Toronto Real Estate Market Update

While the stats show home prices have increased in the month of October 2023 compared to the same time last year, prices remained relatively flat from the previous month. The big change we are seeing is the inventory levels are way up and the sales volume is down.

This presents an opportunity for buyers. You can likely avoid competing on a property and negotiate on price and terms, which has'nt always been an option for succesful buyers in recent years. If you own your current home and are looking to move, it may be wise to sell first. This ensures you don't over extend on your purchase and can upgrade/downsize with confidence. 

Homes are taking longer to sell and we are seeing alot of terminated listings and price adjustments. The properties that are selling are the ones priced correctly to today's market conditions. If you want to get your property sold then the correct pricing and presentation are extremly important.

Another segmemt of the market that is feeling the impact of high interest rates is new home and pre-construction sales. We are noticing that there are a growing number of assignment sales being offered at a discount from the original purchase price. If you are considering purchasing an assignment it is imperative that you have representation and have the contract reviewed thoroughly. 

What's next for the real estate market in Toronto, well nobody knows for sure. With so many mortgages set to renew in the next few years we will certainly be watching and waiting to see what happens with interest rates moving forward.


Bank of Canada Holds it's Overnight Rate at 5%

Higher interest rates are working to ease price pressures in Canada and inflation is coming down, though progress to the 2% target is slow. The Bank projects that inflation will stay around 3½% until the middle of 2024, returning to target in 2025.

Source. Bank of Canada, Monetary Policy Report. October 2023

Are you waiting for interest rates to come down before making a purchase? This might not be a wise move. The Toronto real estate market is very competitive and there are many potential buyers with the same idea. When rates start dropping, you can bet that the market will change fast and we could be right back where we've been in the past with bidding wars causing home values to skyrocket. Talk to a mortgage specialist and determine what monthly payments you can afford and go with a term that will allow you to take advantage of future rate drops. You'll be paying higher carrying costs out of the gate, but you'll likely save on the purchase price and land transfer taxes. If prices do appreciate quickly once rates start dropping, you'll already be building equity. 


A Smooth Back to School Transition: 5 Tips for a Busy Home
As the summer days start to wind down, it's time to shift gears and prepare for the upcoming back-to-school season. Whether you're a seasoned parent or new to the school routine, creating a smooth transition can make all the difference. As a realtor who understands the importance of a well-organized home, I'm here to share five valuable tips to help you get your home and family ready for the back-to-school hustle.

Establish a Homework Haven:

One of the keys to a successful school year is creating a designated homework space. Set up a quiet and well-lit area where your children can concentrate on their studies. Stock it with essential supplies such as notebooks, pens, and a comfortable chair. Personalizing the space with your child's artwork or motivational quotes can make it even more inviting. A well-organized homework station not only boosts productivity but also encourages a positive attitude toward learning. 

Streamline Morning Routines:

Mornings can often be chaotic as everyone rushes to get ready for school. Make mornings smoother by organizing your home to support efficient routines. Create a centralized area for backpacks, lunchboxes, and shoes, so your children can quickly grab what they need before heading out the door. Prepare outfits the night before and set up a breakfast station with easy-to-grab options. Streamlining these routines can save precious time and reduce stress for both parents and children. 

Optimize Meal Preparation: 

Balancing school and extracurricular activities can leave little time for cooking elaborate meals. Plan your weekly meals ahead of time, and consider batch cooking on weekends. Preparing and freezing portions of meals can be a lifesaver on busy weekdays. Additionally, involve your children in meal planning and preparation – not only does this teach them valuable life skills, but it also strengthens family bonds.

Create a Family Calendar:

A shared family calendar can be a game-changer for staying organized during the school year. Hang a large calendar in a common area, or utilize digital tools for a more eco-friendly approach. Include school schedules, extracurricular activities, appointments, and important dates. Having a visual overview of everyone's commitments helps prevent conflicts and ensures that everyone is on the same page. 

Foster a Relaxing Evening Routine:

After a long day of learning and activities, it's crucial to wind down and recharge. Establish a calming evening routine that encourages relaxation and family bonding. Consider dedicating time for reading, having a family game night, or engaging in mindful activities. Limit screen time before bedtime to ensure a good night's sleep for everyone – well-rested kids are more focused and ready to tackle the challenges of the next day.

Preparing for the back-to-school season doesn't have to be overwhelming. By implementing these five practical tips, you can create an organized and supportive home environment that sets your family up for success. Remember, a well-prepared home can make a significant difference in your child's academic journey and overall well-being. That said kids are kids. They don't always subscribe to our logic. If things don't go as planned that's okay. Life is full of surprises. I believe so long as we stay calm and keep trying our kids will get where they are going and so will we. Here's to a smooth and successful school year ahead!

The Benefits of Decluttering/ Depersonalizing Your Home Before Selling

Preparing your home for sale involves more than just putting a sign on the lawn. To get the best price and terms you need to attract potential buyers and make a positive impression. It is essential to declutter and depersonalize your living space. These steps can transform your home into a blank canvas, allowing prospective buyers to envision themselves living in the space. In this blog post, we will examine the benefits of decluttering and depersonalizing your home before selling and how it will enhance your chances of a successful sale.

 First impressions matter:

  • When potential buyers walk into your home, they should be able to visualize their own belongings and lifestyle within the space. Decluttering and depersonalizing help create a clean, neutral environment that allows buyers to imagine themselves living there. Removing excess items and personal mementos allows the focus to shift to the features and potential of the home itself, making a positive and lasting first impression.
Makes the home feel larger:
  • A cluttered home can make rooms appear smaller and cramped, which can be a turn-off for buyers. By decluttering, you create an illusion of more space, making your home feel larger and more inviting. Removing unnecessary furniture, personal items, and knick-knacks helps buyers better understand the functionality and potential of each room. They can envision their own furniture layout and imagine how they would utilize the space to suit their needs.
Facilitates Easy Staging:
  • With a decluttered and depersonalized home, the staging process becomes much easier.  Arranging furniture and decor can be done much easier to highlight the home's best features and appeal to a broader range of buyers. 
Streamlines the Moving Process:
  • Decluttering before selling your home serves multiple purposes, including making the moving process smoother. As you go through your belongings, you can sort them into categories: keep, donate, sell, or discard. This proactive approach helps you downsize and declutter before moving to your new home, saving you time, effort, and potentially reducing moving costs. Additionally, it allows potential buyers to see the full potential of the available space, making your home more desirable.


Decluttering and depersonalizing your home before selling is a wise investment of time and effort. By creating a clean, neutral, and inviting environment, you enhance your home's appeal to potential buyers. It allows them to envision themselves living in the space and increases the likelihood of a successful sale. Remember, a decluttered home not only benefits the selling process but also makes the moving process more streamlined and efficient. So roll up your sleeves, embrace the benefits of decluttering and depersonalizing, and prepare to make a great impression on prospective buyers.

Tips to help you get started:

- Start by getting some packing boxes ready

- Take it one room at a time

- Sort things into 3 categories. 1. Donate or toss 2. Pack for the move 3. Daily items you need on hand

- Don't forget cupboards, pantry, drawers and closets. Buyers will open drawers and look in closets, so you want to make sure they are neatly organized and not jammed full of stuff. The rule of thumb for closets is to leave 50% empty. This will give the appearance of space and look organized.

Decluttering a home is a daunting task, but don't get discouraged. The more you put in the more you will get back in the price you get and time you save in the end. There are companies that specialize in helping people with as well, so don't worry if you are under a time crunch or can't do it yourself. If you are thinking of selling please reach out. As part of our free no obligation home consultation, we let you know what areas you should focus your attention on and how best to get started.


What is Bayview Mills?

Bayview Mills is a picturesque townhouse complex located in North York, Ontario. With 345 units including 1 bedroom up to 5 bedroom options there is a layout for everyone. The neighbourhood is known for its affluent and family-friendly atmosphere, with excellent schools, parks, and recreational facilities nearby. Bayview Mills offers easy access to shopping and dining options, with the Bayview Village Shopping Centre just a short drive away. It is also a convenient location for commuters, with quick access to major highways and public transportation. The neighbourhood is perfect for those seeking a peaceful and upscale community to call home.

Get to know your local neighbourhood Realtor Ben Stanton to find out how you can buy or sell your Bayview Mills home today.

Contact Now


Home Inspections: Top Ten Problems

Each homebuyer has a different idea of their ideal home, often based on location and particular visual preferences. But one thing that all homebuyers want is  a home that is fundamentally sound. This is why a home inspection is so important. We’ve compiled the ten most common deficiencies uncovered during a typical home inspection. If not addressed, these problems could end up costing thousands of dollars. Knowing what to look for, and performing your own thorough pre-inspection, will help you to identify areas needing repair or improvement before they grow into costly problems.

1. Damp Basement

Signs that a basement is damp include mold, mildew smells and efflorescence on the block or poured concrete walls. An inspector will do a visual check and should also have a moisture meter to detect different levels of moisture within the home.

2. Poorly Installed/ Defective Plumbing

Older homes that havent been updated may be subject to leaking and clogging that can be viusually detected. Plumbing like kitec has been banned because the fittings are prone to fail. The inspector will also check the water pressure and look for any discoloration when turning on the taps which could mean rusty pipes and a possible water quality issue that needs to be dealt with.

3. Older/ Poorly-Functioning Heating and Cooling Systems

If the home is heated with a forced air gas furnace and the hest exchanger is damaged or cracked it can pose a serious risk for carbon monoxide poisoning. If the furnace and AC are nearing the end of their life it will be recomended that they are replaced.

4. Older/ Unsafe Electrical System

In older homes there may be knob and tube wiring, undersized servicing or poorly done renovations and electrical circuits that are over fused. These could all pose fire risks and should be looked after by a professional licensed electrician.

5. Older/ Leaking Roof

There are many different types of roofs and roofing materials the most common being asphalt shingles. If the ends are curling, pitting, brittle, cracked or chipped its time to be replaced. Also look for bald spots where the granulars have fallen off. An inspector should have a ladder to get up and inspect the roof. If it's really bad the plywood may also need to be replaced.

6. Minor Structural Problems

More common in older homes, these problems range from cracked plaster to small shifts in the foundation. While this variety of problem isn’t large enough to cause any real catastrophe, they should be taken care of before they grow.

7. Poor Ventilation

Unvented or poorly vented kitchen stoves and bathrooms can cause moisture, mold and fungus which in turn cause air quality issues. Bathroom and range vents should vent to the outside.

8. Air Leakage

A cold, drafty home can be the result of any number of problems, such as illfitting doors, aged caulking, low-quality weather strips, or poor attic seals. This nature of repair can usually be taken care of easily and inexpensively.

9. Security Features

All homes need the proper smoke and carbon monoxide detectors. An inspector should also check locks on windows and doors making sure the home is secure. If the home doesn't have a security system or video doorbell it may be something to look into.

10. Drainage/ Grading Problems

This is the most common problem found during home inspections and is a major cause for wet, damp basements. Solutions to this may include new gutters and down spouts and re-grading to direct water away from the house.


Avoid these common mistakes Home Buyers Make

Buying a home is exciting, but it can be scary too and rightfully so it's a lot of money and likely the biggest investment you will ever make. Thats why we make sure our clients are well informed and protected ensuring a smooth process from start to finish. Check out this list of common mistakes home buyers make when they are not properly informed.

Avoid these common mistakes Home Buyers Make

1. Not being pre-approved for a mortgage

2. Not having your taxes filed and up to date

2. Making a big purchase before closing or getting a line of credit/credit card. ie. car

3. Changing jobs before your deal closes

4. Not having your deposit available – having it in certain online banks or stuck in investments like RSP's

5. Not looking at mortgage terms closely and just choosing the best rate

6. Not understanding the closing costs and added costs of moving

7. Not fully understanding the costs of repairs and renovations

8. Not selling your existing home first in some situations

9. Not considering the re-salability of the home 

10. Not knowing the proper zoning and if there is an easement that affects the property

If you are thinking of making a move and would like to ensure a smooth process, give us a call or email and we will get you set up for success.

Looking forward to connecting


Real Estate Housing forecasts for 2023

info from Steve Huebl is a graduate of Ryerson University's School of Journalism and has been with Canadian Mortgage Trends

Rising interest rates in 2022 drove home sales and prices lower, though price declines have so far been somewhat modest compared to the run-up in prices in recent years.

But what does 2023 hold in store? Below, we’ve compiled an assortment of forecasts, with some predictions for relatively flat-lined growth, while others see further declines on the horizon.

Looking at 2022, projected figures suggest home sales will end the year at 532,545, a 20% decline compared to 2021, according to the Canadian Real Estate Association. Home prices, meanwhile, are forecast to end the year up 4.7% to an annual average of $720,255.

Tight supply has been a recurring theme, with CREA noting the months of inventory measure remains historically low, despite improvements in recent months.

“In terms of monthly new supply, the bigger picture is listings are not flooding the market,” CREA noted. With the exception of 2019, November 2022 saw the fewest new listings for that month in 17 years.

While home price growth is expected to moderate in 2023, recent data show Canadians continue to hold a positive view toward real estate.

“Canadians are understandably hesitant to engage in the market early in 2023,” said Re/Max Canada President Christopher Alexander. “Despite this, more Canadians see real estate as a solid long-term investment when compared to this time last year.”  

Real Estate Market 


  • 2023 home sales forecast: 520,156 (-2.3% year-over-year)
  • 2023 home price forecast: $721,814 (+0.2%)
  • Commentary: “With interest rates rising, home sales have continued to cool. In some parts of the country, home prices have fallen from their peaks earlier this year, are flat in some regions, and are still climbing in others. The issue of not enough homes for sale has not gone away.”
  • Link

Royal LePage

  • 2023 house price forecast by Q4: -1% year-over-year
  • Commentary: “Comparing prices to the previous year, the first quarter of 2023 should show the deepest decline in home values,” said Phil Soper, president, and CEO of Royal LePage. “At that time, we will be comparing 2022’s final weeks of pandemic housing market excess – when home prices reached historically high levels – to a much quieter market, where values have had a full year to moderate. We expect year-over-year comparisons to show progressively less price decline as the year goes on, with small week-to-week improvements in the third and fourth quarters, allowing Canadian home values to end 2023 essentially flat to where we are today.”
  • Link


  • 2022 house price forecast: -3.3% year-over-year
  • Commentary: “We expect that market activity will return to a more-regular pace, as economic conditions stabilize toward the second half of 2023,” said Elton Ash, Executive Vice-President of Re/Max Canada.
  • Link                                                                                                                                  


  • 2023 house price forecast: -10.7%
  • Commentary: “Weaker sales activity should push prices even lower in the near term. However, our forecast calls for average prices to only partially retrace their pre-pandemic gain when they eventually bottom. An unanticipated surge in resale supply would undermine this view, but so far the rate at which new listings are hitting the market has been subdued.”
  • Link (data)
  • Link (commentary)


  • 2022 house price forecast: -8.5%
  • Commentary: “The market correction’s silver lining is it’s setting the stage for some affordability improvement in the year ahead. We expect the national benchmark price to fall 14% from its early 2022 peak, providing significant scope to lower ownership costs once interest rates stabilize. We think that could start in the early part of 2023—though the timing is poised to vary by market. Growing household income will partly drive the improvement process. It will likely take years to fully reverse the tremendous deterioration that took place since 2021.”
  • Link (data)
  • Link (commentary)

Fitch Ratings

  • 2023 house price forecast: -5% to -7%
  • Commentary: “High mortgage rates reduce affordability and lead to lower demand, pressuring prices, although housing supply limitations may curb price declines…Home price softening will be most severe for Canada, whose anticipated peak-to-trough decline of 15%, as measured by the mid-point of our forecast ranges, is among the steepest of the markets profiled.”
  • Link

New Year New Policies to Curb Housing Supply Issues
1) Toronto's Vacant Home Tax

In an effort to increase the supply of housing by discouraging owners from leaving their residential properties unoccupied The City of Toronto will levy a Vacant Home Tax (VHT) on vacant homes. 

Who’s impacted? A home will be taxed if unoccupied for a total of six months during the previous calendar year or if it is deemed unoccupied under the by-laws. Go Deeper.

2) Foreign Buyer Ban 

The Purchase of Residential Property by Non-Canadians Act bans non-Canadians from purchasing residential real estate in Canada between January 1, 2023, and December 31, 2024.  

Who’s impacted? Foreign corporations and individuals who are not permanent residents of Canada or Canadian citizens. 

Property Types Impacted: Detached Homes with three dwellings/units or less. Townhomes, condominiums, and other properties are to be listed in additional regulations.

Exceptions include Refugees, individuals whose spouse or common-law is a Canadian citizen, a permanent resident of Canada, a person registered as an Indian under the Indian Act or certain temporary residents.

Explore the Act.

3) New Anti-Flipping Tax Law

Effective January 1, 2023, any profit from the sale of a property, including rental property within a 12-month period will be taxable as business income and ineligible for either the principal residence exemption or the 50% capital gains rate. 

The rules will extend to assignment sales meaning if you sell a property you purchased pre-construction. GST/HST has been applicable to the assignment sales as of  May 7, 2022.

The Bottom Line: If you plan on flipping property in less than 365 days expect to pay the full tax on your profits in the New Year. 

Go Deeper.