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Jun 06
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Tree lined residential street with older two story Tudor style

Toronto Real Estate Market Update – May 2025

By Monthly Market Updates

For buyers, sellers, and the real estate-curious, the numbers are in—and they’re telling a story of supply, hesitation, and opportunity.

According to the Toronto Regional Real Estate Board’s (TRREB) May 2025 data, GTA home sales dropped 13.3% year-over-year, totaling 6,244 transactions. Meanwhile, new listings surged by 14% with 21,819 homes hitting the market. That pushed active listings up a striking 41.5% compared to last May, with some months earlier this year even seeing inventory jumps north of 70%.

But more choice hasn’t translated to more action. The average home price slid 4% from May 2024, now sitting at $1,120,879. And homes are taking longer to sell—TRREB data aligns with what we’re seeing on the ground: even well-staged, competitively priced homes are sitting longer than they did last spring (nearly 40 days, in total)

Property Type Insights

If 2021 was the year of the condo bidding war, 2025 is shaping up to be the condo cooldown.

Condo sales dropped a sharp 25% year-over-year. In fact, TRREB notes that fewer condos are trading hands now than during the early ‘90s.

Detached homes haven’t fared much better, but not all segments are in the red. In the 416, semi-detached homes and townhouses posted modest gains—up 1.5% and 3.4%, respectively—indicating that more budget-conscious buyers may be shifting focus to multi-family options.

Toronto Skyline with condos
Toronto Skyline with condos

Economic Factors Influencing the Market

So, what’s behind the slowdown? It’s not just prices or mortgage rates—it’s confidence.

Yes, borrowing costs are down slightly compared to last year, and yes, prices have dipped. But the real wildcard appears to be economic uncertainty.

The Bank of Canada has held its benchmark rate at 2.75% for two consecutive months, offering cautious optimism—but with the federal government’s latest Throne Speech reiterating housing promises without delivering timelines, many buyers remain on the sidelines.

Still, not all economic indicators are gloomy. Inflation cooled to 1.7% in April, and with unemployment rising to 7%, a rate cut could be on the table this summer—a move that would be particularly welcome for first-time buyers and those up for renewal.

Rental Market Dynamics

While the resale market softens, Toronto’s rental market tells a different tale. Rents are creeping up month-over-month, with average unfurnished one-bedrooms renting for $2,148. That’s a 1.02% increase from April, though still about $91 cheaper than the same time last year.

The real shift is in inventory—tenants now have far more options. For landlords, that means more competition. For renters, it may mean finally finding a place that ticks all the boxes—without a bidding war.

Navigating the Current Market

We’re in a transitional phase, not a tailspin. And with change comes strategy.

Buyers: You now have time on your side. Properties are sitting longer, sellers are more flexible, and your window to negotiate has widened. But don’t let analysis paralysis cost you a great home—especially with the potential for rate cuts later this year.

Sellers: The days of ‘list Friday, sold Monday’ are behind us—for now. In a crowded market, pricing smart and staging well are your new best friends. We’re advising our clients to lead with value and market with intention.

Everyone else: Whether you’re upsizing, downsizing, or simply trying to make sense of it all, the right advice matters more than ever. Every neighbourhood, property type, and price band tells a different story.

Thinking of buying or selling in this shifting market?

Let’s talk strategy. Whether you’re looking for your next home or need guidance on listing in today’s conditions, we’re here to help – Book a consultation or reach out anytime.

May 29
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Brick house, real estate

Toronto Downpayment Guide for Homebuyers

By Advice For Buyers

How Much Money Do I Need to Put Down?

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

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

Minimum Down Payment Rules For Buying in Toronto

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

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

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

What Does That Mean for Toronto Buyers?

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

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

CMHC Insurance: When It Applies and What It Costs

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

Here’s what it typically costs:

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

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

Common Questions from Toronto Buyers

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

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

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

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

Down Payment Assistance Programs

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

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

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

Other Cost Considerations Beyond the Down Payment

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

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

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

Final Thoughts — Planning Your Path to Homeownership

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

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

May 12
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Trusted Toronto Realtor Who Truly Cares | Client Review

By Testimonials

Living in Toronto and entering the real estate market is scary to say the least! Housing is expensive and buying a home requires experience and honest insight.

Having someone like Mark on your side does make a huge difference. He WILL notice what others don’t. He WILL do whatever he can to get you what you want for the most fair price possible. He operates with integeity, as a business professional and as a human being. Because of the effort he put into the purchase of our home we were able to buy and renovate our house into our home and we love it.

So, thank you Mark, for making our dream a reality.

Rene M.

May 01
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House in Toronto

April 2025 Toronto Real Estate Market Recap

By Monthly Market Updates

April in Review – Affordability Improves, But Confidence Lags

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

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

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

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

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

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

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

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

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

#image_title

Signs of Life: Month-over-Month Momentum

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

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

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

What We’re Seeing On the Ground

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

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

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

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

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

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

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

Stay informed with:

Final Take – Opportunity, If You’re Ready

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

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

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

Apr 20
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830 Lawrence Ave West

5-Star Real Estate Service with Mark & Joey | Toronto Livings

By Testimonials

5 star service from Mark the Shark! 3rd time working with Mark now and every experience has been spectacular. From start to finish, communication has been seamless with outstanding work ethic. Highly recommend! Fantastic podcasts with Joey as well with a wealth of knowledge navigating the market in every season . Keep up the great work gentlemen!

Anthony N.

Apr 03
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March 2025 Market Update: More Listings, Lower Prices

By Monthly Market Updates

Let’s kick things off with some good news: homeownership in the GTA just got a little more affordable. Compared to March 2024, borrowing costs are down, home prices have dipped, and monthly payments are easing. For would-be buyers, that’s a welcome shift after years of relentless price growth and tight supply. Sounds like a win, right?

Well… yes and no.

Inventory Surges While Sales Slow

According to TRREB, 5,011 homes sold in March 2025 — a sharp 23.1% decline compared to the same time last year. Meanwhile, 17,263 new listings hit the market, representing a 28.6% year-over-year increase. That’s a notable rise in inventory, but fewer transactions are closing.

This growing disconnect between supply and demand signals a deeper shift in buyer behaviour. Whether it’s higher interest rates earlier in the year, uncertainty around employment, or just the overwhelming number of options, buyers are taking their time. They’re comparing, calculating, and — more often than not — waiting.

“Once consumers feel confident in the economy and their job security, home buying activity should improve,” said TRREB President Elechia Barry-Sproule.

In other words, this is more about psychology than pricing. Confidence — or the lack of it — continues to shape how and when deals get done.

Prices Dip, Then Flatten

The MLS® Home Price Index Composite benchmark dropped 3.8% year-over-year, while the average selling price landed at $1,093,254, a 2.5% decline from March 2024.

Month-over-month on a seasonally adjusted basis? Prices were essentially flat. That stability could suggest we’re nearing the bottom of the current price cycle. While that doesn’t mean prices will suddenly rebound, it does imply we may be entering a phase of price normalization, where the swings aren’t as dramatic — at least for now.

Across the GTA, pockets of opportunity are emerging. Detached homes in outer-416 zones, for instance, are seeing greater price flexibility. And for first-time buyers? Smaller condos, especially in older buildings, may offer better value than they have in recent memory.

King West Views
King West Views

More Affordable, But Buyers Are Cautious

The silver lining this month is clear: affordability has improved. With lower borrowing costs, more listings to choose from, and sellers increasingly open to negotiation, buyers have the kind of leverage that was virtually unheard of just a few years ago.

Yet many are still cautious. Why?

Between federal election buzz, trade policy uncertainty, sticky inflation, and concerns about job security, it’s a cocktail of hesitation. Add in memories of recent market volatility — and for some, declining home equity — and it makes sense that people want to be sure before making big moves.

“Home buyers need to feel their employment situation is solid before committing to monthly mortgage payments over the long term,” added TRREB’s Jason Mercer.

Anecdotally, we’re seeing more conditional offers, longer decision cycles, and increased reliance on financial advisors and mortgage pre-approvals. This isn’t panic — it’s prudence. And in today’s market, that mindset is driving the tempo.

What We’re Watching This Spring

  • Interest Rate Decisions – Expected cuts from the Bank of Canada could further ease borrowing pressure. If rates fall meaningfully, expect renewed interest in the detached segment.
  • Election Promises – Housing is a key issue across party platforms. Will that turn into meaningful action? Policy clarity could push more buyers off the fence.
  • Buyer Sentiment – Confidence is still the wildcard. If job numbers remain strong and inflation cools, momentum could shift quickly. Until then, a cautious optimism prevails.
  • Investor Activity – With prices soft and rents holding, some investors are eyeing re-entry — particularly in mid-rise buildings and transit-connected nodes.
  • Spring Showings Volume – Foot traffic at open houses is up, but conversions remain slow. If we see a rise in accepted offers heading into May, that may mark a true turning point.

Final Thoughts

Yes, affordability is improving and options are expanding. But for now, many buyers are keeping their hands in their pockets. That said, markets like this can create rare opportunities — especially for those willing to move when others wait.

If you’re thinking about buying, selling, or just want to understand where you stand, let’s talk. Whether you’re upsizing, downsizing, or exploring a new neighbourhood, we’ll walk you through what’s moving (and what’s not) — and help you navigate every step with clarity.

Apr 02
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King West Views

Trusted Toronto Realtors – A 10-Year Client Experience

By Testimonials

I’ve worked with Mark and Joey for almost 10 years now and recommend them to everyone. Mark helped me find my first condo back in 2016, and as a first time home buyer gave me invaluable advice. I most recently worked with Joey who helped me find my new space and rent out my original condo. These guys are absolute pros, and made every step as seamless and stress free as possible. They live and breathe the industry and Toronto as a whole. Just check out the podcast if you have doubts!

Lisa C.

Mar 01
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Aerial view of the Joel Weeks Park in Toronto

February 2025 Toronto Real Estate Market Update

By Monthly Market Updates

A Cooler Month, But Buyers Hold the Advantage

February 2025 delivered another month of subdued sales across the Greater Toronto Area (GTA) real estate market—but for buyers, the upside was choice. TRREB reported just 4,037 sales through the MLS system, marking a 27.4% decline compared to the same time last year. However, new listings climbed 5.4% year-over-year to reach 12,066. That surge in inventory gave buyers the upper hand in negotiations, especially those less reliant on financing.

So why the slowdown? In a word: affordability. Mortgage rates are still biting into monthly budgets, keeping many would-be buyers on the sidelines – the desire to buy is there, but the numbers don’t yet pencil out for the average household.

Average Prices Dip—But There’s Context

With demand down and supply up, prices followed suit. The average selling price across the GTA landed at $1,084,547 in February—down 2.2% from a year earlier. The MLS Home Price Index (HPI) Composite benchmark dipped 1.8% over the same period.

Month-over-month metrics (adjusted for seasonality) also edged slightly lower, suggesting softness in the short term. But this isn’t necessarily a red flag. Market lulls this time of year aren’t unusual, and we’re still navigating some choppy economic waters.

Confidence in Limbo: Rates, Trade & Political Unknowns

Beyond borrowing costs, there’s a broader confidence issue brewing. TRREB Chief Market Analyst Jason Mercer highlighted that some buyers appear to be adopting a wait-and-see mindset. Concerns about Canada’s trade relationship with the U.S. and uncertainty around provincial and federal housing policies have added to the hesitancy.

What happens next may come down to two things: policy clarity and interest rate direction. A decline in borrowing costs—which many economists expect by mid-2025—could help reinvigorate the market. But consumers will likely want more reassurance about economic stability before jumping in.

What to Watch for This Spring

There’s still room for optimism as we move toward the busier spring market. A few key things to watch:

  • Rate relief: Even a modest drop could expand affordability for first-time buyers.
  • Inventory pressure: With listings up, sellers may need to sharpen their pricing.
  • Confidence comeback: If political and trade tensions cool, pent-up demand could be unleashed.

We’re not in recovery mode just yet—but the foundation is being laid.

Should You Buy Now or Wait?

The answer depends on your situation. For upsizers, downsizers, and cash-ready buyers, today’s inventory-heavy market offers more choice and more leverage than we’ve seen in years. If you’re in a position to act, this lull could be an opportunity.

That said, if your budget is tightly tied to interest rates, waiting a few more months could mean accessing more purchasing power.

One thing remains clear: Toronto’s real estate market is still very neighbourhood-driven. While the overall stats show a slowdown, specific pockets might tell a different story. As always, smart strategy starts with local insight.

Want to chat further? Send us a message below!

Feb 04
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View of Toronto City from above - Toronto, Ontario, Canada

January 2025 Toronto Real Estate Market Update: A Steady Start with Spring Optimism Ahead

By Monthly Market Updates

A Cool Start to the Year—But Don’t Let That Fool You

If you judged 2025 by January alone, you might think we were in for another sluggish year. Realtors reported 3,847 home sales through TRREB’s MLS® System, which marked a 7.9% decline compared to January 2024. But zoom in and you’ll see a different story: seasonally adjusted sales actually increased from December 2024. Momentum, it seems, is starting to build.

On the supply side, there’s been a dramatic shift. New listings surged 48.6% year-over-year, reaching 12,392. This uptick suggests that sellers are feeling more confident heading into the spring market, giving buyers more options to work with.

Price Trends Show Stability, Especially for Single-Family Homes

While transaction volumes dipped, prices remained surprisingly steady. The average selling price across the GTA hit $1,040,994, up 1.5% compared to the same time last year. The MLS Home Price Index Composite Benchmark also posted a modest gain of 0.44% year-over-year.

What does this mean? In a word: balance. Condos remain plentiful and price growth is muted. But for single-family homes, especially in tight-supply pockets, values are inching upward. TRREB expects this trend to accelerate as borrowing costs continue to ease.

TRREB’s 2025 Forecast: More Sales, Moderate Price Growth

If January is the warm-up, the rest of 2025 could be the main event. TRREB forecasts 76,000 total home sales this year—a 12.4% increase over 2024. This optimism stems from one major factor: lower mortgage rates.

More affordable borrowing means more would-be buyers will step off the sidelines. TRREB anticipates the average GTA home price will reach $1,147,000 by year-end, a 2.6% bump that keeps pace with inflation.

This isn’t a return to bidding-war chaos—and that’s a good thing. It’s a sign of a healthier, more sustainable market.

The Bigger Picture: Supply, Confidence, and Collaboration

Beyond numbers, TRREB’s annual outlook highlights a structural message: Toronto needs more diverse housing.

From purpose-built rentals to townhomes and multiplexes, the GTA’s future depends on supply that fits real-world budgets. TRREB President Elechia Barry-Sproule emphasized the need for “missing middle” options, while CEO John DiMichele pointed to the hurdles: development charges, taxes, and red tape that slow down new builds.

If affordability and traffic congestion are interconnected challenges, then coordinated solutions are the only way forward. We need policy that encourages building — not barriers that stall it.

What This Means for Buyers and Sellers Right Now

With inventory up and prices still relatively stable, the early-year market presents real opportunity for both buyers and sellers.

For buyers: now is the time to revisit that mortgage pre-approval, build your wishlist, and line up financing ahead of a likely busier spring.

For sellers: increased listings mean more competition. Proper pricing, presentation, and marketing matter more than ever. If you’re thinking of moving, acting early might just give you an edge.

Curious about how these trends affect your specific neighbourhood or property type? Let’s connect—we’re always happy to translate market shifts into smart real estate moves.

Want to learn more about Toronto condo prices or explore why purpose-built rentals are gaining traction? We’ve got you covered.

Jan 15
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Exceptional Toronto Realtor Review – Joey Virgilio

By Testimonials

My husband and I had the pleasure of having Joey Virgilio as our realtor, and I can’t say enough about the exceptional service he provided.

From the moment we began our search for a new apartment, he demonstrated a deep commitment to ensuring we found the perfect place for us. Joey went above and beyond to guide us through every step of the process. He meticulously reviewed all documents, making sure everything was correct and thoroughly explained any details we needed clarification on. His knowledge and attention to detail instilled confidence in us throughout the entire transaction.

What truly set Joey apart was his proactive approach. He took the initiative to call the new place we were considering to guarantee our move-in would be scheduled seamlessly. Additionally, his willingness to provide us with a ride to one of the properties we were visiting demonstrated his genuine dedication to making our experience as smooth and stress-free as possible. Overall, Joey exceeded our expectations in every aspect.

His professionalism, expertise, and personalized approach made this journey a truly enjoyable one. I would highly recommend him to anyone in search of a dedicated and reliable realtor.

Nataly S.