What did I learn at breakfast this week?
Quite a bit, actually.
I attended a Zonda Home breakfast this week where they shared an update on what’s happening in the housing market.
I happened to be sitting beside a developer who is currently researching the rental market because he is planning a new rental building.
He told me about a rental building at Yonge & Eglinton that has been having trouble filling some of its vacancies because there simply isn’t enough parking for the tenants.
The building even tried securing additional parking spaces in another nearby building, but prospective tenants still said, “Thanks, but no thanks.”
The developer had assumed that because the building was at Yonge & Eglinton, with great transit and everything within walking distance, parking wouldn’t be as important.
He has now learned otherwise.
And honestly, we’re seeing the same thing in the resale housing market.
We have seen gorgeous houses sit on the market because they only offer street parking, while similar properties with a private driveway attract much more attention.
It’s another reminder that buyers are being incredibly selective right now.
The Zonda presentation also confirmed something else we already knew: pre-construction condo sales are at historically low levels, which means the number of new condo units coming to market over the next few years is also expected to be dramatically lower.
That could become very interesting down the road.
A couple of other market numbers that caught my attention.
Did you know that about 84% of Toronto condos that sold over the past three months sold for less than the asking price?
And there is currently just over six months of condo inventory available.
Put simply, if no new condos came onto the market, it would take a little more than six months to sell all of the ones currently available.
That is a lot of choice for buyers.
So here’s the question I keep coming back to:
If prices are lower, buyers have more negotiating power and there is lots of inventory, why aren’t more people buying?
October condo sales were down about 18% compared with last year.
So clearly, price isn’t the only thing holding buyers back.
Is it uncertainty about the economy? Job security? Interest rates? Fear that prices could fall further? Or are buyers simply not feeling enough urgency yet?
I’d genuinely love to hear what you think.
Send me a text at 416-509-3286 or email me at davelle@bosleyrealestate.com and tell me:
What do you think is holding buyers back right now?
One important reminder: Vacant Home Tax
It’s that time of year again.
The City of Toronto has opened the declaration period for the 2026 Vacant Home Tax, and all residential property owners need to submit a declaration — even if the property is your principal residence. The deadline is April 30, 2027.
Yes, you have plenty of time.
But why wait, forget about it and potentially end up with a very unpleasant tax bill?
There are exemptions for certain situations, including when an owner has passed away, someone has moved into long-term care, qualifying renovations are taking place, ownership has transferred, or a court order prevents the home from being occupied. Supporting documentation may be required depending on the exemption.
You can make your declaration here:
City of Toronto Vacant Home Tax declaration
And just to be clear: even if your home is occupied and you do not owe the Vacant Home Tax, you still need to make the declaration.
If you have questions about what’s happening in the market — or you’re thinking about buying or selling — you know what to do. Just 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.
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