Toronto REALTOR® | Mathew Toussaint

Searching for a REALTOR® in Toronto? Mathew Toussaint works with buyers, sellers and investors across Toronto and the western GTA, and with the very common move in both directions between Toronto and Waterloo Region. Toronto has rules and costs that exist nowhere else in Ontario, and they are the part people get caught by.

I am a REALTOR® with eXp Realty of Canada. I will be straight with you about scope: I work across Toronto, and if what you need is a specialist in one specific downtown pocket, I will tell you that and make the introduction rather than pretending otherwise.

The costs and rules that are specific to Toronto

Municipal land transfer tax

Toronto is the only municipality in Ontario that levies its own land transfer tax on top of the provincial one. In practical terms a buyer pays it twice, which materially changes closing costs compared with an identical purchase in Mississauga, Milton or Waterloo Region. First time buyer rebates exist at both the provincial and municipal level, subject to conditions. Toronto also applies a higher rate band on higher value residential purchases. Get the actual figure calculated for your price point before you set a budget, because the difference from a suburban purchase is not small.

The Vacant Home Tax

Toronto operates an annual vacant home tax, and the mechanism catches people out: owners are required to declare the occupancy status of their residential property every year, and a property with no declaration filed can be deemed vacant and taxed accordingly. This applies to owners who live in the home, not only to owners of empty units. If you buy in Toronto, put the declaration deadline in your calendar for every year you own it, and confirm at closing who is responsible for the current year's declaration.

Non-resident speculation tax

Ontario applies a non-resident speculation tax to residential purchases by foreign buyers, foreign corporations and taxable trustees, province wide. There are limited rebate and exemption categories. If you or a co-purchaser are not a Canadian citizen or permanent resident, raise it with your lawyer before you make an offer, not after.

Up to four units as of right

Toronto permits multiplex housing of up to four units on most residential lots, and separately allows laneway and garden suites where the lot and servicing conditions are met. This has changed what a single family lot can become, and it is the single biggest shift for small investors in the city. It is still subject to zoning, building code, servicing and in some areas heritage rules, so the question is never whether it is allowed in principle but whether it works on that specific lot.

Toronto as several cities

The current city is the 1998 amalgamation of the old City of Toronto with North York, Scarborough, Etobicoke, York and East York. Those boundaries still describe real differences in housing stock, lot sizes, transit and price.

Downtown and the central core

Condominium dominant. King West, Liberty Village, the Entertainment District, the waterfront, St. Lawrence, Church and Wellesley, Yorkville. Here the building is the asset as much as the unit: reserve fund, fee level, what the fee covers, litigation history, and how the building is run. Older converted and post-war buildings behave differently from towers built in the last fifteen years.

The east end

Leslieville, Riverside, the Danforth, East York, the Beaches. Semi-detached and detached on narrow lots, Victorian and early twentieth century stock, and the renovation and addition questions that come with it. Laneway suite potential is concentrated in this kind of grid.

The west end

Roncesvalles, High Park, Bloor West Village, the Junction, Parkdale. Similar housing vintage to the east end, strong subway access along Bloor, and pockets with heritage designation or conservation district rules that constrain exterior changes.

Midtown

Davisville, Yonge and Eglinton, Leaside, Forest Hill, Lawrence Park. A mix of high density along Yonge and low density behind it, and the Eglinton corridor has been reshaped by transit construction. Leaside and Lawrence Park are established high end; Davisville is far more condominium driven.

North York

Willowdale, Bayview Village, Don Mills, York Mills, and the North York Centre high-rise node. Larger post-war lots in many areas, heavy rebuild activity in Willowdale, and subway access along Yonge and Sheppard.

Etobicoke

Mimico and Humber Bay Shores on the waterfront, which is one of the largest concentrations of newer condominium in the city, plus Islington, Kingsway, Long Branch and New Toronto. Good Lakeshore West GO and subway access, and generally lower price per square foot than the central core.

Scarborough

The widest range of value in the city. Birch Cliff, the Bluffs, Guildwood, Agincourt, Malvern and others, with larger lots, more post-war bungalows and the most accessible freehold prices in Toronto. Transit varies enormously by pocket, which is the main thing to check.

Buying in Toronto

Budget the land transfer tax properly. Two land transfer taxes on the same purchase is the single largest closing cost difference from anywhere else in Ontario.
Status certificate review on any condominium, by your lawyer, before conditions are waived. The corporation has a limited period to produce it and the fee is capped.
Understand what you are buying with a converted or loft unit, including how the building is heated and cooled, and what the corporation is responsible for.
Older freehold means knob and tube possibilities, clay drains, lead service lines in some areas, and basements that were never designed to be living space. Inspect properly.
Parking and laneway access are worth confirming rather than assuming, particularly on narrow downtown lots.
Heritage designation and conservation district rules affect what you can change on the outside. Check before you buy with a renovation plan in mind.

Selling in Toronto

Toronto rewards preparation more than most markets because buyers compare relentlessly and because the price gap between a well presented home and an average one in the same block is real. For a condominium, having the status certificate ready removes a delay buyers can use as leverage. For a freehold, the decision about whether to list before or after a competing property on the same street can matter as much as the price.

Pricing strategy here also depends on the segment. Some price bands and property types see multiple offers routinely; others negotiate. Read current conditions, and get a proper opinion rather than working from an automated estimate.

Investing in Toronto

The two live questions for small investors in Toronto right now are the multiplex and laneway rules, and the condominium math.

Multiplex and laneway. Up to four units as of right, plus laneway or garden suite potential, changes what a single lot is worth. Whether it works depends on lot width and depth, servicing capacity, fire access for a laneway build, existing structures and heritage status. Get a designer or planner to assess a specific lot before you pay a premium for the theory.
Condominium carrying cost. Fee plus property tax plus insurance plus the risk of a special assessment. On a small unit the fee can consume a large share of the rent.
Rent control status. Ontario exempts units first occupied after a 2018 cut-off from the annual rent increase guideline. Whether a given unit qualifies is a legal question with real cash flow consequences. Confirm it.
Tenanted purchases. The tenancy transfers with the property, and the circumstances in which a purchaser can obtain vacant possession are set by the Residential Tenancies Act. This affects price and the size of the buyer pool.
Multi-tenant housing operates under its own municipal licensing framework. Do not assume a rooming style property is compliant because it is occupied.

I do not manage rental property. SMOOTH Property Management is a separate business and I can introduce you if you need management after closing.

Toronto or Waterloo Region?

This is the question I get most often, and it deserves a real answer rather than a pitch. Toronto gives you the deepest job market, the best transit and the widest choice of housing type. Waterloo Region gives you materially more space for the money, no municipal land transfer tax, its own substantial tech and education employment base, and a commute that only works for some jobs.

The honest way to decide is to price the same household budget in both, include the land transfer tax difference, the commute in time and money, and what you would actually do with the extra space. I can build that comparison with you. Start with Kitchener, Waterloo, Cambridge and Guelph, or the halfway options in Milton, Burlington and Oakville.

How do I choose the best REALTOR® in Toronto?

There is no official ranking of REALTORS® in Ontario, so no one can legitimately claim the title. What you can compare:

Do they raise the municipal land transfer tax and the vacant home tax declaration before you ask, or after you have budgeted.
Condominium literacy. Can they tell you what matters in a status certificate rather than just telling you to have it reviewed.
Knowledge of the specific pocket you are buying in, at street level.
Investment experience, including multiplex and laneway feasibility, rent control status and tenanted purchases.
Willingness to tell you no. An agent who will not talk you out of a bad property is not protecting your interests.
Reviews with substance. Mine are here.

Frequently asked questions about Toronto real estate

How much is land transfer tax in Toronto?

You pay both the Ontario land transfer tax and the Toronto municipal land transfer tax on the same purchase, calculated on banded scales, with a higher band applying to higher value residential purchases. First time buyer rebates exist at both levels subject to conditions. Have it calculated for your actual price rather than estimated.

What is the vacant home tax and do I have to do anything?

Yes. Toronto requires residential property owners to file an annual occupancy declaration. Not filing can result in the property being deemed vacant and taxed. It applies to owner occupied homes too. Note the deadline every year.

Can I really build four units on a Toronto lot?

Multiplex housing of up to four units is permitted as of right on most residential lots, but permitted and feasible are different things. Lot dimensions, servicing, fire access, existing structures, parking and heritage status all determine whether a specific property works. Get a professional opinion on the lot before you pay for the potential.

Is a downtown condo a good buy?

It depends on the building far more than the unit. A well run corporation with a healthy reserve and a sensible fee is a different asset from a building with deferred maintenance and a pending assessment, even when the two units look identical. The status certificate is where the answer is.

Do you work in Toronto if you are based in Waterloo Region?

Yes, and a large part of what I do is the move between the two. For a purchase that depends on deep block-by-block knowledge of one downtown pocket, I will say so and connect you with someone who has it, because that serves you better than me guessing.

What is the non-resident speculation tax?

An Ontario tax on residential purchases by foreign nationals, foreign corporations and taxable trustees, applying province wide. There are narrow exemption and rebate categories. If any purchaser on title is not a citizen or permanent resident, raise it with a lawyer before making an offer.

Should I sell in Toronto and buy in Waterloo Region?

Plenty of people do, and plenty of people regret doing it for the wrong reason. It works when the space, the price and the lifestyle genuinely fit, and it does not work when the commute is underestimated. I will run the real numbers with you including both land transfer taxes, and tell you if the answer is to stay.

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Mathew Toussaint is a REALTOR® with eXp Realty of Canada, Inc., Brokerage. This page is general information about the Toronto housing market and is not legal, tax or financial advice. Land transfer tax rates, the vacant home tax, zoning permissions and rent control rules change. Confirm current requirements with the City of Toronto, the Province of Ontario and your lawyer before relying on them.