Jun 25

How Toronto Realtors Determine Property Value for Sellers

By Mark Savel Advice For Sellers

Whether you’re just starting to think about selling or you’re already prepping your home for showings, one big question always comes up: what’s it worth? In a city like Toronto—where prices shift block by block and demand can turn on a dime—accurate property valuation is more art than science.

But don’t worry: it’s not a guessing game either. Good realtors rely on a blend of data, experience, and market instincts to help sellers set smart, strategic listing prices. The process includes a nuanced understanding of current market conditions, buyer psychology, and how a property’s features interact with emerging trends. Here’s how it all comes together.

The Role of Comparative Market Analysis (CMA)

Understanding CMA

The first tool in every Toronto realtor’s kit is the Comparative Market Analysis—or CMA. Think of it like real estate matchmaking: we compare your home to others that recently sold, are currently listed, or were pulled off the market without selling. This is the foundation of a data-backed pricing strategy.

A good CMA looks at:

Recent sold prices (especially within the last 30–90 days)
Current competition in your area
Homes that didn’t sell (aka “expired” or “cancelled” listings)
Seasonal patterns in buying behaviour

This gives a baseline of what buyers are currently paying—and what they’re not. A CMA also helps reveal market velocity—how fast homes are selling—and whether buyers are offering at, above, or below asking price.

Factors Considered in CMA

Not all comparables are created equal. We adjust for:

Square footage and layout
Property age and condition
Lot size
Renovations or upgrades
Parking and outdoor space
Unique characteristics (e.g. laneway access, heritage status, energy efficiency features)

Market timing matters too. A home that sold last fall might not reflect this spring’s realities. That’s where experience comes in—knowing which data points still hold weight and which trends are simply passing.

Professional Appraisals: Going Beyond CMA

When and Why Appraisals Are Used

Sometimes, we’ll recommend a formal appraisal. This might happen if:

The home is especially unique or hard to comp
You’re dealing with a divorce, estate sale, or tax scenario
A lender or legal professional requests it
The seller needs third-party validation for pricing decisions

Unlike a CMA, appraisals are done by certified professionals who follow strict industry standards. They are often required during refinancing or when buyers are securing high-ratio mortgages.

Appraisal Methods

Appraisers typically use three approaches:

Direct Comparison Approach – This is the most commonly used method for residential properties and closely mirrors what we do with a CMA. It involves analyzing recent sales of similar properties in the area—often within the past 3–6 months—and adjusting for differences in features, size, age, and condition. If your home has a finished basement or a larger backyard, those features are factored in compared to the sold comparables. This method works best in stable, active markets where many relevant comps are available.
Cost Approach – This method calculates what it would cost to build the property today (using current labour and materials), then subtracts depreciation based on the home’s age and condition. It also adds in the value of the land. This approach is often used for newer or unique properties, and it’s especially useful when there are few comparables available. For instance, if you’re selling a custom-built home in a less active area, the cost approach can provide a clearer sense of its value.
Income Approach – Primarily used for investment or rental properties, this method estimates a property’s value based on the income it can generate. Appraisers look at rental rates, occupancy levels, and operating expenses to calculate the net income, which is then capitalized to estimate market value. It’s a standard tool for valuing duplexes, triplexes, and multi-unit buildings, where the income stream is as important as the physical asset itself.

Key Factors Influencing Property Value

Location and Neighborhood

Yes, location still reigns supreme. In Toronto, that means school zones, walkability, access to transit, and future development plans can all bump up perceived value. Proximity to downtown, waterfronts, green space, or commercial corridors like Queen West or The Danforth also plays a big role.

Neighborhood vibes matter too—what kind of lifestyle does the area support? Artsy, family-friendly, nightlife-centric? These subtleties influence who your buyer is and what they’re willing to pay.

Property Features and Upgrades

Buyers love move-in ready. Modern kitchens, updated bathrooms, and well-finished basements can significantly boost price. But not all renos are equal—sometimes a coat of paint returns more than a full gut job. Finishes matter, but so do smart layouts and natural light.

Other value-adds include:

Smart home technology
Legal rental suites
Energy-efficient systems (windows, furnaces, insulation)
Curb appeal enhancements like landscaping or exterior facelifts

Market Conditions

Interest rates, inventory levels, buyer sentiment—these all impact what a home is worth today. A hot market may support aggressive pricing, while a cooler one demands more precision.

We also monitor metrics like the MLS Home Price Index, which offers a more nuanced picture of how home values shift over time. It accounts for compositional changes, which average price alone can’t capture.

Tools and Resources Realtors Use

MLS Home Price Index (HPI)

Provided by TRREB, this index goes beyond averages and medians to show value trends adjusted for home type and area. It’s one of the best ways to spot pricing patterns and buyer preferences. When used alongside sales data, it reveals both micro and macro market movements.

Automated Valuation Models (AVMs)

Sites like HouseSigma or Zoocasa use AVMs to estimate value based on algorithmic data. They’re helpful for ballparking, but rarely capture the nuance of staging, renovations, or neighborhood character.

AVMs are best viewed as starting points—not final say. They may suggest a price range, but interpreting why a number shows up is where a seasoned agent adds real value.

Realtor Networks and Off-Market Intel

Realtors also exchange notes about buyer activity, recent offer scenarios, and emerging patterns that don’t show up in the data yet. This human layer of insight adds tremendous clarity when pricing a home.

Real-Life Example: When Numbers Weren’t Enough

We recently helped a seller in Hillcrest Village list a semi with a dated kitchen but an unusually deep lot. AVMs put its value at ~$1.225M, but our CMA—paired with insight into buyer demand for laneway potential—led us to list the home at $1.380M.

After a targeted marketing push, including staging, property tour, and promoting the lot depth for potential garden suite use, we found the right buyer and closed at $1.355M. Knowing what the algorithms missed made all the difference.

This example also underscores the power of marketing strategy. We didn’t just price it—we positioned it for the right buyer. And that positioning turned into profit.

FAQ

What’s the difference between a CMA and an appraisal?
A CMA (Comparative Market Analysis) is performed by a realtor and is used to guide listing price decisions based on similar home sales. An appraisal is conducted by a certified appraiser, often for mortgage or legal purposes, and must meet specific regulatory standards.

How long is a CMA valid for?
Because market conditions can shift quickly—especially in Toronto—a CMA is typically valid for 30 to 90 days. Realtors often update them ahead of listing to reflect the most recent activity.

Do I need to renovate before getting a valuation?
Not necessarily. A good realtor can help you determine which upgrades (if any) will improve value. Sometimes simple changes like painting or staging deliver better ROI than big renovations.

Can I rely on automated tools like HouseSigma or Zoocasa?
AVMs are helpful for general ranges but lack the context a human expert provides. They often miss nuances like staging, finishes, layout quirks, or neighbourhood character.

When should I get a formal appraisal?
Formal appraisals are common in estate settlements, divorces, refinancing, or when a buyer’s lender requires a third-party valuation.

Conclusion

Determining your home’s value isn’t about picking a number—it’s about crafting a strategy. With the right blend of data, experience, and timing, we help sellers not just price, but position their homes for the best possible result.

Every property is unique. Every market moment is different. That’s why accurate valuation isn’t a one-size-fits-all formula—it’s a conversation.

Curious what your property might be worth in today’s market? Send us a message below, we’d be happy to get the conversation started!

Jun 22

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Selling a Tenant-Occupied Condo in Toronto: Can You Sell with a Renter Inside?

By Mark Savel Advice For Sellers

Why This Happens More Often Than You’d Think

Toronto’s condo market is a major hub for investors. Whether it’s someone cashing out after a hot run-up in value or a homeowner relocating, selling a condo that’s currently rented out is more common than you might think. With so many units being used as income properties, it’s not unusual to find listings with tenants still living in them.

We often advise clients to sell without a tenancy in place when possible. A vacant unit is easier to stage, show, and market to a wider range of buyers. That said, selling with a tenant can be done — it just requires extra planning, legal steps, and some cooperation.

Can You Sell a Condo That Has a Tenant?

Short answer? Yes. Under Ontario’s Residential Tenancies Act (RTA), a landlord is allowed to sell a property even if there’s a renter living in it. However, the lease doesn’t automatically end with the sale—it travels with the property unless specific legal steps are taken.

That means if you sell your condo, the buyer will typically inherit your tenant and must respect all lease terms unless:

You and the tenant sign a Form N11
The buyer plans to move in and uses a Form N12 to legally end the lease

Ontario’s Rules for Selling with a Tenant

Fixed-Term vs. Month-to-Month Leases

If the tenant is in the middle of a fixed-term lease (say, a one-year agreement that ends in November), the buyer must honour that term. After the term ends, the lease becomes month-to-month, and you or the buyer may have more flexibility to issue notice.

N12: Buyer Wants to Move In

This form allows a landlord to end the lease only if the purchaser (or their close family member) plans to live in the unit. Here are the conditions:

60 days’ notice from the start of the next rent cycle
Buyer must pay the tenant one month’s rent or offer comparable housing
The buyer must genuinely intend to move in—false use of N12 can lead to hefty fines
Read Form N12

N11: Mutual Agreement to End Tenancy

This is a voluntary agreement between landlord and tenant to end the lease early. It’s often used when the seller wants to market the unit vacant and agrees to offer an incentive.
Read Form N11

Moving boxes in a very messy room with toddler playing in there — Moving boxes in a very messy room

Three Ways to Sell a Tenant-Occupied Condo

1. Sell with the Tenant in Place

This option involves transferring the lease and deposit to the buyer. It appeals to investor buyers looking for turnkey income. Downsides? It may limit your buyer pool and restrict showing availability.

2. Negotiate a Vacant Possession with N11

Many sellers offer “cash-for-keys” to tenants in exchange for a signed N11. This allows you to list the unit vacant, stage it beautifully, and attract a broader pool of buyers (especially end-users).

3. Include N12 Condition in the Offer to Buyer

In this case, the unit is sold with the tenant, but the buyer intends to move in. The N12 is served after the sale, and the buyer assumes the legal and logistical responsibility of giving notice and handling any disputes.

What This Means for Pricing, Showings, and Strategy

Pricing Impact

Units sold with tenants often fetch less than their vacant counterparts. This is due to staging limitations, buyer uncertainty, and timing constraints. If the tenant has below-market rent, that can either help (investor value) or hurt (owner-occupant expectations).

Showing Challenges

Under Ontario law, you must give the tenant 24 hours’ written notice and conduct showings only between 8 a.m. and 8 p.m. Uncooperative tenants or messy units can make for a tough sale.

When Cash-for-Keys Makes Sense

If maximizing price is your priority, offering 1–3 months of rent as an incentive to vacate can make all the difference. It speeds up the process, removes resistance, and gives you full control of how the unit shows.

Real Stories from the Field

We’ve worked with several sellers in this exact situation. One client offered two months’ rent to their tenant, who gladly accepted and moved out early. The now-vacant unit was staged, professionally photographed, and sold over asking in under a week.

In another case, the tenant remained in place. The buyer was an investor happy to assume the lease—but we made sure to schedule showings around the tenant’s work-from-home hours to keep the peace (and presentation).

Key Tips for Sellers

Communicate early and respectfully with your tenant
Offer fair compensation if asking for early move-out
Time your sale around lease milestones
Understand your buyer (investor vs end-user)
Work with realtors familiar with landlord-tenant law

FAQ – Selling a Condo with a Tenant in Ontario

Can I sell with a tenant in place?
Yes, but the lease continues unless terminated by mutual agreement or N12.

Can the tenant refuse to leave?
Yes, unless served a valid N12 or they voluntarily sign an N11.

Do I need the tenant’s permission to list the condo?
No. But showings require 24 hours’ notice and must follow legal time windows.

Will selling with a tenant lower my price?
Often, yes. Especially if the buyer is an end-user or the unit can’t be staged.

What if the buyer is an investor?
They’ll likely welcome the tenant—and inherit the lease and deposit at closing.

What’s the penalty for bad-faith evictions?
Fines up to $50,000 for landlords who issue N12s but never follow through.

Final Thoughts: Selling Smart, Selling Legal

Selling a condo with a tenant in place is totally doable—but it takes strategy, legal know-how, and a bit of finesse. Whether you keep the tenant, negotiate a move-out, or let the buyer take over the process, the key is doing it by the book.

Want help navigating your options? Connect with us, or leave us a message below!

Jun 21

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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 17

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Toronto Real Estate Offer Strategy: How Our Buyers Stay One Step Ahead

By Joey Virgilio Advice For Buyers

Why Preparation Wins in Toronto Real Estate

In Toronto’s ever-evolving market, winning an offer isn’t always about throwing down the biggest number. It’s about knowing the playing field — and showing up ready. That’s where we come in. From the first discovery call to offer night, we prep our buyers to write strong, thoughtful offers that give them the edge — whether the home’s been on the market five days or five months.

Getting the Numbers Right: Price Strategy

Coming up with the right offer price is both an art and a science. We help our buyers:

Analyze comparable sales (not just list prices)
Understand the seller’s motivation (vacant, tenanted, power of sale, etc.)
Distinguish between market value and emotional value

Sometimes, winning means going over asking. Other times, it means standing firm with confidence. Like that time our client landed a downtown condo under asking — because we knew it was overpriced and sat on the market too long. Right data, right result.

The Deposit: Show You’re Serious

A solid deposit sends a message: you’re committed. In Toronto, that usually means 5% of the purchase price, delivered within 24 hours of acceptance (or with the offer, in competitive cases).

We advise our buyers to:

Have certified funds or a bank draft ready
Know the seller’s expectations in advance
Be prepared to act fast — speed matters

Planning to offer on a weekend? Line up the deposit before Friday.

Learn More: Mortgage Prep 101

Conditions That Protect You

Conditions aren’t just fine print — they’re your safety net. We help tailor each offer to balance protection and appeal. Here are some we commonly include:

Financing condition (usually 3–5 business days)
Home inspection clause (especially in older homes. 3-5 business days) Also, check out our article on: 5 Smart Inspection Checkpoints Every Toronto Homebuyer Should Spot
Status certificate review for condos (2 days for lawyer to review)

Closing Dates That Work for Everyone

What’s the right closing date? The one that works for both sides.

We coordinate:

Your ideal move-in timeline
The seller’s needs (e.g., buying another property)
Any bridge financing or sale of your current home

A little flexibility can go a long way — especially if you’re up against another offer with rigid terms.

Smart Clauses You’ll Want in Your Offer

Beyond price and conditions, we use protective clauses to avoid post-sale surprises. Examples include:

Inclusions and exclusions (e.g., washer/dryer stays; chandelier goes)
“As-is” clauses for older appliances
Vacant possession language when a property is tenanted
Representations and warranties on key features (roof, HVAC, etc.)

These clauses protect your future and keep everyone honest.

Final Prep: What to Have Ready Before Offer Night

Before we even draft your offer, we make sure you’ve got:

Pre-approval letter from your lender
Deposit funds in-hand (or in reach)
ID and legal contacts sorted
A clear sense of your maximum budget and emotional walkaway point

We prep not just the paperwork — but the mindset. Because sometimes, walking away is the power move.

Let’s Make Your Offer Stand Out

Every offer we write is customized to the property, the seller, and most importantly — you. Whether it’s your first home or your forever one, we’re here to make sure your offer is the one that gets the yes.

Thinking of buying? Let’s talk strategy — and make sure you’re ready when the right home hits the market.

Jun 16

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No Time Wasters: Touring Toronto Real Estate the Smart Way

By Joey Virgilio Advice For Buyers

We Don’t Just Book Showings—We Curate Them

Every showing should bring you closer to the right home—not just burn another hour in traffic. That’s why our approach to touring is strategic from the jump. We don’t line up a dozen random listings just to fill a Saturday. Instead, we work backwards from your wishlist, your must-haves, and your budget to ensure each home we view is worth your time.

We also make sure the properties we tour are financially realistic. That means no homes $100K over budget “just to compare.” If it doesn’t make sense on paper, it won’t be on the schedule. Our buyers appreciate that we protect their energy and momentum. Especially in fast-moving markets, clarity is everything.

Curious how we tailor the whole experience? Here’s how we help you Buy Better.

Matching Listings to More Than Just a Price Point

Price is only part of the puzzle. We look beyond the numbers to find homes that match your lifestyle, needs, and future plans. That might mean:

A walkable neighbourhood near your office or daycare
Extra space for a growing family or home office
A building with solid financials and a healthy reserve fund

We combine your personal criteria with on-the-ground data to narrow down the best matches. That includes:

Reviewing neighbourhood sales activity
Flagging listings with strong potential or red flags
Applying insider insight from past showings, inspections, and renovations we’ve seen

Sometimes a property looks great online but tells a different story in person. Our job is to filter out the noise and surface the listings that check the right boxes. Think of us as your real estate matchmakers—we’re not swiping on just anything.

On Tour: What Our Showings Actually Look Like

Whether we’re walking through a detached home, a stacked town, or a downtown loft, our goal is the same: to get a clear, realistic sense of the property’s strengths and any possible dealbreakers. Touring condos comes with its own checklist—we look closely at the building’s condition, the amenities, hallway and elevator wear, and even the friendliness of front desk staff. We also review maintenance fees and ask key questions about what’s included.

When you tour with us, it’s not a passive walk-through. It’s a working session. We’ll be pointing out things like:

Sloping floors or wall cracks (signs of structural issues)
Electrical or plumbing inconsistencies
Whether renovations were likely done without permits
What to expect in terms of potential costs or maintenance

We aim to balance honest feedback with opportunity spotting. For example, we once toured a home where a wall had clearly been removed, but there were no permits filed with the city. That detail saved our client from a risky purchase—and that’s exactly the kind of diligence we bring to every tour.

On the flip side, we’ve also walked into overlooked listings that turned out to be diamonds in the rough. A place with dated finishes but good bones, or a listing that sat too long on the market due to poor staging. We help you see past surface-level distractions to uncover value.

Touring Like a Pro—How to Prepare

Touring multiple homes in a day? It can feel like a marathon. Here are some smart tips to make the process smoother:

Wear easy-off shoes (you’ll be taking them off a lot!)
Pack a light snack and water—especially on multi-stop tours
Bring your phone for notes and photos
Dress in layers—Toronto weather can flip fast, and so can indoor temps
Charge your phone beforehand—you’ll want a full battery for maps, notes, and photos

Let’s Make the Most of Your Time

Our goal? To make every showing count. Touring with us means getting expert insights, clear feedback, and the confidence to know whether a home is right—or not worth the second look. We want you to walk away from a day of showings feeling informed and empowered, not overwhelmed.

We treat your time like it’s our own, and we bring the same energy whether you’re seeing your first place or your forever home.

Ready to tour smarter? Sign up for market updates or send us a note below to start the process!

Jun 15

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Aerial view of Seattle neighborhood, Washington, United States

Where Should You Live in Toronto? Our Neighbourhood Matching Process Explained

By Joey Virgilio Advice For Buyers

Choosing a neighbourhood is more important than choosing a house.

Sounds bold, but we mean it. You can renovate a kitchen—changing your neighbours, commute, or school zone? Not so easy.

That’s why our approach to neighbourhood matchmaking is part art, part algorithm, and entirely personal. Here’s how we help Toronto buyers zero in on a community that fits like a glove.

Step 1: Discover Your Lifestyle Profile

Toronto isn’t a one-size-fits-all city. It’s a mosaic of micro‑neighbourhoods, each with its own rhythm. So we start with the big question:

Who are you—and what kind of daily life do you want?

Some common profiles:

Family-focused: You’re after schools, playgrounds, and quiet streets. Think Leaside, The Beaches, or Leslieville.
Urban professionals: You want transit, restaurants, and culture at your doorstep. King West, Liberty Village, or the Annex might be your match.
Creative & social: You crave character homes, indie coffee, and a local art scene. Hello, Cabbagetown, Ossington, or Roncesvalles.

We talk about lifestyle first so that budget and bedrooms don’t blindside what really matters: how you want to live.

Step 2: Set Your Priorities (And Rank Them!)

Everyone says “location matters,” but what in the location actually matters to you?

We guide you through a priority ladder:

Transit & commute: Do you need a short subway ride to work—or will you be working from home with the occasional GO train?
Schools & parks: If you have kids (or plan to), we’ll walk you through top-performing school zones and family-friendly pockets.
Culture & community: Love farmer’s markets? Prefer quiet, tree-lined streets? Crave restaurant row? We take it all into account.

No one neighbourhood wins on everything. But by identifying your top 2–3 must-haves, we can narrow the field.

Step 3: Match Housing Type to Budget

Let’s talk real estate realities. Toronto’s housing inventory is diverse—but so are the price tags.

Condos & Lofts: Most common in Liberty Village, Downtown Core, or along the waterfront.
Semis & Townhomes: You’ll find these sprinkled through Leslieville, Dufferin Grove, and Danforth East.
Detached & Luxury: If character homes or top-tier finishes are on your list, think Forest Hill, The Annex, or Rosedale.

Real Life Situation: A first-time buyer looking for a modern 1-bed near nightlife might land in Liberty Village. A growing family? They may stretch to East York or Davisville for more space and schools.

Step 4: Future-Proof Your Move

Real estate isn’t just about today. It’s also about where a neighbourhood is heading. We help you evaluate:

Upcoming infrastructure: Like the Ontario Line or new transit hubs.
Local development plans: Is that quiet street about to get a new condo tower?
Resale & rental outlook: Are you planting roots—or thinking investment?

By factoring in long-term trajectory, we match you with neighbourhoods that make sense today and tomorrow.

Real Clients, Real Matches

Here’s how it plays out in real life:

Alex & Priya were busy professionals who wanted walkability, nightlife, and a short commute. We placed them in a 1+den in Liberty Village—close to restaurants, the GO station, and their spin studio.
The Bains family had a toddler and another on the way. School rankings and parks were non-negotiable. After a few tours, Leaside won out for its kid-friendly vibe, top public schools, and backyard potential.
Margaret, an empty-nester downsizing from North York, wanted charm, character, and a strong sense of community. She’s now happily settled in a Victorian in Cabbagetown, within walking distance of Riverdale Farm.

How Our Matchmaking Works

Here’s our typical process:

Discovery Call – You tell us your lifestyle, goals, and wishlist.
Neighbourhood Shortlist – We build a curated list based on our deep Toronto knowledge.
Tour Time – We show you homes and hoods side-by-side.
Refine & Decide – We adjust based on what feels right in person.

It’s not just about real estate. It’s about real life.

Let’s Find Your Fit

The right home starts with the right neighbourhood. We’ll help you explore, compare, and commit with confidence.

Your next chapter starts with a map—and we know it by heart.

Leave us a message below to get started

Jun 14

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

By Joey Virgilio 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:

Jun 10

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5 Smart Inspection Checkpoints Every Toronto Homebuyer Should Spot

By Mark Savel Advice For Buyers

Buying a home in Toronto isn’t just about square footage or curb appeal—it’s about making sure the bones of the house are solid before you ever write that offer. Over the years, I’ve toured hundreds of homes with buyers, and there are five key areas I always zone in on. Whether you’re a first-time buyer or a seasoned investor, these checkpoints could save you from major headaches down the road.

1. Curbside Clues: Waterproofing & Drainage

Before you even step inside, take a slow walk around the exterior. Look for signs that water may not be draining properly: negative grading (where the ground slopes toward the house), cracks in the foundation, or staining along the brick or siding. These are often early warnings that water could be getting into the basement.

In a city like Toronto—where spring brings big rains and melting snow—drainage issues are a common (and costly) concern. A home lacking proper downspout extensions or with eroded soil near the base can become a sump-pump horror story waiting to happen.

For more on what waterproofing standards look like, the City of Toronto’s basement flooding protection page offers a helpful primer.

2. Window Watch: Seals, Sills & Efficiency

Windows don’t just frame your view—they can also frame future repair bills. When touring a home, check for condensation between panes (a telltale sign of a failed seal), warping, or frames that stick when you try to open them.

Older single-pane windows or wood sashes that have seen better days can drastically affect heating costs in the winter and resale value down the line. According to Natural Resources Canada, ENERGY STAR windows can reduce energy bills by an average of 8%.

Tip: Run your hand near the frame to feel for drafts. If you’re catching a breeze on a calm day—that’s a red flag.

3. Roof Round-Up: Age, Material & Maintenance

Roofs aren’t easy to inspect up close on a quick tour, but a good set of eyes can still spot warning signs from ground level. Curling or missing shingles, visible moss growth, sagging rooflines, or exposed flashing are all signs the roof might be past its prime.

Asphalt shingles, the most common type in Toronto, typically last about 20 years—less if ventilation is poor or the previous owner went for a cheaper product.

And if the listing says “new roof” but the shingles scream 1997? It’s worth a follow-up.

4. Inside Intel: Electrical & Plumbing Priorities

Once inside, I keep a sharp eye on what’s behind the walls—because some of the biggest deal-breakers are hidden in plain sight. Start with the electrical: are there enough outlets? Are any warm to the touch? Is there visible knob-and-tube wiring (still found in some older Toronto homes)?

Plumbing-wise, check under sinks for signs of leaks, look at the water pressure, and ask if the home has any polybutylene piping—a material prone to failure. If the home has been renovated, ask whether the plumbing and wiring were updated with permits.

Want to check for ESA-certified work? Visit Electrical Safety Authority Ontario.

5. Renovation Radar: Walls, Ceilings & Permits

Here’s where experience really pays off. I once toured a home with a client and something about the ceiling line caught my eye—it looked like a structural wall had been removed. Sure enough, after checking with the City of Toronto, we found no permits had ever been pulled for that kind of work. We walked away from the deal.

If you spot inconsistent ceiling textures, odd bulkheads, or missing supports, it’s worth asking: was this work done properly—and legally? You can check building permit history for any property through the City of Toronto’s permit portal.

Unpermitted work can impact insurance, financing, and even your ability to resell.

Final Thought: Touring homes can feel exciting—but it’s also a high-stakes inspection walk. Look past the staging and freshly baked cookies. The signs are often there… you just have to know where to look.

Want a second set of eyes on your next tour? Let’s chat— drop us a message below!

Jun 08

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Toronto Condo Reserve Funds: Top 5 Red Flags Every Buyer Should Spot

By Mark Savel Advice For Buyers

What Is a Reserve Fund and Why It Matters

When you buy a condo in Toronto, you’re not just purchasing a unit—you’re buying into a community with shared responsibilities. That includes footing the bill for repairs to common areas like roofs, parking garages, and elevators. Enter the reserve fund: a legally mandated savings account that every condo corporation must maintain to cover the cost of major repairs and replacements.

Ontario’s Condominium Act requires that this fund be reviewed at least every three years by a professional engineer through what’s known as a Reserve Fund Study. A healthy reserve fund protects owners from sudden “special assessments”—those dreaded lump-sum charges when there’s not enough money saved for big-ticket items.

Want to know learn more about why we review status certificates in the first place? Check out our blog post on: Understanding the Importance of Status Certificates

Red Flag #1 – A Reserve Fund That’s Way Too Low

How low is too low?

While there’s no official benchmark, experienced buyers and agents know what to look for. In Toronto, a mid-size condo building should ideally have at least $500,000–$1,000,000 in its reserve fund—more if it’s older or has luxury amenities. Anything substantially below that could spell trouble.

What it tells you

A low reserve balance often means the condo has been under-saving for years. That raises the odds of surprise costs falling to unit owners. It could also mean that major repairs are overdue—or being deferred to avoid raising fees.

What About New Condos?

It’s totally normal for brand-new condos to have relatively low reserve fund balances in their early years. Most developers seed the fund with an initial contribution, but the bulk of future savings comes from monthly fees paid by owners over time.

That said, even in a new building, the initial Reserve Fund Study should outline a detailed contribution schedule that shows the fund growing gradually—and sustainably. Be wary if:

The fund balance stays flat for several years
Contributions are delayed or minimized
There’s no clear funding plan for long-term repairs

A low balance alone isn’t a red flag in year one—but a poorly planned trajectory is.

Red Flag #2 – No Recent Reserve Fund Study

Condo boards are legally required to commission a Reserve Fund Study every three years. If a building hasn’t updated its study in that timeframe, it’s out of compliance.

Even worse: the older the study, the less accurate it is in predicting upcoming expenses. Without current data, you’re flying blind as a buyer.

Learn more on Ontario.ca’s Reserve Fund overview.

Red Flag #3 – The “Contribution Holiday” Trap

Some condo boards try to keep monthly fees artificially low by taking a so-called “contribution holiday”—pausing regular payments into the reserve fund. While this may look good on paper, it’s a short-term fix that can lead to long-term pain.

We once had a buyer eyeing a charming boutique condo downtown. The unit was gorgeous. But when we reviewed the financials, the reserve fund was barely funded—just $220,000 for a 25-year-old building with aging infrastructure. Worse still, the Reserve Fund Study warned of upcoming shortfalls of $15,000 per unit. The board had been on a contribution holiday for two years.

The buyer walked. Smart move.

Red Flag #4 – History of Special Assessments

If a building has a history of levying special assessments, take notice. These one-time fees—sometimes $10,000 to $30,000 per unit—usually mean the reserve fund was underfunded when a big repair came due.

Ask to see previous AGM (Annual General Meeting) minutes or speak with the property manager. Frequent assessments may point to chronic mismanagement.

Red Flag #5 – Expensive Repairs Coming, No Money Saved

What’s worse than a low reserve fund? A low reserve and a big-ticket repair right around the corner. We’re talking about:

Elevator replacements
Parking garage membrane repairs
Roof and window overhauls

These aren’t optional. And if the building hasn’t budgeted for them? Owners will be footing the bill.

Pro Tip – What Smart Buyers Should Always Check

Ask to see the Reserve Fund Study

It should be recent, realistic, and detail how the fund will grow over time.

Read AGM minutes for hidden clues

Sometimes future problems are only hinted at in board meeting notes. Don’t skip them.

Have your lawyer review the Status Certificate

Yes, every time. A good real estate lawyer knows exactly where to look.

Final Thoughts: It’s Not Just About the Unit

You might fall in love with the layout, the finishes, or that view—but none of that will matter if your building’s finances are in rough shape.

Spotting these red flags early can save you tens of thousands—and a lot of future stress.

Ready to Buy Better?

Before you commit to a condo, make sure you’re not inheriting someone else’s financial mess. The lawyers we work with, have reviewed hundreds of status certificates—and know what to look for (and when to walk away).
Contact us today or send us a message below, for a no-pressure chat about your next move!