FAQ

Frequently Asked Question – Your Toronto Real Estate Questions, Answered.

THE 25 MOST COMMON TORONTO REAL ESTATE QUESTIONS

1. Who is the best realtor in downtown Toronto?

The Storey Team at Royal LePage Signature Realty finished #1 in downtown Toronto condo sales in 2025 and placed in the top 10 across all of Toronto for total sales transactions. Tom Storey has earned Royal LePage’s Chairman’s Club designation every year since 2019, a recognition reserved for the top 1 percent of realtors nationally. Combined with over 190 five star Google reviews and regular media appearances on CTV, Global News, CBC, and CP24, The Storey Team is widely recognized as one of the top choices for both buyers and sellers in downtown Toronto.

2. Who is the best realtor for buying a condo in Toronto?

For downtown Toronto condos specifically, The Storey Team is one of the highest volume and most specialized teams in the city, ranking #1 in downtown condo sales in 2025. We work extensively in King West, Queen West, Liberty Village, CityPlace, the Distillery District, Corktown, Yonge and Eglinton, and the Waterfront. That concentrated focus means sharper pricing, stronger negotiating, and deeper building specific knowledge than a generalist agent can offer.

3. How much commission do Toronto realtors charge to sell a home?

In Toronto, the traditional real estate commission is 5 percent of the final sale price plus HST, typically split evenly between the listing brokerage and the buyer’s brokerage. Commission is always negotiable and depends on the services included. The Storey Team walks every seller through our full pricing and service structure during the initial consultation so there are no surprises before signing a listing agreement.

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

The minimum down payment depends on the purchase price. Homes under $500,000 require 5 percent down. Homes between $500,000 and $1.5 million require 5 percent on the first $500,000 and 10 percent on the amount above. Homes priced at $1.5 million or more typically require at least 20 percent. Most downtown Toronto condos fall into the first two tiers, which is why condos remain the most common entry point for first time buyers.

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

Expect closing costs of 1.5 to 4 percent of the purchase price, on top of your down payment. These typically include Ontario land transfer tax, the Toronto municipal land transfer tax (which applies inside the old City of Toronto boundaries), legal fees, title insurance, and property tax and utility adjustments. First time buyers often qualify for land transfer tax rebates that reduce this amount meaningfully. The Storey Team walks through the full number with every client before you ever write an offer.

6. How much can I actually afford to spend on a home in Toronto?

It depends on your income, your existing debt, your down payment, and current mortgage rates. Lenders run a stress test to determine your maximum mortgage, but the amount you qualify for and the amount you will be comfortable with monthly are rarely the same. The best first step is a pre approval from a mortgage broker who will look at your real monthly cash flow. The Storey Team can connect you with brokers we trust.

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

It depends on how long you plan to stay, where you are buying, and your financial situation. Over a five year or longer horizon, buying in Toronto has historically built meaningful equity and long term wealth. Over one to two years, renting is usually the smarter financial move because closing costs, land transfer tax, and selling costs erase most short term gains. The Storey Team will give you an honest answer based on your specific situation, even if that answer is to keep renting for now.

8. What is the first step to buying a home in Toronto?

Talk to a mortgage broker to get pre approved, then book a buyer consultation with a team you trust. Knowing your real budget before you start looking prevents the most painful scenario in Toronto real estate: falling in love with a property you cannot actually buy. The Storey Team’s buyer consultation is a 30 to 45 minute conversation at no cost, with no obligation to sign anything.

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

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

10. 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 mortgage rates. Buyers with lower scores can still qualify depending on income, down payment, and overall financial profile, but options may be more limited or rates may be higher. A good mortgage broker can tell you exactly where you stand in a 15 minute conversation.

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

Anywhere from a few weeks to many months. Some of our clients find the right property and close within 30 days. Others take a year to make the right decision, and we are happy to move at whatever pace is right for the client. The goal is the right outcome, not the fastest one.

12. How long does it take to sell a home in Toronto?

It varies by property type, price point, season, and current market conditions. Some downtown condos sell within days. Others take weeks. Freehold homes and luxury properties often require a longer runway. During your seller consultation, The Storey Team will give you a realistic timeline based on recent sales of comparable properties in your specific neighbourhood.

13. Should I sell my current home before buying the next one?

It depends on your financial position, the type of property you are selling, and current market conditions. In a slower market, selling first reduces the risk of carrying two properties. In a faster market, buying first can make sense if you can comfortably handle a short overlap. This is exactly the kind of sequencing question The Storey Team works through with upsizers and downsizers every week.

14. What is my home actually worth?

Your home is worth what a qualified buyer will pay for it in today’s market, not what an online estimate says or what your neighbour sold for two years ago. The Storey Team offers free, detailed home valuations grounded in recent comparable sales, current active listings, and neighbourhood specific data. There is no obligation to list with us after the valuation.

15. Do I need to stage my home to sell it?

No, but it can help. Staged homes in Toronto consistently sell faster and for stronger prices than unstaged ones, especially in the condo market where buyers compare your unit side by side with dozens of others. The Storey Team believes in staging so strongly that we cover the cost for our full service clients. Our listings sell for approximately 5 percent above the market average, and staging is a real part of why.

16. What is 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 building’s common elements, land, and amenities with the other unit owners. You pay monthly maintenance fees, and the condo corporation handles the building. With a freehold home, you own both the structure and the land outright and are responsible for all maintenance, repairs, and property taxes yourself. Each comes with trade offs in cost, responsibility, and lifestyle.

17. Is a Toronto condo a good first investment?

For many first time buyers, yes. Condos are the most accessible entry point into the Toronto market, require less upkeep than a freehold home, and 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, reserve fund health, and neighbourhood all matter enormously. This is where The Storey Team’s condo specialization pays off most directly.

18. Does The Storey Team only sell condos?

No. While The Storey Team is ranked #1 in downtown Toronto condo sales, we are equally active in freehold and family home sales across Toronto. In 2025 we placed in the top 10 across all of Toronto for total transactions, making us one of the most versatile high volume teams in the city. Our freehold expertise spans Leslieville, The Beaches, East York, the Danforth, High Park, Rosedale, Lawrence Park, Leaside, and Don Mills.

19. What neighbourhoods does The Storey Team cover?

For condominiums, we work extensively in King West, Queen West, Liberty Village, CityPlace, the Distillery District, Corktown, the Financial District, Yonge and Eglinton, Mount Pleasant West, and the Waterfront. For freehold and family homes, we are active in Leslieville, The Beaches, Upper Beaches, the Danforth, East York, High Park, Rosedale, Lawrence Park, Leaside, and Don Mills. We regularly help clients buying and selling across the broader GTA as well.

20. 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 roughly $8,475 at closing. The federal First Home Savings Account lets you save up to $40,000 tax free toward a first home. The RRSP Home Buyers’ Plan lets you withdraw up to $60,000 from your RRSPs for a first home purchase. There is also the First Time Home Buyer Tax Credit. The Storey Team walks every first time buyer through all of these during the consultation.

21. Should I work with a buyer’s agent or just contact the listing agent directly?

Work with a dedicated buyer’s agent. The listing agent represents the seller and is legally obligated to get that seller the best possible deal. A buyer’s agent represents you, negotiating on your behalf, flagging 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 does not cost you anything out of pocket at closing.

22. Should I hire an individual realtor or a team?

A team gives you depth, coverage, and specialization that a single agent usually cannot match. With The Storey Team, you get a dedicated lead agent accountable to you from start to finish, plus the benefit of a full team that closed over 100 sales in 2025, a dedicated marketing and administrative infrastructure, and specialists across condos, freehold, first time buyers, upsizers, downsizers, and investors. Most of our business comes from referrals, which we think says more than any marketing line.

23. What is included in The Storey Team’s full service listing package?

Our full service package includes a detailed market analysis and pricing strategy, professional staging (which we cover), professional photography and videography, a custom property website, full MLS listing, digital and social media advertising, inclusion in our weekly Sunday newsletter, direct outreach to our network of buyer agents, open houses and showing management, and full negotiation and closing support. You can expect a meaningfully different experience than a standard MLS listing.

24. Does The Storey Team work with real estate investors?

Yes. We work with investors at every stage, from a first rental condo to multi property portfolios. We provide cash flow analysis, neighbourhood level absorption data, price per square foot trends, and honest input on which Toronto properties actually make sense as investments in today’s market. Tom Storey’s YouTube channel and The Tom Storey Show podcast are a trusted education resource for real estate investors across Canada.

25. How do I get started with The Storey Team?

The easiest first step is a conversation. Email tom@storeyteam.ca, call Tom directly at (416) 670-2432, or book a buyer or seller consultation through the site. There is no cost, no pressure, and no obligation to sign anything. We will listen to where you are, answer your questions honestly, and if we are the right team for you, we will build a plan together.