The Buying Process

Why Buying With The Storey Team Is Different

Buying a home or condo in Toronto is one of the largest financial decisions most people will ever make. In a market that moves quickly and where the cost of a wrong decision can be real, you want a team that has been in the trenches recently and often enough to give you genuine advice, not a sales pitch.

The Storey Team is ranked #1 in downtown Toronto condo sales and top 10 across all of Toronto for total transactions. We’ve been in the top 1% of Canadian realtors every year since 2019. That track record is not a trophy, it’s a reflection of the thousands of negotiations, market cycles, and buyer situations we’ve worked through, which is exactly the experience you want on your side when you’re writing one of the biggest cheques of your life.

Our Approach: Educated Buyers Make Better Decisions

Our philosophy is simple. The more you understand about how the Toronto market actually works, the better the property you will end up buying, and the more comfortable you will feel along the way.

That’s why every client relationship starts with a structured Buyer Consultation. It’s a 30 to 45 minute conversation where we slow the process down, make sure you have the full picture, and build a plan that fits your life, not a generic script.

In that consultation we walk through:

• How to accurately evaluate a property, not just fall in love with one
• Current Toronto market conditions — buyer’s market, seller’s market, or somewhere in between
• The real additional costs of buying (land transfer tax, legal fees, title insurance, adjustments)
• How the offer process actually works in Toronto, including conditional vs. firm offers
• Exactly how much you’ll need for your down payment and deposit, and when each is required
• What pre-approval does and doesn’t guarantee
• How to think about condos vs. freehold, pre-construction vs. resale, and investment vs. lifestyle

By the time you start viewing properties, you will know more about the Toronto real estate process than most people ever do before they buy.

The Storey Team Rule: Never Choose a 7 (Out Of 10 Rule)

When you start seeing properties, rank each one on a scale from 1 to 10. The only rule: you cannot pick 7.

Seven is the trap. Seven is the property that is pretty good, probably fine, sort of works. Seven is how people end up in homes they feel lukewarm about for the next decade. If a property is a 6 or below, move on. If it’s an 8 or higher, that’s when it’s worth writing an offer.

This simple rule has saved hundreds of our clients from the most common regret in Toronto real estate: settling.

Our 6-Step Buyer Process

1. Set Your Goals and Budget

Before we look at a single listing, we sit down to figure out what you actually want and what you can comfortably afford, which are often two different conversations. We’ll talk through lifestyle priorities like commute, walkability, schools, outdoor space, and how long you realistically plan to own the home. We’ll also get specific about the tradeoffs you’re willing to make, because in Toronto almost every buyer makes them. Condo versus freehold, a smaller space in a prime neighbourhood versus more square footage further out, turnkey versus a home that needs work. Budget is more than your maximum mortgage approval. It includes closing costs, Toronto’s double land transfer tax, condo fees or property tax, and the cushion you want to keep in your account after you close. By the end of this step you’ll have a clear, written profile of what we’re looking for and why.

2. Get Pre-approved

We’ll connect you with mortgage brokers we’ve worked with for years and who can give you real numbers quickly, not just a generic online pre-qualification. A proper pre-approval tells you your actual maximum purchase price based on current rates, your down payment, and the federal stress test, and it locks in a rate hold so you’re protected if rates move while you shop. It also tells sellers you’re serious, which matters when we’re writing offers in competitive situations. Our brokers can walk you through fixed versus variable, insured versus conventional, and how different down payment amounts change your monthly carrying cost. If you’re self employed, new to Canada, or buying an investment property, we’ll point you to the broker on our list who specializes in your situation.

3. The Buyer Consultation

This is the 30 to 45 minute conversation that sets the foundation for everything that follows. We walk you through how the Toronto market actually works right now, how offers are presented, what conditions typically look like, how bully offers and multiple offer situations unfold, and what role your lawyer, inspector, and lender each play along the way. We’ll explain our representation agreement in plain language so you know exactly what you’re signing and what it means for you. You’ll leave this meeting understanding the full path from first showing to closing day, which is the difference between feeling prepared and feeling rushed. Most of our clients tell us this is the moment the process stopped feeling overwhelming.

4. Research the Market Together

Once we know what you’re looking for, we go deep on the neighbourhoods and building types that fit. For condo buyers that means looking at specific buildings, their maintenance fees, reserve fund health, recent special assessments, rental restrictions, and how individual units have been selling relative to asking. For freehold buyers it means street level comparables, how the neighbourhood has moved over the last 12 to 24 months, and what’s realistic in your price range versus what’s aspirational. We share the same data we use internally, including sale to list price ratios, days on market trends, and active inventory, so you understand the market you’re actually buying into. If your expectations and the data don’t line up, we’d rather have that conversation now than after you’ve lost three bidding wars.

5. View Properties

This is the fun part, and we do it strategically so every viewing is useful. We send you curated listings that match your profile rather than flooding your inbox with every new hit on MLS. Before each showing we give you the context that matters, including what the unit or home last sold for, what similar properties are going for right now, any red flags we’ve spotted, and the questions we want answered on site. We bring a simple evaluation framework to every viewing so you can compare homes on the same terms and avoid the decision fatigue that hits most buyers around the fourth or fifth showing. We’re looking at structure, layout, light, noise, finishes, and resale potential, not just whether the staging is nice. When you find something you’re serious about, we move fast on due diligence so you’re ready to write a strong offer without hesitation.

6. Negotiate and Close

When you’re ready to make an offer, we handle the strategy, the drafting, and the negotiation so you’re never guessing about what to offer or how to structure it. We pull the most recent comparables, assess the seller’s position, look at how the listing has been priced and marketed, and build an offer strategy that fits the situation, whether that’s a clean bully offer, a competitive multiple offer, or a patient negotiation on a property that’s been sitting. We walk you through every clause and condition, including financing, inspection, and status certificate review for condos, so you understand what you’re agreeing to and what protection you have. Once the offer is accepted, we coordinate with your lawyer, your lender, your inspector, and the listing agent through the condition period and all the way to closing day. After you get the keys we stay involved as a resource for contractors, tax questions, future moves, and anything else that comes up, because our relationship with you doesn’t end at close.

What areas does the Storey Team work?

Downtown Toronto condos: King West, Queen West, Liberty Village, CityPlace, Distillery District, Corktown, the Waterfront, the Financial District, Yonge & Eglinton, and Mount Pleasant West. This is our deepest area of expertise, we rank #1 in downtown Toronto condo sales in 2025.

Freehold and family homes: Leslieville, The Beaches, Upper Beaches, Danforth, East York, High Park, Rosedale, Lawrence Park, Leaside, and Don Mills. We placed in the top 10 across all of Toronto in total transactions in 2025, so our freehold experience is substantial, not an afterthought.

Beyond the core: We regularly work with clients buying in Mississauga, Etobicoke, Scarborough, North York, and the surrounding GTA. Where we don’t personally specialize, we partner with trusted agents and oversee the transaction so you always have Storey Team service, wherever you’re buying.

Who We Help

First-time buyers. We’ve built some of Canada’s most-watched real estate education content specifically for you, including content on the First Home Savings Account, the RRSP Home Buyers’ Plan, land transfer tax rebates, and how to evaluate your first condo. We over-educate on purpose, because the stress of a first purchase comes almost entirely from not knowing what’s coming next.

Upsizers. Moving from a condo into a freehold is one of the most complicated transactions in real estate, you’re buying and selling at the same time, often in different market segments. We’ve done it hundreds of times and can walk you through timing, sequencing, and how to avoid carrying two properties.

Downsizers. Leaving the family home and moving into something simpler is about more than square footage, it’s about finding the right neighbourhood, the right building, and the right financial structure for the next chapter. We take this slowly and seriously.

Investors. The Storey Team works with investors at every stage, from first rental condo to multi-property portfolios. We provide cash flow analysis, absorption rate data, neighbourhood performance breakdowns, and honest input on which Toronto properties actually make sense as investments in today’s market. Tom Storey’s podcast and YouTube channel cover this in depth every week.

Pre-construction buyers. Buying from a floor plan is different than buying a resale home. We’ll tell you honestly which projects are worth it and which aren’t.

 What You Get When You Buy With The Storey Team

1. A dedicated buyer specialist who is your point of contact from first conversation to close
2. Access to every active MLS listing plus off-market opportunities through our network
3. Honest, data-grounded opinions on every property you see — including the ones you love that we’d steer you away from
4. Neighbourhood expertise across downtown condos and Toronto’s family-home communities
5. Connections to trusted mortgage brokers, real estate lawyers, home inspectors, and contractors
6. No pressure advice.

Frequently Asked Questions About Buying a Home in Toronto

How much down payment do I need to buy a home in Toronto?

For properties under $500,000, the minimum down payment is 5%. For properties between $500,000 and $1.5 million, it’s 5% on the first $500,000 and 10% on the portion above that. For properties $1.5 million and up, you’ll need at least 20%. Most downtown Toronto condos fall into the first two tiers, which is why condos are often the most realistic entry point into the market.

What are the closing costs when buying a home in Toronto?

Plan for 1.5% to 4% of the purchase price on top of your down payment. Closing costs typically include Ontario land transfer tax, Toronto municipal land transfer tax (which applies on top of the provincial tax inside the old City of Toronto boundaries), legal fees, title insurance, and adjustments for property tax and utilities. First-time buyers often qualify for land transfer tax rebates that can meaningfully reduce this number.

How much home can I actually afford in Toronto?

It depends on your income, your existing debt, your down payment, and current mortgage rates. Lenders run a stress test to determine the maximum mortgage you qualify for, but qualifying and being comfortable are not the same thing. The best starting point is a mortgage pre-approval from a broker who will walk through your real monthly cash flow, not just the maximum number a bank will lend you.

What’s the very first step if I’m thinking about buying?

Talk to a mortgage broker to get pre-approved, then book a Buyer Consultation with a real estate team you trust. In that order. Knowing your real budget before you start looking prevents the most painful scenario in Toronto real estate, falling in love with a property you can’t actually buy.

Is it better to buy or rent in Toronto right now?

It depends on how long you plan to stay, where you’re buying, and the specifics of your financial situation. Buying builds equity and long-term wealth, but it also ties up capital and reduces flexibility. Over a 5+ year horizon, owning in Toronto has historically made strong financial sense. Over a 1–2 year horizon, it rarely does. We’ll give you an honest answer based on your situation, even if that answer is “keep renting for now.”

What credit score do I need to buy a home in Canada?

Most lenders look for a credit score of at least 680 for competitive rates. Buyers with lower scores can still qualify depending on income, down payment, and overall financial profile, but rates may be higher or options more limited. A good mortgage broker can tell you exactly where you stand.

How long does it take to buy a home in Toronto?

From first conversation to keys in hand, anywhere from a few weeks to many months. Some of our clients find and close on a property in 30 days. Others take a year to make the right decision. The timeline is less important than the outcome, we’re not in a hurry to get you into the wrong place.

What is a mortgage pre-approval and why does it matter?

A pre-approval is a lender’s preliminary confirmation of how much they’re willing to lend you based on your income, credit, and financial profile. It matters for two reasons: you know exactly what you can afford, and sellers take your offers more seriously. In a competitive Toronto offer situation, a buyer without pre-approval can lose to one who has it, even at the same price.

Is a Toronto condo a good first investment?

For many first-time buyers, yes. Condos are the most affordable entry point into the Toronto market, they require less maintenance than a freehold home, and they give you exposure to long-term appreciation in one of Canada’s largest cities. That said, not every condo is a good buy, building quality, floor plan, maintenance fees, and neighbourhood matter enormously. This is exactly where The Storey Team’s condo specialization pays off.

What’s the difference between a condo and a freehold home?

When you own a condo, you own the interior of your unit and share ownership of the common elements — the hallways, elevators, amenities, and land — with the other owners. You pay monthly maintenance fees and the condo corporation handles the building. With a freehold, you own the structure and the land outright and are responsible for all maintenance, repairs, and property taxes yourself. Each has trade-offs — it’s really a lifestyle and financial decision, not a one-size answer.

How competitive is the Toronto housing market in 2026?

The Toronto market is really dozens of smaller sub-markets, each behaving differently. Certain downtown condo segments are much more balanced right now than they were a few years ago, which is actually good news for buyers. Freehold homes in established neighbourhoods remain competitive, especially in spring. We give every client a real-time read on the specific segment they’re buying in — not a generic city-wide take.

Do first-time buyers get any tax benefits in Ontario?

Yes, several. First-time buyers in Toronto can qualify for both the provincial and municipal land transfer tax rebates, which together can save up to around $8,475 at closing. The federal First Home Savings Account (FHSA) lets you save up to $40,000 tax-free toward your first home. The RRSP Home Buyers’ Plan lets you withdraw up to $60,000 from your RRSPs for a first home without tax penalty. There’s also the First-Time Home Buyer Tax Credit. We walk every first-time buyer through all of these during the consultation.

Should I work with a buyer’s agent or just go directly to the listing agent?

Work with a dedicated buyer’s agent. The listing agent represents the seller and is legally obligated to get them the best possible deal. A buyer’s agent represents you, negotiating on your behalf, identifying issues, and pushing back where it benefits you. In Ontario, a buyer’s agent is typically compensated through the listing brokerage, so working with one usually doesn’t cost you anything out of pocket at closing.

What’s a Buyer’s Representation Agreement (BRA) and do I have to sign one?

A BRA is the contract between you and your real estate team that outlines the terms of the relationship, including how your agent is compensated. Yes, you will need to sign one before making an offer. A good agent will walk through every line of the document with you, explain any options, and make sure you understand what you’re signing. We never ask clients to sign a BRA without a full walkthrough first.

What should I look for when viewing a condo in Toronto?

Beyond the obvious (layout, finishes, view), pay attention to: the building’s maintenance fees and what they include, the status certificate and reserve fund, any ongoing or planned special assessments, window and balcony condition, HVAC system ownership (owned vs. rented), parking and locker status, and the overall building reputation. A condo is also buying into a community and a corporation, not just a unit.

What Is the S.T.A.M.P Formula For Buyers 

The S.T.A.M.P. Formula is a five-point checklist we use with buyers to evaluate whether a Toronto condo is a smart purchase in today’s market. Each letter stands for a factor that affects how livable the unit is now, how much it will cost you to own, and how easily you’ll be able to sell it down the road.

The five factors are Size, Tenancy, Asking Price, Maintenance Fees, and Parking.

A unit that scores five out of five is a strong buy and will hold its value well in future resale. A unit that scores three out of five can still be the right purchase, but only if the price reflects the tradeoffs. The formula helps you make that call with your eyes open instead of falling for good staging.

S is for Size (and Bedrooms)

What size of condo should you buy in Toronto right now?

Today’s market is driven by end-user buyers, which means when you eventually sell, the next buyer will care a lot about layout and square footage. Units over 600 square feet are the easiest to resell, specifically one-bedroom-plus-den layouts and two-bedroom units over 800 square feet. Anything under 500 square feet has a much smaller buyer pool, which means longer days on market and more price sensitivity when you go to sell.

That doesn’t automatically rule out a smaller unit for you. If you’re buying as a first step into the market and you know you’ll live in it for a few years, a well-priced 450 square foot studio in the right building can still make sense. Just go in knowing it will be a harder resale, and price your offer accordingly.

T is for Tenancy

Should you buy a tenanted condo in Toronto?

Tenanted units can be an opportunity or a trap, and the difference comes down to the details. If you plan to live in the unit yourself, buying a tenanted condo introduces real risk. The tenant has to receive proper N12 notice, and if they don’t vacate on time, your closing can be delayed, your move timeline falls apart, and you may end up at the Landlord and Tenant Board for months.

If you’re buying as an investor and plan to keep the tenant, a tenanted unit at a fair rent can be a straightforward purchase. We’ll review the lease, rent amount, tenant history, and any correspondence before you write. If the rent is well below market, understand that you inherit that rate and rent control rules limit how much you can raise it each year.

A vacant or owner-occupied unit gets the checkmark because it gives you full flexibility on closing and possession.

A is for Asking Price

How do you know if a Toronto condo is priced fairly?

Asking price on its own tells you almost nothing. What matters is how that price compares to recent sales in the same building, units with a similar layout and view, and how long comparable listings are sitting before they sell. In today’s softer condo market, buyers have leverage, and a unit priced above recent comparables is usually a negotiation starting point rather than a firm number.

We pull sale to list ratios, days on market, and the full comparable set for every unit you’re serious about. If the asking price is aggressive in your favour, it might be worth a quick, clean offer to lock it in. If the asking price is ambitious, we build a strategy around patience and a lower opening number. Either way, you should never be guessing whether you’re overpaying.

M is for Maintenance Fees

What is a reasonable maintenance fee for a Toronto condo?

As a general benchmark, maintenance fees under $1.00 per square foot earn a checkmark. Once fees push past that threshold, say $1.20 per square foot on a 650 square foot unit, they start to meaningfully affect what you can afford.

Maintenance fees matter to buyers for two reasons. First, they count against you when you qualify for a mortgage, so higher fees can lower your maximum purchase price. Second, they’re a guaranteed monthly cost that never goes away, even after the mortgage is paid off. We also look at what’s included in the fees, the health of the reserve fund, and whether the building has had or is facing a special assessment. A building with low fees and a weak reserve fund is often more expensive over time than a building with higher fees and strong financials.

P is for Parking

Should you buy a Toronto condo without parking?

Parking matters more than it used to, both for how you’ll use the unit and for how easily you’ll resell it. With the market shifting toward end-users, many buyers filter out listings without parking entirely before they even look at photos. That means when you go to sell, you’re working with a significantly smaller pool of buyers.

If you don’t need parking personally, a unit without a spot can be a real value play. Units without parking typically sell for $25,000 to $75,000 less than comparable units with a spot, depending on the building and neighbourhood. That’s a discount you capture on the way in. Just know that when you sell, you’ll either need to price accordingly or wait longer for the right buyer.

How to Use the Formula

Score every unit you’re seriously considering across all five factors. A five out of five at a fair price is a confident buy. A three or four out of five can still be the right move if the price reflects the gaps, which is exactly the kind of analysis we run with you before writing any offer. The goal is not to find a perfect unit. It’s to make sure you know what you’re buying and what it will cost you to own and eventually sell.

If you want to walk through a specific unit using the formula, our buyer specialist Wendy handles this with our buyer clients every week and can help you evaluate anything you’re considering.

Can you help me buy pre-construction in Toronto?

Yes, and we also help a lot of clients decide not to. Pre-construction can work well in the right project, but the market has shifted significantly and not every development today is worth the premium. We give honest, project-by-project input and never accept a project onto our recommended list just because the developer is paying a referral.

How do I get started with The Storey Team? Email tom@storeyteam.ca, call (416) 670-2432, or book a Buyer Consultation directly through the site. No pressure, no sales pitch — just a conversation about where you are and where you want to go.