The Bank of Canada surprised many this month by holding interest rates steady in response to the instability of what’s happening in the US. Governor Tim Macklem said “We still do not know what tariffs will be imposed, whether they'll be reduced or escalated and how long all of this will last.”

There are massive industries being affected right now, and even though there’s currently a 90 day hold on the tariffs, things could change tomorrow because the US is so erratic. It’s a scary time, so understandably, buyers are not confident that this is the right time to make a move.

A rate reduction would have been more positive, but perhaps we’ll see that happening on June 4, when the next rate announcement is scheduled. However, 7 rate reductions in a row weren’t quite enough to move the dial a ton, so another rate reduction likely wouldn’t have had a major impact. Sellers seem to be feeling positive though. In March, Toronto saw over 6,400 new listings, but just 1,908 sales. And I think we’ll see another uptick of increased listings  after Easter Weekend. I expect we’ll see hundreds of new listings hit the market over those two days; we usually do every year at this time.

Personally, I try to stay ahead of the curve – I have two new listings that I brought to market this week! Click here to see those!

It’s not just rates and tariffs that people are concerned about. The upcoming Federal election is also affecting the market. Elections always slow the market to a certain degree, because people are waiting to see what happens. Although people here are fairly polarized, it’s not as extreme as the differences in the US between left and right. I do think the housing market will be affected by our next PM. There is a sense that if Carney gets in, there will be a little more respect for Canada, which could boost confidence. Talk of us becoming the 51st state hasn’t been in the conversation since Carney went to visit the White House and was actually addressed as Prime Minister. I’m not confident the same would be true should Poilievre be elected.

Regardless of what happens with the numbers of buyers or sellers taking action, I don’t think there will be a major change or downturn price-wise. But certainly all this craziness happening is making people think “I need to squirrel away my nuts,” and not do anything until they have more certainty that their job is secure, the economy won’t collapse – and they can afford groceries.

Despite all the doom and gloom, there are opportunities in the market. With the sheer number of listings out there, if you are particular about what you’re looking for, there is a good chance you’ll be able to find it. Also, there are sellers on the market who really need to sell and will have to face the reality of what the market will bear right now. The houses selling quickly and for top dollar are the ones in the right neighbourhoods and have been completely renovated. Few buyers want to move into a place that requires some work, especially now with how high construction costs are these days.

If you’re curious about what’s happening in your neighbourhood or want to chat about the market, please reach out!

The recent interest rate cut has been a hot topic but it wasn’t exactly a surprise.

Does that mean its great news for the market? Well... yes and no. It could help people looking at variable-rate mortgages, making those options a little more affordable. But the banks haven’t moved their fixed rates much yet (they depend on the bond markets, which are a whole other story), so I wouldn’t expect a dramatic shift in affordability right away.

We’re seeing some interesting trends right now. Single-family homes are still selling over asking — and often well-over asking — while the condo market has been quieter. In fact, the number of condo sales in the 416 area are down 17%.

That said, there’s a silver lining: the average condo price actually rose slightly in February, up about 5% from January, though that’s likely due to larger condos being sold to end users rather than investors buying one bedroom units. So, that means more expensive properties are the ones currently selling, hence the average price increase.

On average, condos in downtown’s C08 and C01 districts are selling for about 97% of asking. While that’s a slight dip, it’s also a sign that savvy buyers are finding value — and sellers who are patient are still getting solid offers.

For sellers, patience is key. Showings have slowed down, and with plenty of inventory out there, buyers are feeling confident enough to make bold initial low offers. But don’t worry — there are buyers out there, and properties are still selling. And keep in mind, just because the initial offer submission is low, it doesn’t mean buyers are willing to go up when it comes to securing the property they love.

Historically, we tend to see the market pick up after March Break when the weather improves and families start planning moves to align with the school year. While condos are less tied to that cycle, the same seasonal patterns do still apply.

If you’re thinking about buying or selling, this is a great time to prepare. Buyers can take advantage of motivated sellers, and sellers, who position their properties well, can still attract strong offers.

Curious about what this means for your situation? Let’s chat! Reach out today, and we can create a strategy that works for you.

As we move further into 2025, Toronto’s real estate market continues to show resilience, despite ongoing economic uncertainties, which I realize is a massive understatement.

The good news is that the average price for a home in Toronto is up by 1-2% compared to January 2024. That’s largely led by the single-family home sector where there are still a lot of multiple offers happening, especially on homes that are modern and renovated. Those are always the ones that sell the fastest and for the most money.

The one number that jumps out at me from TRREB is the how many new listings were recorded: 12,392 across the GTA, over 48% more new listings than we saw in January, 2024. A caveat: there’s no way to track how many of those are genuinely new listings. Some may have been terminated before the holidays and re-listed in January. One statistic that is tracked on properties that have sold: The average number of days a listing was on the market was 39, the average number of days a property was on the market was 57, so clearly, there’s been some re-listing happening.

At least it shows some optimism on the point of Sellers, and if the average property is taking 57 days to sell, we could see an uptick in sales when the March numbers are released in April.

These numbers are from before the Bank of Canada reduced the interest rate on January 29, so we’ll have to wait and see if that decision affects February sales. The next rate announcement is on March 12. I think the BoC will hold rates steady, but again, it’s impossible to predict.

So how is this reflected in the real world?

There are over 5,600 condos currently on the market. One trend we’re seeing is that if a condo seller even receives an offer, it’s significantly under asking. Like sometimes, six figures less.

While this can be insulting, in a busier market the offer can just be ignored, but today my recommendation is to negotiate. Often Buyers are just putting out feelers to see what the lay of the land is on the part of a Seller. Also, half the battle these days is just getting a Buyer to submit an offer so it’s best to keep the conversation going instead of just outright refusing an offer. If you, as a Seller, don’t like the offer you receive, counter it with one you would accept. Never let the ball die in your own court, I always say.

My advice is always for Sellers to swallow their feelings and sign an offer back. If you don’t have another offer, there’s no risk in doing so. Somebody may put in a low offer to test the waters and you never know what they’re really prepared to offer until you counter. Articles like this also don’t help – some people sense desperation in the market and are trying to take advantage of an opportunity.

One major unknown is how (or if) what’s happening in the US will affect the housing market.

Should the tariffs come through, homes in need of renovations will be affected because costs such as appliances and fixtures will be affected. There are still people who want to renovate, but tariffs will narrow the market of interested buyers and they of course will not want to take on the extra cost.

With more listings hitting the market and Buyers being more cautious, strategic pricing and negotiation are more important than ever. Whether you're buying or selling, staying informed and adaptable is key in this evolving market. If you're unsure how to navigate these shifting dynamics, let’s connect—I’d be happy to help you make sense of the numbers and create a strategy that works for you.

We are officially in February, which is significant for a number of reasons. One, Valentine’s Day is around the corner. Two, Family Day means most of us get a day off. Three, it’s my birthday month which I, for one, am very excited about. The days are getting longer too, which is also a bonus!

Scroll down for a few noteworthy items...

To start, how many times have you tried to book a reservation at a favourite spot, only to find out the restaurant was closed? One local artist has found a way to keep the memory of some lost spots alive, by making miniatures!

Also below, there’s an article on some homeowner tax incentives and romantic restaurant options for Valentine’s Day.

Lastly, the Bank of Canada reduced the key interest rate again, which is great for anybody holding a variable rate mortgage, and also good news if you’re looking to make a move this spring!

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This month, I’m discussing both the real estate market and a potential increase in property taxes.

If you’re interested in the specifics of the market, you can see the stats here.

There were more sales than I expected to see, perhaps prompted by a drop in interest rates. If there was anything surprising, it’s that there wasn’t an even further decrease in condo prices. Judging by the amount of interest (or lack thereof) in the condos currently on the market, I’d have expected that owners who really needed to sell would be more accepting about the current state of the market and be willing to negotiate.

So far in January, I’ve seen a ton of new listings, but I don’t think we’ll see a huge number of sales until we’re further into the spring market, like March or April. But it’s so hard to make predictions, not knowing the fallout from what’s happening in the US, not to mention potential elections here.

There are always opportunities in the market, it just depends on what you see as an opportunity. There are a number of condos available for sale that have been sitting for a while. If you’re an investor with a lot of cash to put down, there are deals to be had.

If you’re curious about what’s happening in your neighbourhood, send me a message.

The other news that will directly impact all homeowners is the proposed property tax increase coming for 2025, which works out to a total of 6.9%. There is an actual tax increase of 5.4% and a city building levy of 1.5%.

It sounds like a lot, but keep in mind that the taxes are calculated on assessments from 2016. If the city kept the tax rate the same but homeowners were taxed on the 2024 value of their home, people would be in shock.

To put it into dollars and cents, if your home was worth $1M in 2016, the proposed increase (city council will vote in February) would be $388. Annually.

There is a program for seniors who earn a low income (and may have been living in their home since the 50s) to apply for a tax grant. Hopefully the majority of Toronto homeowners can find an extra dollar a day to add to our property taxes.

The bottom line is that yes, property taxes have gone up by 24% over the last three years, but It’s about time. We’ve had the luxury of super low taxes and, although everyone wants to dump on Olivia Chow because the increases are happening during her tenure, I think we can blame past administrations that let things get to this point. And still, we have a very low taxation rate. For example, someone living in Ottawa would be paying almost $12,000 in taxes on a million dollar home, compared to $7,153 in Toronto.

Nobody wants to pay more tax than they have to, but I am ok with the idea of paying more because the city is suffering. The only other option is for the province to fund more, but that would mean it has more control of our city, which is something we definitely don’t want. Let’s just hope that city council uses the funds wisely and we see improvements.

There was significantly more movement in November’s real estate market than last year and the first half of December was quite active, but the signs of the holiday slowdown are definitely taking hold. Fewer properties are  coming to market and there are fewer showings on the properties that are currently available. That being said, I have just listed a cute one bedroom in the Annex!

What’s not uncommon for this time of year is that it isn’t just the new listings that are selling. What I often see at the end of a traditionally busy real estate season is that there is also an uptick in the sales of properties that have been sitting on the market for months. In my neighbourhood, one home sold that had been for sale since June! One reason for the action could definitely be attributed to the Bank of Canada rate cut in October and consumers were expecting another in mid-December. Turns out they were right!

Of course, who isn’t happy with the latest announcement from the BoC (a .50% rate reduction)? I think it will definitely help propel the market forward well into 2025, but I’m not confident it’s going to light a huge fire under people’s butts to take action during late December. Even with new mortgage rules coming into effect, I think the holidays will override the immediacy of the market taking off.

I do think we could see the spring market begin sooner than usual. I’m already meeting with homeowners to discuss what they’re going to do in the spring, so that’s a positive sign.

There’s another rate announcement due on January 29th, and if it’s a cut, or even a hold, that should give some confidence to hesitant buyers that things are settling down.

On the flip side, the other thing to consider is the incoming regime in the U.S. As much as the stock market has been doing really well, there’s a lot of talk about it being another bubble, not to mention concern about how the tariffs will affect us, along with the weakening dollar. There are still a lot of unanswered questions until Trump gets into power. Expect the next 4 years to be a bumpy ride!!

Although average home prices are actually lower than they were in 2021 (according to TRREB), the cost of living has gone up significantly and if the U.S. comes through with tariffs as threatened, affordability could get worse. So low interest rates alone won’t be enough to get the market going again.

So when is the right time to buy?

Some colleagues will always telling people that NOW is the time to buy regardless of market conditions, but with this market, they probably have a point.

If someone buys now, they won’t be closing for 60 to 90 days, which would be the end of March. There will be two more rate announcements between now and then. If rates go down, buyers get the benefit of that. It’s unlikely rates will go back up so soon, if anything, they’ll stay consistent.

I’m frequently being asked what I think will happen in 2025 and the bottom line is that it’s impossible to predict. There are lots of little things happening to encourage movement in the housing market. No single change is going to have a big impact, but at some point, we’ll reach critical mass and then we’ll see action when people feel confident enough to move forward.

I still feel like there’s restraint to the market, some hesitation, and people are just sitting on the sidelines waiting to see what’s going to happen.

If you’re curious about what’s happening in the market or are curious about what’s happening on your street, please get in touch!

The holidays will be here before you know it, as will 2025! In the meantime, there’s a tonne of happenings in the city to enjoy — in addition to holiday parties and spending time with friends and family!

Top of my list this year is STACKT where, currently, they have a winter wonderland complete with a 100-foot-long light tunnel! I suspect it's perfect for Instagramming! And speaking of light, we’re all dealing with a lack of it these days. You’ll find a great piece below with some pro tips on how to maximize the light in your home.

Also below are three listings that you don't want to miss... if you're running out of Christmas ideas maybe one of these properties would make a great stocking stuffer !?!

Toronto's real estate market is heating up, or at least it was in November! Sales surged 40% from last year. The market tends to slow in December but with the prospect of even lower interest rates expected in the New Year, buyer activity has ramped up as prices hold steady. December could still bring surprises though. There's a Bank of Canada rate announcement on the 11th and new mortgage rules being implemented on the 15th—typically a quiet month, but perhaps not this year!

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Now that it’s almost the end of November, we’re seeing fewer homes coming to market; a trend that’s likely to continue through the holidays. My guess is that you can expect to see a flurry of new listings at the beginning of the year, which is all a part of the natural heartbeat of the real estate business.

That wasn’t the story in October, though. Home sales were up significantly compared to the same time in 2023. The number of single family homes sold was up by over 37%, and even the number of condos sold was up by over 32%. Interestingly, despite increased sales, prices remained fairly steady. If you want to see specific data, click here for the TRREB press release.

I think the numbers make sense. There is a plethora of inventory out there that has to be absorbed so, even with an increase in sales, there’s more supply than demand.

But does this make it a buyer’s market? Not quite. Homeowners who don’t have to sell aren’t budging significantly from their asking price. Is it a balanced market? Not quite. The decrease in interest rates is definitely getting more people committed to buying, but buyers still have power, and the story they tell when they’re bringing in an offer is that if it’s not your place we buy, it’s going to be somebody else’s.

With so many properties available, sellers have to understand that the power is less in their hands than it is in the buyers. They still have to price competitively and worry about all the other properties that are coming onto the market.

Here’s an example. In October, I listed a co-op on Gloucester. On the same day, the identical unit two floors down was listed, for $50,000 less.

I was confident my listing was priced fairly and we ultimately sold first. (Plumbed in ensuite laundry helped, the other unit didn’t have it!) Both sold within two weeks of being listed and a little under asking. Both were listed for realistic prices and that’s among the reasons they sold quickly. Properties that are listed too high are languishing.

What’s coming down the pipeline?

The majority of buyers and sellers are going to wait until spring. Buyers are counting on interest rates to go down and sellers are counting on more buyers with the idea that home prices go up.

If you’re a buyer, I actually think that waiting is potentially a mistake. Now is the time to get into the market because there is so much to choose from and the majority of sellers are willing to negotiate. There may very well be more homes and condos available in the spring, but there will also be more competition from other buyers. With the lowering interest rates more buyers inevitably will enter the market.

I doubt condo prices are going to soften in the spring. If you run the numbers (a good mortgage broker can do this for you), you would see that the difference in your monthly payment if you buy at today’s prices and today’s interest rate compared with spring prices and rates, the difference would be under $100 per month.

If you’re a seller who has to sell first before buying, I suggest sitting back, enjoy the upcoming holiday season and think about going to the market at the beginning of 2025… rates will be lower and many more buyers will have renewed interest after the holidays are over.

Also in the news, the Globe and Mail recently reported that the number of members of Toronto’s Real Estate Board (the licensing body) went down by about 8%. Don’t panic, we’re not quite an endangered species. There are still 73,000 licensed realtors, it’s just as one person put it, ‘a culling of the herd.’ People are retiring, and some who thought they could make some easy money found out it wasn’t quite so easy. When the market picks up, we may see another increase.

Although 73,000 is a big number, there are a lot of realtors who don’t sell any properties. In October, 6658 properties sold in the GTA. So clearly, the majority of realtors aren’t making money. It’s the 80/20 rule; 20% of the realtors do 80% of the work. Quite honestly, there are a lot of realtors who don’t sell any properties.

Bottom line: choose someone who does this full time! If you ever want to discuss the market or are curious about what your home is currently worth, please get in touch! 

There was some drama in Toronto’s real estate market in September, but it didn’t have anything to do with what was bought or sold, it’s in the changes to mortgage rules that were announced to roll out in the coming months.

What we saw was normal market activity. We always see an uptick in September once people are back from summer vacations. And based on watching the market every day, I expected that both sales and listings would be up.

One change is that my phone is ringing a lot more. People are asking questions and being more engaged with the market. There’s still a somewhat low sense of urgency, but potential clients and long-standing ones too, are calling to talk about their plans for 2025 and asking about further rate decreases.

Many economists were predicting that the Bank of Canada would lower the key interest rate by another 50 basis points this month and as I write this now, the news hit all the channels. Will this be the last of the rate decreases? Chances are NO. There is talk of further future reductions as long as we’re able to keep inflation in and around the sweet spot of 2%.

So my advice to homeowners right now? Probably not a popular one in real estate circles but, unless consumers  really need to sell, I’m advising people to wait I think we’ll see a busy spring market. We’ll just have to see if the buyers will be ready to buy…

Having said that, I do think that now is a good time to buy: The average price in the 416 was down slightly from 2023, and by slightly, I mean less than one percent ($7,555). And despite so many condos being on the market at the time of writing this (7185), the average price for a condo was down by 3.5%, or just over $24,000.

You may wonder, why am I telling you about this? If you’re in the market to buy, especially a condo, you have an incredible amount of choice. Prices are actually lower than they were in 2022.

If you came here for a little drama, here it is:

In August, a rule change came into effect that allows first-time buyers purchasing new builds, (including condos) to qualify for 30-year mortgage amortizations.

The next round of changes comes into effect on December 15:

If your down payment is less than 20%, you need to have mortgage insurance. However, you can only get that insurance if your mortgage is under $1M. As of December 15th, the amount of mortgage you can insure increases to $1.5M to reflect how much prices have increased since 2012.

In theory, this is good news. It’s a move in the right direction to get people to transact in real estate. It will make homes that were less accessible more accessible – to those who can afford it.

Let’s crunch some numbers.

The minimum down payment for a $1.5M home would be $125,000.

(That’s 5% of first $500,000 plus 10% of the remaining amount)

This means that a home buyer could pick up a $1.5M home for just $125,000 down; if their income qualifies. Buyers also have to take into consideration land transfer taxes ($52,500 or $44,475 if they’re a first-time home buyer), which means the buyer has to come to the table with about $175,000, plus legal fees.

And that’s even before the carrying costs. When you’re buying a home, you have to take other expenses into consideration. Monthly, the mortgage on that property would be about $8000. Property taxes would be about $900 and the insurance would be about $50.

The carrying cost on that property would be about $9000 per month and that doesn’t include utilities or regular maintenance.

In order for this to have an impact, there would have to be a large number of buyers out there grossing at least $250K annually and currently unable to save enough for a down payment. I don’t think this is as risky as it sounds - CMHC has pretty strict requirements for approval.

Other new rules will be rolling out over the coming months, including the ability to refinance to help cover the cost of building secondary suites.

Another change coming in December, all first-time buyers and all buyers of new builds will be eligible for 30 year amortizations, lowering the monthly payment.

The next change will come into effect on January 15, 2025, when homeowners will be able to refinance their insured mortgages to access the equity in their homes and help pay for the construction of a secondary suite, such as basement rental apartments, in-law suites, and laneway homes.

As always, your best resources are a good mortgage broker and a good realtor. If you have any questions about how you can take advantage of these new rules, please get in touch.

Fall is in full swing and it’s time to embrace the vibrant season with some can't-miss local events.

The Toronto International Dance Festival is returning to the city. Experience Toronto’s diverse cultural landscape through the art of dance at this 3 day event. If you’re also looking for the best spots to grab some healthy ingredients and meals, check out the top health food spots in the city.

The market news is in and, you're not wrong, you did see a lot more for sale signs last month. Over 7,000 new listings hit the MLS last month, an increase of almost 500 more than last September. The good news is that sales were up as well. Even though the difference isn't dramatic, it's still a good indicator that buyers are gaining more confidence in the market.

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If you’re noticing a lot of For Sale signs in your neighbourhood, you’re not alone. No matter how slow the market appears to be, there are always new homes hitting the market in the fall, and this month is no exception. However, it’s SOLD signs that are actual indicator of whether the market is getting busier.

You may not be keeping track the way I as a Realtor does, but not all of the ‘new’ listings are actually new. Many properties were for sale over the summer and, when the buyers didn’t materialize, some listings were terminated and then those home were re-listed. Pick almost any street with past listing inventory, homes were taken off the market in August and re-listed since the day after Labour Day.

Currently, there are slightly more than 10,000 residential properties up for sale in Toronto. (Ranging from $250,000 for a one bedroom condo at Jane and Finch to $34,918,778, for the penthouse at 1 Bloor Street West.) How many of those are new? It’s a tough stat to follow. Realtors are able to track the listing history of an individual property but the practice of re-listing makes it hard to analyze the statistics as a whole segment of the market.

What the numbers can tell us is that there is a lot of inventory available compared to the number of properties that are selling. In August, in the City Toronto (not GTA), 4,177 new listings were entered in the system which meant there were 8625 available properties for sale. There were only 1,718 properties sold meaning only 19.9% of the properties listed actually sold.

As you’ve probably heard, the other news is that the Bank of Canada lowered the key interest rate for the third time in a row. Will this have a major impact on the market? I don’t think it’ll be MAJOR but it’s a step in the right direction. It’s still not enough to bring investors back in droves, which was a large part of what was driving the large part of the condo market and in small part single-family homes. Every decrease helps though and once we start to see a level of stability with the rates, it will create more confidence in the market and that’s when we’ll see marked increase in sales.

Of course, any decrease will really help buyers that really needs to buy. It makes buying a home that much more affordable. For buyers who are stretching their budget, every dollar counts.

Quite honestly, my guess is that it’s too soon to say this is the new bottom of the market. I think it’s still wise to take more of a conservative approach and anticipate another rate decrease… or three. The only exception would be if you’re looking for a particular kind of property, and the opportunity presents itself, it’s a good time to make a move because that opportunity may never cross your path again.

Sellers are still holding firm to what they believe the value of their home is, but if they’re serious about selling, they may be more flexible on price if and when they get an offer. Right now, it’s still not uncommon to see some major negotiating happening.

Here's what I will predict for the next few months:

• Many buyers will continue to take a wait and see attitude. They’re waiting for rates to go down further and it won’t be until rates are stable that we’ll see more activity in the market. Consumers will then accept that this is what the market is, rather than waiting to see what it will become.

• It won’t be until interest rates are under 4% that we’ll see any level of excitement coming back into the market, if at all.

• We’re going to continue to see a further uptick of listings hit the market. A lot of sellers are thinking they’ll get more money now that interest rates are a quarter point lower but, because there’s such a glut of product available, there’s possibly going to be downward pressure on prices since there is so much more product for buyers to choose from.

Toronto’s real estate market is constantly changing – if you’re curious about what’s happening in your neighbourhood, get in touch!

Did you know that pet ownership in Toronto skyrocketed by 18% during the pandemic? That's right, according to narrativresearch.ca, more and more people in the city welcomed furry friends into their homes. While our pets bring us joy, not everyone is as enthusiastic about them as we are. With so many animals and people in close quarters, it's crucial to have rules in place to keep the peace.

Looking for a new home for you and your beloved pet? You need to know the rules! Watch out for buildings that don’t allow pets at all. These are often older buildings from the 1980s when pet ownership wasn’t as common.

Most Toronto condo buildings are pet-friendly, but they come with some restrictions. Cats and dogs are usually welcome, but exotic pets might not make the cut. Some condos also have weight limits for dogs—many new buildings require you to be able to carry your pet through common areas to avoid any accidents. And, of course, your pet must always be leashed.

How much have things changed? Some new buildings go above and beyond. The Merchandise Lofts feature a rooftop dog run, X condos offer a green space for dogs, 76 Shuter has a dog bath area, and Fabrik at Richmond and Spadina even boasts a pet spa. Plus, three buildings in CityPlace share a large dog run.

The building's pet rules are available in the status certificate and condominium documentation. Although you might not see this info until you make an offer, your friendly neighborhood realtor should be able to help you find the details.

Even if you follow all the rules, if your pets are barking when you’re not home or aggressive in common areas, the condo board has the right to ask you to remove them. I know one woman who had to move because her two boisterous dogs generated too many complaints. While it's rare, it can happen. Everyone has a right to quiet enjoyment—so if you have a yappy dog, expect some complaints.

Living in a Toronto condo with your pet can be a fantastic experience, but knowing the rules and choosing the right building are key to a happy home for everyone!