Secrets – Refined Real Estate Team

Selling Your House: The Checklist Most Sellers Never See

Jeffrey Luciano — Fri, 24 Apr 2026 17:32:34 +0000

Selling a house looks easy from the outside.

You sign some paperwork, take some photos, put the home on MLS, have a few showings, receive an offer, and then wait for closing.

If that was all it took, then real estate agents would be hanging out with travel agents and milk delivery men and lamenting the passage of time.

The real version has a lot more going on.

A successful sale involves pricing, paperwork, preparation, photography, marketing, showings, agent outreach, feedback, offer strategy, conditions, lawyers, deposits, closing details, and a surprising number of small things that can go sideways if nobody is paying attention.

So, what does it really take to sell a house?

Let’s get into it.

#1 – First, We Need to Understand the Property

Before anything is listed, signed, or photographed, we need to understand what we are actually selling.

That sounds obvious, but it is where a lot of mistakes start. A house is not worth a certain amount just because a similar-looking house sold nearby. Buyers care about details, and those details can change the result.

At this stage, we are looking at things like:

Property type
Neighbourhood
Lot
Condition of the home
Recent comparable sales
Current competition
Active listings
Expired listings
Buyer demand
Timing
Likely buyer objections
Whether repairs or preparation make sense
Whether the home has features that need to be explained properly

This is also where we talk about the seller’s goals.

Some sellers want the highest possible price and are willing to do more preparation. Some need a particular closing date. Some want the least disruption possible. Some are selling a vacant property and can be more flexible with timing and showings. Some are living in the home with children, pets, work schedules, and actual lives that need to be managed.

The strategy should match the seller, not just the house.

#2 – Then We Build the Pricing Strategy

Pricing is not just picking a number that feels good.

A proper pricing strategy should answer three questions:

What is the property likely worth?
How will buyers see it compared to the competition?
What listing strategy gives the seller the best chance of a strong result?

That usually means reviewing:

Comparable sold properties
Current active listings
Similar homes that failed to sell
Market direction
Days on market
Sale-to-list ratios
Buyer behaviour in that price range
Whether offer dates are working
Whether buyers are negotiating aggressively
Whether the property should be priced at market value or positioned more aggressively

This is where the valuation work matters. It is not just a stack of comparable sales. It is the basis for the actual plan.

The wrong price can cost a seller money in two different ways. Price too low without a real strategy and you may leave money on the table. Price too high and the listing can sit, become stale, and eventually require a price reduction. Do either of those two sound ideal to you?

#3 – Paperwork Starts Earlier Than Most Sellers Expect

Once the seller decides to move forward, the paperwork begins.

This part is not exciting, but it matters. A listing is a legal relationship, and the documents need to be accurate.

Seller paperwork may include:

Listing agreement
RECO Information Guide
FINTRAC identification forms including Politically exposed person forms
MLS data forms
Schedules and clauses
Brokerage documents
Disclosure documents, where applicable
Condo-related documents, where applicable
Spousal consent, where required
Special instructions about inclusions, exclusions, access, or commission

Details need to be checked carefully, including:

Seller legal names
Property address
Ownership details
Listing price
Commission, including Co-operating brokerage commission
Listing start date
Listing expiry date
Holdover period
Included items
Excluded items
Special terms
Signatures and initials

This is one of those areas where sellers usually only notice the work if something goes wrong.

A typo in a name, a wrong date, a missing initial, an unclear inclusion, or a poorly drafted schedule can create real problems later. Good paperwork does not sell the house by itself, but bad paperwork can absolutely make the sale harder than it needs to be.

#4 – The Home Has to Be Prepared Before It Goes Public

A good listing launch does not happen on listing day. It happens before listing day.

Before the home goes live, there is often a preparation stage. Depending on the property, that can include:

Repairs
Painting
Cleaning
Window cleaning
Landscaping
Decluttering
Staging
Handyman work
Pre-list inspection
Floor plan preparation
Condo status certificate ordering
Sign installation
Lockbox installation
Key organization
Access planning
Showing instruction planning

This does not mean every seller should spend a fortune preparing their home.

Some improvements are worth doing. Some are not. The goal is to decide what will actually help the sale.

There is a big difference between spending money to improve the result and spending money because everyone feels vaguely anxious before listing. The first one is strategy. The second one is just expensive stress.

#5 – The Listing Calendar Needs to Be Managed

Selling a house involves a lot of scheduling. Like, a lot of scheduling.

Before the listing goes live, the timing needs to be coordinated for:

Cleaners
Painters
Repairs
Staging
Photography
Video
Floor plans
Sign installation
Pre-list inspection
Open houses
MLS launch
Offer date, if there is one
Status certificate timing, for condos
Showing availability

If one step is delayed, it can affect everything else.

For example, if the cleaners are late, the photos may need to be moved. If the photos are delayed, the MLS launch may need to be pushed. If the MLS launch moves, the open house timing may change. If the offer date changes, the whole marketing plan may need to be adjusted.

This is why a good listing process has a calendar, not just a vague hope that everything will somehow come together.

#6 – Photography, Video and Floor Plans Are Not Just “Marketing Extras”

Most buyers see the home online before they ever see it in person.

That means photography, video, floor plans, and listing presentation matter.

This stage can include:

Booking professional photography
Preparing the home for photos
Reviewing the photos
Selecting the best MLS photos
Putting the photos in the right order, so it makes sense to someone clicking through
Checking the virtual tour
Reviewing the floor plans
Making sure the marketing reflects the property accurately
Preparing feature sheets
Preparing social media material
Preparing agent outreach material

The goal is not to make the house look like something it is not. That just creates disappointment at showings. Believe it or not, if a buyer and their agent shows up to find that the listing agent “tweaked” photos and catfished you into the showing, the result isn’t an eager buyer ready to submit an offer.

The goal is to show the property at its best, make the layout easy to understand, highlight the right features, and give buyers a reason to book a showing.

Bad photos can make a good house look forgettable. Good photos cannot fix a bad property, but they can make sure the right buyers actually notice it.

#7 – The MLS Listing Has to Be Built Carefully

The MLS listing is where a lot of buyers and agents form their first real opinion of the property.

It needs to be accurate, complete, and strategic.

That means checking:

Price
Address
Property type
Taxes
Lot size
Room measurements
Bedrooms
Bathrooms
Parking
Locker information, if applicable
Condo fees, if applicable
Inclusions
Exclusions
Rental items
Showing instructions
Offer instructions
Remarks
Attachments
Schedules
Photos
Floor plans
Virtual tour links

This is also where we need to avoid creating confusion.

If the listing says one thing and the feature sheet says another, buyers notice. If the room measurements are wrong, agents notice. If the inclusions are unclear, it can become an issue during negotiations.

The MLS listing is not just data entry. It is the public version of the sale.

#8 – Listing Day Is a Launch, Not a Button

Listing day is when the property officially hits the market, but there is more to it than pressing “submit.”

On listing day, the following needs to be checked:

MLS listing is live
Realtor.ca is displaying properly
Photos are showing correctly
Virtual tour link works
Showing instructions are correct
Lockbox is installed and working
Seller is receiving showing notifications
Showing system is configured properly
Sign is installed
Marketing materials are ready
Brokerage and agent promotion is underway
Open house information is correct, if applicable

This is also when the seller should receive the key links and information, including:

MLS listing link
Realtor.ca link
Virtual tour link
Showing instructions
Sign photo, where relevant
Open house details, if planned

A bad launch can waste the first and most important days of market exposure.

That does not mean every listing sells in the first few days. It means that when a listing goes live, it should be ready.

#9 – Showings Are…Challenging

Showings can become the biggest pain point for sellers, especially if they are still living in the property.

When the home is on the market, sellers may be dealing with:

Last-minute showing requests
Buyers arriving late
Agents cancelling
Overlapping appointments
Requests during dinner
Requests during work calls
Requests during children’s nap times
Pets that need to be removed
Lights, doors, and alarms
Cleaning before every appointment
Keeping the house looking ready all the time

For someone selling privately, this can become exhausting very quickly.

A showing plan needs to answer practical questions, including:

When are showings allowed?
How much notice is required?
Are showings automatically confirmed or manually approved?
Are there any blocked-off times?
How do agents access the property?
Where is the lockbox?
What should agents know before entering?
Are there pets?
Should lights be left on or off?
Should shoes be removed?
Are there alarm instructions?
Are there rooms, doors, gates, or garages with special instructions?
Can showings overlap?
How is feedback collected?
What happens if a buyer wants a second showing?

This matters because access affects results.

If a property is too hard to show, some buyers will skip it. If showings are completely unmanaged, the seller may feel like they are living in a hotel lobby.

The goal is to make the home easy enough to see without making the seller’s life miserable.

#10 – Showing Feedback Has to Be Tracked and Interpreted

Once showings begin, the market starts giving feedback.

That feedback is not always direct, and it is not always useful, but it needs to be reviewed.

We are looking at things like:

How many showings are happening
How quickly buyers are booking
Whether buyers are coming back for second showings
What agents are saying
What buyers are objecting to
Whether the price is being questioned
Whether the condition is being questioned
Whether the layout is causing concern
Whether the location is a sticking point
Whether buyers are comparing it to another property
Whether new competition has appeared
Whether similar homes have sold

The important part is not to overreact to one random comment.

One buyer saying the kitchen is small may mean nothing. Ten buyers saying the kitchen is small probably means something. No showings at all means something else entirely.

A listing should not just sit online while everyone hopes for the best. It needs to be actively managed.

#11– Weekly Updates Keeps Everyone Informed

A seller should not have to wonder what is happening.

During the listing, there should be regular updates on:

Showing activity
Buyer feedback
Agent feedback
Competing listings
Recent sales
Changes in market conditions
Open house results
Online activity, where useful
Whether the current strategy is working
Whether a change is needed

This is where the conversation needs to be honest.

If the listing is getting good showings but no offers, that tells us one thing. If it is getting very few showings, that tells us something else. If buyers are repeatedly objecting to the same issue, we need to deal with that reality.

Sellers do not need cheerleading. They need useful information.

#12 – Open Houses and Agent Outreach Still Matter

Open houses are not magic, but they can be useful.

Depending on the property, the strategy may include:

Public open houses
Agent open houses
Brokerage promotion
Email promotion to agents
Social media promotion
Direct outreach to agents with active buyers
Follow-up with agents who have shown the property

The point is not simply to say, “We did an open house.”

The point is to increase exposure, collect feedback, create urgency, and make sure the right buyers and agents know the property exists.

Sometimes open houses directly produce the buyer. Sometimes they help create momentum. Sometimes they reveal that buyers are reacting differently than expected.

All of that is useful.

#13 – Sometimes the Strategy Needs to Change

Not every property sells right away.

That does not automatically mean something went wrong, but it does mean the strategy needs to be reviewed.

Possible adjustments may include:

Changing the price
Updating the photos
Changing the order of photos
Revising the MLS remarks
Changing showing instructions
Improving access
Refreshing marketing materials
Increasing agent outreach
Following up with previous showings
Relisting, where appropriate
Changing the offer strategy
Dealing with a condition or objection that keeps coming up

A stale listing is not usually fixed by ignoring it.

The market is allowed to disagree with the original plan. When it does, the seller needs clear advice on what to do next.

#14 – Offers Are About More Than Price

When an offer comes in, price is important, but it is not the only thing that matters.

A seller needs to understand the full offer, including:

Purchase price
Deposit amount
Closing date
Conditions
Inclusions
Exclusions
Irrevocable time
Buyer financing risk
Inspection terms
Status certificate terms, for condos
Sale of buyer’s property condition, if included
Unusual clauses
Missing schedules
Mistakes or unclear wording

The seller also needs advice on the strategy:

Accept the offer.
Reject the offer.
Sign the offer back.
Wait for another offer, if that is realistic.
Use the offer to create leverage, if the rules and circumstances allow it.

The best offer is not always the highest offer.

A slightly lower firm offer with a strong deposit and clean closing may be better than a higher conditional offer with weak terms. It depends on the seller’s priorities and the risk in the offer.

#15 – Conditional Sales Need to Be Managed Carefully

If the property sells conditionally, it is not sold firm yet.

Common buyer conditions include:

Financing
Home inspection
Insurance
Lawyer review
Status certificate review
Sale of the buyer’s property

During the conditional period, someone needs to track:

Condition deadlines
Deposit receipt
Required documents
Access for inspections
Access for appraisals
Status certificate delivery, if applicable
Notices of fulfillment
Waivers
Amendments
Communication with the buyer’s agent
Whether the deal is becoming firm or falling apart

This is a time-sensitive part of the process.

If the buyer waives or fulfills the conditions properly, the deal becomes firm. If they do not, the property may need to go back on the market.

That is why the details matter.

#16 – Sold Firm Is Not the Same as Finished

Once the deal is firm, the seller can breathe a little easier, but the work is not done.

After a firm sale, the process may include:

Marking the property sold
Confirming the deposit
Updating showing instructions
Changing lockbox access
Installing a sold sign or sold rider
Removing or collecting marketing materials
Sending paperwork to the lawyers
Confirming seller and buyer lawyer details
Arranging purchaser visits
Preparing closing instructions
Organizing signed documents
Preparing internal trade and brokerage paperwork
Tracking the closing date

This stage is less visible to the public, but it is still important.

Remember, a firm sale still needs to close!

#17 – Purchaser Visits and Closing Preparation Need Organization

Most agreements allow the buyer to visit the property before closing.

Those visits need to be scheduled and managed. They may be used for:

Measuring rooms
Getting contractor quotes
Showing family members
Planning furniture
Checking the property before closing

The seller also needs to prepare for closing by dealing with:

Keys
Fobs
Remotes
Mail keys
Alarm codes
Appliance manuals
Warranties
Rental contracts
Utility accounts
Moving arrangements
Final cleaning
Vacant possession, where required
Any agreed repairs or items

This is where organization matters. Nobody wants to be searching for a garage remote or condo fob at the last minute.

#18 – Closing Day Is a Legal Event, Not Just Moving Day

On closing day, the lawyers complete the transfer.

The buyer’s funds are sent. The seller’s lawyer deals with payouts, adjustments, title transfer, and release of keys. Once the deal has officially closed, the property belongs to the buyer.

The seller should not hand over keys directly unless instructed to do so by the lawyer or unless the proper process has been arranged.

Closing day can feel simple if everything has been prepared properly. If it has not, it can be stressful.

The key things to confirm are:

Lawyer has what they need
Property is ready for vacant possession, if required
Keys and access items are ready
Seller understands when property is officially closed
Funds have been received
Final adjustments are handled by the lawyers

Once the lawyer confirms closing, the sale is complete.

#19 – Even After Closing, There Are Still Final Details

After closing, there are still a few loose ends. These may include:

Confirming the transaction closed
Confirming funds were received
Confirming commission and brokerage paperwork
Saving final documents
Sending the seller a transaction summary with all the documents of the sale in one place
Updating client records
Following up after the move to ensure no questions or issues remain

The seller should also keep a record of:

Agreement of purchase and sale
Amendments
Waivers or notices of fulfillment
Lawyer closing documents
Statement of adjustments
Commission statement
Receipts for moving or sale-related expenses, where relevant

The house may be sold, but the paperwork should not disappear into the abyss.

As we hope the above lengthy list of activities shows, selling a house is not one job. It is a long list of connected jobs, and each one affects the next.

A good sale depends on:

Pricing the property properly
Preparing it intelligently
Launching it cleanly
Managing showings without chaos
Tracking feedback honestly
Marketing it effectively
Negotiating aggressively
Managing conditions and deadlines
Coordinating lawyers and closing details
Keeping the seller informed throughout the process

It’s true that from the outside, selling a house can look like putting a sign on the lawn and waiting for a buyer. Sadly, some sellers have experienced such a haphazard approach and the results are always less than optimal.

Our clients choose to work with us to sell their homes because they get that there is a lot happening behind the scenes. Our goal is not just to get the home sold. Our goal is to minimize the possibility of mistakes, manage the stress, protect our seller client, and get the best result possible. If that sounds appealing to you, then get in touch with us to talk further!

The Three Day Market

Jeffrey Luciano — Fri, 17 Apr 2026 19:30:03 +0000

We’re starting to see some bidding wars and homes selling over list price in certain areas we’re working in with clients, and we thought it was worth examining how common that is these days.

We pulled the data for freehold properties in Toronto, York, Peel, Durham, Halton, Dufferin and Simcoe to see exactly where these three day markets exist and to what extent. Let’s get into it.

Toronto – Home of the 11%

When we look at the City of Toronto, it is by far the place where the three day market is most prevalent.

As of April 17, 2026, there have been 2,465 sales in Toronto so far this year. 276 of these sales happened in three days or less, which means that 11% of the Toronto market transacted that quickly. The homes are generally three bedroom, three washroom houses.

The average sale to list price for these 276 homes was 106%, so these sellers received, on average, about $76,000 more than their list price. Whether this was a result of the sellers holding back offers until a certain date and then receiving a bully offer they accepted, or simply a quick acting buyer who offered more than list price shortly after listing, Toronto was one of two parts of the GTA where these quick sales also netted sellers more than list price.

Durham – 2^nd Place Ain’t Bad

The only other part of the GTA that saw an average sale to list price of over 100% was Durham.

As of April 17, 2026, Durham has had 1,608 sales in the region so far, and 106 of those sales happened in three days or less on market. This means about 7% of all of the sales in 2026 in Durham happened on a very quick basis, and the average sale to list price was about 102%.

With an average list price in Durham of about $910,000 for these quick sales, it means that these sellers not only sold quickly, they made about $14K more than their list price. Just like Toronto, these homes had three bedrooms and three washrooms, which means they’re quite suitable for a family.

York – Close, but No Cigar

While all five of the remaining areas with the GTA saw a number of these quick sales, none of them had a sale to list price ratio of over 100%. York came closest to the mark of these five, with a sale to list price ratio of just under 100%.

There were 1,917 sales in York Region in 2026 as of April 17, 2026, and about 5% of these sales happened in three days or less. These 96 homes sold for, on average, about $6,000 less than their list price, so while they sold quickly, it wasn’t the same sort of market where sellers got more in a very quick fashion. They were slightly larger homes than we saw in Toronto and Durham, with four bedrooms and four washrooms on average.

Peel – 92 sales and 95% over Three Days

As of April 17, 2026, Peel has seen 1,883 sales this year and just 92 of those sales took place in three days or less. That works out to about 5% of the total sales, and on average, the sellers of these four bedroom, three washroom homes got about $10K less than their list price. With 95% of properties selling over that three day window, the Peel market was definitely not the hottest in the GTA.

Halton – 1% Under List Price

Halton is our first part of the GTA to see a list to sale price ratio of 99%, which worked out to sellers taking about $11K less than the list price. As of April 17, 2026, Halton has seen 1,187 sales and just 71 of those of those homes sold in three days or less. That means that just 6% of the properties sold so far this year (which were three bedroom, three washroom homes on average) sold in a very speedy fashion.

Simcoe – The Second Smallest Level of Sales and the Smallest Homes

Simcoe has had 1,475 sales in 2026 as of April 17, 2026, with just 3% of those sales taking place in three days or less. These 40 homes were also the smallest homes to sell in that timeframe in all of the GTA, with an average size of three bedrooms and two washrooms. They sold for about $8K less than list price, but with the lowest average sale price in the GTA, that number below list isn’t too surprising.

Dufferin – Just Three Houses Sold in Under Three Days

Our final area to review is Dufferin, which saw just three of the 148 sales so far this year (as of April 17, 2026) sell in under three days. That works out to 2% of the total sales and while the sale to list price ration was 96%, with just three sales, that number isn’t reliable. Similarly, the $27K under list price that these sellers took in order to sell so quickly seems reflective more of buyers pushing hard, rather than a hot market.

Nobody buys or sells the market as a whole. Whether you’re looking to purchase a property or sell one – or both – you’re always dealing with a specific housing type, area and price point. While what is happening in “the” market can be interesting, it is often not the same as what is happening in any of these sub-markets. We hope you found this review helpful, and that seeing which parts of the GTA have been seeing some quick sales – and the impact that has had on the prices for these sales – gave you a better understanding of the differing markets we’re seeing.

If you are thinking about making a move, then you need to know what’s happening in your market, not the market. Get in touch with us and we’ll show you exactly what is happening where you live and where you want to live.

The Nouveau Riche Tax(e)

Jeffrey Luciano — Fri, 03 Apr 2026 21:55:08 +0000

Every couple of years we seem to see Toronto increasing their municipal land transfer tax (LTT) on luxury properties. It happened back in 2024, when increased rates were imposed upon sales in Toronto of properties over $3M, and it’s just happened again.

As of April 1, 2026, we have new rates for the LTT on the sale of properties over $3M in Toronto. The provincial land transfer tax has not made any similar changes at any point, but the city of Toronto is rapidly increasing the cost to buy within the Toronto boundaries.

We looked at the anticipated increased revenue the city would make when they did this back at the start of 2024, we said they’d bring in about $27M in additional revenue as a result of the increases. That sounds like a pretty significant amount, but keep in mind that back in late 2023, the City of Toronto’s updated Long Term Financial Plan and staff report showed an estimated $1.5 billion starting pressure for the 2024 operating budget and $29.5 billion in capital needs, which both form part of a $46.5 billion shortfall over the next 10 years. The forecasted $27M would have brought in less than 2% of the amount needed to address the operating budget shortfall.

Given the city remains in difficult financial circumstances, it is clear that the increased tax didn’t help in a material fashion. The latest increase is actually going to be far less impactful, as it is mostly increases of around 1% for those higher price bands.

Let’s look at the new changes and how much additional money it could bring in – plus how many deals need to be lost as buyers decide to purchase their high end homes outside of the city.

Apples to apples.

We’re primarily focused on resale properties in our team and the data we can access is largely limited to residential resale properties. As such, all of our analyses below are based on that data. We’re after some broad (but accurate) implications of the new LTT rates, but we aren’t considering:

non-MLS transactions
builder/direct new-home and new-condo closings
commercial / industrial / multi-residential / vacant land transfers
other taxable conveyances the City records but that do not show up in our records

While some of the specific numbers of the implications of the new LTT rates will be understated, our analysis does paint a clear picture of what it means to the resale market. Now that we’re officially covered, let’s get into it.

First, a history lesson.

We’ve created a handy chart to show the recent history of the Toronto Land Transfer Tax. The orange column is what it was for about six years, and the blue columns show the rate increase amount that was put into place as of January 1, 2024. The green column is the brand new rate increase amounts that apply to properties bought in the city as of April 1, 2026.

There have been no changes made to the land transfer tax due on the purchase of any properties up to $3M, but if you’re at that level or higher, we saw it go from a flat rate of 2.5% on any amount above the $3M level, to a graduated system. The higher the price point, the higher the rate you’re paying on that portion of your purchase.

The latest round of increases have added about 1% to most of the price bands, with a range from 0.9% to up to 1.1%.

It’s all marginal.

A reminder that the land transfer tax is a marginal tax bracket, which means that for any price above a threshold, you pay:

The full tax from all lower brackets
Plus the tax on the portion that falls inside the current bracket

For example, a $1.2 million purchase does not pay 2.0% on the full $1.2 million. Instead, it pays:

5% on the first $55,000 = $275
0% on the next $195,000 = $1,950
5% on the next $150,000 = $2,250
0% on the remaining $800,000 = $16,000
Which would bring the total municipal land transfer tax to $20,475.

This is relevant as we look at what impact these higher tax brackets will have on the sales taking place moving forward.

The past ain’t the future.

A caveat we often give is that what happened in the past is not necessarily indicative of what will happen in the future. That being said, we need to base our analysis on certain assumptions, so the big assumption in our analysis here is that we’ll see similar types of transactions and numbers of transactions in 2026 as we did in 2025. Here’s how the 23,475 sales in the city of Toronto were spread across the various price bands.

A few things about the above data are very relevant to our review.

First, 97% of the sales that took place in Toronto in 2025 were under $3M, which means the change that just took place is utterly irrelevant to those sales. The Toronto LTT rate for these properties has not changed since 2017 and they can go merrily about their business.

The next thing worth pointing out is that the 740 sales that were in the $3M plus price bands last year were mostly in the $3M to $5M range. 59% of the sales were in the $3M to $4M band and another 22% were in the $4M to $5M band, so over 80% of the sales were in that $3M to $5M range.

If we assume that 2026 will see a similar spread of deals as we saw in 2025, how are these higher land transfer tax rates in those price bands going to bring in to the city in increased revenue?

It’s more, but it’s not a lot more.

We pulled the average price for each of the price bands for the sales in 2025 and then calculated the Toronto LTT for each of those bands. This is relying on averages within each price band so it will not be 100% accurate, but it is enough to give us an idea of what 2026 will look like for increased revenue with the new increased LTT rates.

The city would have brought in about $450M in municipal land transfer tax in 2025 based on these sales. With the new higher rates for the higher end price points, that means an estimated revenue for 2026 of about $458M, which works out to about $8M more in land transfer tax revenue for the city.

As we see very few sales at the $5M or above price point, the bulk of this $8M comes from sales in the $3M to $5M range.

$8M is still better than a kick in the pants, right?

The final aspect of the new LTT tax rates worth discussing is the fact that our model makes the assumption that the same level of sales take place in Toronto despite increasing costs for those buyers. While it may be unlikely that a lower price point buyer will choose to buy outside of the city to save on the land transfer tax, we have had clients who considered the difference in closing costs significant.

At the higher price points that this latest round of LTT rate increases impacts, the difference between what you pay in Toronto versus surrounding municipalities amounts to significant dollars.

For example, a $5 million buyer in Toronto would pay about $272K in total LTT, of which $112K is the provincial portion. If the buyer chose to purchase instead in another city such as Oakville, they would save $160K on their closing costs. That’s a significant amount of money and while the latest increase in Toronto’s LTT rates doesn’t materially change the amount they pay, it is reaching levels that could result in some buyers deciding they’d rather put that money into a home purchase outside of Toronto.

While it is complicated to project how many lost deals it would take for the city to not see that projected $8M increased LTT from high end sales, we know that any purchase that moves outside of the city loses the entirety of the MLTT, not just the portion at the higher end. Our calculation is that it would take about 67 of these high end deals leaving the city for that projected $8M in extra LTT revenue to disappear completely.

We regularly work with buyers and sellers impacted by decisions like this latest Toronto LTT rate increases, and it’s important that your agent understands the factors that influence the high end and luxury market in the city. If you’re looking to buy or sell in the $3M plus range and want agents that understand how that segment actually works, get in touch!

If you squint your eyes, they’re pretty much identical.

Jeffrey Luciano — Fri, 20 Mar 2026 21:25:34 +0000

It’s pretty well known that real estate agents are somewhat prone to hyperbole. We’ve written in the past about the secret codewords that agents use to try to convince buyers a home is appealing.

While people are pretty good at seeing past the flowery phrases dressing up the listing, it can be much harder to decipher the differences between two seemingly similar properties. After all, numbers don’t lie, right?

So, numbers can lie.

Real estate is full of numbers and while the price is arguably the most important one, lots of the other numbers aren’t always what they seem. Consider the following examples:

Two 4-bedroom homes, where one has three good-sized bedrooms on the 2^nd floor and a spare bedroom (or den) on the ground floor. Suitable for a family with young kids, closets in all the rooms and able to fit beds, dressers and so forth. The other property has one huge bedroom on the 2^nd floor, with massive walk in closets and a spa bathroom retreat and three smallish “bedrooms” in the basement, one of which has no windows. Great for a couple with no kids who want hobby rooms in the basement.
Two 785 sf condo units, each with two bedrooms and two washrooms. The first is a rectangular shaped split wing layout with two 10×12 bedrooms at either end of the condo, with ensuite washrooms off both, one of which opens to the hallway so guests can access it without going through a bedroom. The other is a small L shape, with a full bathroom right beside the entrance door, a hallway leading down to a small bedroom with an angled wall, and a primary suite beside it with the washroom took into the other side of the angled wall.

Two properties can appear nearly identical on paper if you look at just the numbers, but there are often considerable differences between them when you look closer.

According to Webster’s Dictionary…

Numbers aren’t the only area where seemingly identical properties can differ significantly. We have some standards that apply to how real estate agents can describe different attributes, but they aren’t always followed to the letter. Some agents consider a kitchen “newly” renovated if it happened in the last five years, whereas others follow the more stringent approach of it literally just got renovated before we listed the home for sale.

While flat out misrepresentation is relatively rare, people can hold very different definitions of what certain descriptions mean. Where do you fall on the below scales?

Is a walk-in closet a large room with a dressing bench in the middle and custom shelving on all sides, or is a walk in closet any closet that has enough space for you to walk inside and cuddle your clothes?
Is a family size kitchen a big room with tons of cabinetry, an extended island with spots for stools, as well as a separate eating area with a kitchen table? Or is it a narrow galley style that has a bistro table and two small chairs at the end beside the dishwasher?
Are high-end appliances delivered from Europe and installed by a team of four who wear white booties when they enter your home, or are they a mismatched group of premium versions of different appliance brands that you see in most homes?
Is the only hardwood that can be called hardwood flooring actual hardwood such as oak, hickory or maple, or is engineered hardwood with a thin layer of hardwood veneer also hardwood flooring?

We could go on and on, but when no specific details are provided on any claimed “feature” of a home, it is likely there are big differences between two listings who both claim they have it.

Where did I put my glasses?

Finally, there are homes that seem to have identical features as per the listing, but it turns out that not all things are created equal. Which would you prefer?

If you’re invited to enjoy your private backyard oasis with a pool and hot tub, do you envision an inground pool, with a hot tub section you can swim into from the pool? What if it is an aboveground pool with a hot tub in a different section of the backyard?
Is it a media room if there are couches (that don’t come with the house) and a first generation low resolution digital projector (that is generously being included), or is a media room a custom built space with built-in furniture, sound baffling and a state of the art video and audio system?
If both properties have a balcony, does it make a difference if one faces the Gardiner and is loud and dusty all year round, whereas the other faces the lake and views of the setting sun?

The above examples may seem pretty far fetched but trust us, they have all happened. The quality, age and inclusions in a given attribute can make a huge difference in the value – or lack thereof – to potential buyers.

We’ve looked at a lot of properties for our clients and with our clients. If we had to estimate the numbers, it would be somewhere between “too many” and a bazillion. As a result, we’re very good at spotting differences that the numbers and images may not make clear to the general public.

This is surprisingly relevant on the sale side work we do, as a big part of setting your list price is comparing your home against other properties. We often encounter situations where we see significant differences between our seller’s home and the recently sold and currently on the market competition. This allows us to make sure we don’t leave money on the table, or mistakenly over price and not get the result our clients need.

If you’re looking to make a move and want to work with agents who know what to look for when comparing properties, get in touch with us!

What happens when an appraisal comes in less than the purchase price?

Jeffrey Luciano — Fri, 13 Mar 2026 21:49:48 +0000

As you might expect with the cost of real estate in the GTA, most of our buyer clients have a mortgage for a portion of the purchase price. Depending on their situation it can range from as much as 95% of the purchase price to half or less.

Bank data suggest that about one‑fifth of home purchases are all‑cash and consumer surveys and industry estimates place the share of cash‑offer transactions in the broader range of 15–25 %. In the Toronto area, the percentage of purchases made entirely in cash has climbed into the low 20s and we’d estimate for the GTA that roughly one in five buyers pay for a property with no mortgage.

While lenders in Canada have done very well loaning money to people to buy real estate, it doesn’t mean they don’t follow some rules to make sure the property being purchased is worth the amount the buyer is asking to borrow.

Lenders use appraisers for this purpose, individuals who are trained and accredited in the ability to assess the value of real estate. While we wouldn’t go so far as to see appraisers are the natural enemies of real estate agents, it can be a difficult relationship. Real estate agents work in real time on the ground with their clients and have a current and up to date understanding of the market and the value of homes. Appraisers work from closed deals only and in a fast moving market (with prices either going up or down over the course of weeks), the appraised value they come up with can make the deal price seem wrong.

In addition, while appraisals are often described in scientific terms as if they are concrete, absolute statements of fact, they are more of an art than a science. Three different appraisers will provide three different values for a given property, sometimes with significantly different valuations. When was the last time you saw a scientific experiment or theory accepted as valid when the results keep changing?

When an appraisal comes in at higher than the purchase price, it generally doesn’t cause problems. The buyer is thrilled at the idea that they actually got a bargain on the home, the lender has no issues with proceeding with the mortgage at the agreed upon ratios and everything moves forward.

When the opposite happens, then things can get messy. Let’s talk about what happens when someone buys a home and the appraisal from the lender comes in at less than what they agreed to pay.

First, the basics.

A buyer submits an offer for a property at a price they are willing to pay. By definition, this is now market value, as the home went up for sale (on “the market”) and a buyer offered a purchase price that the seller accepted. Boom, market value established.

If the buyer has all the money for the property, then that’s it. As discussed though, most buyers have a mortgage of some amount, though, and this is where things get a bit more complicated.

A lender (be it a bank, credit union, private lender or your Aunt Sally) makes the decision to lend based on how much you make, how much you owe and your past record of borrowing responsibility. When we work with clients, we guide them through this process before we get too far along in the purchase journey. By providing job documentation, bank information and submitting to a credit history review, our clients are pre‑approved for a certain amount at a certain interest rate. A pre‑approval can be looked at as the lender saying, “OK, I’m comfortable loaning you this much money based on your situation.”

When a prospective buyer finds the home that fits their needs and budget, we negotiate the best price and terms possible and buy the home. If we can, we write the offer conditional upon financing approval. In a strong seller’s market, it can be very challenging to buy a home with any conditions, but in any market the logic remains the same. We want financing approval because the buyer needs to turn their pre‑approval in general terms into approval of a specific property.

Here’s an example.

Our client buys a home listed at $729,900 for $800,000 in multiple offers. While we would have preferred to have a financing condition in place, with other offers in play that had no conditions, our client made the decision to remove the financing condition. They had a pre‑approval up to $900K in place and had a down payment of $160,000 ready. This meant they had 20% of the purchase price and wouldn’t need to pay CMHC fees.

Though our client is willing to pay $800K for the property and has been pre‑approved for up to $900K in a general sense (based on income, debt levels and credit history), the lender must be comfortable that the property is worth that $800K. In essence, the lender needs to be confident that when it comes time to sell the property and recover their loaned amount (the outstanding mortgage due), they will be able to get their full amount back.

The lender sends in the appraiser and in a few days comes back with some bad news: the property that our client has bought firm for $800K is appraised at $750K, a shortfall of $50K.

Our client expected the purchase would look like this:

Purchase price: $800K
Mortgage: $640K (80% of $800K)
Down payment: $160K

After the appraisal comes in lower than the purchase price, the lender says, in effect, “We were willing to loan you 80% of the purchase price, with you providing a 20% down payment. We are still willing to loan you 80% of the appraised value, but you need to come up with the shortfall.”

The purchase now looks like this:

Purchase price: $800K
Mortgage: $600K (80% of $750K)
Down payment: $200K

As a result of the appraisal value, our client needs to find an extra $40K in order to close on the deal.

They may be able to find another lender to offer that $40K at a higher interest rate (as second mortgages are second in line after the primary lender for repayment and are therefore riskier) but it will depend on what the changed interest rate does to their debt‑servicing ratio. If they were already at their limit, then finding another lender may be difficult or impossible.

When a buyer has made a firm purchase of a property and runs into financing problems, it is possible that the deal won’t close. If the buyer can’t get the money to close on the closing date, then the seller won’t hand over the keys. To be clear, the buyer has a legal obligation to close on the deal as per the agreed‑upon terms. A legal obligation isn’t the same as actually having the money, though.

The deposit that was provided at or shortly after the purchase date (when the price was agreed upon and the papers signed) is held by the seller’s real estate brokerage. If the buyer cannot close on the deal, then the seller has the option of showing damages and keeping some or all of the deposit that the buyer provided. Determining damages can be complex and lawyers will be involved on both sides to determine if and how much of the deposit can be kept by the seller as a result of the buyer failing to close as they are legally obligated to do.

That sounds…messy.

It’s a messy situation and one that should be avoided at all costs. It truly is something neither side wants, as both the buyer and seller wanted to do the transaction and agreed upon terms that one side ended up not being able to complete.

Here’s how we work for our clients to avoid a situation like this.

When we work with buyers, we discuss the repercussions of a lower appraisal, changes in interest rates and other factors. If we are in a situation where we cannot have a financing condition, we make sure we have done our work beforehand to know the consequences of a lower appraisal and that the buyers have the ability to make up the shortfall if need be. We leverage this information with the seller and their agent, letting them know that our clients are solid purchasers who can close even if the appraisal value is lower. We’ve used this to get a seller to choose our clients over a higher offer price because the seller was more confident we would close without an issue.

On the selling side, we ask questions of the buyer and their agent to get at their situation with regard to financing. We want to know their down payment amount available, income and type of work, and their pre‑approval status. This is true regardless of whether the buyer includes a financing condition. While our seller may have recourse if the deal doesn’t close, our goal is to make sure that from offer to close we have a smooth process.

If you or someone you care about is considering buying or selling, make sure you work with a Realtor that understands how to make sure the deal actually closes. From the day of negotiations to the day the keys are exchanged, we’ll help you avoid surprises. If that sounds appealing, get in touch with us!

The Times They Are A-Changin – well, for landlords and tenants at least!

Jeffrey Luciano — Thu, 26 Feb 2026 22:44:00 +0000

In our work with landlords and tenants, one challenge we face is the regular introduction of new legislation that changes the rules and regulations around renting.

We’ve previously written about Bill 184, which updated the Residential Tenancies Act and was designed to make it easier to resolve disputes between landlords and tenants.

Since then, we’ve had a few new pieces of legislation introduced that changes the rules around certain aspects of the rental relationship between landlords and tenants. Whenever the rules change, it takes a while for people to wrap their heads around the new reality, so we thought we’d do a summary of what’s new and where we’re at now, focusing on Bill 60.

Fighting Delays, Building Faster, Jumping Higher, Dancing with Abandon

We do miss the good old days when legislation didn’t all come with pithy marketing subtitles, but it appears that approach is here to stay.

On October 23, 2025, the Ontario government introduced Bill 60, the Fighting Delays, Building Faster Act, 2025. The Bill received Royal Assent on November 27, 2025.

It is important to note that the changes related to landlord and tenant rights and responsibilities are located in Schedule 12 of Bill 60, and that only comes into force when it is named by Order in Council at the provincial legislature. There has been considerable opposition to this part of Bill 60 but the Ford government has largely followed through on planned legislation, so it is believed that at some point soon, Schedule 12 will be named by Order and be in effect.

If you’d like to read the entirety of the Bill, you can find it on the Legislative Assembly of Ontario site here.

The stated goal (for the RTA/LTB aspect at least) is to reduce delays at the Landlord and Tenant Board and limit tactics that slow files down.

Below is a practical summary of what’s changing – and what’s positive for landlords and for tenants.

Who wins with Bill 60?

Schedule 12 of the Bill 60 has faced considerable opposition from tenant advocacy groups and organizations such as the United Way, who view the new legislation as a step backwards for the rights of tenants.

Let’s review specific elements and who benefits most.

Better for Landlords

Faster non-payment eviction notice timelines (N4): the minimum termination date on an N4 for many tenancies is reduced from 14 days to 7 days, letting a landlord file an L1 sooner if rent isn’t paid.
Fewer last-minute tenant “counter-issues” at arrears hearings: tenants face new hurdles to raise maintenance/harassment/other issues within a rent-arrears hearing—most notably a requirement to pay 50% of the arrears claimed before raising those issues, plus stricter notice rules.
Shorter internal review window at the LTB: the timeframe to request a review of an LTB order is reduced from 30 days to 15 days, shrinking the period where files can be held up by review requests.
“Own use” (N12) option with no compensation if notice is longer: if the landlord gives at least 120 days’ notice (instead of the typical 60), the usual requirement to pay one month’s rent compensation or offer another unit may not apply (subject to the exact criteria and the in-force date).
More rule-making flexibility around “persistent late payment”: the province can define what counts as “persistent failure” to pay rent on time via regulation, which could change how those cases are argued.

There is no question that the above changes would substantially benefit landlords, particularly with how long it takes to evict a tenant who uses the system to slow down the process. We’d argue that good tenants who are following the rules will largely not be impacted by the changes, with the exception of the change to the N12 notice. While landlords may rejoice at the fact that they can (with enough notice) evict a tenant without payment of one month’s rent for use by landlord or their immediate family, tenants who are asked to leave for this reason may encounter difficulties in covering moving and other costs without this payment.

Better for Tenants

Clearer separation of issues (in theory): Bill 60 pushes many tenant complaints (maintenance, harassment, interference with enjoyment, etc.) toward being raised through proper processes rather than being introduced at the last second in an arrears eviction hearing—this can make outcomes more predictable, though the trade-off is reduced flexibility for tenants in arrears matters.
Security of tenure is not removed: despite earlier public discussion about changing lease expiries, the adopted Bill 60 (as summarized by City of Toronto Legal Services) indicates it does not remove security of tenure—it focuses on procedure/timelines around LTB disputes.

The second point above is an important one, as initial presentations of Bill 60’s Schedule 12 included a substantive change to how lease renewals work in Ontario. The change to make end of lease effectively the end of the tenant’s time in the unit (rather than automatically continuing on a month to month basis) would have been onerous to administer and cause significant confusion. We’re glad it wasn’t included in Bill 60.

While Schedule 12 is not yet named by Order and in effect, it is likely that will happen in the next few months. We keep up to date with changes that impact our landlord and tenant clients to make sure that we can best represent their interests. If you need assistant with renting out a unit (or buying an income property) or finding a rental to live, then we’d love to put that expertise to work! Please don’t hesitate to get in touch with us to talk further.

You make money when you buy.

Jeffrey Luciano — Fri, 20 Feb 2026 23:57:14 +0000

In both good and bad markets, there is some simple math that determines how well the seller did on the sale of the property.

If you sold it for more than what you bought it for, you did well. If you had to take less than what you paid for it, you didn’t. You can add in the transaction costs of buying and selling if you like, but at the end of the day, it boils down to how much you bought it for and your eventual sale price.

There is saying in real estate, which is that you make money when you buy, not when you sell. The meaning behind it is as simple as the math above. If you over pay for a property relative to the sale price of it over the course of your ownership, then you can’t make money.

The corollary to this adage is that buying at the height of a market is bad, particularly if you end up needing to sell during the low point of another market. If that sounds as simplistic as what we’re describing above, you’re absolutely right. There is some good news however, which is that it is easy to know if you’re at the current height or the current bottom of a market.

The real estate industry produces a staggering amount of statistics and while some are nuanced, the way to tell where a market is at any given point is simply the level of sales and the current average price. If the current price is the highest in a number of years (or ever!) then you’re buying at the current height of the market. Even in markets where prices rise consistently over the course of a year, there are variations each month in average price and it never goes up or down every month for extended periods.

Consider Toronto, where in the last 15 years, the average price has risen in 47% of the months and dropped in 53% of the months. If you choose to buy after four or five months of rising prices, then you’ll need to make sure that you sell when prices have also been rising for a while.

The media has been full of stories in the past year about people losing tremendous amounts of money when they sell a property. This is a very clear case of people who bought at the height of one market and are selling at a low point of another market.

It does not, however, mean that everyone will lose money on the sale of their property. We recently helped a client sell a condo and while she was quite apprehensive about the price we could get her for it, she still made close to $200,000 profit on the sale after expenses. She had owned it for a length of time and while condo prices have certainly dropped in the past couple of years, they are still not down to what you would have paid for one back in 2016.

We did the analysis on Toronto and the six other regions that TRREB operates within in order to say when your best and worst time to have bought was in the last 16 years. Let’s get to it!

Toronto

In January, 2026, Toronto’s average sale price was $954,000. The highest average sale price in the last 16 years in Toronto was in April, 2022 when we hit an average sale price of approximately $1,249,000. Compare that with the lowest average sale price in the city in the past 16 years, which took place in August, 2010, when a property cost about $417,000.

It’s natural for real estate prices to go up over years and decades, but let’s review where our current average sale prices put us. In January, 2026, our average sale price was the 67th highest price out of the last 193 months. We’re about $295,000 below our highest ever price, which happened in April, 2022. Put another way, January, 2026 was the 127th lowest average price in Toronto in the last 16 years, which means we’re about $537,000 above our lowest price, which happened back in August, 2010.

Prices have fluctuated considerably in Toronto in the last number of years, so let’s look at our highs and lows since COVID. In our most recent month (January, 2026) the average price was about $955,000. Compare that against the highest average price after 2020, which was in April, 2022, when properties in the city cost about $1,249,000. That’s approximately $294,000 above our current average price. If you want to know how we’re doing in Toronto compared to the most recent lowest price, we need to look at January, 2021, when the average price was $877,000. Our current average price puts us about $78,000 above that level.

So, when were the worst times to buy in Toronto if you were thinking about selling now?

With our current average price (January 2026) of approximately $955,000, purchases made in the five below times are facing a challenge in making any money on a sale right now.

Spring 2022 (Mar–May 2022): Avg $1,230,000 → $275,000 above current prices
Spring 2024 (Mar–May 2024): Avg $1,146,000 → $191,000 above current prices
Spring 2025 (Mar–May 2025): Avg $1,131,000 → $177,000 above current prices
Spring 2023 (Mar–May 2023): Avg $1,126,000 → $171,000 above current prices
Fall 2021 (Sep–Nov 2021): Avg $1,116,000 → $161,000 above current prices

This is for the market as a whole and if you did buy in one of the above time periods, don’t despair! The specifics for your type of home, neighbourhood and price point can differ greatly than the average. In general, though, sellers who bought at those times may find staying put is the best option for now.

Peel

In January, 2026, Peel’s average sale price was $911,000. The highest average sale price in the last 16 years in Peel was in February, 2022 when we hit an average sale price of approximately $1,349,000. Compare that with the lowest average sale price in the region in the past 16 years, which took place in January, 2011, when a property cost about $370,000.

It’s natural for real estate prices to go up over years and decades, but let’s review where our current average sale prices put us. In January, 2026, our average sale price was the 61st highest price out of the last 193 months. We’re about $438,000 below our highest ever price, which happened in February, 2022. Put another way, January, 2026 was the 133rd lowest average price in Peel in the last 16 years, which means we’re about $541,000 above our lowest price, which happened back in January, 2011.

Prices have fluctuated considerably in Peel in the last number of years, so let’s look at our highs and lows since COVID. In our most recent month (January, 2026) the average price was about $911,000. Compare that against the highest average price after 2020, which was in February, 2022, when properties in the region cost about $1,349,000. That’s approximately $438,000 above our current average price. If you want to know how we’re doing in Peel compared to the most recent lowest price, we need to look at January, 2020, when the average price was $792,000. Our current average price puts us about $119,000 above that level.

So, when were the worst times to buy in Peel if you were thinking about selling now?

With our current average price (January 2026) of approximately $911,000, purchases made in the five below times are facing a challenge in making any money on a sale right now.

Spring 2022 (Mar–May 2022): Avg $1,226,000 → $315,000 above current prices
Winter 2022 (Dec 2021–Feb 2022): Avg $1,225,000 → $314,000 above current prices
Spring 2023 (Mar–May 2023): Avg $1,105,000 → $194,000 above current prices
Fall 2021 (Sep–Nov 2021): Avg $1,096,000 → $185,000 above current prices
Summer 2023 (Jun–Aug 2023): Avg $1,090,000 → $178,000 above current prices

York

In January, 2026, York’s average sale price was $1,094,000. The highest average sale price in the last 16 years in York was in February, 2022 when we hit an average sale price of approximately $1,556,000. Compare that with the lowest average sale price in the region in the past 16 years, which took place in January, 2010, when a property cost about $465,000.

It’s natural for real estate prices to go up over years and decades, but let’s review where our current average sale prices put us. In January, 2026, our average sale price was the 65th highest price out of the last 193 months. We’re about $462,000 below our highest ever price, which happened in February, 2022. Put another way, January, 2026 was the 129th lowest average price in York in the last 16 years, which means we’re about $628,000 above our lowest price, which happened back in January, 2010.

Prices have fluctuated considerably in York in the last number of years, so let’s look at our highs and lows since COVID. In our most recent month (January, 2026) the average price was about $1,094,000. Compare that against the highest average price after 2020, which was in February, 2022, when properties in the region cost about $1,557,000. That’s approximately $463,000 above our current average price. If you want to know how we’re doing in York compared to the most recent lowest price, we need to look at January, 2020, when the average price was $918,000. Our current average price puts us about $176,000 above that level.

So, when were the worst times to buy in York if you were thinking about selling now?

With our current average price (January 2026) of approximately $1,094,000, purchases made in the five below times are facing a challenge in making any money on a sale right now.

Winter 2022 (Dec 2021–Feb 2022): Avg $1,500,000 → $406,000 above current prices
Spring 2022 (Mar–May 2022): Avg $1,417,000 → $323,000 above current prices
Fall 2021 (Sep–Nov 2021): Avg $1,381,000 → $287,000 above current prices
Spring 2023 (Mar–May 2023): Avg $1,358,000 → $264,000 above current prices
Summer 2023 (Jun–Aug 2023): Avg $1,350,000 → $256,000 above current prices

Halton

In January, 2026, Halton’s average sale price was $1,137,000. The highest average sale price in the last 16 years in Halton was in February, 2022 when we hit an average sale price of approximately $1,536,000. Compare that with the lowest average sale price in the region in the past 16 years, which took place in July, 2010, when a property cost about $443,000.

It’s natural for real estate prices to go up over years and decades, but let’s review where our current average sale prices put us. In January, 2026, our average sale price was the 57th highest price out of the last 193 months. We’re about $399,000 below our highest ever price, which happened in February, 2022. Put another way, January, 2026 was the 137th lowest average price in Halton in the last 16 years, which means we’re about $694,000 above our lowest price, which happened back in July, 2010.

Prices have fluctuated considerably in Halton in the last number of years, so let’s look at our highs and lows since COVID. In our most recent month (January, 2026) the average price was about $1,137,000. Compare that against the highest average price after 2020, which was in February, 2022, when properties in the region cost about $1,536,000. That’s approximately $399,000 above our current average price. If you want to know how we’re doing in Halton compared to the most recent lowest price, we need to look at April, 2020, when the average price was $856,000. Our current average price puts us about $281,000 above that level.

So, when were the worst times to buy in Halton if you were thinking about selling now?

With our current average price (January 2026) of approximately $1,137,000, purchases made in the five below times are facing a challenge in making any money on a sale right now.

Winter 2022 (Dec 2021–Feb 2022): Avg $1,445,000 → $308,000 above current prices
Spring 2022 (Mar–May 2022): Avg $1,405,000 → $267,000 above current prices
Fall 2021 (Sep–Nov 2021): Avg $1,312,000 → $175,000 above current prices
Spring 2023 (Mar–May 2023): Avg $1,269,000 → $131,000 above current prices
Spring 2024 (Mar–May 2024): Avg $1,268,000 → $130,000 above current prices

Durham

In January, 2026, Durham’s average sale price was $821,000. The highest average sale price in the last 16 years in Durham was in February, 2022 when we hit an average sale price of approximately $1,231,000. Compare that with the lowest average sale price in the region in the past 16 years, which took place in February, 2010, when a property cost about $289,000.

It’s natural for real estate prices to go up over years and decades, but let’s review where our current average sale prices put us. In January, 2026, our average sale price was the 61st highest price out of the last 193 months. We’re about $409,000 below our highest ever price, which happened in February, 2022. Put another way, January, 2026 was the 133rd lowest average price in Durham in the last 16 years, which means we’re about $533,000 above our lowest price, which happened back in February, 2010.

Prices have fluctuated considerably in Durham in the last number of years, so let’s look at our highs and lows since COVID. In our most recent month (January, 2026) the average price was about $822,000. Compare that against the highest average price after 2020, which was in February, 2022, when properties in the region cost about $1,231,000. That’s approximately $409,000 above our current average price. If you want to know how we’re doing in Durham compared to the most recent lowest price, we need to look at April, 2020, when the average price was $620,000. Our current average price puts us about $202,000 above that level.

So, when were the worst times to buy in Durham if you were thinking about selling now?

With our current average price (January 2026) of approximately $822,000, purchases made in the five below times are facing a challenge in making any money on a sale right now.

Winter 2022 (Dec 2021–Feb 2022): Avg $1,141,000 → $319,000 above current prices
Spring 2022 (Mar–May 2022): Avg $1,071,000 → $249,000 above current prices
Fall 2021 (Sep–Nov 2021): Avg $987,000 → $165,000 above current prices
Summer 2023 (Jun–Aug 2023): Avg $962,000 → $140,000 above current prices
Spring 2023 (Mar–May 2023): Avg $959,000 → $137,000 above current prices

Dufferin

In January, 2026, Dufferin’s average sale price was $944,000. The highest average sale price in the last 16 years in Dufferin was in January, 2022 when we hit an average sale price of approximately $1,228,000. Compare that with the lowest average sale price in the region in the past 16 years, which took place in January, 2010, when a property cost about $276,000.

It’s natural for real estate prices to go up over years and decades, but let’s review where our current average sale prices put us. In January, 2026, our average sale price was the 35th highest price out of the last 193 months. We’re about $284,000 below our highest ever price, which happened in January, 2022. Put another way, January, 2026 was the 159th lowest average price in Dufferin in the last 16 years, which means we’re about $668,000 above our lowest price, which happened back in January, 2010.

Prices have fluctuated considerably in Dufferin in the last number of years, so let’s look at our highs and lows since COVID. In our most recent month (January, 2026) the average price was about $945,000. Compare that against the highest average price after 2020, which was in January, 2022, when properties in the region cost about $1,229,000. That’s approximately $284,000 above our current average price. If you want to know how we’re doing in Dufferin compared to the most recent lowest price, we need to look at April, 2020, when the average price was $595,000. Our current average price puts us about $350,000 above that level.

So, when were the worst times to buy in Dufferin if you were thinking about selling now?

With our current average price (January 2026) of approximately $945,000, purchases made in the five below times are facing a challenge in making any money on a sale right now.

Winter 2022 (Dec 2021–Feb 2022): Avg $1,157,000 → $212,000 above current prices
Spring 2022 (Mar–May 2022): Avg $1,067,000 → $122,000 above current prices
Fall 2021 (Sep–Nov 2021): Avg $1,043,000 → $98,000 above current prices
Fall 2023 (Sep–Nov 2023): Avg $984,000 → $39,000 above current prices
Summer 2022 (Jun–Aug 2022): Avg $969,000 → $24,000 above current prices

Simcoe

In January, 2026, Simcoe’s average sale price was $736,000. The highest average sale price in the last 16 years in Simcoe was in February, 2022 when we hit an average sale price of approximately $1,033,000. Compare that with the lowest average sale price in the region in the past 16 years, which took place in October, 2010, when a property cost about $257,000.

It’s natural for real estate prices to go up over years and decades, but let’s review where our current average sale prices put us. In January, 2026, our average sale price was the 60th highest price out of the last 193 months. We’re about $297,000 below our highest ever price, which happened in February, 2022. Put another way, January, 2026 was the 134th lowest average price in Simcoe in the last 16 years, which means we’re about $479,000 above our lowest price, which happened back in October, 2010.

Prices have fluctuated considerably in Simcoe in the last number of years, so let’s look at our highs and lows since COVID. In our most recent month (January, 2026) the average price was about $736,000. Compare that against the highest average price after 2020, which was in February, 2022, when properties in the region cost about $1,034,000. That’s approximately $298,000 above our current average price. If you want to know how we’re doing in Simcoe compared to the most recent lowest price, we need to look at January, 2020, when the average price was $532,000. Our current average price puts us about $204,000 above that level.

So, when were the worst times to buy in Simcoe if you were thinking about selling now?

With our current average price (January 2026) of approximately $736,000, purchases made in the five below times are facing a challenge in making any money on a sale right now.

Winter 2025 (Dec 2024–Feb 2025): Avg $817,000 → $81,000 above current prices
Spring 2024 (Mar–May 2024): Avg $839,000 → $103,000 above current prices
Summer 2024 (Jun–Aug 2024): Avg $821,000 → $85,000 above current prices
Spring 2022 (Mar–May 2022): Avg $991,000 → $255,000 above current prices
Winter 2022 (Dec 2021–Feb 2022): Avg $975,000 → $239,000 above current prices

While media stories paint all parts of Toronto and the GTA with the same brush, the truth is that each of these real estate markets has different patterns. We work with clients in all of them and our analytical approach is part of what allows us to offer guidance on the timing to both buy and sell.

If you are thinking about buying this year, there is lots of evidence that you are buying at a considerable low point in the current market. If you’re planning on selling, then when you bought and what is happening in your neighbourhood or building is crucial to your plans. Get in touch with us to help figure out the best path forward!

Is it time to get off the sidelines?

Jeffrey Luciano — Fri, 06 Feb 2026 20:45:46 +0000

Back in April 2022, the City of Toronto saw our average price hit what remains an all-time high of $1.249M. Flash forward to January 2026 and our average price in the city is now $966,000. That’s a drop of $284,000 in average property values in the city since that time.

Make no mistake, real estate prices in Toronto and most of the GTA grew so much over the past twenty years that affordability became a tremendous issue. A drop – even a substantial drop of over a quarter million dollars – is not necessarily enough to make housing affordable for most people.

There is a prevalent way of thinking in the GTA when it comes to real estate, which is that whatever is happening now, will continue to happen forever. If prices are rising, speculators buy up real estate because prices will always rise. If prices are dropping, only a fool would buy real estate as it will be worth less in the coming months and years.

The truth is that real estate markets do shift, and we’ve certainly seen that shift happen in the past five years in GTA. Despite the recent proof that was is currently happening doesn’t keep happening forever, we’re seeing many would be buyers hold off on making a purchasing decision out of fear that the asset they buy will lose value after they own it.

Housing is a spectrum, with different types and different price points, and at the bottom of the ladder is the much-maligned condominium. It is the most affordable option for anyone looking to get into the housing market and it makes up more than half of the housing stock in Toronto, and about a quarter in most other parts of the GTA. While some purchasers of condo units are moving from one condo to another, it is more likely to be a renter who is able to make the move to home owner.

Is the math still mathing?

We thought it was worth examining the current math around buying versus renting to see if now is the time for people to get off the sidelines. It’s always better to talk about specific properties than the market in general, so let’s get into the math on a specific building.

50 Eglinton Avenue West is a condo building that went up in 1992 and has just over 200 units, ranging in size from 549 sf to 1,500 sf.

A one-bedroom unit in the building leased for $2,000 recently. A very similar unit sold for $390,000 this month, so we have a great opportunity to run the numbers and compare the costs.

Below is the chart for the monthly costs for owning the unit.

As you can see, the cost for the mortgage on a monthly basis is pretty much equal to the cost to rent it. The $1,989 monthly mortgage cost is based on a good current (as of February 6, 2026) mortgage rate of 4.74% for a five-year fixed term with a 25-year amortization schedule. We’ve assumed a 10% downpayment of about $39,000, so a mortgage of just over $350,000.

The total monthly costs of about $2,800 include the maintenance fees of about $640 and a monthly contribution of about $190 to the annual property tax bill. Where the math becomes interesting is if you take the principal component of the $2,000 mortgage payment into account. As of the first mortgage payment, the principal being paid down is $768 a month, which equals 38% of the monthly mortgage cost. That number goes up each month and can be viewed as sort of forced savings account that the homeowner is putting money into each month.

If you do the simple math that incorporates that principal repayment, we’re not far off from an effective monthly cost to own of about $2,000, which happens to be the same amount it costs to rent. While not all purchase versus rent calculations will return such a relatively even result, it is a striking example of how the decision to buy, or rent can be about more than the monthly costs.

If it costs the same, why wouldn’t you own?

There are obvious reasons why all renters are not suddenly snapping up condos.

In order to qualify for a mortgage, they need to have stable income of a sufficient amount and of course they need to have a downpayment saved up for the purchase. Whether that downpayment is 5%, 10%, 20% or even more, it is a challenge for many renters to save up enough for a purchase.

In addition to qualifying for a mortgage, some renters have plans for their future that make buying a property unappealing. There are significant transaction costs associated with buying and selling real estate, with land transfer tax on the buy side and real estate commissions on the sale side. If your future involves a change in geography, then renting is in fact the best option.

We’ve already discussed the biggest reason renters aren’t jumping into the housing market, which is fear about what is coming next. Even if you have the income to qualify for a place, the downpayment has been saved up and your plans are set for the next number of years, no one wants to buy an asset that is going to decrease in value.

If we’re clear on why lots of renters are not taking the plunge right now into home ownership – even if the math shows that it can be more or less the same to carry on a monthly basis – the question becomes why is buying now a good idea?

Security and appreciation? Sounds good.

We use the term “housing insecurity” in the real estate industry to describe the uncertainty of being a tenant rather than a landlord. With some rare exceptions, tenants are mostly at the mercy of their landlord as to whether they can stay in the home they are renting. While there are protections in place to prevent unscrupulous evictions, it is fundamentally true that landlords hold the power of whether a tenant stays or goes.

When you own a home, you get to decide your future – as long as you’re paying your mortgage that is! Being in control of that fundamental decision of your housing is hugely impactful on your peace of mind as to what comes next in your life.

The opposite side of the fear of the market going down after you buy, is the hope that the market will rise after your purchase. While we have seen average prices drop recently, the long-term averages for real estate values have always shown growth. If you are able to buy in a market where prices are lower and you can hold onto the property until you sell in a market where prices have grown, you benefit from that market appreciation.

If you’re considering making the move from tenant to homeowner, we’ve helped a number of our clients make that leap. We’re bullish about the opportunity for appreciation over the next five years and if you’re keen to be a homeowner and benefit from a rising market, get in touch with us to discuss next steps!

Three Rules for Choosing an Income Property

Jeffrey Luciano — Fri, 30 Jan 2026 17:35:19 +0000

While real estate markets shift over time, we’re firm believers in the idea that owning real estate is a foundation of wealth if you do it right. That may mean making sure your own home is a good investment, but it also definitely includes income properties.

Here on the Refined team, we love income properties. Love ‘em!

We love seeing a mortgage go down each month, paid for by tenants.
We love seeing the property appreciate over time.
We even love overseeing renovations that add value and allow us to charge higher rents and attract better tenants.

It’s because we love income properties that we get excited when we start working with a client looking at buying one. If you’ve been considering buying an income property, we thought we’d share a quick way of assessing different income properties. It’s called the capitalization rate, or cap rate for short.

Nice cap.

The cap rate for a property gives you a number (expressed as a percentage) that tells you how long it will take for the rental income from a property to pay off the purchase price.

The higher the number, the quicker the purchase price is paid off.

For example, a 5% cap rate means that every year, the rental income (less operating expenses) pays off 5% of the purchase price. That means that in 20 years, the cashflows from the property have paid for it completely.

Let’s attach some dollars to the example.

Consider a property located in a smaller city outside the GTA that’s for sale for $600,000. The property is triplex with three one bedroom units in it, which bring in $3,250 per month in rental income. We have property tax, some basic building insurance, a property manager to handle the calls about problems (at 5% of gross rent) and then some funds for keeping the place up. That totals $9K a year, which leaves us with net rental income of $30K.

On a purchase price of $600K, that $30K net rental income gives us a cap rate of 5%.

Note that the cap rate is calculated without taking into account the cost of borrowing. This is done because every investor will have different options for borrowing. Some may have the money to buy it outright, some may have a connection that will invest for 2% interest a year, others may need to borrow from banks or other lenders at hefty interest rates.

The cap rate allows income properties to be compared on an apples to apples basis.

Investors can look at a $300K single family home in Port Severn or a $1.6M multiplex in Toronto and be able to see what the cap rate will be for each property.

Now that we’re clear on how cap rates work, let’s get into the three rules to follow to make sure you choose a great income property.

Rule #1 – Multi-units Almost Always Beat Single-Family

Properties with multiple rental units in them (whether a bungalow with a basement apartment or a multi-plex with 4 purpose built apartments) almost always beat single tenant properties. While it can be very easy to rent out a lovely home to a lovely family, the rental rates are not typically high enough to provide the same return as multiple unit properties.

In addition to the higher rental income, multi-unit properties also avoid the all or nothing problem that single family homes have for investors. When you have a property with three or four units in it, it is quite rare for you to have more than one or two vacancies at a time. Given you have to pay property taxes, utilities and likely a mortgage payment each month, having some level of income coming in to offset those costs is a very good thing.

While you could own multiple single-family homes to spread the risk of vacancies over your income property pool, you also then have multiple properties where costs can be incurred for issues. Rather than one roof, one HVAC unit, one front porch, you have one for each of your properties and that means increased risk of higher maintenance costs.

Rule # 2 – The Greater Toronto Area means Greater Cap Rates

While properties in Toronto are certainly in demand with renters, the cost of buying the property means that your cap rate will likely be lower. An income property in Ajax can literally be half the cost of a nearly identical property in Toronto. While rents may be lower in Ajax, they aren’t half the rent of Toronto. As long as you are careful to buy in a good location where you don’t have lots of vacancy, the lower rent can be easily made up for by the lower purchase price, which means a much better cap rate.

While you may not live close to an area that has the combination of lower prices and reasonably high rental rates, the math can be favourable enough to allow you to hire a property manager to properly oversee a place you purchase there. Yes, you’ve got higher operating costs with a property manager, but the lower purchase price can make up for that. If you ask us, removing the work of managing a property yourself at no effective cost makes a ton of sense.

Looking even further afield can result in even lower purchase prices, but be cautious you’re not buying in an area where rental rates are too low – or vacancies too high – to make up for the lower cost to buy. After all, owning an income property with little to no income is not the goal!

Rule # 3 – Focus on the Negatives to get the Positive Returns

Some of the best income properties are properties that we would never advise a client to buy as their own family home. Stigmatized properties – such as those backing onto power lines, fronting onto a busy street, or located beside commercial elements – can make fantastic income properties.

Buyers looking for their own home are often not too interested in such properties, which keeps the purchase price lower. Tenants typically take shorter-term views than buyers and are often more interested in the utility of a rental (transit proximity, amount of space inside) than the long-term prospects for the property.

Make sure you don’t ignore issues with a property or neighbourhood that a tenant will care about just as much as an owner. Homes in areas with bad schools are avoided by parents regardless of whether they own or rent, and health or safety issues with a property are legally required to be addressed by a landlord. We work to find our clients the right mix of an appealing rental property with some aspects that make home owners shy away.

We really do love working with clients to find them income properties and we’d love to work with you to find a great investment property. If that sounds appealing, then get in touch with us to discuss next steps!

Will we have a spring market?

Jeffrey Luciano — Thu, 15 Jan 2026 21:35:23 +0000

When people talk about a real estate spring market, they’re referring to a perceived period of higher sales and greater activity in the market after the slower winter period.

In a general sense, we would agree that spring markets still take place each year, but only in the sense that the dead of winter is always the slowest time of year for real estate sales and any other time of year is busier in comparison.

Many sellers and buyers plan their next move around a perceived busy period, either the spring market or the fall market. While such markets may have existed in the past, we’ve seen increasingly untethered markets over the last number of years. We’ve previously written about fall markets but given that many of our buyer and seller clients are anxiously asking us about the spring market in 2026, we thought it was time to look at the data to see if we’ll actually see a spring market this year.

For our analysis we looked at the Toronto data going back 15 years to 2010. We focused on what took place in February, March, April and May so that we could talk specifically about what “normally” happens and what we’re predicting will take place this year. Let’s get into it.

February – So it begins!

When we look at the data, across all 15 years (2011–2025), February is higher than January for:

Sales: 15/15 years up
New listings: 15/15 years up
Average price: 15/15 years up

We typically see around 2,500 sales in February, compared to about 1,700 sales in the city in January. That’s about 40% higher than January, so absolutely a strong month over month increase in sales. New listings typically go up about 21% in February, with median numbers of new listings being around 4,600. Prices also start to rise in February, typically going up about 12% from the January average price.

While February is consistently a better month for sales, new listings and average prices, that’s because January is almost always the lowest month of the year for sales and new listings, and sometimes the lowest price of the year. Is February the start of the spring market then? Hold your horses.

March – More sales, more new listings, lower average price?

When we look at the last 15 years, March has consistently been busier than February in terms of number of sales and new listings, but not in higher average price.

Sales: 15/15 years up
New listings: 15/15 years up
Average price: 6/15 years up

March sees about a 37% increase in sales compared to February, and about a 30% bump in number of new listings, so March is definitely more active than February.

On the average price side of things, March typically sees a drop of about 1% in average price compared to February. Remember that prices from January to February typically increase by about 12%, which is a significant month over month change. You could view the slight price drop that occurs in March as a bit of a market pause, as it adjusts to the new average price. If that logic makes sense to us, then it is largely a function of how much of a price bump we saw in the February of a given year. All told, March saw higher prices than February in six of the last 15 years, so about a one in three chance you’ll see that happen in any given year. If this doesn’t sound exactly like a description of a hot spring market, let’s see what April brings.

April – Prices go up (likely), new listings go up (probably) and sales go up (maybe)

The stats for April show a somewhat variable but mostly positive picture when it comes to what typically takes place in the fourth month of the year.

Sales: 10/15 years up
New listings: 12/15 years up
Average price: 13/15 years up

Starting with average price, April has seen a higher average price than March in 13 of the last 15 years, typically to the tune of about 5% higher. It is possible that we don’t see an April increase compared to March, but most of the time, prices do go up in April.

On the new listings side of things, we have more new listings in Toronto in April than March in 12 of the last 15 years. That means if you’re looking to buy, you can probably count on seeing about 10% more options for you in April, compared to what came on the market in March.

For our level of sales, April sees about a 10% increase in sales numbers, but that has only happened 10 out of the last 15 years. Given more sales happen about two-thirds of the time, you can probably count on it happening, but don’t bet the farm on it.

Put it all together and April is the month that most fits the description of a spring market. Most of the time it’s busier and sees higher average prices than previous months, which is what most people associate with the spring market. Not all hope is lost if you’re not doing a deal by April though, as May isn’t typically too different.

May – It’s still spring, right?

The story for May continues to be somewhat inconsistent compared to previous months.

Sales: 12/15 years up
New listings: 14/15 years up
Average price: 11/15 years up

Sales have continued to rise in 12 out of the last 15 months and the average price has gone up in May (compared to April) in 11 out of the last 15 months. Interestingly enough, lots of sellers are latecomers to the spring market, with the number of new listings going up in 14 out of the past 15 years.

In terms of percentages, when May is up compared to April, it isn’t by a lot. The median increase in average price is less than 2% and the number of sales is up by about 7%. While the number of new listings is almost up compared to April, it only goes up by about 11%, which isn’t a strong increase compared to the start of the year with February and March jumps in new listing levels.

While April is most commonly the best month of the spring in terms of collective increases in sales, new listings and average price, May isn’t far behind and you might consider the spring market to typically take place in April and May, rather than in just one month.

What’s it all mean?

We did promise an answer to whether we’d see a spring market this year, so here it is.

Yes, but only compared to our low and slow numbers in the last few months.

We ended 2025 with December showing the lowest average price of the year in Toronto at about $970,000. As such, any “typical” price appreciation in the spring of 2026 will be using a lower number as the starting point. Similarly, our slow market in terms of sales means that while we’ll likely see an increase in February and onward, we’re not hitting it out of the park by any means.

There’s a lot of “this happens sometimes” and numbers and percentages above, so let’s finish with some key-take aways from this review that we think will hold true for 2026.

January is a bad month (on average) for sellers to sell. With the lowest average price (for at least the first half of the year), sellers who can wait until at least February will, on average, get significantly more for their home.
If you’re buying, March is likely the best time in the Spring to do so. February seems to be with eager beavers fighting over new listings and pushing up prices, while March sees a surge in new listings and sales, with a corresponding slow down in price appreciation.
April is when sellers seem to get the best average sale price, with about 16% higher average sale prices in April compared to January.

There are always variables that impact what takes place in any given year, but with 15 years of data reviewed, the above is a good starting point if you plan on buying or selling in 2026.

If you’re interested in us doing the above analysis of the data for your specific market, housing type or price point, then get in touch with us. While what’s happening in the market on average is useful to know, you’re not buying or selling the market – you’re buying or selling one specific property in one specific area. Let’s make sure you time that transaction right!