From the Peak to Today: What’s Happening with Prices?
As the leaves change and we settle into fall, it’s a good time to reflect not just on the season but also on how far the Toronto real estate market has come since its all-time high in February 2022 — and where it may be headed next.
The 2022 Peak — And the Reality Now
February 2022 marked the highest average home price in Toronto history, with the GTA average price hitting $1,334,544, according to the Toronto Regional Real Estate Board (TRREB). Driven by ultra-low interest rates and pandemic buying frenzy, that market was an anomaly — unsustainable and emotional.
Fast forward to October 2025, and average prices have corrected significantly, especially in the low-rise detached and semi-detached segments. As of September 2025:
The GTA average selling price is hovering around $1,082,000, down ~19% from the peak.
Condo prices have been more resilient, especially in central Toronto, with some areas only down 5–8% from their highs.
Sales volumes remain sluggish, but there’s more inventory, giving buyers more choice and power.
So, When Are 2022 Prices Coming Back?
That’s the big question — and the honest answer is: not anytime soon. Here’s why:
Interest rates are still elevated compared to pre-2022, limiting buyers’ purchasing power.
The Bank of Canada is signalling gradual rate cuts, but not enough yet to fuel a major upswing.
Affordability remains a critical issue. Many buyers are stretching even at today’s prices.
Investor activity is muted, particularly with the introduction of new federal and provincial housing policies.
Our forecast (and we’re not in the business of sugar-coating):
We likely won’t see February 2022 prices return until at least 2027–2028, and that’s assuming interest rates begin to fall meaningfully, immigration continues to fuel demand, and confidence returns to the market.
What This Means for You
Whether you’re thinking of selling, considering a move, or waiting to buy, it’s crucial to act based on current market conditions — not past peaks.
If you’re a seller: Pricing your home properly is key. Overpricing leads to stale listings in today’s buyer-savvy market.
If you’re a buyer: There’s opportunity in today’s market, especially with motivated sellers and longer days on market.
If you’re an investor: Be strategic. Look for areas with future growth potential — especially transit-connected and densifying neighbourhoods.
Talk to the Team That Knows Toronto Inside Out
Our team — Richard Silver, Jim Burtnick, Celia Alves, Jose” Sanchez, Bill Johnston– is here to help you navigate this market with experience, data, and strategy.
As of January 1, 2023, the Canadian federal government enacted the Prohibition on the Purchase of Residential Property by Non‑Canadians Act, which bars non‑citizens and non‑permanent residents from purchasing most residential properties in Canada.
This ban was extended in February 2024 and now remains in force until January 1, 2027.
Applies only within designated “Census Metropolitan Areas” (CMAs) and “Census Agglomerations” (CAs)—such as Toronto, Ottawa, and Vancouver. Rural or cottage‑country regions outside those don’t automatically fall under this restriction
Exemptions exist if you’re:
Temporary residents with a valid work permit (minimum 183 days remaining) —and buying only a single residential property
International students meeting strict criteria (past five years of Canadian tax returns, 244 days/year in Canada, purchase price under $500,000, first property
Protected persons/refugees, or if you’re buying with a Canadian citizen or permanent resident spouse/co‑owner, or through inheritance/divorce
On top of the federal landscape, Ontario charges a 25% Non‑Resident Speculation Tax (NRST) on the purchase price of residential properties (1–6 units) by foreign buyers
If a non‑Canadian buys with a Canadian citizen or permanent resident, it doesn’t split or prorate—the full 25% NRST applies to the full property value
Possible rebates:
If you become a permanent resident within four years of purchase
And live in the property as your principal residence within 60 days after purchase
3. Municipal (City of Toronto): Municipal NRST (MNRST)
As of January 1, 2025, the City of Toronto added its own 10% MNRST on top of the provincial NRST and standard land transfer taxes.
Combined, a non‑Canadian purchasing a residential property in Toronto might pay:
25% NRST (Ontario)
10% MNRST (City of Toronto)
Plus standard land transfer taxes (provincial and municipal)
No grandfathering applies—if closing is January 1, 2025 or after, the MNRST applies, regardless of when the agreement was signed.
Exemptions and rebates for MNRST mirror those of the NRST: permanent residents, spouses/co-purchasers, work permit or student exemptions, principal residence occupancy within 60 days, and rebate eligibility if PR status comes later.
4. Summary Table
Level
Applies If…
What’s Required or Taxed
Notes
Federal Ban
You’re not a Canadian citizen/PR and in a CMA/CA
Purchase is generally not allowed, unless exempted
Extended until Jan 1, 2027
Ontario NRST (25%)
Purchase of 1–6 unit residential property by a non-Canadian in Ontario
25% of purchase price (on closing)
Rebates if PR within 4 years & occupancy within 60 days
Toronto MNRST (10%)
Same as above, but in the City of Toronto
An additional 10% on closing
No exemptions for signed agreements before Jan 2025
5. What to Tell Your U.S. Client
Check the property’s location:
If it’s outside a CMA/CA, the federal ban may not apply.
But even then, NRST still applies province-wide.
Ask about their status:
Are they a work permit holder or an international student who qualifies for exemptions?
Are they planning to apply for permanent residency soon? Timely timing could mean rebate eligibility.
Understand cost implications:
In Toronto, plan to add 25% + 10% = 35% in speculation taxes, on top of land transfer taxes.
Example: Buying a $1M home → $350k speculation taxes before even land transfer.
Occupancy requirement:
To qualify for exemptions or rebates, they (and any co-owners) must intend to occupy the property as a principal residence within 60 days.
Legal strategy matters:
Secure exemptions at purchase when possible—it avoids paying the NRST/MNRST upfront.
If missed, a rebate application may still be viable if the PR becomes available soon, but it becomes more complex.
SEO-Rich Summary
For U.S. clients exploring real estate in Toronto, it’s essential to navigate:
The Federal Foreign Buyer Ban (in effect until Jan 1, 2027) restricts non-citizens from buying residential property in many urban areas.
Ontario’s 25% Non-Resident Speculation Tax (NRST) that applies province-wide on certain residential properties.
The City of Toronto’s additional 10% Municipal NRST (MNRST), effective from January 2025.
Exemptions and rebate mechanisms tied to work permits, student status, permanent residency applications, spouse co-buyers, and principal residence commitments.
Encourage your client to align their immigration, financing, and legal timelines effectively to minimize cost and ensure compliance. And of course, always bring in trusted legal counsel to confirm exemptions and navigate rebate applications.
As someone who has competed in the Toronto Real Estate Market for many years, my clients often ask me how I seem to stay so level. In today’s real estate environment, staying focused can be incredibly challenging due to emotional turbulence, market saturation, changing regulations, and the rapid evolution of technology. Managing these factors effectively and keeping a calm head on your shoulders is crucial to long-term success for agents.
Limiting Information Overload
One of the main hurdles agents face is information overload. To combat this, it’s essential to curate your sources. Choose reputable, data-driven outlets that focus on accuracy and depth. Prioritizing quality over quantity helps avoid the pitfalls of shallow understanding. Furthermore, limiting distractions like constant notifications or social media can significantly improve focus.
Focusing on Your Core Market
Agents should identify and specialize in a niche market. Whether it’s luxury homes, first-time buyers, or investment properties, focusing on a specific sector helps tailor services and stand out from competitors. Researching and developing expertise in that niche allows agents to adapt their marketing, communication, and offerings to meet the unique needs of their clients.
Thinking about a career in real estate? Explore these related blogs for more advice!
Creating and maintaining a structured routine is critical. Begin by identifying the most important tasks and activities that drive your business, then block time in your schedule to prioritize them. A consistent schedule builds momentum while allowing flexibility to prevent burnout. I have learned to love walking 10,000-15,000 steps in the neighbourhood, stopping at my favourite coffee shop, regularly shopping at local stores and eating at local restaurants.
Delegating and Self-Care
Agents should delegate tasks to teams or partners whenever possible to avoid overloading themselves. Additionally, focusing on mindset and self-care by exercising and meditation can help maintain emotional balance and mental clarity. This enables agents to manage stress and remain productive. Exercise helps, but I enjoy my mani-pedis and relaxing on those massage chairs, and I am a big proponent of massage, sound baths and relaxation.
Setting both short- and long-term goals is essential to staying on track. These goals should be specific, measurable, and aligned with your vision. Regularly reviewing and adjusting goals as the market evolves ensures continued growth.
Client-Centered Focus
Above all, agents must stay client-centered. This involves understanding client needs, delivering exceptional value, and aligning strategies with the client’s long-term goals. Regular communication and staying focused on the client’s priorities help ensure satisfaction and success.
In conclusion, navigating the noisy real estate market requires focus, strategy, and self-care. Agents can maintain productivity and thrive despite their challenges by limiting distractions, focusing on niche markets, establishing routines, and staying client-centred.
Liberty Village, located just west of downtown Toronto, is a bustling community that has become a hot spot for young entrepreneurs. With its mix of modern condos, historic buildings, and vibrant businesses, Liberty Village offers a unique environment perfect for networking.
Here are some reasons why this neighbourhood is great for young professionals looking to make connections and grow their businesses.
Liberty Village is a Hub for Startups
Liberty Village is home to numerous startups and small businesses. Walking through the area, you will quickly notice many tech companies, marketing agencies, and creative studios. This dense concentration of innovative businesses makes it easy to meet like-minded professionals. Whether at a coffee shop or a co-working space, you will encounter someone you can connect with.
There Are Regular Networking Events and Meetups
The community hosts various networking events and meetups throughout the year. From tech talks to casual social meetups, there’s always something happening in Liberty Village. These events are perfect for making new contacts, learning about different industries, and even finding potential business partners.
Liberty Village is one of Toronto’s best neighbourhoods for young professionals! Explore these other blogs below for more Toronto community insights.
Liberty Village boasts numerous cafés and restaurants that serve as excellent informal meeting spots. Places like Balzac’s Coffee Roasters and The Craft Brasserie and Grille are often filled with professionals holding casual business meetings. These venues provide a relaxed atmosphere conducive to productive conversations.
Liberty Village’s Vibrant Community Spirit
The community spirit in Liberty Village is palpable. With frequent community events, outdoor markets, and neighbourhood festivals, there are countless opportunities to network in a casual setting. The sense of community here makes it easier for young entrepreneurs to feel welcome and encouraged to participate in local activities.
Liberty Village’s location is another factor that makes it ideal for networking. Just a short hop from Toronto’s financial district, it is easily accessible by public transport. This convenience attracts a diverse crowd from different parts of the city, enhancing your chances of meeting people from various professional backgrounds.
There Are Co-working Spaces and Incubators
Co-working spaces are not just about renting a desk. Many in Liberty Village offer networking opportunities and community-building events. These spaces often have programs that connect members with mentors, potential clients, and other resources that can accelerate business growth.
Fitness Centers and Health Clubs
Believe it or not, fitness centers can also be a great place to network. Liberty Village has several gyms and health clubs where young professionals go to stay fit. These settings provide a more relaxed environment where casual conversations can lead to meaningful professional connections.
Thinking about buying a condo in Liberty Village? Explore these blogs next!
One of Liberty Village’s standout features is its focus on collaboration. Many local businesses willingly partner with each other for various projects, fostering a culture of mutual growth. This collaborative atmosphere benefits young entrepreneurs looking to build relationships and work on joint ventures.
A Community Online and Offline
Businesses in Liberty Village are very active on social media. Platforms like Instagram and LinkedIn are buzzing with posts about local events, achievements, and opportunities. Following these accounts can keep you in the loop and provide networking opportunities even before meeting in person.
Liberty Village is more than just a place to live and work; it is a thriving ecosystem that supports young entrepreneurs in many ways. The abundance of startups, networking events, informal meeting spots, and collaborative culture make it an ideal place for young professionals to connect and grow. By taking advantage of the resources and opportunities in this neighbourhood, young entrepreneurs can build a robust network that helps them succeed in their ventures.
A Warning, However: The Rose Has a Few Thorns.
Traffic congestion in Liberty Village has become a major issue for residents. According to some reports, traffic has reached a “crisis point” with a growing population and more infrastructure projects. Residents are frustrated by the unbearable delays, largely caused by ongoing construction and inadequate roadways to accommodate the increasing number of vehicles.
This problem impacts drivers and public transit users, with frequent gridlock and slower TTC service. Many residents have been pleading with the city for solutions, such as improved transit options, better traffic management, and quicker completion of construction projects.
The frustration is widespread, with locals calling the city to “just do something” to address the worsening situation. However, as of mid-2024, significant improvements have yet to be seen.
That being said, if you are excited to make Liberty Village your next home, know that Silver Burtnick and Associates at Sotheby’s International Realty Canada will be there to advise you. The good often outweighs the bad, but honesty IS still the best policy. We believe that those decisions are up to you when you have all the facts and our job will always be to facilitate.
Looking to buy in Liberty Village? We can help! When you’re ready to begin your next chapter, get in touch. Click here to send us an email or .
When it comes to finding the perfect home, many people think that bigger is better. However, a smaller real estate team like Silver Burtnick and Associates can often provide a more personalized and effective experience. Our small team focuses on luxury real estate in the GTA. We know how important it is to understand your unique needs, whether right-sizing, downsizing, or looking for a second home abroad.
Personalized Attention: More Than Just Business
A small team means you get more one-on-one attention. At Silver Burtnick and Associates, your needs are our top priority. Unlike larger teams where clients may feel like just another number, we ensure every client feels valued and heard. If you want a specific type of home, we ensure to capture all your preferences down to the smallest details.
Deep Local Knowledge: We Know Toronto
Knowing the area well makes a huge difference in real estate. Our team lives and works in the Greater Toronto Area and understands the ins and outs of each neighbourhood. Whether you’re looking to buy in Rosedale or sell in Cabbagetown, we know what makes each place unique.
Tailored Marketing Strategies: Reaching the Right Buyers
When you decide to sell your property, the way it is marketed can make a big difference. Our small team specializes in creating tailored marketing strategies that highlight your home’s best features. We use high-quality photos and detailed descriptions to attract the right buyers. Online and offline, we know how to present your property to get the best results. At Silver Burtnick and Associates, we are big fans of decluttering, staging and deep cleaning our listings before they are photographed and placed on the market.
Communication: Keeping You Informed Every Step of the Way
Good communication is key to a successful real estate transaction. You won’t be passed from person to person with a smaller team. You’ll have a dedicated point of contact who knows your case inside and out. We keep you updated at every step, whether you’re buying or selling. Your questions and concerns are addressed promptly, ensuring a smooth process.
Thinking about selling your Toronto home? Explore these blogs for more advice!
Step-by-Step Assistance: Guiding You Through the Process
Buying or selling a home can be complicated, but it doesn’t have to be stressful. We break down the process into simple, understandable steps. At Silver, Burtnick and Associates, we guide you through each stage, from the initial consultation to closing the deal. This hands-on approach helps to demystify the real estate process and ensures you feel confident at every turn.
Strong Relationships: Building Trust and Confidence
Trust is crucial in real estate. Our small team takes the time to build strong relationships with clients. We aim to be more than just your real estate agents; we want to be your trusted advisors. Our clients appreciate our honesty, integrity, and commitment to doing what’s best for them.
Expertise in Luxury Real Estate: Providing High-Quality Service
Experience and expertise are vital when it comes to luxury real estate. Our team specializes in high-end properties, catering to clients who expect the best. We understand the unique needs of luxury buyers and sellers and are skilled in meeting those demands. From multimillion-dollar homes to exclusive second homes worldwide, we provide top-notch service.
Your Needs Are Our Priority
Choosing Silver Burtnick and Associates at Sotheby’s International Realty Canada brings a dedication and personal touch that can make all the difference. We understand the unique needs of our clients in the Greater Toronto Area, and our goal is to provide high-quality, personalized service. Whether you’re buying, selling, or both, our expertise in luxury real estate ensures you get the best possible outcome.
Silver Burtnick and Associates aim to make your real estate experience successful and enjoyable by focusing on your specific needs and keeping communication clear and constant. Let’s work together to find your perfect home.
The Toronto real estate market has long been a subject of interest and discussion among buyers, sellers, and investors alike. Situated in the vibrant province of Ontario, Toronto is Canada’s largest city and a thriving economic hub. Boasting a diverse population, robust job market, and renowned cultural scene, it is no wonder that the demand for real estate in this metropolis remains consistently high. [0, 1, 2]
As one of Canada’s most sought-after locations to live and work, Toronto offers a wide range of housing options to suit various lifestyles and budgets. From luxurious downtown condominiums with stunning skyline views to charming suburban neighborhoods with family-friendly amenities, there is something for everyone in this bustling city. However, navigating the Toronto real estate market can be challenging due to its competitive nature. [3, 4]
With fluctuating prices and limited inventory, buyers must stay informed about market trends while sellers need strategic pricing strategies to maximize their returns. [5]
Factors Driving The Demand For Real Estate In Toronto
Toronto, Ontario, has become one of the most sought-after real estate markets in Canada due to several key factors. Firstly, the city’s strong and diverse economy plays a significant role in driving demand. Toronto is a hub for various industries, including finance, technology, and healthcare, attracting professionals from all over the world who seek employment opportunities. Additionally, Toronto’s reputation as a global city with a high quality of life and vibrant cultural scene contributes to its appeal. [6, 7, 8]
Moreover, population growth is another crucial factor behind the increasing demand for real estate in Toronto. The city continues to experience steady population growth due to immigration and inter-provincial migration, placing pressure on the housing supply. This influx of residents further fuels the need for housing options and drives up demand. Furthermore, low-interest rates and favourable lending conditions have made homeownership more accessible to many individuals. [9, 10, 7, 11]
Overview Of Toronto’s Neighborhoods And Housing Options
Toronto, the vibrant and multicultural capital of Ontario, offers a diverse range of neighbourhoods and housing options to suit various preferences and budgets. From the bustling downtown core to the peaceful suburbs, each neighbourhood has its unique charm and character. The downtown area is known for its high-rise condominiums, offering modern living spaces with breathtaking views of the city skyline. [12, 3]
The surrounding neighbourhoods, such as Yorkville and King West Village, boast trendy townhouses and lofts that cater to young professionals seeking a vibrant urban lifestyle. For those looking for a more family-friendly atmosphere, Toronto’s residential suburbs provide spacious detached houses with well-manicured lawns. Areas like North York and Scarborough offer affordable options while maintaining proximity to parks, schools, and shopping centers. [13, 12, 3]
Toronto’s real estate market is highly sought after but can be competitive.
Current Trends In Toronto’s Real Estate Market
Toronto’s real estate market has seen significant shifts and trends in recent years. One notable trend is the continuous rise in housing prices, making it increasingly challenging for first-time homebuyers to enter the market. This surge in prices can be attributed to a combination of factors, including limited housing supply, increasing demand from both domestic and international buyers, and low mortgage interest rates. [14, 15, 13]
Another prevailing trend is the shift towards condo living. With limited space available for new developments and higher land costs, condominiums have become an attractive option for many buyers. This has led to an increased number of high-rise buildings across the cityscape. Additionally, there has been a growing interest in sustainable and environmentally friendly housing solutions. Developers are incorporating green building practices into their projects, such as energy-efficient systems and eco-friendly materials. [16, 17, 1, 3, 18]
Challenges And Opportunities For Buyers And Sellers In Toronto
The Toronto real estate market presents both challenges and opportunities for buyers and sellers. One major challenge faced by buyers is the high cost of housing. As Toronto consistently ranks among the most expensive cities in Canada, affordability becomes a significant hurdle for potential homeowners. Limited inventory is another pressing issue, as the demand often outweighs supply, leading to intense buyer competition. [7, 19, 18, 20]
However, these challenges also create opportunities for sellers. The high demand and limited inventory can result in bidding wars, allowing sellers to maximize their profits. Additionally, Toronto’s strong real estate market offers stability and long-term growth potential for property owners. To navigate these dynamics successfully, buyers must be financially prepared with pre-approval for mortgages and a clear understanding of their budget. [21, 5, 7, 22]
Sellers should consult with experienced real estate agents who understand the local market trends and can help them set realistic prices. [23]
Investing In Toronto’s Real Estate: Pros And Cons
Toronto, Ontario, has long been regarded as a hotbed for real estate investment opportunities. With its booming economy, diverse population, and strong rental market, the city offers several advantages for investors. One of the major benefits is the potential for high returns on investment due to consistently rising property values. Toronto’s robust rental market also ensures a steady income stream for landlords. [24, 7, 25, 26]
Additionally, the city’s stable economy and job market make it an attractive destination for both domestic and international tenants. However, some challenges exist when investing in Toronto’s real estate market. The high prices of properties can be a barrier to entry for some investors, making it difficult to find affordable options. Moreover, the competitive nature of the market means that finding lucrative deals may require extensive research and patience. [27, 28, 29, 30]
Additionally, government regulations and policies can impact property ownership and rental operations.
Future Outlook For The Real Estate Market In Toronto
The future of the real estate market in Toronto, Ontario, holds both opportunities and challenges. With its vibrant economy and diverse population, Toronto continues to be a highly sought-after destination for homebuyers and investors alike. However, several factors may shape the market in the coming years. Firstly, experts predict that housing prices will continue to rise due to limited supply and high demand. [31, 25, 32, 29]
This could lead to affordability concerns for prospective buyers. Additionally, as remote work becomes more prevalent, there might be a shift in housing preferences towards suburban areas outside of downtown Toronto. Furthermore, government policies aimed at cooling the market may impact future trends. Measures such as stricter mortgage regulations or foreign buyer taxes could potentially influence property values and sales activity. [33, 1, 13]
While uncertainties exist, Toronto’s real estate market is expected to remain robust due to its strong fundamentals and desirability among domestic and international investors. [7]
If you’re a seller: Pricing your home properly is key. Overpricing leads to stale listings in today’s buyer-savvy market.
Talk to the Team That Knows Toronto Inside Out
Talk to the Team That Knows Toronto Inside Out
