Author name: Davelle & Co

I just read the news that Toronto mayoral candidate Brad Bradford is proposing that, if elected, he will scrap the municipal portion of the Land Transfer Tax on the first $1.1 million of a principal residence. For someone buying a $1.1 million home, that would represent a savings of more than $18,000. That is a huge amount of money for buyers. Toronto home buyers currently face a double Land Transfer Tax when they purchase in the city — one provincial and one municipal — so any relief from that cost would make a real difference. As a real estate agent who hosts first-time buyer sessions, I know how exciting an announcement like this can be for buyers trying to get into the market. In fact, this fall we held two home buyer sessions with more than 40 attendees. The interest from first-time buyers is definitely there, and anything that makes it easier for them to purchase their first home deserves attention. Ever since Toronto introduced its own Land Transfer Tax, it has been a significant additional cost for buyers. For a home priced at $1.1 million, the combined provincial and municipal Land Transfer Tax is $36,950. For an eligible first-time buyer, rebates bring that amount down to $28,475. So you can see why eliminating more than $18,000 of that cost would be meaningful. And here’s the important part: Land Transfer Tax isn’t rolled into your mortgage. It has to be paid at closing, out of pocket. That’s real money buyers need to have available on top of their down payment, legal fees and other closing costs. On a $1.1 million purchase, the minimum down payment alone is approximately $85,000. Add almost $30,000 in Land Transfer Tax for a first-time buyer and you can quickly see how difficult it can be to get into the Toronto market. Bradford’s proposal would apply to principal residences, not investment properties, and he has said it would be retroactive to purchases made beginning September 29. Of course, there is another side to this proposal. The plan is estimated to reduce City of Toronto revenue by approximately $300 million per year. That’s a significant amount of money, and the obvious question becomes: how does the City make up that difference? Bradford has proposed a combination of changes to capital spending, borrowing and other measures to offset the lost revenue. Whether the numbers ultimately work is something that will undoubtedly be debated during the election campaign. But from the perspective of someone who regularly sits across the table from first-time buyers trying to figure out how to come up with their down payment and closing costs, there’s no question that $18,000 is a meaningful amount of money. Toronto’s first-time home buyers could certainly use some help getting into the market. Now we’ll have to see whether this proposal ever becomes reality. And don’t forget if you know of someone who needs to buy or sell, please make sure they call Davelle. My First Home: How to Buy Smart in Toronto Know someone who talks about buying a home “someday”? Forward them a copy of our new My First Home magazine. It covers what to know, where to look, and how to buy smart in Toronto. Want to Make This Market Work for You? As always, if you have questions about the market, or would like an updated home evaluation, we’re here to help. For Sale: Renovated 1+1 Bedroom Condo in Midtown, Toronto (225 Merton St #501) Welcome to your own slice of paradise in the heart of Midtown, where the Kay Gardner Beltline Trail is practically your backyard. Morning run? Evening stroll? Taking Fido out for a spin? Just step outside and you’re there. Inside, this spacious one-bedroom-plus-den suite has plenty to love. For Sale: Renovated 3-Bedroom Detached House in Leslieville (14 Coady Ave) Morning Coffee. Evening Wine. Leslieville Living. This turnkey Leslieville gem checks all the boxes. Beautifully renovated and completely move-in ready, this detached 3-bedroom, 3-bathroom home is designed for easy everyday living and effortless entertaining. For Sale: Luxurious 2-Bedroom Corner Suite in Yorkville, Toronto (38 Avenue Rd #1403) Some homes offer luxury. This one offers peace of mind. Welcome to Suite 1403 at 38 Avenue Road, where every detail has been designed to make life feel effortless. Behind the private direct elevator entrance is an elegant corner residence that offers the rare combination of generous proportions, refined finishes, and exceptional service. For Sale: Bright 1-Bedroom Condo in Corktown, Toronto (60 Tannery Rd #516) Step into a sunlit living and dining space with clean sightlines and effortless flow. The open-concept kitchen keeps you connected – prep dinner, catch your favourite show, and take in the view all at once.

Last week I wrote about something I’ve been noticing in the market. The buyers are out there. They’re coming to open houses, attending our first-time buyer seminars, asking questions and watching listings. But many of them still seem hesitant to make an offer. So what are they waiting for? Lower prices? Lower interest rates? More certainty around the economy? Probably a bit of everything. Then I came across a number this week that really caught my attention. 156. That’s how many condo units started construction in the City of Toronto in the first half of this year. Just 156. For comparison, Toronto averaged about 7,000 condo starts a year over the previous decade. Right now, condo buyers have something they haven’t had in a long time: choice, time and negotiating power. Prices are down. Sellers are more flexible. Investors are struggling with cash flow. And developers have responded by pulling back dramatically on new construction. That makes sense today. But what happens a few years from now if we simply haven’t built enough homes? That’s the contradiction I keep coming back to. Buyers are nervous today, but tomorrow’s problem could be lack of supply. I’m not saying buyers should rush out and buy something just because they’re afraid of missing out. But if you’ve been waiting for everything to feel perfectly safe, it may be worth asking yourself a different question. Instead of: What if I buy and prices fall a little more? Maybe ask: What happens if I wait until everyone else feels confident again? Because right now, buyers still have something pretty valuable: Choice. Time. And negotiating power. The question is how long all three last. And if you need to buy and sell, please don’t forget to call Davelle. My First Home: How to Buy Smart in Toronto Know someone who talks about buying a home “someday”? Forward them a copy of our new My First Home magazine. It covers what to know, where to look, and how to buy smart in Toronto. Want to Make This Market Work for You? As always, if you have questions about the market, or would like an updated home evaluation, we’re here to help. For Sale: Renovated 1+1 Bedroom Condo in Midtown, Toronto (225 Merton St #501) Welcome to your own slice of paradise in the heart of Midtown, where the Kay Gardner Beltline Trail is practically your backyard. Morning run? Evening stroll? Taking Fido out for a spin? Just step outside and you’re there. Inside, this spacious one-bedroom-plus-den suite has plenty to love. For Sale: Renovated 3-Bedroom Detached House in Leslieville (14 Coady Ave) Morning Coffee. Evening Wine. Leslieville Living. This turnkey Leslieville gem checks all the boxes. Beautifully renovated and completely move-in ready, this detached 3-bedroom, 3-bathroom home is designed for easy everyday living and effortless entertaining. For Sale: Luxurious 2-Bedroom Corner Suite in Yorkville, Toronto (38 Avenue Rd #1403) Some homes offer luxury. This one offers peace of mind. Welcome to Suite 1403 at 38 Avenue Road, where every detail has been designed to make life feel effortless. Behind the private direct elevator entrance is an elegant corner residence that offers the rare combination of generous proportions, refined finishes, and exceptional service. For Sale: Bright 1-Bedroom Condo in Corktown, Toronto (60 Tannery Rd #516) Step into a sunlit living and dining space with clean sightlines and effortless flow. The open-concept kitchen keeps you connected – prep dinner, catch your favourite show, and take in the view all at once.

What Have I Noticed in the Market This Week? Contradictions. We have a fabulous detached house listed in Leslieville right now, and despite a full marketing plan, the number of private showings has been disappointing. What makes it even more puzzling is that more than 30 groups came through our weekend open houses. So where did they go? Why didn’t more of those people come back with their agents for a second look? I wish I had a simple answer. A few people at the open house did mention the lack of parking, and that may be a bigger factor in this market than we initially thought. On offer night, we didn’t receive any offers. When I spoke with other agents in the area who also had homes listed without parking, they were seeing the same thing: fewer showings and little to no offer activity. Meanwhile, another nearby property with parking for two cars received more than 10 offers. Same general market. Very different result. And then there is the other side of what I’m seeing. This week we hosted our second first-time buyer seminar in just two weeks and were pleasantly surprised to have more than 20 people attend. Our seminar two weeks earlier had just under 20 attendees. That tells me something. The buyers are out there. They are curious. They are educating themselves. They are going to open houses. They are asking questions. They are watching prices. They just don’t seem to be in a hurry to make offers. And maybe that is the real story of the market right now. Buyers have not disappeared. They have become much more selective. A few years ago, a buyer might have overlooked something like no parking because they were worried that if they didn’t buy the house, someone else would. Today, they are more comfortable saying, “I like it, but I’m going to keep looking.” That can be frustrating for sellers, but it also gives us valuable information. Features matter more. Presentation matters more. And understanding what today’s buyer is willing to compromise on, and what they are not, matters more than ever. What gives me some optimism is that people are still showing up. Thirty-plus groups at an open house is not a lack of interest. Forty-plus people attending first-time buyer seminars over two weeks is not a lack of interest. It tells me there is a lot of pent-up demand sitting on the sidelines. The question is what will finally make those buyers act. Will it be the right house? A further adjustment in price? More confidence in the economy? Or simply reaching the point where they are tired of waiting? I suspect it will be a little bit of all of the above. And when buyers do decide they are ready, they may discover that the amount of choice is not quite as plentiful as they expected. August actually saw GTA new listings fall 14.1% compared with last year, while sales declined by only 2.1%. So yes, this market is full of contradictions. But that is also what makes it interesting. People are looking. People are learning. People are planning. And eventually, some of those people are going to become buyers. The job right now is to make sure that when they are ready, your property is the one they want. And please don’t forget if you need to buy or sell, please call Davelle. My First Home: How to Buy Smart in Toronto Know someone who talks about buying a home “someday”? Forward them a copy of our new My First Home magazine. It covers what to know, where to look, and how to buy smart in Toronto. Want to Make This Market Work for You? As always, if you have questions about the market, or would like an updated home evaluation, we’re here to help. For Sale: Renovated 1+1 Bedroom Condo in Midtown, Toronto (225 Merton St #501) Welcome to your own slice of paradise in the heart of Midtown, where the Kay Gardner Beltline Trail is practically your backyard. Morning run? Evening stroll? Taking Fido out for a spin? Just step outside and you’re there. Inside, this spacious one-bedroom-plus-den suite has plenty to love. For Sale: Renovated 3-Bedroom Detached House in Leslieville (14 Coady Ave) Morning Coffee. Evening Wine. Leslieville Living. This turnkey Leslieville gem checks all the boxes. Beautifully renovated and completely move-in ready, this detached 3-bedroom, 3-bathroom home is designed for easy everyday living and effortless entertaining. For Sale: Luxurious 2-Bedroom Corner Suite in Yorkville, Toronto (38 Avenue Rd #1403) Some homes offer luxury. This one offers peace of mind. Welcome to Suite 1403 at 38 Avenue Road, where every detail has been designed to make life feel effortless. Behind the private direct elevator entrance is an elegant corner residence that offers the rare combination of generous proportions, refined finishes, and exceptional service. For Sale: Bright 1-Bedroom Condo in Corktown, Toronto (60 Tannery Rd #516) Step into a sunlit living and dining space with clean sightlines and effortless flow. The open-concept kitchen keeps you connected – prep dinner, catch your favourite show, and take in the view all at once. Sold: 1+1 Bedroom Condo With a View | South Riverdale/Leslieville (625 Queen St E #505) Some homes impress. This one stops you in your tracks. The moment you step inside, your eyes are drawn to the view—a breathtaking, protected western panorama stretching over the Don Valley to the Toronto skyline, with the CN Tower standing proudly in the distance. Day or night, it’s a living work of art you’ll never tire of.

What the Average Price Doesn’t Tell You The latest Toronto real estate headline caught my attention. The average GTA home price dipped below $1 million in August. According to TRREB, the average selling price across the GTA was $993,410 in August, down 2.7% compared to August of last year. Sales were also down slightly, by 2.1%, while new listings fell more sharply, by 14.1%. So yes, technically, the average GTA home price is under $1 million again. But before anyone pops the champagne, let’s talk about what that number actually means. Averages can be helpful, but they can also be misleading. When you hear that the “average home” in the GTA is under $1 million, it does not mean every part of the market suddenly became affordable. It also does not mean every buyer can now find the kind of home they want for less than seven figures. A detached home in Midtown Toronto is not the same market as a one-bedroom condo downtown. A semi in Riverdale is not the same market as a townhouse in the 905. A large, well-laid-out condo with parking and outdoor space is not the same market as a small investor-owned unit in a building with lots of competition. That is why I always hesitate when people ask, “How’s the market?” The real answer is: it depends. It depends on whether you’re buying or selling.It depends on the neighbourhood.It depends on the price point.It depends on how much similar inventory is available at that exact moment. The August numbers are interesting because they tell two stories at once. On one hand, prices are still softer than they were a year ago. That is giving many buyers more room to breathe, especially compared to the frenzied market we saw a few years ago. On the other hand, new listings were down quite a bit compared to last August. So while buyers may still have negotiating power, they may not have endless choice in every neighbourhood or property category. That is where the headline number only gets you so far. If you are a buyer, the average GTA price does not matter nearly as much as what comparable properties are selling for in the neighbourhoods and buildings you are actually considering. If you are a seller, the average GTA price does not tell you what your home is worth. Your value depends on your micro-market: the last few relevant sales, what else is currently listed, how your home presents, and how well it is priced from the beginning. This is especially important heading into the fall market. September is when people tend to get serious again. Buyers come back from summer holidays. Sellers who were waiting for fall begin preparing their homes. Families start thinking about what they want their lives to look like before the end of the year. But this fall may not look the same in every neighbourhood. Some areas may see more inventory. Others may remain tight. Some listings may sit. Others may surprise people. Some condos may offer real opportunity. Some houses may still attract strong interest if they are priced properly. That is why broad headlines can be interesting, but they should never be the whole strategy. The average home price being under $1 million makes for a great headline. But real estate decisions are not made in the average market. They are made one property, one neighbourhood, one building, and one conversation at a time. If you are wondering what the fall market means for your own home, your next purchase, or your investment property, we would be happy to talk it through with you over coffee. And remember if you’d like to buy or sell, please make sure you call Davelle. P.S. TIFF starts this week, which means Toronto is about to have that unmistakable September buzz. Restaurants will be busy, King Street will be full of energy, and for the next 10 days, the city gets to show off a little. It is always a good reminder that in real estate, people are not just buying bedrooms and bathrooms. They are buying the life outside their front door too. My First Home: How to Buy Smart in Toronto Know someone who talks about buying a home “someday”? Forward them a copy of our new My First Home magazine. It covers what to know, where to look, and how to buy smart in Toronto. Want to Make This Market Work for You? As always, if you have questions about the market, or would like an updated home evaluation, we’re here to help. For Sale: Renovated 3-Bedroom Detached House in Leslieville (14 Coady Ave) Morning Coffee. Evening Wine. Leslieville Living. This turnkey Leslieville gem checks all the boxes. Beautifully renovated and completely move-in ready, this detached 3-bedroom, 3-bathroom home is designed for easy everyday living and effortless entertaining. For Sale: Luxurious 2-Bedroom Corner Suite in Yorkville, Toronto (38 Avenue Rd #1403) Some homes offer luxury. This one offers peace of mind. Welcome to Suite 1403 at 38 Avenue Road, where every detail has been designed to make life feel effortless. Behind the private direct elevator entrance is an elegant corner residence that offers the rare combination of generous proportions, refined finishes, and exceptional service. For Sale: Bright 1-Bedroom Condo in Corktown, Toronto (60 Tannery Rd #516) Step into a sunlit living and dining space with clean sightlines and effortless flow. The open-concept kitchen keeps you connected – prep dinner, catch your favourite show, and take in the view all at once. Sold: 1+1 Bedroom Condo With a View | South Riverdale/Leslieville (625 Queen St E #505) Some homes impress. This one stops you in your tracks. The moment you step inside, your eyes are drawn to the view—a breathtaking, protected western panorama stretching over the Don Valley to the Toronto skyline, with the CN Tower standing proudly in the distance. Day or night, it’s a living work of art you’ll never tire of.