FAQ

Answers by Tom Storey, Sales Representative and Team Leader, The Storey Team at Royal LePage Signature Realty. Updated November 2026.

Choosing a Toronto realtor

Who is the best realtor in downtown Toronto?

The Storey Team at Royal LePage Signature Realty finished #1 in downtown Toronto condo sales in 2024 and 2025 (based on the number of condos sold on TRREB MLS® in downtown Toronto, districts C01 and C08, January 1 to December 31; how we measure) and placed in the top 10 across all of Toronto for total sales transactions (based on the number of properties sold on TRREB MLS® across Toronto, January 1 to December 31, 2024 and 2025; how we measure). 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.

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 2024 and 2025 (based on the number of condos sold on TRREB MLS® in downtown Toronto, districts C01 and C08, January 1 to December 31; how we measure). 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.

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.

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.

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.

Does The Storey Team only sell condos?

No. While The Storey Team is ranked #1 in downtown Toronto condo sales in 2024 and 2025 (based on the number of condos sold on TRREB MLS® in downtown Toronto, districts C01 and C08, January 1 to December 31; how we measure), 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 (based on the number of properties sold on TRREB MLS® across Toronto, January 1 to December 31, 2024 and 2025; how we measure), 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.

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.

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.

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.

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.

Buying a home in Toronto

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.

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.

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.

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.

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.

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.

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.

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.

Can I buy a home in Toronto with less than 20 percent down?

Yes. Any purchase under $1.5 million allows for less than 20 percent down, with a minimum of 5 percent. Buyers putting down less than 20 percent are considered high ratio borrowers and are required to pay CMHC mortgage default insurance, which is added to the mortgage amount. This is how the majority of first time buyers enter the Toronto market.

What is CMHC insurance and do I need it?

CMHC insurance is mortgage default insurance that protects the lender if you stop making payments. It is required any time your down payment is less than 20 percent of the purchase price. The premium ranges from roughly 2.8 to 4 percent of the mortgage and is typically added to the loan rather than paid upfront. If you are putting down 20 percent or more, you do not need it.

How do conditional offers work in Toronto?

A conditional offer includes one or more protective clauses that must be satisfied before the deal becomes firm. The most common conditions are financing, home inspection, and for condos the review of the status certificate. During the conditional period, typically 5 to 10 business days, the buyer can walk away and recover their deposit if a condition is not met. In competitive markets, some buyers waive conditions to strengthen their offer, which is a strategy The Storey Team will always walk through with you carefully.

What is a status certificate and why does it matter?

A status certificate is a legal document a condo corporation provides that discloses the financial health and major issues facing the building. It covers the reserve fund balance, any pending special assessments, current monthly fees, legal actions against the corporation, and the rules that govern the building. Your lawyer reviews the status certificate before the condition period ends to confirm you are buying into a healthy building, not a problem one.

What is a home inspection and should I get one?

A home inspection is a detailed visual review of a property’s condition by a qualified professional, typically covering the roof, foundation, electrical, plumbing, HVAC, and major structural elements. For freehold homes, we strongly recommend one because it protects you from expensive surprises. For condos, inspections are less common since the building handles the structure and envelope, but a pre offer walk through with a knowledgeable agent is still important.

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.

What is the First Home Savings Account (FHSA)?

The FHSA is a registered account that lets first time buyers save up to $8,000 per year, to a lifetime maximum of $40,000, toward a home purchase. Contributions are tax deductible like an RRSP, and withdrawals used to buy a first home are completely tax free like a TFSA. It is effectively the best of both registered accounts and should be part of virtually every first time buyer’s plan.

How does the RRSP Home Buyers’ Plan work?

The Home Buyers’ Plan lets a first time buyer withdraw up to $60,000 from their RRSPs tax free to put toward a home purchase. A couple buying together can each withdraw $60,000, for a combined $120,000. The amount must be repaid to your RRSP over 15 years, with required annual payments starting in the fifth year after the withdrawal. Missing a required repayment turns that year’s amount into taxable income.

Who qualifies as a first time home buyer in Ontario?

In Ontario, you generally qualify as a first time buyer if you are at least 18, have never owned a home anywhere in the world, and are purchasing your principal residence. For the RRSP Home Buyers’ Plan and FHSA, federal rules apply, and you generally need to not have lived in a home you or your spouse owned in the current year or any of the previous four calendar years. Every program has slightly different rules, which is why The Storey Team walks first time buyers through each one carefully.

Can I combine the FHSA and the RRSP Home Buyers’ Plan?

Yes. First time buyers can use both accounts for the same home purchase. Combined, a single buyer can access up to $100,000 in tax advantaged savings toward a first home ($40,000 from the FHSA and $60,000 from the RRSP). For a couple buying together, that figure climbs to $200,000. This has become one of the most powerful tools for downtown Toronto buyers.

Should a first time buyer purchase a condo or a freehold home?

For most first time buyers in Toronto, a condo is the more realistic entry point because prices, down payment requirements, and maintenance responsibilities are lower. Freehold homes offer more space and long term freedom but come with meaningfully higher costs and upkeep. The right choice depends on your budget, lifestyle, and how long you plan to stay. The Storey Team works through this decision carefully with every first time buyer.

Is buying a new construction condo a good idea for a first time buyer?

Sometimes, but new construction comes with real trade offs a first time buyer needs to understand clearly. The pros include a brand new unit, extended deposit schedules, and no competing buyers at the time of signing. The cons include long timelines, interim occupancy fees, HST on the purchase, delays, and the risk that the market shifts between signing and closing. We walk every buyer through the math before recommending new construction over resale.

What is the mortgage stress test?

The mortgage stress test is a federal rule that requires lenders to qualify you at a rate higher than your actual contract rate, currently the greater of your contract rate plus 2 percent or the Bank of Canada benchmark. The purpose is to make sure you could still afford your mortgage if rates rose meaningfully at renewal. It has meaningfully lowered the maximum amount most Canadian buyers can qualify for.

Should I choose a fixed or variable mortgage rate?

It depends on your appetite for risk and your view on where rates are heading. A fixed rate gives you certainty and a predictable payment for the term. A variable rate fluctuates with the Bank of Canada’s overnight rate, which means savings when rates fall and higher costs when they rise. Historically, variable has outperformed fixed over long periods, but both sides have strong arguments. Talk to a mortgage broker before making the call.

What happens when my mortgage comes up for renewal?

At the end of your mortgage term, typically 3 or 5 years, your lender offers you a new rate and term. Most Canadians renew automatically with their existing lender, which is often the most expensive option. Shopping the renewal with a mortgage broker 4 to 6 months before maturity can save thousands over the next term. The Storey Team can refer you to brokers who specialize in renewal optimization.

Should I work with a mortgage broker or my bank?

A mortgage broker shops your file across dozens of lenders and usually secures a better rate and better terms than a single bank can offer. Banks can only offer their own products, and the representative you speak to at a branch is not a specialist across the market. We refer clients to brokers we trust in almost every case.

Can I refinance my home to pull out equity?

Yes, if you have sufficient equity. Canadian homeowners can refinance up to 80 percent of their home’s appraised value, with the equity available as cash, a line of credit, or a blended mortgage. Common reasons include debt consolidation, home renovations, a down payment on a second property, or an investment portfolio. A refinance usually requires requalifying under the stress test, so speak with a mortgage broker early.

What is a HELOC and how does it work?

A home equity line of credit, or HELOC, is a revolving line of credit secured against the equity in your home. You can borrow up to 65 percent of your home’s value through a HELOC and up to 80 percent when combined with a mortgage. Interest is charged only on the amount drawn, and you typically pay interest only payments while the balance is outstanding. HELOCs are flexible but come with variable rates, so discipline matters.

What is the difference between being pre qualified and pre approved?

A pre qualification is a rough, verbal estimate of how much you might be able to borrow based on self reported information. A pre approval is a formal lender review of your income, credit, and debts, with a written maximum mortgage amount and a rate hold for 90 to 120 days. Pre approvals carry meaningful weight in a Toronto offer situation. Pre qualifications do not.

What does a real estate lawyer do?

A real estate lawyer handles the legal transfer of the property from the seller to you. Their work includes reviewing the agreement of purchase and sale, conducting title searches, registering the mortgage, preparing closing documents, calculating and collecting land transfer tax, exchanging funds, and delivering keys. On a condo purchase, the lawyer also reviews the status certificate. A good real estate lawyer is one of the most important professionals in your transaction.

How much does a real estate lawyer cost in Toronto?

Legal fees for a standard Toronto purchase typically run $1,500 to $2,500, plus disbursements such as title insurance, registration, and searches. Total legal costs, including disbursements, are usually between $2,000 and $3,500. Complex files like assignments, pre construction, or investment property closings can run higher. The Storey Team can refer you to real estate lawyers we work with regularly.

What is title insurance and do I need it?

Title insurance is a one time premium policy that protects you against issues with the property’s legal title, including fraud, survey errors, unpaid liens, and unknown encumbrances. In Ontario, title insurance is effectively required on every residential purchase and is a standard line item in your closing costs. The premium typically ranges from $250 to $500 and lasts as long as you own the home.

What is the Toronto municipal land transfer tax?

The Toronto municipal land transfer tax is a second land transfer tax that applies to properties within the old City of Toronto boundaries, on top of the provincial land transfer tax. The two taxes combined are among the highest in North America. First time buyers qualify for rebates on both, which can save roughly $8,475 at closing. Every buyer we work with sees the full calculation in advance.

When do I actually pay the land transfer tax?

Land transfer tax is paid on closing day, through your real estate lawyer, as part of your total closing costs. You do not pay it upfront when you make the offer or when your financing is approved. Your lawyer calculates the exact amount based on the final purchase price, applies any first time buyer rebates, and collects the funds with your other closing adjustments.

Can the buyer or seller back out of a firm deal?

Once a deal is firm, both parties are legally bound. Backing out without cause can result in the forfeiture of the deposit, damages for a failed closing, and in some cases a lawsuit for the difference between the original price and a lower resale price. In very limited situations, a mutual release can be negotiated. This is exactly why conditions and legal advice matter so much during the offer stage.

Selling a home in Toronto

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.

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.

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.

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.

How do I price my Toronto home correctly?

Correct pricing starts with a detailed analysis of recent sold comparables, current active listings in your neighbourhood, and current buyer demand at each price band. Overpricing is the single most common seller mistake because it triggers longer days on market, stale listing perception, and eventual price drops. The right price attracts the most qualified buyers in the first two weeks, which is when most homes sell for the most money.

What should I do before listing my home for sale?

Declutter, deep clean, complete small repairs, and handle any obvious cosmetic issues such as paint touch ups or worn fixtures. Work with your realtor on a staging plan, professional photography, and a pricing strategy. Pull your mortgage discharge details so you know your net proceeds. The Storey Team handles all of this with sellers as part of our full service listing process.

How do I handle a lowball offer?

Do not take it personally. A lowball offer is still an offer and can often be negotiated up meaningfully with a thoughtful counter. We generally counter at or near list price, push the buyer to improve their terms, and evaluate how serious they are by how quickly and how reasonably they respond. Walking away is always an option, but many firm deals in Toronto have started with a lowball opening.

What happens in a multiple offer situation in Toronto?

When a property attracts more than one offer, the listing agent coordinates an offer review, typically at a set time. Every buyer submits their best offer, and the seller reviews them together with their agent. The seller can accept one offer, reject all, or send one or more buyers back to improve their terms. Preparation, pricing, and a clean offer package matter more in a multiple offer situation than in any other negotiation.

Why isn’t my Toronto home selling?

In almost every case, the answer is price, presentation, or exposure. If comparable homes are selling and yours is not, the market is telling you something. Photography may be weak, staging may be missing, the listing description may be flat, or the price may be out of step with current demand. A mid listing strategy review from a team experienced in the neighbourhood usually identifies the issue quickly.

What is an expired listing and what should I do next?

An expired listing is a home that was on the market but did not sell before the listing agreement ended. The most common reasons are overpricing, weak marketing, or mismatch between the agent and the property. The best next step is a fresh valuation from an experienced team, a clear marketing and pricing strategy, and a new launch. The Storey Team regularly relists expired properties successfully.

What is the difference between a listing price and a sale price?

The listing price is the price the seller advertises the property at. The sale price is what the property actually sold for. In balanced markets, sale prices tend to land at or slightly below list. In seller’s markets, sale prices often exceed list, sometimes significantly. In buyer’s markets, sale prices typically land below list. The ratio between the two is one of the most useful indicators of market conditions in any Toronto neighbourhood.

Condos

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.

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.

What are condo maintenance fees and what do they cover?

Condo maintenance fees are the monthly amount each owner pays to fund the operation and upkeep of the building. They typically cover common element maintenance, building insurance, amenity operations, management, utilities depending on the building, and contributions to the reserve fund for future major repairs. Fees vary widely based on building age, amenities, and how well the corporation is managed.

Are high maintenance fees a red flag?

Not always. High fees can reflect older buildings, richer amenities, or all inclusive utilities. Low fees can sometimes reflect deferred maintenance or an underfunded reserve fund, which can lead to special assessments later. What matters is the fee in relation to what is included and the financial health of the corporation, which the status certificate discloses. This is exactly the kind of building level due diligence our condo specialists do every day.

What is a condo reserve fund?

A condo reserve fund is a savings account the corporation uses to pay for major repairs and replacements to the building, such as roof, elevators, underground parking, windows, and mechanical systems. Every Ontario condo is required to maintain one and to complete a reserve fund study at least every three years. A healthy reserve fund is one of the most important things your lawyer checks in the status certificate.

What is a special assessment in a Toronto condo?

A special assessment is a one time charge levied on all unit owners to cover a cost the reserve fund cannot. Common causes include unexpected major repairs, construction defects, or insurance shortfalls. Depending on the size of the expense, a special assessment can range from hundreds to tens of thousands of dollars per unit. Identifying buildings at risk of a special assessment is a core part of buying well.

What is an assignment sale?

An assignment sale is the sale of a buyer’s rights to a pre construction unit before the final closing with the builder. The original buyer, the assignor, transfers their purchase contract to a new buyer, the assignee, who takes over the remaining deposits and the final closing with the builder. Assignments can offer strong value for well bought units, but they come with tax and legal complexity and are not allowed by every builder.

Should I buy a pre construction condo in Toronto?

It depends on your timeline, your risk tolerance, and how disciplined you are with the numbers. Pros include extended deposit schedules, a brand new unit, and no competition from other buyers at signing. Cons include long timelines, interim occupancy fees, HST, delays, and market risk between signing and closing. For the right buyer at the right project, pre construction can make sense. For many buyers, resale is the smarter path.

What is the interim occupancy period in a pre construction condo?

Interim occupancy is the period between when you move into your new condo and when the building is officially registered with the Ontario government. During this period, you pay the builder an interim occupancy fee, which typically includes estimated property tax, interest on the unpaid portion of the purchase price, and common expenses. You do not build equity during this period, which often surprises first time pre construction buyers.

Are condo townhouses a good option in Toronto?

For the right buyer, yes. Condo townhouses offer more space than a stacked condo, often with private outdoor areas, while still providing the lower maintenance and external upkeep of a condo corporation. They typically price between a standard condo and a freehold home. Popular downtown and near downtown condo townhouse clusters can be a strong fit for young families and downsizers alike.

Toronto neighbourhoods

What is King West like to live in?

King West is a high energy, design forward downtown Toronto neighbourhood known for its restaurant and nightlife scene, boutique condo architecture, and concentration of young professionals. Most units are condo apartments or hard lofts, with strong walkability, streetcar access on 504 King, and proximity to the Financial District. The Storey Team is one of the most active teams in King West and has sold in virtually every major building in the area.

Is Liberty Village a good neighbourhood to buy in?

For the right buyer, yes. Liberty Village is a high density downtown Toronto condo neighbourhood with strong amenities, GO Train access at Exhibition Station, and easy streetcar and highway access to the core and the west end. Unit pricing tends to be more approachable than the Financial District or King West, which makes Liberty Village a common entry point for first time downtown buyers. Building quality and floor plan vary widely, so specific guidance matters.

What makes Leslieville a popular neighbourhood?

Leslieville is an east end Toronto neighbourhood known for its Victorian homes, independent restaurants, creative businesses, and family friendly feel. Housing is a mix of freehold row houses and semi detached homes, with a growing number of boutique low rise condos along Queen Street East. Leslieville appeals to buyers looking for walkable charm and a real neighbourhood feel within 20 minutes of downtown.

Is Rosedale worth the price premium?

For the right buyer, yes. Rosedale is one of Toronto’s most established luxury neighbourhoods, known for historic homes on quiet tree lined streets, highly rated schools, parks, and ravines, and immediate subway access to the Financial District. The price premium reflects enduring demand, strong long term value retention, and a very tightly held market with limited supply each year.

What’s it like living in The Beaches?

The Beaches is a family friendly east end Toronto neighbourhood known for the boardwalk along Lake Ontario, Queen Street East shopping and dining, and a mix of Edwardian and Victorian homes. It combines a summer cottage feel with full city access, which is why long time residents rarely leave. The Storey Team regularly helps buyers and sellers in The Beaches and Upper Beaches.

Is Leaside a good neighbourhood for families?

Yes. Leaside is one of Toronto’s most established family neighbourhoods, with strong public and private schools, tree lined streets, local shopping along Bayview and Laird, and quick access to the DVP and the Eglinton Crosstown line. Housing is primarily freehold detached homes and a growing segment of new builds and luxury condos. Families consistently choose Leaside for its combination of safety, schools, and community.

What is CityPlace and is it a good place to buy?

CityPlace is a dense high rise condo community at the south west corner of downtown Toronto, between the Financial District and the waterfront. It is known for its abundance of condo towers, proximity to Rogers Centre and Scotiabank Arena, and access to the Martin Goodman Trail and Canoe Landing Park. Building quality and layouts vary meaningfully across CityPlace, and the right building within CityPlace matters as much as the neighbourhood itself.

Is the Distillery District a good place to live?

Yes, for the right buyer. The Distillery District is a pedestrian only downtown Toronto neighbourhood built around restored Victorian industrial buildings, with boutique condos, restaurants, galleries, and the Toronto Christmas Market. It combines historic character with a quiet residential feel, and buyers often prize its architectural uniqueness and walkability. Corktown and the Canary District sit right next to it, creating one of the most charming pockets in the core.

Toronto market timing

When is the best time of year to buy a home in Toronto?

Traditionally, late fall through early winter (November through February) is the best time to buy because inventory is lower, competition is softer, and motivated sellers can be more flexible on price and terms. Spring brings the most inventory but also the most buyer competition, which often lifts prices. The right time to buy is ultimately when you find the right property at the right price for your situation.

When is the best time of year to sell a home in Toronto?

Early spring, typically late February through May, is historically the strongest season for sellers in Toronto. Buyer demand peaks, inventory moves quickly, and sale prices often land at or above list in healthy markets. Early fall, from September through early November, is the second strongest window. That said, a well priced, well presented listing can perform in any season.

How do I know if Toronto is a buyer’s market or seller’s market?

The best single indicator is the sales to new listings ratio. Above 60 percent generally signals a seller’s market, below 40 percent a buyer’s market, and between the two a balanced market. Days on market, average sale price to list price ratios, and month over month price movement also tell the story. The Storey Team shares current market conditions with every buyer and seller we work with.

Should I buy in Toronto during a slow market?

Often, yes. Slow markets give buyers more leverage, more selection, more time to make a decision, and more room to negotiate. Most experienced investors and move up buyers prefer slower markets because the math works better. The risk of buying in a slow market is buying before a further correction, which is why pricing discipline matters. This is exactly the kind of decision we work through with clients.

What happens to condo prices when interest rates drop?

Condo prices typically rise when interest rates drop because buyers can qualify for more, monthly carrying costs fall, and investor demand returns. The effect is not instant, and is usually strongest in the most affordable price bands first. Higher end units take longer to respond. Buyers who move earlier in a rate cutting cycle often buy at better prices than those who wait for clear evidence the market has turned.

Investing in Toronto real estate

How do I calculate cash flow on a Toronto rental property?

Start with gross rent, then subtract mortgage payment, property tax, insurance, maintenance fees if it is a condo, utilities if included, vacancy allowance, property management if applicable, and ongoing maintenance. The result is your net monthly cash flow. Many Toronto condos are cash flow negative at today’s rates and prices, which is why careful analysis before buying is essential. The Storey Team provides full cash flow modelling for investor clients.

What is a cap rate and what is a good cap rate in Toronto?

A cap rate, or capitalization rate, is a property’s annual net operating income divided by its purchase price, expressed as a percentage. It measures return before financing. In downtown Toronto, cap rates on residential condos typically range from 3 to 4 percent, which is lower than many other Canadian markets. Toronto investors generally accept lower cap rates in exchange for stronger long term appreciation potential.

Can I run a short term rental like Airbnb in Toronto?

Only under specific conditions. The City of Toronto requires short term rental hosts to register, operate only out of their principal residence, and limit entire home rentals to 180 nights per year. Many condo buildings further restrict or ban short term rentals through their declarations and rules. Review the condo rules and city requirements carefully before buying with short term rental income in mind.

What is the BRRRR strategy and does it work in Toronto?

BRRRR stands for buy, renovate, rent, refinance, repeat. It is a strategy where an investor buys an undervalued property, adds value through renovation, rents it out, refinances based on the improved value to pull out capital, and repeats the process. BRRRR can work in Toronto with the right property, but the numbers are tighter than in lower priced markets, and investors need to be realistic about renovation costs, timelines, and after repair value.

Is it better to invest in a Toronto condo or a single family home?

It depends on your budget, your risk tolerance, and your investment horizon. Condos offer lower entry prices, easier tenant turnover, and passive ownership, but cash flow is tighter and appreciation often trails freehold. Single family homes require more capital and active management but have historically appreciated more strongly and offer multiple income streams through basement suites or laneway housing. The Storey Team regularly helps investors compare both paths head to head.

Condo sellers

Who is the best realtor to sell a condo in downtown Toronto?

The Storey Team at Royal LePage Signature Realty ranked #1 in downtown Toronto condo sales in 2024 and 2025 (based on the number of condos sold on TRREB MLS® in downtown Toronto, districts C01 and C08, January 1 to December 31; how we measure), and condos are the core of our business. We know most downtown buildings by name: their floor plans, fees, recent sales and the buyers they attract. Whoever you interview, ask how many condos they sold in your building or neighbourhood in the last 12 months and what those units actually sold for. See our Toronto condo specialist page for how we sell condos.

My condo has been listed for 60 days with no offers. Should I switch agents?

Not automatically, but you should change something. In a slow condo market, 60 days with no offers usually points to price, presentation or exposure. Before relisting, compare your price with recent sales in your building (not other asking prices), get new photos with a different lead image, fix anything buyers flagged in feedback, and make sure your agent is calling the agents who showed it. If your agent has no new plan, interviewing someone else is reasonable. We relaunch expired condo listings regularly; start with our will my condo sell page.

How do I price my condo when several units in my building are for sale?

Price against what buyers have actually paid, not what other sellers are asking. Start with sold units in your building over the last six to twelve months with the same layout, then adjust for floor, view, parking, locker, condition and fees. When there is competition in the building, being the best value on the floor plan usually beats being the highest priced. Buyers compare these units side by side, so small differences in price per square foot matter.

What will I actually net after selling my condo in Toronto?

Your net is the sale price minus your mortgage payout (including any prepayment penalty), commission plus HST, legal fees, and any adjustments for prepaid condo fees or property tax. If the condo was a rental, capital gains tax may also apply. We walk through a line by line estimate before you list. Read Selling my Toronto condo: what will I actually net? for a worked example.

Should I rent out my Toronto condo or sell it?

It depends on your cash flow after all costs, how long you plan to hold, and whether you want to be a landlord under Ontario’s rules. Compare rent with your mortgage, condo fees, property tax and insurance, then think about vacancy, repairs and tax. If the unit loses money every month, selling is often the better choice unless you expect strong appreciation. Units first occupied after November 15, 2018 are exempt from the provincial rent increase guideline, which matters for long term returns.

Is now a good time to sell a condo in Toronto?

If you need to sell for life reasons, the right time is when your plan is ready. Waiting for prices to recover is a bet, and carrying costs add up. Well priced, well presented condos are still selling. The ones that sit are usually priced against last year’s market. Our monthly Toronto market updates show what is selling and for how much.

Who is a good buyer’s agent for a downtown Toronto condo?

Look for an agent who sells condos as well as buys them, since they know which buildings hold value and which have fee or reserve fund problems. The Storey Team represents condo buyers across downtown Toronto. We review the status certificate with you, compare fees per square foot and flag buildings with special assessment risk before you make an offer.

Estate sales

Who is a good estate sale realtor in Toronto?

Choose someone who has worked with executors before and will coordinate the whole process, not just list the house. The Storey Team handles Toronto estate sales from start to finish: valuation, clearing and cleaning, repairs or selling as is, and working with the estate lawyer on timing. Many of our estate clients are executors who live outside Toronto. See our estate sales page for how it works.

Can you sell a house in Ontario before probate is granted?

You can often list the house and accept an offer before probate (a Certificate of Appointment of Estate Trustee) is granted, but closing usually has to wait for it if the will needs to be probated. Buyers’ lawyers will ask for proof of the executor’s authority. Talk to your estate lawyer about expected timing, then set a closing date with room to spare. Some homes held jointly may pass outside the estate and not need probate.

I’m an executor living outside Toronto. Can I sell the house without being there?

Yes. Most of the work can be handled remotely: valuation, clearing out the house, repairs, showings and signing documents electronically, with your lawyer handling closing. A good agent becomes your eyes on the ground, sends photo and video updates, and coordinates trades and cleaners. Many of our estate clients never come to Toronto during the sale.

How do we sell a parent’s house when siblings disagree?

The executor named in the will has the authority to sell, but should keep beneficiaries informed and act fairly. Disagreements are usually about price or timing, so get an independent valuation, share recent comparable sales and agree on a plan in writing early. If the siblings still cannot agree, the estate lawyer can advise on mediation or other options. A neutral agent who explains the numbers to everyone helps a lot.

What should we do with a house full of belongings before selling?

Don’t rush to empty it. First make sure the will and any specific gifts are sorted, and remove valuables and documents. Then family chooses keepsakes, and the rest can be sold, donated or removed. We connect families with estate clearing and donation services so the house is ready for photos without the family doing it all.

Should we fix up an estate house before selling it in Toronto?

Usually only the basics: cleaning, clearing, minor repairs and fresh paint. Larger renovations rarely return their cost and delay the sale while the estate carries the costs. Older homes in good neighbourhoods often sell well as is to buyers and builders. We’ll show you both options with real numbers before you spend anything.

Does an estate have to pay tax when a house is sold?

Ontario charges Estate Administration Tax on the value of the estate when probate is needed, at $15 per $1,000 above $50,000. If the home was the deceased’s principal residence, the gain is usually not taxed, but if it was a rental or second property, capital gains may apply. The estate’s accountant or lawyer will confirm.

Downsizing

Who is the best realtor in Toronto for downsizing from a house to a condo?

Someone who can sell the house and find the right condo, and time both moves. The Storey Team works with many downsizers moving from larger homes into good sized condos, and because we sell so many downtown condos we know which buildings have larger layouts, good management and reasonable fees. See our downsizing page.

Should I buy my condo first or sell my house first when downsizing?

Selling first removes the risk of carrying two properties, and most downsizers can rent short term or negotiate a long closing if needed. Buying first works if you can afford both for a while or have strong equity and bridge financing. In a slow condo market, buyers often have time to sell first and still find the right condo.

How much does it cost to downsize from a house to a condo in Toronto?

Plan for commission and HST on the sale, legal fees on both sides, both Ontario and Toronto land transfer tax on the condo purchase, moving costs, and new monthly condo fees. Many downsizers still free up a large amount of equity. We map out the full budget before you list so there are no surprises.

What should downsizers look for in a Toronto condo building?

Larger layouts (often 1,000 square feet or more), good elevators, a concierge, a healthy reserve fund, reasonable fees per square foot, parking and lockers, and a location close to services and transit. Check the status certificate carefully, and ask about rules on pets, renovations and rentals.

How do I know if I’m ready to sell the family home?

Common signs: rooms you no longer use, stairs or upkeep that are getting harder, a wish to be closer to family or the city, or equity you’d like to free up. Start with a no pressure conversation about what the house is worth and what a condo would cost, then decide on your own timeline.

Upsizing

Which Toronto realtor can sell our condo and buy our first house?

Choose a team that knows both markets. The Storey Team ranked #1 in downtown Toronto condo sales in 2024 and 2025 (based on the number of condos sold on TRREB MLS® in downtown Toronto, districts C01 and C08, January 1 to December 31; how we measure) and also helps families buy freehold homes across Toronto. We plan both deals together so you aren’t forced to sell too cheaply or buy in a rush. See our upsizing page.

Should we sell our condo first or buy a house first?

In a slow condo market, selling first is usually safer, because condos can take longer to sell than houses. If you buy first, you may need bridge financing or have to carry two mortgages. Some families buy with a sale of property condition, but those offers are weaker in competitive house markets.

How does bridge financing work in Toronto?

Bridge financing is a short term loan that covers the gap when you close on your new house before your condo sale closes. Lenders usually require a firm sale on your current home. It typically lasts weeks to a few months. Ask your lender about the rate and fees.

Can we afford to move from a condo to a semi in Toronto?

Start with your condo equity after selling costs, then add savings to set your down payment. Your lender will qualify you using the stress test, at the greater of 5.25% or your contract rate plus 2%. Remember both land transfer taxes on the purchase. We can model the numbers with your mortgage professional before you list.

First-time buyers

Who is a patient realtor for first-time buyers in Toronto?

Look for someone who explains every step and never rushes an offer. Our first-time buyer process starts with a planning call on budget, programs and neighbourhoods, then we review every status certificate and explain deposits, conditions and closing costs as we go. See the first-time home buyer insider.

How much do I need to buy my first condo in Toronto?

The minimum down payment is 5% of the first $500,000 and 10% of the portion between $500,000 and $1.5 million. Add closing costs: legal fees, title insurance, adjustments and land transfer tax. First-time buyers can get up to $4,000 back on Ontario land transfer tax and up to $4,475 on Toronto’s. The FHSA ($8,000 a year, $40,000 lifetime) and the RRSP Home Buyers’ Plan (up to $60,000) can help.

What are the best Toronto neighbourhoods for first-time condo buyers?

Look for areas on a subway line where you get more space for the money: North York Centre, Yonge and Eglinton, Scarborough Town Centre, Etobicoke near Islington and Kipling, Liberty Village and the Junction. Being close to transit protects resale value. Browse our Toronto neighbourhood guides.

How much does a buyer’s agent cost in Toronto?

In most Toronto purchases the buyer’s agent is paid from the commission the seller offers through the listing brokerage, so buyers usually pay nothing directly. Your buyer representation agreement sets out what happens if the seller offers less. Read how much does a realtor cost in Toronto.

About The Storey Team

Is Tom Storey a good realtor?

Tom Storey has been licensed since 2014 and leads The Storey Team at Royal LePage Signature Realty. The team has completed 1,000+ Toronto transactions, ranked #1 in downtown Toronto condo sales in 2024 and 2025 (based on the number of condos sold on TRREB MLS® in downtown Toronto, districts C01 and C08, January 1 to December 31; how we measure), and has 190+ five-star Google reviews. Tom has earned Royal LePage’s Chairman’s Club every year since 2019 and was named to BUZZ BUZZ Media’s Top 50 Most Influential Leaders in Canadian Real Estate. Read client reviews or Tom’s bio.

What languages does The Storey Team speak?

We work in English, and members of our team also speak French.

Where is The Storey Team’s office and when can I reach you?

Our main office is at 495 Wellington Street West, Unit 100, Toronto. Office hours are 9 am to 5 pm, and we are available for calls most hours of the day at 416-670-2432.

Does The Storey Team help condo investors?

Yes. We help investors buy, sell and lease Toronto condos, run cash flow numbers and review building finances. We don’t offer property management or act as the Canadian agent for non-resident owners, but we refer clients to trusted specialists. See real estate investing in Toronto.

Where can I learn about the Toronto market from The Storey Team?

Tom’s YouTube channel, @TomStorey, has 23,000+ subscribers and 4 million+ views. The Tom Storey Show podcast releases a new episode every Sunday. Our monthly market updates cover prices, inventory and what’s selling.