negotiated based on the buyer/seller needs.

In this stage, you’ll sign the final documents, finalize mortgage paperwork, and ensure your down payment is in place. Your lender and lawyer will coordinate with the seller’s team to make sure everything runs smoothly.

What Slows Buyers Down?

A few common culprits:

Financing snags — delayed documents or new credit issues can stall mortgage approval.
Inventory droughts — low supply means buyers are stuck waiting for the right listing.
Analysis paralysis — some buyers struggle to commit, especially in shifting markets.
Life interruptions — personal or financial changes can pause a search unexpectedly.

Our record for the longest buyer search? 2.5 years from first showing to firm deal. They waited, watched, and ultimately bought with total confidence. In contrast, another client closed in less than a day by walking into an open house, falling in love, and making a cash offer on the spot.

Sometimes it’s about timing. Other times, it’s about persistence.

Speed It Up — How to Buy Faster

If you’re eager to get into your new home sooner, here are a few tips:

Get pre-approved before you browse
Work with an agent who knows the local landscape (that’s us)
Set clear must-haves vs. nice-to-haves
Be ready to act fast when the right listing appears
Don’t wait for the “perfect” property—sometimes 90% perfect is perfect enough
Stay organized with paperwork, and have your deposit liquid and accessible

➡ Buy Better with TorontoLivings

FAQ – Buyer Timelines in Toronto

Can you really buy a home in under a week?

Yes—with cash and a willing seller, we’ve seen it happen in under 24 hours. But it’s rare and depends on fast lawyers, quick due diligence, and no mortgage.

Do cash offers close faster?

Usually, yes. Skipping mortgage approval can shave weeks off the process. But you’ll still need legal review, insurance, and coordinated timing with the seller.

How long does a mortgage take in Toronto?

2 to 4 weeks is typical, assuming you’re responsive and the lender isn’t backed up. Submitting complete documents early helps avoid hiccups.

What happens if the seller wants a longer closing?

You negotiate! Most sellers are flexible, especially if the offer price is strong. Some buyers use longer closings to save more or avoid overlapping rent.

Can I start the process before I’m “100% ready” to buy?

Absolutely. Meeting with a mortgage advisor or agent early helps you understand your options, even if you’re months away from making an offer.

Final Thoughts: Everyone’s Timeline Is Different

Some buyers binge open houses for months before pulling the trigger. Others? Love at first sight.

At TorontoLivings, we adapt to your pace. Whether you’re ready to buy tomorrow—or just starting to explore—we’ll walk you through every step, from setting your budget to handing you the keys.

There’s no pressure—only guidance, support, and expert insight tailored to your journey. Connect with us by leaving a message below!

Jun 27

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Should You Sell Before You Buy in Toronto? Here’s Why We Say Yes.

By Mark Savel Advice For Sellers

If you’re a homeowner in Toronto considering your next move, one of the most common—and stressful—questions you’ll face is: should I sell before I buy? It’s not just a logistical question, but a financial and emotional one. Do you lock in your next dream home first, or secure top dollar for your current property before making your move?

There’s no one-size-fits-all answer—but our advice leans strongly toward selling first. Here’s why.

The Case for Selling First

1. You Know Exactly What You’re Working With

When you sell first, you’re not guessing what your home might fetch—you know. That clarity shapes everything from your down payment to your total budget.

Take one of our recent clients: they were casually eyeing move-up homes in the west end but hadn’t nailed down what they could afford. After selling their place above asking, they suddenly had more buying power—and the confidence to land a bigger home that checked every box.

2. More Leverage as a Buyer

A firm sale in your back pocket gives you leverage. You can make clean offers without a “sale of property” condition—something sellers love to see. In hot or even balanced markets, this makes your offer stand out and increases your negotiating power.

Translation? You could save money on the purchase side just by being ready to move.

3. Avoid Carrying Two Properties

Buying first means you might own two homes at once. That comes with double mortgage payments, double utilities, double everything.

Some turn to bridge financing, which lets you “bridge” the gap between buying and selling—but it’s not always ideal. Rates can be steep, and you’ll need a firm sale agreement to qualify.

Selling first means you avoid that stress entirely.

But What About Finding Your Next Place?

This is the biggest fear, right? Selling your home and not finding something you love in time. Totally fair—but manageable.

There are ways to bridge the gap without panic:

Flexible closings: Negotiate a long closing window on your sale. Many buyers are happy to accommodate if it means landing a great home.
Short-term rentals: Toronto has more tons of furnished and month-to-month rental options — we can help you rent something temporary that fits your timeline.
Lease-back arrangements: In some cases, you can rent your home back from the buyer after closing. It buys you time and saves the hassle of a full move-out.
Family and friend networks: Some sellers choose to bunk with family or trusted friends short-term—cozy? Maybe. Cost-effective and flexible? Absolutely.

Plus, when you’ve already sold, you can shop for your next place with less pressure. You’re not competing against your own ticking clock. That freedom often leads to better decision-making—and better purchases.

In our experience, with a smart plan and a bit of patience, finding the right place after selling is totally doable—and often, even preferable!

Why Buying First is Riskier Than It Sounds

On paper, it might feel safer to lock in your next home first. You get to secure your dream space and transition smoothly—at least in theory. But in practice, this approach often backfires, especially in unpredictable markets.

Here’s what can go wrong:

You could overpay due to urgency: When you’re racing the clock to buy before selling, your decisions are often emotionally charged. You’re less likely to negotiate assertively or wait for the right fit.
You might have to accept a lower offer on your own home: To avoid juggling two properties, many buyers-turned-sellers will settle for a less-than-ideal price just to wrap things up quickly.
You may need bridge financing—or worse, carry two mortgages: Bridge loans come with added costs and qualification requirements. And if your home takes longer to sell, you could end up on the hook for two sets of housing expenses, which puts serious strain on your finances.
Market shifts can catch you off guard: If the market cools after you buy but before you sell, you could be left with less equity than you expected—or worse, stuck with a home that lingers on the market.

At the end of the day, buying first trades certainty for comfort. But that comfort is short-lived if the numbers—or the timing—don’t work in your favour.

What We Tell Our Sellers

Selling first puts you in the driver’s seat. You know your numbers, your timing, and your game plan. From there, it’s easier to pivot, shop smart, and act quickly when the right listing hits the market.

Yes, bridge loans exist—but we don’t recommend relying on them as a strategy. Think of them more as a parachute, not a flight plan.

Our approach: prep your home well, list with confidence, sell strong—then buy smart. That’s how you lead with strength.

New home, family and portrait with cardboard box for moving, mortgage and property purchase. Living

Final Thoughts – Lead with Strength

Buying and selling at the same time is tricky. But by selling first, you control the pace—and your financial footing. You’re not scrambling. You’re not stretching. You’re stepping into your next home with clarity and confidence.

Thinking of selling first? Let’s talk strategy, timelines, and what your home could be worth. Reach out to us here— or send us a comment below.