OWNINTO | TORONTO HOUSING MARKET SERIES

Part One of Two

Every time Toronto's real estate market gets uncomfortable, someone brings up 2008. But anyone who owned a home here in the early 1990s might remember a rather different horror story.

Apparently, every difficult housing market needs a historical comparison. And for the past few years, 2008 has been getting quite a workout.

Prices are falling? Remember 2008.

Buyers are nervous? Just like 2008.

The market isn't behaving the way we'd like? Here comes 2008 again.

There's just one problem. If we're talking about Toronto, we may be remembering the wrong housing crash.

The 1990s: Toronto's long hangover

By the late 1980s, Toronto real estate was booming. Prices had climbed dramatically, speculation was widespread, and the assumption that property values would continue rising seemed almost unshakeable.

Then the music stopped.

According to historical Toronto Real Estate Board statistics, the average selling price across its reporting area reached $273,698 in 1989. By 1996, that figure had fallen to $198,317.

That's a decline of approximately 27.5%.

And unlike a brief market correction, this one dragged on for years.

For anyone who experienced Toronto's housing market in the early 1990s, mortgage rates weren't just another economic statistic. They were a very real part of everyday financial decisions.

Mortgage rates approaching 15% were hardly unusual. The Bank of Canada's historical records confirm that five-year conventional mortgage rates reached 14.25% in the spring of 1990.

Imagine trying to carry a mortgage at those rates today.

High borrowing costs were only part of the problem. Ontario entered a serious recession, unemployment rose, and buyers who had stretched to purchase near the peak found themselves in extraordinarily difficult circumstances.

Even as mortgage rates eventually declined, the housing market took years to recover.

Using annual average prices, it wasn't until 2002 that the broader Toronto Real Estate Board market finally exceeded its 1989 price level.

Thirteen years.

That's quite a long time to wait for a market to get back to where it started.

And that's the important lesson of the 1990s. It wasn't simply how far prices fell. It was how long the market remained under pressure.

Then came 2008. Except Toronto didn't follow the script.

The global financial crisis was an economic earthquake.

American banks collapsed, credit markets seized up, and U.S. housing prices suffered a devastating correction.

Naturally, Toronto buyers and sellers were worried.

Sales activity dropped sharply, confidence evaporated, and the local market experienced a pronounced interruption.

But here's the interesting part.

Historical Toronto Real Estate Board records show average selling prices across its reporting area of $378,339 in 2007, $382,512 in 2008, and $397,490 in 2009.

Looking at annual figures alone, you might wonder what all the fuss was about.

The monthly numbers tell a different story.

Average selling prices reached approximately $399,000 in April 2008 before dropping to around $354,000 by October—a decline of roughly 11% between those months.

By June 2009, the average had recovered to approximately $404,000.

A sharp correction, certainly. But nothing resembling the prolonged decline Toronto experienced during the 1990s.

Falling interest rates helped. The Bank of Canada's historical records show five-year conventional mortgage rates dropping from around 7% in late 2008 to approximately 5.25% by April 2009.

Canada's comparatively resilient banking system also helped prevent the kind of financial collapse experienced south of the border.

The American housing crash became the defining image of 2008. Toronto's experience was considerably different.

Fast-forward to 2022: When the pandemic changed what home meant

The pandemic didn't just change mortgage rates. It changed how Torontonians wanted to live.

For many condominium owners, the appeal of compact urban living diminished when home suddenly became the office, gym and virtually everything else.

Shared amenities were restricted, outdoor space became a luxury, and that second bedroom was no longer simply nice to have.

For those who could afford it, the appeal of moving from a condominium into a house—with more room, a backyard and perhaps an actual door to close on the home office—became considerably stronger.

At the same time, borrowing money had become remarkably inexpensive.

In March 2020, the Bank of Canada reduced its overnight policy rate to just 0.25% to support the economy during the pandemic.

By January 2022, average five-year variable mortgage rates were around 1.5%, while five-year fixed rates averaged approximately 2.8%.

Combine exceptionally cheap financing with changing housing priorities and a limited supply of desirable houses, and you have the ingredients for an extraordinary real estate boom.

And extraordinary it was.

Then came inflation.

Supply-chain disruptions, surging demand and rising energy prices pushed inflation sharply higher. The Bank of Canada responded by increasing interest rates aggressively throughout 2022.

By December, its overnight policy rate had risen from 0.25% to 4.25%.

Suddenly, buyers who could comfortably qualify for a mortgage months earlier were facing dramatically different borrowing costs.

The desire for more space hadn't necessarily disappeared. The ability to pay ever-higher prices for it had.

And Toronto's housing market began its correction.

Different roads, but a remarkably similar destination

Here's what makes the comparison with 1990 so interesting.

In the early 1990s, Toronto buyers were dealing with extraordinarily expensive borrowing.

In 2022, buyers were coming off a period of extraordinarily cheap borrowing that had helped propel prices to unprecedented levels.

Different circumstances, but both periods ultimately exposed serious housing affordability problems.

The difference is that today's mortgage rates are nowhere near the levels experienced in 1990.

Yet home prices relative to household incomes have become so high that affordability pressures have approached those of the early 1990s.

Apparently, you don't need a 14% mortgage rate to recreate 1990-level housing affordability. Really expensive houses will do the trick.

Three downturns. Three very different stories.

The problem with the headline housing prices are falling is that it doesn't begin to explain what's actually happening.

The early 1990s: A severe economic downturn, exceptionally high borrowing costs, falling property values and a recovery that took more than a decade.

2008–09: A global financial crisis that disrupted Toronto's market, but from which local prices recovered comparatively quickly.

2022–26: A correction following extraordinary pandemic-era price increases, changing housing preferences and one of the fastest interest-rate tightening cycles in recent history.

And unlike 2008, the current market hasn't simply bounced back after a few uncomfortable quarters.

More than four years after the February 2022 peak, Toronto is still working through the adjustment.

In September 2026, TRREB reported that its MLS Home Price Index composite benchmark was down 4.7% from a year earlier across the GTA. Sales were also down 9%.

Those figures don't mean every Toronto property has declined by the same amount. Far from it.

A detached home in Leaside, a semi in Riverdale and an investment condominium downtown can behave very differently, even during the same economic cycle.

That's why broad market headlines are useful for context, but much less useful when you're making decisions about a particular property.

So what does history tell us?

Perhaps the most important lesson is that housing markets don't operate on a convenient schedule.

Prices don't necessarily recover just because interest rates start falling. Buyers don't immediately return because economists announce that the worst is over.

Sometimes the market needs time.

Time for incomes to catch up. Time for affordability to improve. Time for buyers and sellers to adjust their expectations.

And sometimes the market can be improving beneath the surface long before the headlines become encouraging.

Which brings us to the question that really matters today.

Are we approaching the end of Toronto's current housing correction, or is there still more adjusting to come?

That's where things get particularly interesting.

Coming next — Part Two: Has Toronto's Housing Market Found Its Bottom?

At an October 2026 economic presentation, BMO Chief Economist Douglas Porter offered a fascinating perspective on housing affordability and why a recovery may look quite different from what many buyers and sellers expect.

In Part Two, we'll bring that analysis home to Toronto, looking at mortgage rates, affordability, the differences between houses and condominiums, and what a market finding its footing might actually mean.

Because finding the bottom and starting another housing boom are two very different things.

Toronto's housing market has never been particularly predictable, but understanding its history can help put today's decisions into perspective.

Wondering how these broader trends relate to your own home or neighbourhood? Sometimes a conversation is more useful than another market headline.

OwnInTO | Bosley Real Estate Ltd., Brokerage
Helping Happy People have Happy Homes.

The Bank of Canada held its overnight rate at 2.25% on September 2. Prime stayed at 4.45%. It was the Bank’s seventh consecutive rate hold.

Seven holds. Nothing to see here.

Except, of course, mortgage rates can still move.

This is one of those wonderfully Canadian financial arrangements in which the rate-setting bank does nothing, bond markets do something and homeowners are left wondering why the mortgage they looked at last month costs more today.

Jason Friesen, Partner and Mortgage Agent with Outline Financial, recently shared the firm’s September Mortgage & Economic Outline. It helps explain how the Bank of Canada can hold its rate steady while mortgage rates—and the monthly cost of carrying one—continue doing something else entirely.

Two kinds of mortgage rates. Two different rule books.

Variable mortgage rates generally follow the Bank of Canada’s policy rate. When the Bank changes its overnight rate, lenders typically change their prime rates.

Fixed mortgage rates are different. They are influenced primarily by Government of Canada bond yields, which can move every day in response to inflation, economic reports, oil prices, trade disputes and international events.

So while everyone is waiting for the Bank of Canada to make an announcement, the bond market may already have left the building.

According to Outline Financial, the five-year Government of Canada bond yield increased from 2.67% on February 27 to 3.63% on September 10. That is a rise of 96 basis points.

Fixed mortgage rates do not necessarily move by the same amount, but bond yields are an important signal of where they may be heading.

The practical point is simple: waiting for the next Bank of Canada announcement does not guarantee that today’s fixed mortgage rate will still be available tomorrow.

The economy is sending mixed messages

If you are hoping the economic data will provide a clear answer about what happens next, you may want to sit down.

Canada’s economy grew at an annualized rate of 3.3% during the second quarter of 2026. That was stronger than the Bank of Canada had forecast and eliminated earlier talk of a technical recession.

Good news.

Canada then lost approximately 41,700 jobs in August, with most of those losses in full-time employment.

Less good news.

The national unemployment rate remained at 6.4%, largely because the labour force also became smaller. Ontario’s unemployment rate edged up from 6.8% to 6.9%.

Inflation reached 3.0% in July, but much of that increase came from gasoline prices. Remove gasoline and inflation was 2.2%.

To summarize: economic growth was stronger, employment weakened, unemployment barely moved and inflation was high—unless you removed the particularly expensive thing everyone noticed becoming more expensive.

This is why the Bank of Canada keeps using words such as “uncertainty.” It is the central-banking equivalent of saying, “We’ll have to see.”

What are borrowers doing?

An increasing number of borrowers have been choosing variable-rate mortgages.

Bank of Canada data cited by Outline Financial show that variable mortgages accounted for 35.8% of mortgage originations in June, up from 28.5% in March.

This does not mean that 35.8% of borrowers know something the rest of us do not.

A variable mortgage may allow a borrower to benefit if rates eventually fall. It also exposes that borrower to higher payments or increased interest costs if rates rise.

A fixed mortgage provides greater predictability, but the borrower may be locking in after bond yields have already moved higher.

The best mortgage is not necessarily the one attached to the most confident interest-rate prediction. It is the one that still works if the prediction is wrong.

Income stability, future plans, tolerance for changing payments and the possibility of moving or refinancing all matter.

What does this mean for Toronto buyers?

A Bank of Canada rate hold is not a signal that buyers can stop paying attention to financing.

A mortgage pre-approval helps establish a realistic price range. A rate hold may also provide some protection if fixed rates increase while you are looking for a property.

The lender may approve a particular amount, but that does not mean you must spend it. There is a noticeable difference between qualifying for a payment and enjoying the lifestyle that remains after making it.

Buyers should look at the full cost of ownership: mortgage payments, property taxes, maintenance, utilities and—in the case of a condominium—monthly fees and the financial health of the corporation.

The Toronto market also refuses to behave like one unified market. A well-prepared house in a sought-after neighbourhood can attract considerable attention while another property, only a short distance away, sits.

The economic headlines provide context. They do not determine the value of an individual property.

What does this mean for sellers?

Interest rates affect how much buyers can borrow, but they also influence how buyers feel.

Even when buyers can afford a property, uncertainty may make them more selective. They compare condition, location, carrying costs and future work more carefully.

This is not necessarily a bad market for sellers. It is an unforgiving market for properties that are poorly positioned.

Preparation, timing, presentation and price need to work together. Buyers may still act quickly when a property offers the right combination of value and opportunity. They are less likely to overlook an ambitious price simply because the seller would prefer that they did.

So, should you buy, sell or wait?

There is no single economic statistic capable of answering that question.

Rates may rise. They may hold. Economic conditions may strengthen in one area and weaken in another. Bond markets may react to events taking place thousands of kilometres away before the Bank of Canada has issued its next carefully worded statement.

Waiting is still a decision, and it has its own costs and risks.

A better question is whether a move makes sense for your life, your finances and the part of Toronto in which you intend to buy or sell.

Once that is clear, we can build a strategy that does not depend on correctly predicting every move made by the Bank of Canada, the bond market or anyone else with a chart.

If you are considering buying or selling in Toronto, I can help you understand what is happening in the neighbourhood and property category that matter to you. A qualified mortgage professional can then help determine which financing structure best fits your circumstances.

Because “rates are holding” may be technically correct.

It just doesn’t mean nothing is moving.

Economic and mortgage information is based on the September 2026 Mortgage & Economic Outline prepared by Jason Friesen, Managing Partner and Mortgage Agent Level 2 with Outline Financial. Market probabilities and interest rates can change quickly. Mortgage advice should be obtained from a qualified mortgage professional.

The final group of borrowers who secured ultra-low mortgage rates during the pandemic is beginning to renew, and 38% of Canadians with a mortgage on their primary residence expect their payments to increase. In Toronto, that figure rises slightly to 39%.

While higher monthly payments will place additional pressure on household budgets, most homeowners are not anticipating a change in where or how they live. Seventy-one per cent of those approaching renewal say they do not plan to move, rent out their home or downsize. Instead, many expect to reduce discretionary spending, travel less or postpone renovations. For most homeowners, higher carrying costs are prompting financial adjustments rather than an immediate change in housing. Home remains a priority, even when maintaining it requires compromises elsewhere in the household budget.

The impact of higher borrowing costs, however, extends beyond the mortgage payment itself. Postponed renovations, reduced discretionary spending and changing monthly obligations can influence when a homeowner chooses to move, how much a buyer can comfortably afford and how existing home equity factors into longer-term plans.

For buyers, this makes understanding the financial picture before beginning a search increasingly important. Purchase price is only one part of that equation. Mortgage structure, monthly carrying costs and future financial flexibility all contribute to determining what is both affordable and sustainable.

For homeowners approaching a renewal, it can also be an appropriate time to consider the larger picture. Understanding the current value of the property, the equity that has been built and how well the home continues to suit future plans can provide useful context before making longer-term financial decisions.

Despite earlier concerns that pandemic-era mortgage renewals could result in a significant increase in defaults, serious mortgage delinquency remains relatively low. Canada’s 90+ day delinquency rate was 0.24% in the fourth quarter of 2025, remaining below pre-pandemic levels.

The numbers suggest that Canadian homeowners are adapting to a different borrowing environment. Higher mortgage payments are undoubtedly changing household finances, but for many, the response is not necessarily to change homes. It is to reassess priorities, understand their financial position and make more deliberate decisions about what comes next.

Across Central Toronto, the market feels different today than it did six months ago.

Buyers are showing up. Properties are receiving attention. Offer dates are returning. Multiple offers are no longer uncommon in the city's prime neighbourhoods.

While we are not experiencing the frenzied conditions of past market cycles, we are seeing something equally important: confidence returning to the marketplace.

The question is no longer whether the market is improving.

The question is how much momentum it can build.

What began as cautious buyer interest earlier this year is evolving into measurable activity across many segments of Toronto's housing market.

While much of the conversation continues to focus on prices that remain below last year's levels, a different story is unfolding beneath the surface. Buyers are returning, sales are increasing, yet fewer homeowners are choosing to list their properties.

That imbalance matters because markets rarely change all at once. Momentum builds gradually. Buyers gain confidence, inventory is absorbed, competition re-emerges, and pricing begins to respond. While we are still in the early stages of that cycle, the underlying trends point to a market that is steadily strengthening.

If you only looked at Toronto's average home prices, you might conclude that very little has changed over the past year. The average home sold for $1,108,292 in May, down 4.1 per cent from a year ago. Condominium values also remain below last spring's levels.

Yet focusing solely on prices misses the bigger picture.

Toronto recorded 2,377 sales in May, an increase of 2.7 per cent compared to last year. At the same time, the number of new listings coming to market fell by 19 per cent. Homes are also selling more quickly, with average days on market declining from 29 days to 26 days while some neighbourhoods are seeing single digit days on market.

Signs of strengthening demand are beginning to appear in the pricing data as well. The average sale price in Toronto increased 1.5 per cent compared to April, while condominium prices rose 1.3 per cent month over month.

Beyond the statistics, we are seeing a noticeable shift in buyer behaviour across many of Toronto's most desirable neighbourhoods. Offer dates, which largely disappeared during the market slowdown, are becoming increasingly common once again. Multiple-offer situations are returning for well-presented homes in sought-after areas, particularly where inventory remains limited.

Buyers remain thoughtful and disciplined in their approach. The urgency and emotion of the pandemic market has not returned, nor should it. Today's buyers are informed, cautious and value conscious. However, they are no longer standing on the sidelines. When the right property comes to market and is priced appropriately, they are prepared to act.

For sellers, this is an encouraging development. A growing pool of active buyers combined with fewer new listings is creating more favourable conditions for well-positioned homes.

Across Central Toronto, the market feels different today than it did six months ago. Buyers are showing up. Properties are receiving attention. Offer dates are returning. Multiple offers are no longer uncommon in the city's prime neighbourhoods.

While we are not experiencing the frenzied conditions of past market cycles, we are seeing something equally important: confidence returning to the marketplace.

Momentum is building. The months ahead will determine just how far it carries the market.

Dear Toronto,

Here’s a curated breakdown of where we stand:

🏡 DETACHED HOMES Sales: 3,689
Average Price: $1,691,294
Sale Price/List Price: 101%
Average Days on Market: 23
New Listings: 10,697

Takeaway: Detached homes remain the cornerstone of Toronto real estate. While the tempo has slowed slightly, pricing has held firm. The abundance of listings gives buyers leverage — but prime, well-prepared homes still command strong results. Presentation and strategy matter more than ever.

🏘 SEMI-DETACHED Sales: 1,328
Average Price: $1,279,516
Sale Price/List Price: 106%
Average Days on Market: 19
New Listings: 2,913

Takeaway: This segment is outperforming. Demand for semis — particularly in established, walkable neighbourhoods — remains robust. Most are selling well over asking, often in multiple offers. For sellers, the first half of 2025 was fertile ground.

🏙 CONDO APARTMENTS Sales: 5,422
Average Price: $715,378
Sale Price/List Price: 98%
Average Days on Market: 35
New Listings: 20,785

Takeaway: The condo market is experiencing recalibration. With a flood of inventory and a cautious buyer pool,expectations have been reset. That said, quality product — especially those with efficient layouts, outdoor space, and parking — is still moving. For investors and end-users alike, the long-term value proposition remains.

🏡 TOWNHOMES (FREEHOLD + CONDO)
Attached/Row: Avg $1.26M | Sale Price/List Price: 103%
Condo Towns: Avg $839,939 | Sale Price/List Price: 100%

Takeaway: Toronto townhomes continue to appeal to discerning buyers seeking function, style, and a foot on the freehold ladder. These homes are holding their own in both pace and price. Thoughtful updates and good bones are rewarded.

🧾 NICHE MARKETS (CO-OPS, LINK, CO-OWNERSHIP, ETC.)
A quieter corner of the market. While volume remains low - 44 sales for Co-ops and 18 units for CoOwnership , these alternative forms of ownership offer creative entry points — and savvy buyers are taking note.

🔍 THE INTERPRETATION This isn’t a buyer’s market — but it’s not a seller’s market either. We’re in the midst of a strategic market.

FOR BUYERS - Patience and precision are key. The right home is out there, often with room to negotiate.

FOR SELLERS - Success lies in the details. Pricing smartly and preparing thoroughly are the differentiators in this climate.

FOR INVESTORS - Opportunities are re-emerging, particularly in the condo sector, where pricing has softened and yields are improving.

✨ FINAL WORD Toronto’s market is evolving, not unraveling. The fundamentals remain sound: population growth, limited land, and global desirability. As always, those who move with insight — not impulse — are best positioned to benefit for this opportunity.

Curious how this plays out for your property, your investment, or your next move?
Let’s connect. Strategic advice. Zero pressure.

Almost half (47 per cent) of first-time buyers who made a home purchase in the last 18 months were aged between 25 and 34, according to the Canada Mortgage and Housing Corporation’s (CMHC) 2025 mortgage consumer survey.

Where a buyer lives can also influence their age. In the Prairies, most new buyers fell within the 18 to 34 age range, while in regions like Atlantic Canada and British Columbia, first-time buyers tended to be slightly older, CMHC noted.

Leah Zlatkin, mortgage broker and chief operations officer at Mortgage Outlet Inc. in Concord, Ont., says that in the Greater Toronto Area, first-time buyers are typically older than their counterparts in the Greater Horseshoe Area or the Prairie provinces.

“Many of the buyers I work with are in their late twenties to mid-thirties,” Zlatkin said. “Though from time to time, I do assist younger clients—often with help from their parents.”

She attributes this trend to the higher housing costs in the GTA. “People generally need more time to save, especially if they’re aiming for a larger home that suits a growing family,” she added.

Although the 25–34 age group has consistently led since 2019—reaching a high of 56 per cent in both 2023 and 2024—it dropped modestly in 2025, per CMHC findings. The demographic is shifting upward: buyers over 35 made up 39 per cent of the market in 2025, up from 33 per cent in 2024 and 30 per cent the year before.

According to Statistics Canada, the median age of those claiming the first-time home buyer tax credit was 32 in 2022—the most recent year available—up from 30 ten years earlier.

Still, some Canadian cities are managing to attract younger buyers, particularly where housing prices are more accessible.

Montreal offers the best value across Canada where a lot of young people are moving here from other provinces, since they can buy a condo for $500 per square foot instead of $1,000 like in Toronto. 

How much income does a first-time homebuyer need?

The income levels of first-time homebuyers have risen in recent years, crossing into six-figure territory: CMHC reports that in 2025, the median income was around $105,000 — a jump from the $60,000 to $90,000 range noted five years prior.

As per the Canadian Real Estate Association (CREA), the national average home price stood at $707,380 in April. In Ontario and British Columbia, averages neared $1 million, while in Atlantic Canada and in provinces like Saskatchewan and Manitoba, prices ranged between $300,000 and $400,000.

CMHC also found that 71 per cent of first-time homebuyers were married or in common-law relationships, and 91 per cent had jobs.

More than half of these buyers had children in their households, and 64 per cent were renters prior to buying, with an average renting period of 6.3 years.

A growing number of single women in their thirties or early forties are entering the housing market, often purchasing solo — a sign of increasing financial independence and less emphasis on waiting for a partner.

CMHC’s findings also show that 54 per cent of first-time buyers bought a home with another adult who was not their spouse or partner. This trend was most prominent among younger adults aged 18 to 24 and was especially common in Quebec.  

How are first-time buyers putting together their down payment?

According to CMHC, key sources for down payments included 39 per cent from non-RRSP savings, and 38 per cent from first home savings accounts (FHSAs). 

But the most common contribution came in the form of gifts: more than 40 per cent of first-time buyers received financial gifts to assist with their purchase, with the typical gift totaling $74,570.

Gift reliance varied by region — those in higher-cost provinces like Ontario and B.C. were more apt to receive such support, while those in the Prairies were more reliant on their own savings.

Gift amounts ranged widely — from $43,086 in the Prairie provinces to as high as $142,812 in British Columbia. As real estate values outpace wages, parents are increasingly stepping in to close the gap.

CMHC also highlighted a notable jump in the number of buyers who lived with family or friends before purchasing — 35 per cent in the current year, compared to 28 per cent the year before. It’s likely this choice reflects efforts to cut expenses and boost savings in preparation for a home purchase.

Parental help also influences the timeline to save for a down payment. CMHC reports that first-time buyers typically saved for 3.7 years — but without family assistance, it often takes five to seven years, especially in expensive markets like Vancouver. 

How I Help First-Time Buyers Plan for Success

Buying your first home is exciting—but it can also feel overwhelming. With high prices, complex financing, and a lot of opinions from well-meaning friends and family, it’s easy to lose focus. That’s where we come in.

We work closely with first-time buyers to make the process clear, manageable, and rewarding—whether you’re buying solo, with a partner, or even with a friend or family member.

Here’s how we can help you plan with confidence:

1. Understand What You Can Afford—Now and Later
We will help you see the full picture: not just your budget for the home, but the other costs that come with it—like legal fees, land transfer tax, closing costs, and more. We’ll build a realistic plan based on your finances and your goals.

2. Introduce You to Mortgage Experts You Can Trust
We have strong relationships with mortgage advisors who specialize in helping first-time buyers navigate things like RRSP withdrawals, the FHSA, and family gifting. We’ll make sure your financing plan works for you today and supports your future plans.

3. Match Your Lifestyle with the Right Property
Whether you’re planning for kids, buying with a friend, or looking for flexibility down the road, we’ll help you choose a home that fits your life—not just your budget. We’ll also highlight areas where your money goes further or where values are poised to grow.

4. Spot Value in a Competitive Market
With my background in building structure, design, and market history, I’ll help you see the potential in homes others overlook—and know when to walk away from something that’s not worth your money.

5. Make a Strong Offer Without Overpaying
Offers don’t have to be all-or-nothing. We will help you make a smart, competitive offer with the right protections in place, so you’re not overextending or missing something important.

6. Keep You Grounded and Empowered
Buying your first home can stir up a lot—stress, doubt, excitement. We are here to give you clarity, keep things moving, and make sure you feel informed at every step. You don’t have to navigate this alone.

7. Be Your Go-To Resource Beyond Closing Day
Our relationship doesn’t end when you get the keys. We are here to support you through renovations, homeownership questions, and even your next move when the time comes.

The Bottom Line:
Whether you’re saving for your down payment, wondering if you’re ready, or trying to make sense of Toronto’s market, We are here to help. From strategy to celebration, we are in your corner every step of the way. Let's make a smart plan—and find the home that's right for you.

For many, homeownership is the cornerstone of financial stability in retirement. But what happens when loved ones struggle to break into the market due to skyrocketing home prices and hefty down payment requirements? Increasingly, parents and grandparents are stepping in, eager to help their children or grandchildren secure a home before real estate prices soar even higher.

Enter the reverse mortgage as a down payment gift—a rising trend among senior homeowners. According to Yvonne Ziomecki-Fisher of HomeEquity Bank, Canada's largest reverse mortgage provider, there has been a 15.5% increase in new reverse mortgage holders using their funds for gifting purposes. To support this shift, HomeEquity Bank recently launched Homebridge, a streamlined online application that helps seniors access their home equity faster than ever.

Sounds like a win-win, right? Not so fast. While the idea of using a reverse mortgage to gift a down payment is appealing, it comes with its fair share of risks. Let’s weigh the pros and cons before anyone starts signing on the dotted line.

6 Reasons to Think Twice About a Reverse Mortgage Gift

1. The Cost

Reverse mortgages aren’t exactly cheap. Five-year fixed rates currently hover between 6.49% and 6.69%, nearly two percentage points higher than conventional mortgage rates. At those rates, a homeowner who takes the maximum allowable reverse mortgage at 65 could see their loan eat up all their home equity by around age 92—leaving little to no inheritance.

💡 Tip: If a reverse mortgage is your only option, compare rates and features from HomeEquity Bank, Equitable Bank, and Bloom Financial to find the best deal.

2. Living Longer Than Expected

If you reach 75, Statistics Canada suggests you have a high probability of living until at least 88. And there’s nearly a one-in-six chance you’ll reach 95. That’s great news—unless you’ve already drained your home equity and are facing rising healthcare and living costs.

3. Limited Borrowing Power Later

Once you take out a reverse mortgage, traditional lenders generally won’t approve secondary financing. If unexpected expenses arise, your borrowing options could be severely restricted.

4. Market Risks

Property values fluctuate. If your home's value declines while your loan balance grows, you could end up with little to no equity left when you need it most. While reverse mortgages come with a “no negative equity” guarantee, this doesn’t mean you’ll have much left over if you need to sell in a down market.

5. Complications for Family Inheritance

If multiple heirs expect an inheritance, a reverse mortgage can create estate-planning headaches. Your children might need to sell the home quickly or take on a larger reverse mortgage to settle debts and distribute assets fairly.

6. More Affordable Alternatives Exist

Other options may be cheaper:

• A HELOC (Home Equity Line of Credit) could be a better choice—though it requires monthly interest payments.

• Selling other investments before turning to home equity could be a smarter move.

• A low-interest promissory note could allow parents to help without gifting funds outright, preventing an estranged spouse from claiming half in a divorce.

5 Reasons It Might Be a Golden Opportunity

1. The Joy of Giving

Many parents and grandparents don’t want to wait until they’re gone to help their loved ones. They’d rather see their children or grandchildren benefit now—and avoid the stress of bidding wars and rising prices.

2. A Stronger Financial Future for Younger Generations

Statistics Canada reports that the median net worth of homeowners over 65 is 15 times higher than that of renters. Helping your kids buy now could give them a significant financial advantage later in life.

3. Stay in Your Home for Life

Reverse mortgages don’t require monthly payments, and the funds aren’t taxable. As long as you keep up with property maintenance and taxes, you can stay in your home—even if your loan balance eventually exceeds its value.

4. No Need to Liquidate Other Assets

Selling stocks or cashing out investments could result in taxes and lost returns. A reverse mortgage provides cash while allowing other investments to grow.

5. Age Matters

The older you are when you take out a reverse mortgage, the less time interest has to compound, meaning a lower risk of depleting your equity.

💡 Advice-only financial planner Jason Heath suggests:

“I would use non-registered or TFSA savings first, then consider a HELOC. If those are exhausted, a reverse mortgage may be viable—but be cautious not to jeopardize your own retirement.”

Final Thoughts: Smart or Risky?

For most Canadians, their home is their biggest financial safety net—not an ATM. If you have other liquid assets, tapping into home equity to help someone else buy a property may not be the best move.

But if you’re financially stable, have planned for your own long-term care, and truly want to give the gift of homeownership, a reverse mortgage could be a viable strategy—provided you’ve weighed the pros and cons.

Thinking about helping a loved one with their first home? Let's chat about the best strategy to make it happen—without compromising your financial future!

As we head into the last quarter of the year, the Toronto real estate market shows promising signs of renewed activity and potential. Homes may still be spending 28-30% more time on the market than they did last year, reflecting a slower absorption rate, but the dynamics seem to be shifting. Currently, with market balance tipping towards buyers, we’re seeing the influence of key factors like interest rates, inventory, and affordability making a comeback.

One sector that deserves attention is the 416 condo market, which is often a reliable indicator of broader market trends. October brought an impressive surge in condo sales across both the 416 and 905 regions, up by 32.2% and 35.9%, respectively, from last year. This suggests that increased affordability from declining interest rates and lower condo prices is enticing a range of buyers, including first-time buyers, downsizers, and investors alike.

Despite this momentum, the extra time properties spend on the market signifies a continued balance, or even a slight lean in favor of buyers. This presents a great opportunity for those looking to enter the market while supply remains high, as they can often negotiate favorable terms.

Notably, sales activity has picked up across various property types, with detached homes, semi-detached properties, townhouses, and condos all seeing significant month-over-month increases from September. Detached homes led the way with a 46% jump, while semi-detached homes were up by 44%, townhouses by an impressive 56%, and condos by 33.4%.

Looking forward, there’s anticipation that as interest rates continue to trend downward, we’ll see even more buyers entering the market. This could push the market closer to a seller’s advantage come spring, especially as demand starts to catch up with inventory. Sellers may start timing their listings with this anticipated demand, creating a vibrant and competitive spring market.

For now, Toronto remains a buyer-friendly environment with plenty of choice and negotiating power, making it an exciting time for new buyers to get in while the landscape remains balanced. As trends align, we could be on the cusp of a dynamic, fast-paced season just around the corner.

As we look ahead to 2025, several key developments are expected to shape the market, and this may be a great time to strategize for your next move!

Ontario Market Outlook

Ontario’s real estate market is projected to gain momentum in 2025, with home sales expected to rise nearly 10%, driven by pent-up demand from buyers awaiting further interest rate cuts. After a slow 2023 and a modest 1.5% rise in sales this year, the Canadian Real Estate Association (CREA) anticipates a more stable market in 2025, returning to levels we’ve seen in past years.

Key Projections:

• Sales: Following a 12.3% decline in 2023, the forecast for 2025 suggests a 9.9% increase in home sales.

• Home Prices: Prices are expected to grow modestly by 2.4%, signaling a return to balance after the volatility of the past few years.

Interest Rates and Market Impact

In recent months, the Bank of Canada has made several rate cuts, lowering the key interest rate from 5% to 4.25%through reductions in June, July, and September. As predicted by Economists an additional 0.5% cut on October 23rd occurred which could drive further changes in buyer behaviour.

While these cuts haven’t spurred the dramatic recovery some expected, we’ve seen a trend of three consecutive months of rising sales, according to CREA’s senior economist, Shaun Cathcart. However, with the pace of interest rate cuts now expected to accelerate, many buyers may hold off on purchases until 2025, when even more favorable conditions are anticipated.

Current Market Activity

A surge of new listings in September has provided buyers with more options before the typical year-end slowdown. While some buyers are taking advantage of this opportunity, others may be waiting for more significant rate cuts in the coming months. Prices are likely to rise alongside future cuts, potentially leading to a busy and competitive spring market next year.

What This Means for You

Whether you’re thinking about buying, selling, or investing, now is an important time to start planning. If interest rates continue to fall as expected, the spring of 2025 could bring a surge in market activity, which means preparing ahead of time will be key to success.

Let’s connect to discuss how these trends may impact your goals and how we can set you up for success in the months to come.

A true market rebound is likely still a ways off, but signs of life were detected in the GTA housing market this September, according to the Toronto Regional Real Estate Board’s (TRREB’s) latest Market Watch report.

Home sales were up by 8.5 per cent year-over-year in September after a subdued spring and summer market. Last month’s data represents the biggest year-over-year sales increase since February, when sales went up by almost 18 per cent. There were 4,996 sales in September, inching up from 4,975 in August.

According to TRREB, the uptick occurred as “Buyers were starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices.” And sales are only going to increase with further cuts and policy changes, TRREB President Jennfier Pearce says.

Of the sales recorded, 2,354 were detached homes, up 10.5% year-over-year, 446 were semi-detached, up 12.6%, and 682 were townhomes, up 14.3%. The only residence type to that remained flat in sales were condos, which saw 1,312 sales, just a 0.8% increase.

Further favouring buyers, new listings totalled 18,089 in September, up by 10.5% year-over-year. “The annual improvement in September home sales was more than matched by the increase in new listings over the same period,” says TRREB’s Chief Market Analyst Jason Mercer. “This resulted in a better-supplied market and increased negotiating power for buyers re-entering the market.”

The average sale price was $1,107,291, down by only 1% compared to September 2023’s average of $1,118,215. What’s interesting to note, is that in every sector prices were up month-over- month from August.

• Average sale price up 3% - from $1,074,425 to $1,107,291

• Detached homes up 0.6% - from $1,414,070 to $1,423,056

• Semi-detached homes up 6.3% - from $1,026,435 to $1,090,749

• Condos up 1.2% - from $674,706 to $682,543

   

TRREB CEO John DiMichele commends the federal government for implementing reforms to mortgage lending guidelines, stating, “Extended amortization periods and the ability to insure mortgages for homes priced over $1 million will provide buyers with more flexibility as the GTA housing market continues to recover.

Finding the perfect home in Toronto’s difficult real estate market can be a challenge, but our client successfully secured a true gem at Bay and Wellesley. This 2-bedroom, 2-bathroom condo effortless blended luxury with convenience, offering an exceptional living experience in the heart of downtown.

This is a rare space that provides a  sanctuary of style and comfort, with light-filled living areas showcasing serene treetop views through its floor to ceiling windows. The only unit to offer a quiet terrace, allowing for the perfect outdoor space to relax and unwind. With the updated sleek and clean lines throughout, the modern design created a sense of calm and sophistication that’s hard to find in the bustling city.

Beyond the condo's interior, the building's amenities have been designed to elevate everyday living. Residents enjoy access to a state-of-the-art Club-styled gym, a refreshing swimming pool, and a squash court, providing numerous ways to stay active and entertained without leaving home.

Location was key in this successful acquisition. Just steps from Bloor Street, the TTC, Hospitals and the University of Toronto, the property sits in one of the city’s most sought-after neighborhoods. Our client can enjoy the vibrant culture of downtown living, all while having convenient access to essential services and entertainment.

Thanks to careful planning and swift action, our client now enjoys the best of both worlds—luxury, comfort, and the prime location that this condo offers. If you're dreaming of a lifestyle like this, let us help you make it a reality!

Finding the perfect home is about more than just a place to live—it’s about creating a space where new memories are made, and life transitions take shape. Recently, we had the pleasure of helping one of our clients secure their very own dream "doll house," a stunning semi that perfectly blends old-world charm with the comforts of modern living.

This delightful home offers 3 spacious bedrooms and 3 beautifully designed bathrooms, making it an ideal sanctuary for the family. With high ceilings and abundant natural light, the airy atmosphere with its warm wood detail and open concept made this house feel like a cozy retreat while still offering plenty of room to grow.

One of the standout features was the fabulous kitchen—a true dream for culinary enthusiasts. It's the perfect spot to whip up delicious meals and host gatherings with friends and their large extended family.  There will be lots of time to create memories that will last a lifetime.

The house is surrounded by gardens offering an oasis of tranquility. It will be the perfect place to putter or simply enjoy relaxing outside with a good book, these beautiful spaces provided the perfect backdrop for unwinding and connecting with nature.

The location was the icing on the cake.  It is in a peaceful part of the neighbourhood while also providing amazing accessibility to downtown.   With easy access to St. Clair Avenue, the vibrant Wychwood Barns, and all the excitement of Downtown Toronto, our clients can enjoy the perfect balance of a quiet, serene neighborhood and the convenience of city life right at their doorstep.

At the end of the day, helping our clients transition into a new phase of life in their dream home is what we’re here for. Whether it's finding a cozy family space or a charming "doll house" like this one, we’re dedicated to making the journey as smooth and rewarding as possible.

If you're ready to find your dream home and start a new chapter, we’re here to help make it happen!