As we approach the end of the year, many buyers assume the real estate market slows to a crawl. With holiday plans, colder weather and shorter days, it can seem like an unlikely moment to make a major purchase. But for those who understand the seasonal patterns of Toronto real estate, December can be an excellent time to secure real value. With the right preparation and the right guidance, buyers can take advantage of conditions that simply do not exist during the busy times in the market.

Understanding the December Advantage

While overall activity typically softens heading into the holidays, the sellers who remain active tend to be motivated. Looking at trends from the past few years helps illustrate this. In 2022 and 2023, the GTA saw lower sales volumes heading into December compared to the Fall months, along with steady or rising levels of new listings. This created a more balanced supply-and-demand environment for buyers. In December 2024, there were just over 3,300 sales across the GTA and the average sale price held close to $1.07 million. Pricing remained stable even as buyers had more selection during a traditionally quieter period. For thoughtful buyers, this combination of additional choice, steady pricing and motivated sellers can create openings that are less common during peak seasons. Even in sought-after neighbourhoods like Cedarvale, Forest Hill North or Humewood, December’s calmer pace can present opportunities that are not always available in the spring.

What Buyers Should Look For

Buying in December requires a slightly different mindset. Winter conditions often reveal things you cannot easily see in the spring, such as drafty windows, roof performance or heating efficiency. Touring homes during colder weather can give buyers a clearer picture of how a property truly functions. With less pressure from competing offers, buyers also have more freedom to compare neighbourhoods, explore different streets and focus on the characteristics that matter most. In certain neighbourhoods, walkability, transit access and proximity to amenities can make a meaningful difference in everyday life, especially during winter months.

Neighbourhood Insights That Matter

December showings also provide valuable insight into neighbourhood atmosphere. For example: 

• How walkable are the sidewalks? 

• How well maintained are local streets? 

• Are nearby parks and businesses active even on colder days?

These small details help paint a complete picture of what living in a community will feel like year-round. For families, seeing how schools, recreation centres and community hubs operate in winter can be especially helpful when making long-term decisions.

Mortgage Rate Conditions

The past few years have also shown steadier mortgage rate conditions heading into winter. In both late 2023 and late 2024 the Bank of Canada held rates steady in December, which gave buyers clearer expectations as they planned for the months ahead. When borrowing costs remain predictable, buyers can make decisions with greater confidence. Combined with a quieter seasonal market, this creates a practical window for those considering a purchase in the near future.

Negotiating With Confidence

With fewer buyers actively searching, those who stay engaged in December can negotiate from a position of preparation and clarity. Sellers who list late in the year are often motivated to complete a transaction before January, and well-prepared buyers can take advantage of this timing. When combined with the slower winter pace, this modest price movement can create space for strategic negotiation. Working with an agent who understands local patterns and recent comparables allows buyers to structure offers that balance value with opportunity.

Planning For the Months Ahead

While December may not be the busiest time in the real estate calendar, it remains one of the most strategic. For buyers considering a move in early 2026, the weeks ahead offer a chance to get ahead of the competition, take advantage of motivated sellers and secure a home that may have been overlooked during the Fall. By understanding the seasonal dynamics and viewing properties with a long-term perspective, buyers can find opportunities that align with both their goals and their budget.

If you are considering entering the market or exploring whether December may be the right time to make a move, feel free to reach out at lorry@lorrygreenspan.ca. With thoughtful planning and a clear strategy, we can work together to find the right property at the right moment.

Sources: Toronto Regional Real Estate Board, Market Watch Report, December 2024.

As the leaves fall and Toronto moves towards the winter months, many buyers and sellers wonder if this is the right time to make a move. While the market tends to slow down compared to spring and summer, late fall and early winter can offer unique opportunities for those who plan strategically. With careful timing and preparation, you can position yourself for success in Toronto’s real estate market, whether you are buying, selling, or both.

Why Winter Can Be a Smart Time

Many people assume winter is a less desirable time to buy or sell, but this is not always the case. Fewer listings and buyers in the market mean less competition, which can create opportunities for negotiation. Serious buyers are actively looking, and sellers who list during this period are often motivated to close before the holidays. Even in highly desirable areas like Forest Hill North, Lytton Park, or Humewood, these dynamics can work to your advantage when approached thoughtfully.

Preparing Your Home or Your Search

Preparation is key in the winter market. Sellers should focus on making their homes inviting despite shorter days and colder weather. This can include ensuring good lighting, keeping entryways clear of snow, and creating a warm, welcoming atmosphere. Buyers benefit from having pre-approvals in place, identifying preferred neighbourhoods, and knowing what features are most important. In areas like Cedarvale or Corso Italia, proximity to parks, transit, and local amenities can be a deciding factor, so understanding the nuances of different streets can save time and stress.

Understanding Neighbourhood Appeal

Winter can reveal aspects of a neighbourhood that are sometimes overlooked in other seasons. Tree-lined streets, walkable sidewalks, and proximity to essential amenities become especially important when days are shorter. For families, nearby schools and community spaces remain a top priority. Observing how a neighbourhood functions during winter can help buyers see whether it aligns with their lifestyle and long-term goals. These insights are just as valuable in established enclaves like Vaughan-Oakwood or Briar Hill-Belgravia as they are in any part of Toronto.

Strategic Tips for Negotiation and Timing

Entering the winter market requires careful planning. For buyers, being ready to act quickly while maintaining flexibility can create opportunities to secure a home at a favorable price. For sellers, pricing thoughtfully and highlighting seasonal advantages, such as energy-efficient features or proximity to nearby amenities, can attract serious interest. Working with an agent who understands Toronto’s diverse neighbourhoods and seasonal dynamics can make a significant difference in navigating offers and timing effectively.

Planning Ahead

While winter may seem like an off-peak period, it offers a unique window for strategic moves. By understanding the market, preparing thoroughly, and keeping neighbourhood priorities in mind, buyers and sellers can achieve results that align with their goals. Whether you are considering a first home, planning to upgrade, or thinking about investment opportunities, thoughtful planning now can set the stage for success in the months ahead.

If you’re ready to explore your options or need guidance navigating the winter market, reach out at lorry@lorrygreenspan.ca. Together, we can create a plan that works for you, no matter the season.

Toronto’s Midtown offers a rare combination of character, community, and convenience. From the leafy streets of Humewood and Cedarvale to the historic charm of Forest Hill North and Lytton Park, this part of the city is known for its mature homes, strong schools, and welcoming atmosphere. Residents enjoy a neighbourhood feel that makes everyday life enjoyable, whether raising a family, commuting for work, or simply exploring the city.

Family-Friendly Neighbourhoods and Great Schools

Midtown has long been a destination for families because it delivers on what matters most: schools, parks, and community spirit. Forest Hill North and Cedarvale provide access to highly regarded public and private schools, while Lytton Park and the surrounding streets are popular for their quiet,tree-lined blocks. The area’s parks and playgrounds encourage active outdoor play, while nearby cafés, bakeries, and local shops make weekends enjoyable for parents and children alike. Even neighbourhoods with a more urban feel, such as Corso Italia, have community centres and cultural amenities that bring neighbours together.

Accessibility and Transit

One of Midtown’s greatest advantages is its connection to the rest of Toronto. Many streets are within walking distance of subway stations, while bus and streetcar routes provide convenient options throughout the city. Cedarvale, for instance, is served by nearby subway lines and trails through the ravine, while Corso Italia benefits from frequent streetcar service along St. Clair West. Vaughan-Oakwood and Briar Hill-Belgravia are similarly well-connected, giving residents a balance of transit accessibility and quiet residential living. This combination allows people to enjoy the convenience of city life without sacrificing the calm and charm of their neighbourhood.

Architecture, Parks, and Green Spaces

The area’s architecture and natural beauty are another draw. Lytton Park features stately homes on spacious lots, while Cedarvale’s ravine and park offer trails, sports fields, and open green space. Humewood has a mix of character homes that line tree-filled streets, and Corso Italia blends classic brick homes with lively main streets and access to parks like Earlscourt. These surroundings create a lifestyle that combines the comfort of well-designed homes with the enjoyment of natural and cultural amenities just steps from the front door.

Investment Potential and Appeal

Beyond lifestyle, Midtown remains a solid long-term investment. Lytton Park continues to attract buyers seeking prestigious homes, while Forest Hill North and Cedarvale are popular for their mix of architectural charm and family appeal. Areas like Corso Italia, Vaughan-Oakwood, and Briar Hill-Belgravia offer more accessible entry points while still providing strong neighbourhood amenities, making them increasingly sought after. This mix of prestige, character, and accessibility ensures a broad appeal for both homeowners and investors.

Your Opportunity in Midtown

If you are looking for a neighbourhood that combines elegance, convenience, and long-term value, Midtown delivers. From quiet, tree-lined streets to vibrant main thoroughfares, these communities offer a lifestyle that balances practicality and charm. While I work across Toronto, I have particular expertise in this part of the city and can help you find a home that meets your needs today and grows with you in the future.

Reach out at lorry@lorrygreenspan.ca to start the conversation and explore what makes these neighbourhoods so special.

In real estate, the number of homes on the market can significantly influence how sellers approach the process. When inventory rises, meaning there are more homes for buyers to choose from, sellers often need to adjust their strategies to attract attention and achieve successful sales. Understanding these dynamics can help homeowners navigate a competitive market and make informed decisions.

Understanding Inventory and Its Impact

Rising inventory gives buyers more options, which can slow down the pace of sales compared to periods of low supply. For sellers, this often means homes stay on the market longer, and pricing and presentation become even more important. When more properties are available, buyers are able to compare homes more closely, making it critical for sellers to position their properties effectively.

This does not mean homes cannot sell in a higher-inventory environment; it simply requires more planning and attention to detail to ensure a property stands out. For example, homes in Forest Hill North / Upper Village and Lytton Park are often larger and priced higher than the city average, which means sellers in these areas may need to emphasize high-end finishes, landscaping, or staging to appeal to buyers. In Humewood, where charming character homes are highly valued, presentation and careful marketing can help a property stand out even when several similar homes are on the market.

Pricing Strategies When Inventory Rises

In a market with more available homes, pricing strategy is key. Overpricing can result in extended time on the market, while underpricing may lead to missed opportunities. Sellers need to consider property condition, neighborhood trends, and comparable sales to determine a price that will attract serious buyers while reflecting the home’s value.

A real estate professional can help interpret market data and recommend adjustments as needed. Being flexible with pricing, rather than sticking rigidly to a number, can improve the chances of a timely and successful sale.

Presentation and Marketing in a Competitive Market

When buyers have more options, presentation becomes a critical factor. Homes that are clean, decluttered, well-maintained, and professionally staged are more likely to draw attention. High-quality photography, virtual tours, and targeted marketing can also give sellers an edge.

Additional steps, such as offering flexible showing schedules or completing pre-inspections, can help make a property more appealing. In a higher-inventory environment, small improvements and thoughtful presentation can make a meaningful difference.

Planning Your Sale with Strategy

An experienced agent can guide sellers through the nuances of a more competitive market. They can help with pricing decisions, marketing strategies, staging recommendations, and negotiating offers. Sellers benefit from professional guidance when inventory rises because the dynamics of buyer interest and market timing can shift quickly.

When inventory rises, the key to a successful sale is preparation and strategy. By pricing thoughtfully, presenting the home effectively, and leveraging professional support, sellers can still attract serious buyers and achieve their goals.

If you're thinking about selling your home in Toronto and want guidance tailored to your situation, reach out to me at lorry@lorrygreenspan.ca or call 647-669-0900. I can help you explore practical ways to highlight your home’s best features and navigate the selling process smoothly.

Summer-Ready: Last-Minute Touches to Help Your Home Sell Fast

Selling a home in the summer can be a great opportunity. With longer days, better weather, and motivated buyers looking to move before fall, it's a season that often brings momentum to the Toronto real estate market. As the summer market continues, there's still plenty of opportunity to prepare your home and attract the right buyers. To make the most of it, sellers need more than just timing, and the right last-minute changes can make a big difference in how quickly a home sells.

Make Your First Impression Count

In real estate, buyers start forming opinions before they ever walk through the front door. That’s why curb appeal matters. A well-maintained exterior can signal to buyers that what’s inside has been just as thoughtfully cared for. Start with basic maintenance: mow the lawn, trim hedges, and weed flower beds. If the home has a porch or steps, power-wash the surfaces to remove dirt and grime that has built up over time.

Consider painting the front door in a timeless, bold colour like deep navy or forest green. These small, cosmetic changes are quick to complete and can add visual interest to listing photos and first showings. Don’t forget about lighting and signage. Clean, modern house numbers and a working porch light can subtly enhance a buyer’s experience as they approach.

Focus on Light, Space, and Simplicity

Inside the home, the key is to help buyers picture themselves living there. This means creating a space that feels clean, open, and adaptable. Start by removing personal items such as family photos, unique collectibles, or bold artwork. These might reflect your personality, but they can distract buyers from imagining their own life in the home.

Natural light is another powerful selling tool, especially during the summer. Pull back curtains, clean windows thoroughly, and consider swapping in lighter window treatments if the space feels dark. Strategically placed mirrors can also reflect light and make rooms feel more open. If certain areas are still dim, add floor or table lamps with soft, warm bulbs to create an inviting atmosphere.

Decluttering is essential. Clear countertops in the kitchen and bathroom, tidy up storage spaces, and limit furniture to what’s necessary to define the room’s purpose. The goal is not to empty the home, but to make it feel spacious and functional.

Quick Staging for Maximum Impact

If you do not have time for professional staging, a few intentional updates can go a long way. In the living room, arrange furniture to promote conversation and showcase any standout features like a fireplace or large window. In the kitchen, add a bowl of fresh fruit or a vase of flowers. Bedrooms should feel calm and restful. Use neutral bedding and remove extra clutter from nightstands or dressers.

Scent also plays a subtle but important role. Avoid artificial air fresheners, which can be overpowering. Instead, aim for a clean, fresh atmosphere by airing out the home before showings or using naturally scented cleaning products. Baking cookies or brewing a fresh pot of coffee can add warmth without being too obvious.

Use the Summer Market to Your Advantage

These last-minute updates do not require a full renovation or a major time investment, but they can create the sense of ease, comfort, and livability that buyers are looking for. When combined with smart pricing and professional marketing, they can help your home stand out and sell faster.

If you're thinking about listing your home this summer, reach out to me for tailored advice and expert guidance. With in-depth knowledge of Toronto neighbourhoods and experience working with first-time sellers, seasoned investors, and everyone in between, I’m here to help make your next move a success! You can contact me at lorry@lorrygreenspan.ca or call 647-669-0900 to get started.

Whether you're a first-time buyer, a seasoned investor, or planning to sell the home you've lived in for decades, the process of buying or selling property in Toronto can feel overwhelming without a clear roadmap. Understanding the timeline, what happens when, and how to prepare at each step can make a big difference. While no two transactions are exactly alike, there are key stages most buyers and sellers can expect to navigate. With the right guidance, each one can move smoothly.

Preparing Your Home for Sale or Starting Your Search

If you’re selling, the first step is getting your home ready to list. This includes making minor repairs, cleaning, decluttering, and sometimes staging. Depending on the condition of your home, this phase can take anywhere from a few days to a few weeks. A real estate professional will also help you determine pricing strategy and recommend when to bring your property to market for the best results.

For buyers, the process starts with getting pre-approved for a mortgage and narrowing down your must-haves. This is also the time to connect with an agent who can guide you through listings, book showings, and provide insights into neighbourhoods and price trends. If you're buying and selling at the same time, this early phase is critical for creating a coordinated plan.

Listing, Searching, and Offers

Once a property is listed, the market often moves quickly, especially in Toronto. The first week of showings is usually the busiest. Your agent will help manage open houses, marketing, and reviewing feedback from potential buyers. In some cases, an offer may come in within days. In others, it may take longer depending on the home’s price point, location, and market conditions.

Buyers, meanwhile, may spend several weeks actively touring homes, especially if inventory is tight or their criteria are very specific. Once you find the right home, your agent will help prepare a competitive offer. After the offer is submitted, you’ll wait for acceptance, rejection, or a counteroffer. This stage can feel fast-paced and emotional, which is why having an experienced negotiator is key.

Conditional Period and Closing Prep

When a conditional offer is accepted, the conditional period begins. This typically includes time for the buyer to secure financing, complete a home inspection, and/or review legal documents. Conditions are usually met within five to ten business days, but the specifics vary from deal to deal.

Once conditions are waived, the deal becomes firm. At this point, both parties prepare for closing. Sellers finalize packing and moving logistics, while buyers work with their lender and lawyer to complete the necessary paperwork and inspections. Closing periods can range from 30 to 90 days depending on what’s negotiated in the offer.

The Closing Day and What Comes Next

On closing day, ownership officially transfers. Funds are exchanged through your lawyer’s office, keys are handed over, and the buyer takes possession of the property. While this is often a smooth transaction, it is still important to have a professional team in place to handle any last-minute issues.

Even after closing, there are often questions about utilities, taxes, or future plans. Whether you’re buying your first condo, upgrading to a detached home, or selling an investment property, my goal is to make the entire process feel clear, supported, and well-timed.

If you're thinking about buying or selling in Toronto and want a detailed plan built around your needs, reach out to me at lorry@lorrygreenspan.ca or call 647-669-0900. I’d be happy to walk you through the next steps and help you move forward with confidence.

Toronto's urban landscape is undergoing a transformative shift, driven by innovative zoning changes that are reshaping how we think about housing. In 2025, the city is seeing a rise in the development of garden suites and laneway homes—secondary dwelling units that are creating new opportunities for both homeowners and investors. These changes are not only increasing housing options but also offering significant benefits to the city's real estate landscape.

Understanding Garden Suites and Laneway Homes

Garden suites are self-contained residential units built in the backyard of a primary home, offering a way to maximize unused outdoor space. Laneway homes, on the other hand, are typically built alongside a public laneway, offering direct access from the rear of the property. Both types of units provide additional living spaces without requiring significant alterations to the existing neighbourhoods, contributing to a more sustainable urban growth strategy known as “gentle density.”

The push for these housing solutions is part of Toronto’s broader approach to address the growing demand for affordable housing in an increasingly crowded city. These units are seen as a way to accommodate more residents while preserving the character of established communities, making them a viable option for both homeowners looking to expand and investors seeking opportunities in the market.

The Benefits of Garden Suites and Laneway Homes

The introduction of garden suites and laneway homes comes with several advantages for homeowners and investors. For homeowners, one of the primary benefits is the potential for additional income. Renting out a secondary unit can provide a steady stream of revenue, helping to offset mortgage payments or other living expenses. These units also offer a solution for multigenerational living, allowing families to live close to one another while maintaining privacy and independence.

From an investment perspective, the demand for affordable rental housing continues to grow, and these secondary units are perfectly positioned to meet that demand. With Toronto’s rental market remaining competitive, laneway and garden homes can be a highly profitable addition to any real estate portfolio. Additionally, these units can increase the overall value of a property, making them an attractive option for future buyers.

Zoning Changes: A Flexible Approach to Urban Growth

Over the past few years, Toronto has made several adjustments to zoning regulations to facilitate the development of garden suites and laneway homes. While these changes don’t involve dramatic shifts in setback requirements or lot coverage, they have made it easier for property owners to navigate the approval process and build these secondary units. The city has adopted a more flexible approach, offering property owners greater opportunities to maximize their space while maintaining the integrity of residential areas.

These zoning adjustments have allowed more properties to be eligible for additional dwelling units, helping to increase the availability of affordable housing options. By reducing bureaucratic hurdles and offering clear guidelines for construction, Toronto is encouraging more homeowners to explore the potential of garden suites and laneway homes.

Looking Ahead

As Toronto continues to grow and evolve, garden suites and laneway homes are becoming integral parts of the city’s housing strategy. These units provide a sustainable way to meet the needs of a growing population without significantly altering the fabric of established communities. For homeowners and investors alike, embracing these opportunities can lead to financial benefits, increased property values, and a more dynamic urban environment.

For those considering adding a garden suite or laneway home to their property, consulting with a real estate professional can provide valuable insights into the development process, costs, and potential returns. With the right planning and execution, these backyard housing solutions can be a wise investment in Toronto’s ever-changing real estate market.

Spring is nearly here, and it’s a great time to give your home the care it needs to stay in top shape! Whether you own a house, condo, or rent an apartment, seasonal maintenance not only protects your investment but also ensures your home is safe and comfortable as the weather begins to warm up. 

Who’s Responsible for Snow Removal (in the Fall)?

Toronto saw heavy snowfall this winter, and it’s important to understand who is responsible for clearing snow and ice for next Fall. In Toronto, property owners and occupants must clear snow and ice from sidewalks adjacent to their properties within 12 hours after snowfall ends. For areas like steps, driveways, and parking spaces on private property, the snow and ice must be cleared within 24 hours of snowfall.

Condominium and apartment residents typically have snow removal for common areas managed by property management companies. However, individual condo owners should review their agreements, as responsibilities for private outdoor spaces like balconies or terraces may still fall on them.

Renters should consult their lease agreements to determine who is responsible for snow removal. If not specified, it's advisable to clarify this with the landlord to avoid any misunderstandings.

Additionally, during major snowstorms, the City of Toronto may implement a Major Snowstorm Condition, prohibiting parking on designated snow routes to facilitate effective plowing. Vehicles parked in these areas risk being ticketed and towed, so residents should stay informed of city updates during winter months.

Essential Spring Maintenance Tasks

After months of freezing temperatures, your home needs some attention to recover from winter’s impact.

One of the first things you should do is clean your gutters and downspouts. Winter storms often leave them clogged with leaves, twigs, and debris. Keeping them clean ensures proper drainage and prevents water damage to your foundation and roof. To reduce future buildup, consider installing gutter guards.

Spring also brings heavy rainfall, which is why testing your sump pump is crucial. Pour water into the pit to ensure it activates properly. If it fails to turn on, servicing it immediately can help prevent potential basement flooding.

The harsh winter may have also taken a toll on your roof and chimney. Inspect your roof for any missing or curling shingles, as these can lead to leaks. Chimneys should be checked for structural issues or blockages to ensure safe operation.

As the temperature rises, now is the perfect time to service your air conditioning system. Schedule an inspection to make sure it’s functioning efficiently before the summer heat arrives. Cleaning vents and changing filters will also improve airflow and indoor air quality.

Your home’s exterior can also suffer damage from fluctuating temperatures. Inspect siding, foundations, and windows for any cracks or gaps that need sealing. Addressing these early can prevent more costly repairs down the road.

Finally, don’t forget about your outdoor spaces. Spring is the perfect time to trim trees and shrubs, clean decks and patios, and inspect fences for needed repairs. A well-maintained outdoor space not only enhances curb appeal but also helps prevent damage to your home’s exterior!

Time to Spring Into Action!

Spring home maintenance is an essential part of homeownership, protecting your investment and ensuring a safe, comfortable living space. Whether you’re planning to sell your home or just want to keep it in top condition, these tasks will help you transition smoothly from winter to warmer days.

While winter may still be in full swing, now is the best time to start preparing your Toronto home for a spring sale. The market heats up as soon as the weather warms, and getting your home ready early can ensure you're ahead of the competition. Here are some essential tips to get your property in top shape for a successful sale in 2025.

1. Declutter

2. Enhance Curb Appeal

3. Tackle Necessary Repairs

4. Stage Your Home

5. Clean Thoroughly

6. Price Your Home Right

7. Effective Marketing

Ready to Sell?

Are you currently looking to sell? Check out my latest ISO post—I have motivated clients looking to buy! Preparing your home now will ensure you’re ready to take advantage of the spring market, and I’m here to guide you every step of the way. Let’s connect today!

As we approach the winter months and the new year, many homeowners, buyers, and investors are turning their attention to the Toronto real estate market, wondering what the next few months will hold. The winter season in Toronto traditionally sees a slowdown in activity due to colder weather, the holidays, and a natural pause in the buying and selling cycle. However, this year, various factors are poised to impact the market in unique ways.

1. Interest Rates and Borrowing Costs

The Bank of Canada’s monetary policy continues to be a major influence on the real estate market. Many experts predict rates will continue to decline with the first announcement scheduled for the end of January. The expected drop in interest rates will reduce borrowing costs for homebuyers, making mortgages more affordable and increasing purchasing power.

The environment is also becoming more favourable for first-time homebuyers and insured mortgages. Recent legislation and lower rates will make it easier for new entrants to step into the market. As borrowing becomes less expensive, more buyers will have the opportunity to increase their budget to purchase homes.

2. Inventory and Market Activity

A balanced supply of homes is providing buyers with more options, reducing some of the intense competition seen in prior markets. However, while inventory levels have improved, well-priced homes in desirable neighbourhoods are still attracting attention and selling quickly.

This shift provides opportunities for buyers and sellers alike. Buyers may find a more manageable market with fewer bidding wars and increased negotiating power. Sellers, on the other hand, can still benefit by pricing strategically and working with an experienced agent to highlight their home’s value.

3. The Condo Market: Challenges Persist

While condos were once seen as a more affordable option, the Toronto condo market is currently facing challenges. High supply, reduced demand, and ongoing market concerns have created a sluggish environment for condo sales. Buyers are not returning to the condo market in large numbers, and many investors remain wary due to stagnant or declining property values in this segment.

Detached homes, townhouses, and semi-detached properties continue to be in higher demand, particularly among families and buyers looking for more space. With borrowing costs set to decrease, demand for these property types is expected to remain strong heading into 2025.

Final Thoughts

Toronto’s winter real estate market in 2025 is set to be influenced by declining interest rates, more favourable borrowing conditions, and an improved balance of inventory. First-time homebuyers are likely to benefit the most, as lower rates and supportive legislation make entering the market more achievable.

Demand for detached and semi-detached homes will continue to drive activity. Buyers will find themselves in a less frenzied environment compared to past years, while sellers can still capitalize on well-prepared and well-priced listings.

As always, staying informed and working with a knowledgeable real estate agent will be essential to navigating this evolving market. Whether you’re looking to buy, sell, or invest in Toronto real estate this winter, now is the time to plan and position yourself for success!

Leasing a home is a significant commitment and can be an excellent alternative to buying property. It offers the flexibility of long-term living without the permanence of homeownership. However, before signing a lease agreement, it's essential to understand the key terms that will govern your living situation. Here’s a breakdown of the most important terms to know when leasing a home.

The Lease Agreement

The lease is the legal document that outlines the agreement between the tenant and the landlord. Unlike a rental agreement, a lease typically covers a fixed term, often one year. It defines the rights and responsibilities of both parties, including the rent amount, lease duration, and specific rules about property use. Since the lease is legally binding, it’s crucial to read the entire document carefully before signing.

Rent: The Monthly Payment

Rent is the monthly amount you pay to the landlord for the use of the property. It’s important to know the rent amount, the due date, and the accepted payment methods (e.g., cheque, e-transfer). Some leases include rent increases after a certain period, so it’s essential to understand if and when your rent might rise. Additionally, make sure you are clear on any penalties for late payments to avoid extra charges.

Rental Deposit: What You Need to Know

The rental deposit is a sum of money, typically equivalent to one month’s rent, that you pay upfront. The landlord holds this deposit as protection in case of unpaid rent and uses these funds for the last remaining month of the lease.

Lease Term: Understanding Duration

The lease term specifies the length of time the lease is valid. Most leases are for a fixed term, usually one year, though some may be month-to-month. A fixed-term lease offers stability, locking both the tenant and landlord into the agreement for the set period. A month-to-month lease, however, provides more flexibility, allowing either party to terminate the lease with shorter notice (either 60 or 90 days, depending on if you are the tenant or the landlord). Be sure to clarify whether your lease automatically renews after the term expires or if you need to sign a new agreement.

Maintenance Responsibilities: Who Does What?

Maintenance responsibilities refer to who is responsible for keeping the property in good condition. Typically, the landlord is responsible for major repairs, such as plumbing or structural issues, while the tenant handles routine maintenance like lawn care or light bulb replacements. Some leases specify additional responsibilities, such as snow removal or pest control. It’s important to clarify these duties to avoid disputes over who should handle repairs or maintenance during the lease.

Termination Clause: Know Your Rights

The termination clause outlines how either party can end the lease early. This clause will specify the required notice period—usually 60 or 90 days—and any penalties for breaking the lease. It’s important to understand the termination process, whether due to a job transfer, personal reasons, or other circumstances, to avoid unexpected costs or legal issues.

Conclusion

Leasing a home is a big commitment, and understanding key terms like rent, deposit, lease term, and maintenance responsibilities is crucial for a smooth experience. Before signing a lease, take the time to carefully review the terms and ensure you’re clear on your rights and obligations. If you have any questions or need help navigating the leasing process, feel free to reach out. As a real estate agent, I’m here to guide you through every step of the way!