Toronto’s real estate market has changed a lot over the past ten - fifteen years. Understanding these shifts could really help you make better buying decisions. When we look back at the early 2010s, Toronto was already seeing steady price growth, but it was certainly more manageable than it is today. Demand was high and inventory was low, which pushed prices up little by little. Condos were starting to become the go-to choice for many buyers who wanted an affordable option near the city centre.

Then came 2017, a year that felt like a whirlwind for the market. Home prices took a huge leap, especially for detached houses, and multiple offers became the norm. Buyers were in fierce competition, often paying well over the asking price. The Ontario government stepped in with its Fair Housing Plan, which included a 15% foreign buyers’ tax and rent control. These changes were intended to calm things down and by mid-year they did. It is a good reminder of how policy changes and politics can impact the market.

The following couple of years, 2018 and 2019, brought a bit more stability. Prices continued to grow, but at a slower pace. Interest rates were low, encouraging more first-time buyers and investors to step in. By 2019 it felt like the market was back in a good rhythm, with plenty of activity but without the same frenzy of 2017.

Then, of course, COVID-19 hit in 2020. The market, just like our lives, experienced a lot of uncertainty. Sales slowed down at first, then something interesting happened: with more people working from home, many buyers started looking for houses outside the downtown core. Suburbs and even rural areas became hot spots as people looked for more space to live and work. This shift marked a new trend in the market, one where outlying areas saw price surges as buyers prioritized yards, home offices, and overall comfort.

As things opened back up, 2021 and early 2022 saw an incredible surge in demand. With interest rates still low, home prices in Toronto and surrounding areas broke records. It was a classic seller’s market where bidding wars were common and prices went through the roof.

By 2023, rising interest rates started to cool things off. Higher rates made monthly payments harder to manage, which led to a bit of a market correction. While prices remained high, they didn’t climb as fast, giving buyers a bit more breathing room and more options to choose from. However, Toronto’s core areas remained competitive, as demand for these locations is consistently strong.

OurToronto market has shown that while prices rise and fall with various economic factors, the overall trend has been steady growth. Keeping an eye on things like interest rates and government policies can help you make well-timed decisions. If you are ready to make a move soon, feel free to reach out. We are here to help and answer any question you may have!

When the real estate market shifts into a buyer’s market, the power tilts in favour of buyers. With more homes available than interested purchasers, this market provides greater negotiating power and the potential for securing favourable terms. To maximize these advantages, it is essential to approach your home search with a clear strategy. Here is your comprehensive checklist for navigating a buyer’s market confidently.

1. Get Familiar with Market Conditions

Understanding the dynamics of the Toronto real estate market is the first step in any home-buying journey. A buyer’s market is defined by an abundance of inventory, longer days on the market and motivated sellers, making it an opportune time to purchase. Learn more about the unique features of Toronto’s market here.

2. Prepare Your Finances

A buyer’s market might work in your favour, but financial preparation is still very important. Start by creating a detailed budget and getting pre-approved for a mortgage. For guidance, check out our blog post on Preparing Financially for Your Home Purchase.

3. Work with the Right Realtor

Choosing a realtor who understands the nuances of a buyer’s market is key. They will help identify motivated sellers, recommend strategic offers and guide you through the negotiation process. Read more about finding the right real estate professional in our post, Choosing the Right Realtor for Your Needs in Toronto and GTA.

4. Take Your Time But Stay Strategic

In a buyer’s market, you will likely have more time to evaluate properties. Comparing options is fun and you have a chance to negotiate pretty favourable terms. However, it is still essential to remain strategic and informed. Our 10 Tips for Home Buyers provides actionable advice to help you make the most of your search.

5. Leverage Your Negotiating Power

In a buyer’s market, sellers may be open to offers below asking price. To make your offer stand out, ensure it aligns with market values and remains competitive. While this market favours buyers, understanding offer strategies is crucial. For tips on crafting effective offers, feel free to explore our guide on Making Competitive Offers in a Seller’s Market in Toronto. Some strategies also apply to buyer’s markets.

6. Be Ready for Inspections and Due Diligence

Always schedule a home inspection and thoroughly review the property’s condition before closing. This step ensures you know exactly what you are buying and you may get an opportunity to negotiate certain repairs if the inspection reveals any major deficiencies. 

7. Explore Your Options

A buyer’s market offers the luxury of choice. You can explore various neighbourhoods, property types and price ranges without feeling rushed. Whether you are in search for a detached home, a townhouse or a condo, a buyer's market is the best time to find the perfect fit for your needs and budget.

8. Plan Ahead for Closing

Even in a buyer’s market, closing costs and timelines require careful planning. Factor in legal fees, property taxes, and other expenses to avoid surprises.

 If you’re ready to take the next step, our team is here to help! Contact us today to start your journey!

Whether you are a first-time buyer or looking to upgrade your current home, understanding Toronto’s real estate market can give you a head start. 

Our local market has seen dramatic changes in recent years. Just a decade ago, home prices were much lower and somewhat more affordable. Nowadays, the homes have become one of the most significant investments we make. Factors like population growth, economic shifts and global events ( COVID-19 pandemic) have had a great impact on home prices. Recently, we have seen a mix of high-demand periods, leading to a seller's market, and moments of slow-down, where buyers hold more negotiating power.

For more on Toronto’s market trends over the past few years, check out Market Trends Over the Last Decade.

When there are more buyers than homes available and the sellers seem to have the advantage, we find ourselves in what we call a "seller's market". Properties sell quickly, often with multiple offers, driving prices higher and it is essential to be prepared to make competitive offers. See our guide on Making Competitive Offers in a Seller's Market for more tips.

In a "Buyer’s Market", buyers hold the power because there are more properties available than people looking to buy. Sellers may be more open to negotiations and you could find more affordable options or get favourable terms. If you are in a buyer’s market, it is a great time to explore your options. Check out our Home-Buying Checklist for a Buyer’s Market to see how to maximize your advantage.

When the number of homes matches the number of buyers, prices tend to stabilize. This balanced scenario allows for more straightforward negotiations without the urgency often seen in a seller’s market.

Each market type has its advantages. Knowing which one you are in can help you navigate your purchase confidently. An experienced Realtor will be able to recognize the type of market or even hyper-local submarket and advise you accordingly.

Your budget is one of the most important factors in determining where and what type of property you can afford to purchase. Toronto has a variety of neighbourhoods, each offering different lifestyle amenities, commute times and property types. For example, if you have a high budget you may find opportunities for detached homes or other types of properties closer to downtown in neighbourhoods like Rosedale or Yorkville, where prices reflect both the prestige of location, proximity to public transit and highways and quality of life. 

With a moderate budget, you might look towards areas slightly outside the city core, like Scarborough, Etobicoke, or North York, where you can find lower price detached homes, semi-detached, townhouses and larger condos.

For a lower budget, condos or smaller townhomes in areas further from downtown  or in the outskirts of the city, in smaller communities like Pickering, Richmond Hill or Mississauga can offer more affordable options while still providing access to transit.

Curious about specific neighborhoods? We break down Toronto’s most popular areas in Choosing the Right Neighbourhood in Toronto.

Understanding Toronto’s real estate market is the first step in finding the perfect home. To continue learning, check out our other guides on topics like Preparing Financially for Homeownership and Finding the Right Realtor for Your Needs. And if you have questions, our team at is always here to help. Click here to connect with us!

Happy house hunting!

Buying a home is one of the biggest financial decisions you’ll make and being prepared can make the process a lot smoother and more enjoyable. Whether you are a first-time buyer or a seasoned homeowner looking for your next property, getting your finances in order is key. 

The first step is understanding what you can afford. Start by taking a good look at your income, monthly expenses and any existing debts. Mortgage lenders typically recommend that your monthly housing costs (including mortgage payments, property taxes and insurance) should not exceed around 30-35% of your gross monthly income. However, this is just a guideline. Only you know what feels comfortable based on your lifestyle and spending habits.

Next, consider saving for a down payment. In Canada, you will need a minimum down payment of 5% for homes under $500,000, 10% for homes between $500,000 and $1 million, and 20% for homes that cost over $1 million. The more you can put as a downpayment, the better, as a larger down payment can mean lower monthly mortgage payments and less interest over time. Plus, if you put down less than 20%, you’ll need to pay for mortgage insurance, which adds to your overall costs. If you are planning to buy soon, setting a clear savings goal for your down payment is a great way to start.

For many first-time buyers, using RRSP contributions can help boost your down payment. The Home Buyers’ Plan (HBP) allows you to withdraw up to $35,000 from your RRSP tax-free to put toward your down payment, as long as you repay it over 15 years. This can be a great way to supplement your savings and reduce your mortgage amount. Additionally, if you’re receiving a financial gift from parents or other family members, it can also be used toward your down payment. Just make sure to have documentation of the gift, as lenders may require proof that the funds don’t need to be repaid.

Beyond the down payment, remember there are closing costs to account for. These are additional fees that come up at the end of the buying process, typically ranging from 1.5% to 4% of the home’s purchase price. Closing costs include things like land transfer taxes, legal fees, home inspections, and other administrative costs. Having some extra funds saved up for these expenses will help you avoid any surprises. Use this mortgage calculator to calculate the expenses for individual properties

Another important step is checking your credit score. Your credit score plays a big role in determining your mortgage rate, so it is a good idea to review it before you start house hunting. A higher credit score can help you secure a lower interest rate, which can save you thousands of dollars over the life of your mortgage. If you find that your credit score could use a boost, take a few months to pay down debts, make timely payments, and avoid applying for new credit. Even a small improvement can make a difference.

Once you have a solid sense of your budget, consider getting pre-approved for a mortgage. A pre-approval gives you a clear idea of how much a lender is willing to loan you based on your income, credit, and down payment. This not only shows sellers that you’re a serious buyer but also helps you focus on homes within your price range, making the search process easier. Keep in mind, though, that a pre-approval is not a final guarantee.  It is always wise to stay within your budget even if you are approved for more.

Finally, remember that buying a home is a long-term commitment and it is okay to take your time to save and prepare. Setting a realistic budget, building up your savings and securing a good credit score will make the process smoother and give you peace of mind. With a solid financial foundation you will be ready to take on homeownership confidently. And if you find yourself in a competitive market, make sure you know how to make an offer that stands out.

For more tips on navigating the buying process, check out our guide on Understanding the Toronto Real Estate Market and our article on The Home-Buying Process: Step-by-Step Guide on hometogoteam.com. We are here to help answer any questions you have about making your dream of homeownership a reality!

Buying a home in Toronto can feel like stepping into a high-stakes game, especially in a seller's market where competition is fierce. You are excited about finding the right place, but so are a lot of other buyers. Here are some tips to help you put together a competitive offer that will stand out without losing sight of your budget and needs.

Imagine you have found the perfect property. It is exactly what you are looking for, in a neighbourhood you love and within your budget. You already know this property is going to attract other buyers, so you need to act quickly and strategically. Timing is critical in a seller’s market. Homes in Toronto sometimes can sell within days or even hours, so as soon as a listing catches your eye, make sure you are ready to move. Having a realtor who is quick to set up viewings and help you understand the local market is key.

When it comes to deciding on your offer price, remember that listing prices in a seller’s market are often just the starting point. Homes frequently sell over the asking price, so it is wise to understand what other similar properties in the area have sold for. Your realtor can pull recent comparable sales (known as “comps”) to help you determine a strong offer. This might mean stretching a bit beyond the listing price, but it is essential to stay within your financial comfort zone. Toronto real estate can be pricey and going over the budget could lead to challenges down the line.

Sometimes, making a competitive offer means simplifying it. Sellers are more likely to accept offers that come with fewer conditions. This doesn’t mean you should always waive all conditions but there are ways to mitigate risks if you decide to do so. Conditions are meant to protect you. Working with an experience mortgage broker and getting pre-qualified (property specific) and having a home inspection before committing to a firm offer on a property are just a few ways to mitigate risks. Talk to your realtor about the pros and cons before deciding which conditions you can safely remove.

A strong deposit can also make your offer stand out. Committing to a larger deposit signals to the seller that you are serious and financially capable. This can sometimes make the difference between winning and losing a bid. Think of the deposit as a gesture of good faith. While it might feel a little risky to increase it, it reassures the seller that you are not only interested but also committed to the deal.

Finally, consider adding a personal touch to your offer. A simple, heartfelt letter to the seller can sometimes make a big difference. Let them know a little about who you are and why you love their home. Sellers who have an emotional attachment to their home may feel a connection with you through a personal letter. This doesn’t always sway a decision, but in some cases, it can help you stand out in a crowd of offers.

In a seller’s market, success often comes down to preparation, quick action, and a willingness to make a few concessions. By working closely with your realtor, making informed decisions and being prepared to act fast, you will be ready to compete effectively. And remember, we are here to help you every step of the way. For more tips, check out our other posts on Choosing the Right Realtor in Toronto and Preparing Financially for Your Home Purchase .

Good luck, and happy house hunting!

Choosing the Right Realtor for Your Needs in Toronto and GTA

Finding the right home in Toronto can be both exciting and overwhelming, especially with the city's competitive and continuously changing market. Choosing the right real estate agent to guide you through the process can make a world of difference, whether you are buying for the first time, upgrading your current home or looking for an investment property.

Imagine you are a first-time buyer. You have saved up, researched neighbourhoods and spent countless hours browsing listings online. But when it comes to making an offer in a hot market, you are not sure how high to go on the offered price or how to navigate the bidding wars you keep hearing about. Here is where an experienced agent comes in. A good real estate agent will understand the market trends, know the neighbourhood and help you make a strong, competitive offer that still respects your budget. They will guide you through each step, from arranging viewings to explaining offer strategies.

Or maybe you are upsizing your current place. Your family has grown and you need more space. You are juggling work, kids, and everyday life and the thought of selling your home while finding a new one feels complicated. The right realtor will help make this process as seamless as possible. They will know how to price your home attractively, manage showings around your schedule and help you find that perfect home that meets all your family’s needs. A realtor who is familiar with family-friendly neighbourhoods and understands the priorities of families (like schools, parks and safe streets) can make this transition much easier.

For investors, choosing a realtor who knows the investment side of real estate is crucial. Maybe you are looking for a rental property that will bring in reliable income, or maybe you are thinking long-term about properties that could appreciate in value. An agent that is experienced in investment properties can provide insights into the best areas for good returns, potential rental income and even connect you with local contractors or property managers. They will also know how to analyze the numbers, which will give you the confidence that you are making a wise investment.

So, how do you choose the right realtor for you? Start by looking at experience. Toronto’s real estate market is unique and it takes time to understand its nuances. An experienced realtor will know which areas are on the rise, where you will get the best value and how to handle negotiations in a competitive market. Ask them about their experience in the specific type of real estate transaction you are pursuing, whether it is a first-time purchase, a family move, or an investment property.

Next, consider their knowledge of Toronto’s neighbourhoods. Toronto is a city of distinct areas, each with its own personality and vibe. A realtor who knows the city well can offer insights you won’t find in online listings. Maybe you are drawn to the buzz of downtown but need to balance affordability. A knowledgeable realtor can suggest up-and-coming neighbourhoods or hidden gems that fit your lifestyle and budget.

You will also want someone who communicates well and listens to your needs and desires. Buying or selling a home can be an emotional experience and a realtor who listens to your concerns, answers your questions, and is available when you need them can make a big difference. This is a relationship where trust and comfort are as important as skills and knowledge.

Lastly, do not be afraid to ask for references or testimonials. Talk to previous clients if you can and read reviews. Personal recommendations from people you trust can be invaluable. Knowing that your realtor has successfully helped others in similar situations can give you confidence in your choice.

Choosing the right realtor is the key to a smooth and successful real estate experience. With the right partner, you will have someone in your corner to help you navigate the market, understand your needs and help you make informed decisions. If you are ready to take the next step, feel free to reach out through our website at hometogoteam.com. We are here to support you in finding the right home for you.