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Three offer conditions: when to include or drop financing, inspection and sale-of-property conditions

Sat, 07 Nov 2026 17:00:00 GMT

Conditions are safety nets written into the purchase agreement. Here is what the financing, home inspection and sale-of-property conditions protect, how waivers and deadlines work, the risks of dropping conditions in a bidding war and what you can do before you offer, based on RECO and Ontario government sources.

Should your offer have conditions, or not? The short answer: a condition is an emergency exit that says “I will buy if this checks out.” If you drop it, check the risk it was guarding against before you make the offer.

Start with a hypothetical example. It is Saturday evening, two hours before offers are due. The seller’s agent says five offers are in. Yours has a financing condition and an inspection condition. Suddenly, conditions look like a luxury.

This post is for anyone buying in Toronto or the GTA. It uses general information checked with RECO (the Real Estate Council of Ontario, which regulates agents) and the Ontario government. It is not legal advice, so check the wording of your agreement with a lawyer.

The answer first: the three conditions at a glance

Condition	What it protects	Risk if you drop it	What to do before the offer
Financing	A way out if the loan does not come through	You must still pay on closing, even if the loan falls short	Pre-approval; give the lender the address early
Home inspection	Time to decide after hidden defects are found	You take on repairs you did not know about	Inspect before you offer (a pre-inspection)
Sale of buyer’s property	A way out if your current home does not sell	You carry two homes at once	Sell first; line up the closing dates
Condo: status certificate review	Time for your lawyer to check the condo’s money and lawsuits	You buy without knowing about a special assessment or lawsuit	Review the certificate the seller already has, before you offer

$350–$600 — Home inspection fees (ontario.ca, as of 2026; can be higher)
10 days — Time a condo corporation has to provide a status certificate (CAO)
$100 — Cap on the status certificate fee, including tax (O. Reg. 48/01 s. 18(4))
None — Legal cooling-off period for a resale condo (ontario.ca)

RECO advises making your offer conditional, if possible, on financing, a home inspection, the sale of your existing home or other things that matter to you.

How conditions end: deadlines, waivers and the deposit

Conditions are written in the Agreement of Purchase and Sale (APS), each with a deadline. An offer with no conditions is a firm offer. With conditions it is a conditional offer, and the deal becomes firm once every condition is fulfilled or waived.

You clear a condition in writing. You sign a waiver or a notice of fulfillment and send it to the other side before the deadline. Under s. 22.10 of the TRESA regulation, an agent who receives a written waiver must pass it to their client as soon as possible, just like an offer.

“What if the deadline passes?” The condition clause in your agreement decides. If the deal ends, the deposit is normally returned as the agreement says. But if the two sides argue over the deposit, the brokerage can only release it with a release signed by both or a court order (RECO).

Financing condition: a pre-approval is not a promise

“I have a pre-approval, so can I drop the financing condition?” It is a common objection. FSRA (Ontario’s financial regulator) says a preapproval is not a guarantee that the lender will enter into a mortgage contract with you. The lender may decide not to lend after closely assessing you or the property.

RECO also says pre-qualifying for a mortgage (a rough estimate of what you could borrow) does not safely remove the need for a financing condition. In a hypothetical example, if the lender values the home $30,000 below your offer, you may have to cover that gap in cash.

(Opinion) To drop a financing condition, I think you need both an answer from the lender on this address and price, and spare cash to cover a low appraisal.

Inspection condition: time to look before you commit

RECO calls a home inspection one of the most common conditions in an offer. The Ontario government describes it as a visual check of major parts such as the foundation, electrical, plumbing and roof. It is not a pass or fail test, and it does not check zoning or building codes.

After the report, a buyer may ask for repairs, accept a defect, ask for a price adjustment or decide not to buy (ontario.ca). There are downsides too. An inspector cannot find everything. They may miss mould or be unable to check a roof under snow, and they give no warranty.

Instead of dropping the condition, you can have the home inspected before you offer. Even if the seller has a report, the Ontario government says buyers should get their own inspection too. If your offer fails, you do not get that cost back.

Sale-of-property condition and the condo status certificate

A sale-of-property condition says “I will buy if my current home sells by the deadline.” It protects the buyer from carrying two homes at once. For the seller, it ties their deal to someone else’s sale, so (opinion) it is the hardest of the three for sellers to accept.

Another path is to sell first, then buy. That brings a different risk: the two closing dates may not line up. RECO says to have a contingency plan in case the dates do not match.

With a condo, buyers often add a condition to review the status certificate (the condo corporation’s report on its money and legal state). A resale condo has no legal cooling-off period, so this condition may be your only time to read the papers after signing. The corporation must provide it within 10 days of a request, and the fee is up to $100 including tax (CAO).

Drop conditions in a bidding war?

When there are several offers, the seller’s brokerage must tell every buyer who made one how many competing offers there are (regulation s. 22.7(1)). The price or terms of other offers are shared only if the seller directs it.

RECO warns that in a competition you may be tempted to offer more than you planned or to remove conditions that protect you. It also calls skipping a home inspection a significant risk that a buyer needs to weigh carefully. Dropping conditions makes an offer look stronger, but all of that risk becomes yours.

Days until the deal is firm (hypothetical example, estimate only)

Type of offer	Until firm
Firm offer, no conditions	0 days
Inspection condition	5 days
Financing condition	5 days
Condo certificate review (incl. up to 10 days to receive it)	15 days
Sale-of-property condition	30 days

These dates are made up to explain the idea. Real deadlines are the dates written in your agreement, set by negotiation. The certificate row assumes the condo corporation’s 10 days (CAO) plus 5 days to review.

Source: CAO, Status certificate (10 days) (checked Nov 7, 2026)

Common mistakes and what to check

Treating a pre-approval as a final loan and dropping the financing condition — ask the lender again about this home.
Not checking whether the deadline counts “days” or “business days” — read the clause with your lawyer.
Giving a waiver only by word of mouth — send it in writing before the deadline and keep the time it was sent.
Dropping the inspection condition without a pre-inspection — weigh the $350–$600 cost (as of 2026) against the risk.
Going firm on a condo without reading the status certificate — a resale condo has no cooling-off period.
Buying without a sale-of-property condition and no plan if your home does not sell — make a backup plan for the dates first.

In short: conditions are the emergency exits that protect your deposit and your money, and if you drop one, check its risk before you offer. Your one task today: ask your lender, in writing, what happens if a home in your price range appraises low.

Sources:

RECO, Buyer’s checklist (conditions to include, waiving conditions in competing offers, a contingency plan for dates) (checked Nov 7, 2026)
RECO, Competing offers (pre-qualifying and the financing condition, the risk of skipping an inspection) (checked Nov 7, 2026)
RECO, Home inspections (one of the most common conditions) (checked Nov 7, 2026)
RECO, Consumer deposit insurance (a deposit in dispute needs both signatures or a court order) (checked Nov 7, 2026)
O. Reg. 567/05 (General, under TRESA), s. 22.7(1) number of competing offers, s. 22.10(1), (5)(b) conveying offers and waivers — e-Laws (checked Nov 7, 2026)
Government of Ontario, What to know before buying a home (inspection fees $350 to $600, no cooling-off period for resale condos, updated 2026-07-28) (checked Nov 7, 2026)
Condominium Authority of Ontario (CAO), Status certificate (provided within 10 days, up to $100 including tax) (checked Nov 7, 2026)
O. Reg. 48/01 (General, under the Condominium Act), s. 18(4) status certificate fee cap — e-Laws (checked Nov 7, 2026)
FSRA (Ontario’s financial regulator), Signing a Mortgage Contract — a preapproval is not a guarantee (copy checked 2026-10-30; the site blocked automated access on 11-07) (checked Oct 30, 2026)

Please double-check: General information based on RECO guidance, the TRESA regulation and Ontario government and CAO pages checked on 2026-11-07, and FSRA guidance checked on 2026-10-30. It is not legal advice. Condition wording and deadlines differ in every agreement, so check them with a real estate lawyer before you sign, and get the lender’s answers in writing. Ask me if you have questions.

By Joonghyun Ahn, Sales Representative, HomeLife Frontier Realty Inc., Brokerage. Charts, photos and source links are on the original page: https://www.koreanhomes.ca/en/blog/offer-conditions-financing-inspection-sale/

Canada’s unemployment rate rose to 6.7% in October — Ontario 7.3%, Toronto area 7.4%

Fri, 06 Nov 2026 17:00:00 GMT

Statistics Canada’s Labour Force Survey for October, released November 6. Jobs barely changed (−4,700), but more people looked for work, so the unemployment rate rose 0.2 points to 6.7%. Ontario was at 7.3% and the Toronto area at 7.4%. Average hourly wages were $37.89, up 2.2% from a year earlier. What it means if you buy, sell or rent in the GTA.

What happened

Statistics Canada released the Labour Force Survey for October on November 6, 2026. This monthly survey asks about 65,000 households each month and tells us how many people have jobs and how many are looking for work. The October survey week was October 11 to 17. These are the figures in the release and its tables (seasonally adjusted unless noted).

The number of jobs barely changed in October. It fell in the two months before (September −68,000, August −42,000).
The unemployment rate rose because 33,000 more people (+2.2%) looked for work. It was the second rise in a row, but the rate is still below the recent high of 6.9% in April 2026.
By industry, wholesale and retail trade lost 29,000 jobs (−1.0%), while construction (+16,000, +0.9%) and educational services (+15,000, +1.0%) gained. Construction had 47,000 more jobs (+2.9%) than a year earlier.
Private sector employees fell by 53,000 (−0.4%), the first drop since February. Public sector employees rose by 50,000 (+1.1%).
In Ontario, the number of jobs barely changed for a third month. More people looked for work, so the unemployment rate rose from 7.0% to 7.3%. Alberta lost 24,000 jobs (−0.9%), and its rate rose to 7.3% (+0.9 pts).
In the Toronto CMA, 3,804,300 people had jobs, up 17,700 in the month and up 60,100 (+1.6%) from a year earlier. The unemployment rate rose from 7.2% to 7.4%.

Item (October 2026)	Figure	Change from September	Change from a year earlier
People employed in Canada	21,100,000	−4,700 (0.0%)	+17,000 (+0.1%)
Employment rate, Canada	60.5%	−0.1 pts	−0.3 pts
Unemployment rate, Canada	6.7%	+0.2 pts	−0.2 pts
Youth (15 to 24) unemployment rate	13.7%	+0.7 pts	Little changed
Unemployment rate, Ontario	7.3%	+0.3 pts	−0.3 pts
Unemployment rate, Toronto CMA	7.4%	+0.2 pts	−0.9 pts
Average hourly wage (not seasonally adjusted)	$37.89	—	+2.2% (+$0.83)

In a chart: the last three Octobers

These charts put the same month, October, side by side for three years. In all three, October 2025 was the highest. Canada and Ontario came down a little this October but are still higher than in October 2024. The Toronto CMA fell from 8.4% to 7.4%, close to October 2024 (7.5%).

6.7% — Canada’s unemployment rate, October 2026 (+0.2 pts from September)
7.4% — Toronto CMA unemployment rate, October 2026 (−0.9 pts from a year earlier)
$37.89 — Average hourly wage, October 2026 (+2.2% from a year earlier)

Canada’s unemployment rate in October (%, seasonally adjusted, first release each year)

Period	Value (%)
Oct 2024	6.5%
Oct 2025	6.9%
Oct 2026	6.7%

Why these years: The last three Octobers, so we compare the same month: two years ago, one year ago, and the first job numbers released since the Bank of Canada raised its rate (October 28, 2026); the survey week, October 11 to 17, was before the increase.

First-release figures from each year’s October Labour Force Survey release (The Daily, 2024-11-08, 2025-11-07, 2026-11-06). Statistics Canada revises seasonally adjusted figures for the previous 3 years around the end of each January, so current tables may show slightly different past numbers. The year-over-year change in this release (−0.2 pts) matches the gap between the first-release figures.

Source: Statistics Canada, The Daily, October Labour Force Survey release of each year: 2024-11-08, 2025-11-07, 2026-11-06 (checked Nov 6, 2026)

Ontario’s unemployment rate in October (%, seasonally adjusted, first release each year)

Period	Value (%)
Oct 2024	6.8%
Oct 2025	7.6%
Oct 2026	7.3%

Why these years: The same three Octobers as the Canada chart. Ontario was above the Canadian average in all three years.

Provincial figures from each year’s October Labour Force Survey release (The Daily, 2024-11-08, 2025-11-07, 2026-11-06). The year-over-year change in Table 3 of this release (−0.3 pts) matches the gap between the first-release figures. Statistics Canada revises past figures around the end of each January.

Source: Statistics Canada, The Daily, October Labour Force Survey release of each year and Table 3: 2024-11-08, 2025-11-07, 2026-11-06 (checked Nov 6, 2026)

Toronto CMA unemployment rate in October (%, monthly, seasonally adjusted, first release each year)

Period	Value (%)
Oct 2024	7.5%
Oct 2025	8.4%
Oct 2026	7.4%

Why these years: The same three Octobers for the Toronto census metropolitan area (Toronto CMA), which covers most of the GTA.

First-release figures from Table 8 (Montréal, Toronto and Vancouver CMAs, monthly, seasonally adjusted) of each year’s October release. In Table 8 of this release the year-over-year change is −0.9 pts, a little different from the gap between the first-release figures (−1.0 pts). This is because past figures were revised or because of rounding. City-area figures come from a smaller sample, so they are less precise (standard error of the month-to-month change in Table 8: 0.4 pts).

Source: Statistics Canada, The Daily, Table 8 of each year’s October Labour Force Survey release: 2024-11-08, 2025-11-07, 2026-11-06 (checked Nov 6, 2026)

The terms in plain words

Labour Force Survey (LFS): a monthly Statistics Canada survey that asks households directly and sorts people into those who work, those who are looking for work, and those doing neither. The Canada figures do not include the three territories.
Unemployment rate: among people who work or are looking for work (the labour force), the share who have no job and are looking. People not looking for work (such as students or retirees) are not counted. So if jobs stay the same but more people start looking, the rate goes up.
Employment rate: the share of people aged 15 and older who have a job. 60.5% means about 60 out of every 100 people aged 15 and older are working.
Percentage points (pts): the difference between two rates. If the unemployment rate goes from 6.5% to 6.7%, it rose 0.2 pts.
Seasonally adjusted: numbers with the usual changes of the year taken out (for example summer jobs or the holiday shopping season). This lets you compare September with October directly.
Toronto CMA (census metropolitan area): the Toronto area as defined by Statistics Canada. It includes the City of Toronto and several nearby cities, but its borders are not exactly the same as the GTA.

The background Statistics Canada gave

Of the people who were unemployed in September, 18.9% found work in October. This is a little lower than a year earlier (19.8%) and well below the average for the same months in 2017 to 2019 (24.6%) (not seasonally adjusted).
Of the roughly 1,500,000 people who were unemployed in October, 23.7% had been looking for work for 27 weeks or more without a break (long-term unemployment). This was higher than a year earlier (21.5%) and the 2017 to 2019 average (17.2%).
The share of people who were working in September and became unemployed in October because of a layoff was 0.7%, about the same as a year earlier (0.6%).
Jobs in wholesale and retail trade fell by 113,000 (−3.7%) over 12 months, and the drop was mostly in Ontario, Quebec and British Columbia.
In Canada, 29.7% of people aged 15 and older lived in a household that found it hard to pay for needs such as transportation, housing and food in the past 4 weeks, up 2.0 pts from a year earlier (27.7%). In the Toronto CMA it was 32.0% (a year earlier: 32.3%), and it was higher in Oshawa (38.4%) and Hamilton (35.9%).

What it means if you are buying, selling or renting in the GTA (explained)

This is not advice. It explains what the statistics mean in plain words. The unemployment rate is an average; it does not show your own household’s income or job situation.

Buyers: banks and mortgage lenders check your income and job with documents at pre-approval and at final approval. If you work in an industry that is losing jobs, such as wholesale and retail trade, it is safer to work out your monthly payment at the stress-test rate and keep a good emergency fund (opinion). If your job or income changes before closing, it can affect your loan, so talk to your mortgage specialist first.
Rates: on October 28, 2026 the Bank of Canada raised its policy rate from 2.25% to 2.50%. The Bank’s official schedule shows the next rate announcement on December 9, 2026. Job numbers are only one of many things the Bank looks at, so they alone cannot tell you the next decision (opinion).
Sellers: the Toronto CMA had 60,100 more people working (+1.6%) than a year earlier, and its unemployment rate was 0.9 pts lower. This means the job picture is a little better than a year ago, but where prices go depends on sales, listings and rates together. For your local market, TRREB’s monthly statistics are the better guide (opinion).
Renters: 32.0% of people in the Toronto CMA lived in a household that found it hard to pay for basic needs in the past 4 weeks. Rent increases follow Ontario law, so check the Ontario government’s official guidance for the limit that applies to your lease.
Landlords: in the Labour Force Survey, the Toronto CMA population aged 15 and older was 28,600 (−0.5%) lower than a year earlier. Statistics Canada notes that its official population estimates are the official measure of population change, so it is better not to judge rental demand on this one number (opinion).

What to watch next

According to Statistics Canada’s release, the November Labour Force Survey comes out on December 4, 2026 (survey week November 8 to 14). Check the date again on the Statistics Canada release schedule.
For the Bank of Canada’s next rate announcement date and decision, check the official schedule on the Bank’s website.
The numbers here are from the November 6, 2026 release. Statistics Canada revises seasonally adjusted figures for the previous 3 years around the end of each January.

Sources:

Original: Statistics Canada, The Daily (Labour Force Survey, October 2026) (checked Nov 6, 2026)
Statistics Canada, The Daily, November 6, 2026, Table 3: labour force characteristics by province, seasonally adjusted (checked Nov 6, 2026)
Statistics Canada, The Daily, November 6, 2026, Table 8: labour force characteristics, Montréal, Toronto and Vancouver CMAs, monthly, seasonally adjusted (checked Nov 6, 2026)
Statistics Canada, The Daily, November 6, 2026, Infographic 3: people in households with difficulty meeting financial needs, by census metropolitan area (checked Nov 6, 2026)
Statistics Canada, Table 14-10-0287-01: labour force characteristics, monthly, seasonally adjusted (checked Nov 6, 2026)
Statistics Canada, Guide to the Labour Force Survey, 2025 (checked Nov 6, 2026)
Statistics Canada, The Daily, Labour Force Survey, October 2025 (released November 7, 2025) (checked Nov 6, 2026)
Statistics Canada, The Daily, November 7, 2025, Table 8: labour force characteristics, Toronto and other CMAs (checked Nov 6, 2026)
Statistics Canada, The Daily, Labour Force Survey, October 2024 (released November 8, 2024) (checked Nov 6, 2026)
Statistics Canada, The Daily, November 8, 2024, Table 8: labour force characteristics, Toronto and other CMAs (checked Nov 6, 2026)
Bank of Canada, key interest rate (announcement schedule) (checked Nov 6, 2026)

Please double-check: Job and unemployment numbers are estimates from a sample survey, and Statistics Canada revises the seasonally adjusted figures for the previous 3 years around the end of each January. This is a plain-language explanation, not an official translation. Your mortgage approval depends on your own income and job papers, so check with your lender or mortgage specialist, and check rate dates and decisions on the Bank of Canada website.

Budget 2026: a $1.5M limit for optional mortgage insurance and a foreign buyer ban to 2029 are proposed; missing-middle insurance changes start February 1, 2027

Thu, 05 Nov 2026 17:00:00 GMT

Ottawa tabled Budget 2026 on November 5. Raising the price limit for optional mortgage insurance from $1,000,000 to $1,500,000 and extending the foreign buyer ban on existing homes to January 1, 2029 are still proposals. Mortgage insurance changes for three- and four-unit “missing middle” homes were announced to start February 1, 2027. Here is what is law and what is not.

What happened

The federal government tabled Budget 2026 (titled “Masters of our destiny”) in Parliament on November 5, 2026. A budget is the government’s plan for how it will raise taxes and spend money. This article picks out the parts that matter to Korean-speaking clients buying, selling or renting in the GTA, using sentences checked directly in the budget documents (budget.canada.ca).

The most important point first. Most housing measures in the budget are proposals. They take effect only when a law or regulation changes. Only the mortgage insurance change for “missing middle” homes is one the budget says “will come into effect” on a set date (February 1, 2027), and even that has not started yet (and the budget calls one part of it a proposal — see ① below). Section 116 withholding and foreign property reporting (T1135) also have stated dates, but they are proposals that need changes to the Income Tax Act, so they would apply from those dates only if Parliament passes them. None of the housing rules covered here had changed as of today (November 6, 2026).

Measure	What changes	Status	When
Mortgage insurance for missing middle homes	New mortgage insurance flexibility for three- and four-unit homes. Private insurers may insure residential properties of 5 to 50 units	Announced, not yet in effect. Details are in a Finance Canada technical backgrounder	February 1, 2027 (per the budget)
Price limit for optional mortgage insurance	$1,000,000 → $1,500,000. 30-year amortization if at least one borrower is a first-time buyer or the home is newly built	Proposed — needs a change to the insurance rules	No date
Insured mortgage rate information	The Bank of Canada would publish insured mortgage rate information	Proposed — needs new regulations	No date
CRA income verification service	The CRA would verify income for lenders and insurers	Proposed — needs a change to the Canada Revenue Agency Act	No date (pilot funding from 2027-28)
Prepayment penalties on insured mortgages	Ways to make penalties easier to understand	Plan to consult only (nothing changes now)	None
Foreign buyer ban	Extended to January 1, 2029 for existing homes; new homes exempt	Proposed — needs a new law. Today the ban covers new and existing homes and is set to be repealed January 1, 2027	No date (extension ends January 1, 2029)
Withholding when buying from a non-resident (section 116)	If the seller is a non-resident corporation: 25% → 15%, 50% → 30%. No change for individuals	Proposed — needs a change to the Income Tax Act	If passed, dispositions on or after January 1, 2027
Foreign property reporting (T1135)	Filing threshold $100,000 → $200,000	Proposed — needs a change to the Income Tax Act	If passed, tax years ending after 2026
Deposit insurance (CDIC)	Limit raised to $250,000, plus temporary cover for large sums held for a while, such as after a home sale	Proposed — needs a new law	No date
Build Canada Homes	$13B more in capital; a path to 200,000 homes in 10 years	Proposed spending	From 2028-29
Canada Housing Benefit	Monthly rent help for low-income renters renewed for 10 years	Proposed spending	From 2028-29
First-time buyer GST relief, FHSA, HBP	No change in this budget	In place (existing programs)	—

Feb 1, 2027 — Start date for missing middle mortgage insurance changes (per the budget) — not yet in effect
$1.5M — Proposed price limit for optional mortgage insurance (now $1M) — not law yet
Jan 1, 2029 — Proposed end of the foreign buyer ban on existing homes (current law: repeal set for January 1, 2027)
$13B — Proposed new capital for Build Canada Homes (10 years from 2028-29)

“Proposed” means it is not law yet. Details and dates can change, or be dropped, as Parliament passes laws or regulations change. The “Status” column uses the budget’s own words: proposes, announces, will come into effect.

The terms in plain words

Federal budget: the government’s financial plan, presented to Parliament by the Minister of Finance. It mixes tax changes, spending plans and rule changes. Each one must become a law or regulation before it takes effect.
Notice of Ways and Means Motion: a draft tax law that the government puts before Parliament first. It becomes law only after Parliament passes the bill and it receives royal assent.
Mortgage default insurance: insurance that protects the lender if you cannot pay. It is required when your down payment is under 20% (high-ratio insurance). With 20% or more it is not required but can still be used (low-ratio insurance). We read the budget’s “optional mortgage insurance” as this low-ratio insurance (our interpretation; it matches the $1,000,000 limit in the current regulations).
Amortization: the total time it takes to pay off the loan. A longer period means lower monthly payments but more interest overall.
Missing middle: homes between a detached house and a high-rise condo in size, such as duplexes, triplexes, fourplexes (four-unit homes) and low-rise apartments.
Non-market housing: public and non-profit housing whose goal is homes people can afford over time, not profit. The budget says it is about 4% of all homes in Canada.
Withholding: when the buyer holds back part of the price and pays it to the Canada Revenue Agency (CRA) to cover the seller’s possible tax.

Mortgage rules: what changes, and when

There are five mortgage items. Only the first has a start date. Quotes from the budget are copied word for word.

① Missing middle homes (announced, set to start February 1, 2027): new mortgage insurance flexibility for three- and four-unit homes, and private insurers allowed to insure residential properties of 5 to 50 units. Budget text: "The Department of Finance Canada has published a technical backgrounder outlining the parameters for these changes, which will come into effect on February 1, 2027." The details are in Finance Canada’s technical backgrounder, which is on canada.ca and which we could not open. So we list no conditions beyond the example below.
The budget’s own example (an illustration in the budget, not a real case): a builder wants to build a $3,000,000 fourplex. Under today’s rules the project cannot get insurance, because the value is over the $1,500,000 cap and the builder would have to live in one unit. In this example the budget says: "Budget 2026 proposes to expand access to insured construction financing for newly built three- and four-unit housing." With that change, the builder could get an insured loan for up to 90% of the value, with no price cap and no need to live there. Once built, the builder could rent all four units with an insured mortgage amortized over up to 30 years, or sell the homes one by one. Because the budget calls this part a proposal (“proposes”), the budget documents we could open do not show whether this wider construction financing is part of the February 1, 2027 change or a separate proposal still to come. They also do not say whether buyers of existing three- and four-unit homes are included.
② Price limit for optional mortgage insurance (proposed, no date): Budget text: "Budget 2026 proposes to amend mortgage insurance rules to raise the home price limit for optional mortgage insurance from $1 million to $1.5 million and permit 30-year amortisations for these insured mortgages, provided that at least one borrower is a first-time home buyer or the home is newly built." Today’s federal regulations (SOR/2012-281) say a low-ratio insured loan’s property value "must be less than $1,000,000", with up to 25 years for a purchase. High-ratio insurance (under 20% down) already allows homes under $1,500,000, and 30 years for first-time buyers or newly built homes.
③ Insured mortgage rate information (proposed): Budget text: "Budget 2026 proposes to establish new regulations to enhance publicly available information on insured mortgage rates, to be published by the Bank of Canada." New regulations are needed and there is no date.
④ CRA income verification (proposed): a service in which the CRA would sign agreements with lenders and mortgage insurers to confirm a borrower’s income. The budget "proposes" to amend the Canada Revenue Agency Act for this, and to spend $13M over three years from 2027-28 to build and pilot it.
⑤ Prepayment penalties (consultation only): Budget text: "Budget 2026 announces the government's intention to consult industry and stakeholders on potential reforms to improve transparency around prepayment penalties for insured mortgages." It only says it will consult. Nothing changes now.
We found nothing in the budget documents that changes the mortgage stress test (the rate used to qualify for a loan).

Price limits for insured mortgages (the home must cost less than this)

Type of insurance	Price limit
High-ratio insurance (under 20% down) — current rules	$1,500,000
Low-ratio insurance (20% or more down) — current rules	$1,000,000
Optional mortgage insurance — Budget 2026 proposal (not law yet)	$1,500,000

The current rules are the high-ratio ("less than $1,500,000") and low-ratio ("less than $1,000,000") conditions in SOR/2012-281. Reading the budget’s "optional mortgage insurance" as low-ratio insurance is our interpretation. Until the proposal takes effect, the current limits apply.

Source: Eligible Mortgage Loan Regulations (SOR/2012-281); Budget 2026, Chapter 3 (checked Nov 6, 2026)

Foreign buyers and owners who live abroad

Four items matter to foreign buyers and to owners who live outside Canada. All are proposals, and the current law still applies.

Foreign buyer ban (proposed): Budget text: "Budget 2026 proposes to extend the ban on foreign purchases of existing residential properties for two years, to January 1, 2029, while exempting new residential properties." Today’s law (the Prohibition on the Purchase of Residential Property by Non-Canadians Act) has applied to new and existing homes since January 1, 2023, and under the Budget Implementation Act, 2024 it is set to be repealed on January 1, 2027. The budget would extend it to January 1, 2029 for existing homes only and exempt new homes. The government said it will propose legislation and start the regulatory process "in short order", but when it will pass, and when the new-home exemption would start, are not set. For now, new pre-construction homes are still covered by the ban.
Section 116 withholding (proposed; if passed, dispositions on or after January 1, 2027): this would lower the share a buyer holds back when buying property from a non-resident. The tax measures document says "Budget 2026 proposes to reduce the withholding and remittance rates from 25 and 50 per cent to 15 and 30 per cent, respectively", but the draft law in the Ways and Means Motion limits this to sellers that are corporations. The buyer’s withholding is in draft subsection 116(5.6): "If the non-resident person referred to in either of those provisions is a corporation or if the purchaser referred to in subsection (5) or the taxpayer referred to in subsection (5.3), after reasonable inquiry, had no reason to believe that the non-resident person was not a corporation, the following rules apply: (a) the reference in subsection (5) to "25%" is to be read as a reference to "15%"; and (b) the reference in paragraph (5.3)(a) to "50%" is to be read as a reference to "30%"." In plain words: 25% becomes 15% and 50% becomes 30% if the seller is a non-resident corporation, or if the buyer checked with reasonable care and had no reason to believe the seller was not a corporation. (Draft subsection 116(5.5) is a separate rule: it changes the 25% the seller pays to get a CRA clearance certificate to 15%.) When an individual who lives in Korea or elsewhere sells a GTA home, it stays at 25% (50% for some property).
Foreign property reporting, T1135 (proposed; if passed, tax years ending after 2026): Canadian residents must report to the CRA when the total cost of certain property they hold outside Canada is over a threshold. The budget would raise it from $100,000 to $200,000, and the simplified reporting limit from less than $250,000 to less than $500,000. The budget explains that personal property and property used in an active business are generally not included. This matters if you own a rental home or investments in Korea.
Path to permanent residence (proposed): the budget says up to 200,000 temporary residents already in Canada would have a chance to become permanent residents by the end of 2027. Under current law, permanent residents are not covered by the foreign buyer ban.

Type of property (budget Table 4)	Now	Proposed: seller is a non-resident corporation	Seller is a non-resident individual
Capital property other than specified TCP	25% of the price	15% of the price	25% of the price (no change)
Specified TCP (depreciable property, real property held as inventory, etc.)	50% of the price	30% of the price	50% of the price (no change)

The section 116 table shows the buyer’s withholding rate. No withholding is needed once the CRA issues a clearance certificate. This proposal is not law yet; if passed, it applies to dispositions on or after January 1, 2027. If your deal closes around that date, check with your lawyer.

Supply and rent: the numbers in the budget

The Budget in brief says the housing strategy will use "nearly $45 billion on a cash basis" (almost $45B). Everything below is proposed spending, and Parliament must approve it before the money flows.

Build Canada Homes (the federal housing agency): $13B more over ten years on a cash basis, starting in 2028-29, to grow non-market housing. The budget says this puts Build Canada Homes on a path to 200,000 homes in the next decade, with total capital of $45B.
Homelessness: on a path to end it within 10 years, the budget proposes $11.2B over four years from 2027-28, and $17.8B after that.
Canada Housing Benefit: monthly rent help for low-income renters, renewed for 10 years: $1.7B over three years from 2028-29, and $3.9B after that.
Federal land: $1.5B over four years from 2027-28, and $387.4M after that, for water, wastewater and roads on federal land for housing. Municipal e-permitting and AI get $100M over three years from 2027-28.
Ontario: the budget says a new partnership with Ontario is cutting taxes on housing and reducing the cost of a home by up to $200,000. The budget does not say what was cut or by how much. If you are buying pre-construction or a new home, check with the builder and the city’s and province’s official sources.
Market conditions (the budget’s economic and fiscal overview): housing starts averaged about 250,000 units in the first half of 2026, and asking rents fell about 8% nationally since the May 2024 peak, and 14% in Toronto from its own peak (each city’s peak is its highest monthly asking rent since September 2022; last data point September 2026). These are the budget’s summary of other data, so we did not chart them. The Bank of Canada raised its policy rate to 2.5% on October 28, 2026 (same document).
Immigration: the 2027-2029 Immigration Levels Plan targets 370,000 new temporary residents and 380,000 permanent residents each year. These numbers relate to rental demand, so they are charted below.

New temporary resident arrivals in Canada (people)

Period	Value (people)
2023 (actual)	971,815
2024 (actual)	686,010
2027–2029 target (each year)	370,000

Why these years: The three points compared in the budget’s Chart 3.1: the two latest actual years and the yearly target in the new levels plan. International students and work permit holders are part of GTA rental demand.

The third bar is a target, not an actual count. The 2025 and 2026 numbers are not in this chart, so they are not included. The budget says new international student arrivals in January to August 2026 were 71% lower, and new worker arrivals 57% lower, than in the same months of 2024.

Source: Budget 2026, Chapter 3, Chart 3.1 (source: Immigration, Refugees and Citizenship Canada, August 31, 2026) (checked Nov 6, 2026)

Permanent resident admissions (people)

Period	Value (people)
2023 (actual)	471,820
2024 (actual)	483,655
2027–2029 target (each year)	380,000

Why these years: The permanent resident numbers from the same Chart 3.1. Permanent residents are not covered by the foreign buyer ban and can become first-time buyers.

The third bar is a target. The 2025 and 2026 numbers are not in this chart, so they are not included. The budget says more details will come in the Immigration Minister’s 2026 annual report.

Source: Budget 2026, Chapter 3, Chart 3.1 (source: Immigration, Refugees and Citizenship Canada, August 31, 2026) (checked Nov 6, 2026)

What it means if you are buying, selling or renting in the GTA (explained)

This is not advice. It explains what the budget documents mean in plain words. Proposals can change, so base today’s decisions on today’s laws and rules.

Buyers (20% or more down, homes from $1,000,000 to $1,500,000): the budget says a higher limit for optional mortgage insurance would mean more loans can be insured and more competition between lenders. But it is still a proposal with no date. Base your pre-approval and offer on today’s rules: low-ratio insurance under $1,000,000, 25 years (opinion).
First-time buyers: first-time buyer GST relief (up to $50,000, in the budget’s words), the FHSA (First Home Savings Account) and the HBP (Home Buyers’ Plan, using RRSP savings) are unchanged in this budget. A 30-year amortization is already possible with high-ratio insurance for first-time buyers or newly built homes.
Sellers: there is a proposal to raise the deposit insurance limit to $250,000 and to cover large sums held for a short time, such as money from a home sale. It needs a change to the CDIC Act and has no date. Before you park sale money, check the current coverage with your bank and CDIC. For individual sellers who live in Korea or elsewhere abroad, section 116 withholding does not change.
Foreign buyers and pre-construction: the new-home exemption is only a proposal. Today new pre-construction homes are covered by the ban, and the current law is set to be repealed on January 1, 2027. If you sign or close in between, be sure to check the law in force that day with a lawyer (opinion).
Building a multiplex (builders and small investors): if you plan construction financing or an insured rental mortgage after February 1, 2027, first check the conditions in Finance Canada’s technical backgrounder and your lender’s criteria. The budget calls the wider insured construction financing for newly built three- and four-unit housing a proposal, so also check when it starts. Until then, today’s rules apply.
Renters: the budget says asking rents have fallen, and it lowers immigration targets. That alone does not change your rent. Increase limits follow Ontario law, so check the Ontario government’s official guidance. Renewing the Canada Housing Benefit for low-income renters is proposed spending from 2028-29.
Rental property investors: the tax measures document has one rental-housing proposal. The EIFEL rules limit how much interest and financing expense certain taxpayers can deduct. Budget 2024 announced an exception for money borrowed to buy or build purpose-built rental housing, and the budget notes: "Neither exception has been enacted into law." (This covers the rental housing exception and a separate energy utility one.) Budget 2026 "proposes" to widen it to cover borrowing used for eligible activities carried on by another corporation, trust or partnership in the same group of affiliated entities (if passed, for taxation years that begin on or after October 1, 2023). This seems to matter mainly for investors who use corporate structures (our reading), and it is not law yet. Beyond that, we found no new tax deduction for rental buildings. The budget says its Productivity Mega Deduction (immediate expensing) excludes certain long-lived buildings (Chapter 1).

Not law yet, not changed, and who to check with

Not law yet: the optional mortgage insurance limit and 30-year amortization, insured mortgage rate information, CRA income verification, the foreign buyer ban extension and new-home exemption, the section 116 corporate rates, the T1135 threshold, the rental housing interest deduction (EIFEL) exception and its expansion, the deposit insurance limit and all spending plans. The missing middle insurance change is not in effect before February 1, 2027, and within it the budget calls the wider insured construction financing for newly built three- and four-unit housing a proposal.
Where we found no change in this budget: capital gains tax on real estate for individuals (inclusion rate), the principal residence exemption, the Underused Housing Tax (UHT), the GST/HST new housing rebate and rental building rebate, FHSA and HBP limits, the mortgage stress test and land transfer tax (provincial and city taxes). Our guides on these topics stay as they are.
Ask your lender or mortgage broker: which insurance you can get now (high-ratio or low-ratio), the price limit and the amortization. For missing middle homes, the conditions after February 1, 2027.
Ask a real estate lawyer: whether the foreign buyer ban and its exceptions apply to you, whether the seller is a resident and section 116 withholding, and what changes with your closing date.
Ask an accountant: section 116 clearance certificates, T1135 filing and tax on deals made through a corporation.
What to watch next: whether the bills are introduced and passed is on Parliament’s official website; mortgage insurance details are in Finance Canada’s technical backgrounder and CMHC announcements. This article reflects the budget documents of November 5, 2026.

Sources:

Original: Budget 2026, Chapter 3, “A more affordable life” (housing and mortgages) (checked Nov 6, 2026)
Budget 2026, Budget in brief (checked Nov 6, 2026)
Budget 2026, Tax measures: supplementary information (section 116 withholding, T1135, rental housing interest deductibility) (checked Nov 6, 2026)
Budget 2026, Notice of Ways and Means Motion to amend the Income Tax Act (draft law) (checked Nov 6, 2026)
Budget 2026, Annex 3: Legislative measures (foreign buyer ban extension) (checked Nov 6, 2026)
Budget 2026, Chapter 1 (deposit insurance proposal) (checked Nov 6, 2026)
Budget 2026, Economic and fiscal overview (policy rate, starts, rents) (checked Nov 6, 2026)
Eligible Mortgage Loan Regulations (SOR/2012-281) — current insured mortgage rules (checked Nov 6, 2026)
Budget Implementation Act, 2024, No. 1 (S.C. 2024, c. 17), s. 149 — repeal date of the foreign buyer ban (checked Nov 6, 2026)
Prohibition on the Purchase of Residential Property by Non-Canadians Act (checked Nov 6, 2026)

Please double-check: Most of what is in a budget is a proposal. Details and dates can change, or be dropped, as Parliament passes laws or the government changes regulations. This is a plain-language explanation of the budget documents, not an official translation. Before you act, confirm the law and rules in force that day with your lender or mortgage broker (insured mortgages), a real estate lawyer (foreign buyer ban, section 116) and an accountant (tax).

Ontario’s economy grew 1.8% in 2025; its household interest burden, 10.4%, was the highest in Canada

Thu, 05 Nov 2026 17:00:00 GMT

Statistics Canada’s provincial economic accounts for 2025, released November 5. Real GDP grew 1.9% in Canada and 1.8% in Ontario. Ontario households paid 10.4% of their disposable income in interest, the highest in Canada, and saved 3.4%, below the Canadian 4.4%. What it means if you plan to buy.

What happened

Statistics Canada released the provincial and territorial economic accounts for 2025 on November 5, 2026. This yearly report shows how much each province’s economy grew and how much households earned, spent and saved. These are the figures in the release and its map and chart.

In 2025, GDP rose in every province and in Yukon and Nunavut. Only the Northwest Territories (−1.7%) declined. Among the provinces, Newfoundland and Labrador (+4.3%) grew fastest and Quebec (+1.0%) slowest. British Columbia grew 2.4%.
Household spending rose 2.0%. This was the slowest growth since the COVID-19 drop in 2020.
Among the provinces, household saving rates were highest in Quebec (8.6%) and Alberta (8.0%); the territories were higher still. Ontario (3.4%) was below the Canadian average, but Statistics Canada noted that Ontario’s saving grew faster than average from a year earlier.
Ontario (10.4%) and British Columbia (9.7%) had the highest household debt service ratios. These two provinces also had the largest drops in the ratio.
Interest paid on mortgages and other debt fell in every province and territory in 2025. Statistics Canada said the Bank of Canada’s policy rate cuts, from June 2024 through October 2025, helped ease household borrowing costs.
This release also revised the figures for 2023 and 2024 with new data.

Item (2025)	Canada	Ontario
Real GDP growth	+1.9% (2024: +2.1%)	+1.8%
Household saving rate	4.4% (2024: 3.7%)	3.4%
Household debt service ratio (interest only)	8.65%	10.4% (highest in Canada)

In a chart: three years in Ontario

There are two charts. The first shows Ontario’s economic growth using each year’s first-release figure. The second shows Ontario’s household debt service ratio using one table released this week. On first-release figures, growth was similar each year, in the high 1% range. The interest burden rose a lot from 2021 and came down a little in 2025.

+1.8% — Ontario real GDP growth, 2025 (Canada +1.9%)
3.4% — Ontario household saving rate, 2025 (Canada 4.4%)
10.4% — Ontario household debt service ratio (interest only), 2025 — highest in Canada

Ontario real GDP growth (%, first release each year)

Period	Value (%)
2023	1.7%
2024	1.6%
2025	1.8%

Why these years: The first-release figures from three November releases of the provincial accounts, side by side. Rates were rising in 2023, cuts began in 2024 and continued in 2025.

First-release figures from Map 1 of each year’s release (The Daily, 2024-11-07, 2025-11-06, 2026-11-05). Statistics Canada revises its numbers later. In Table 36-10-0222-01, released November 5, 2026, 2023 is now 2.577% and 2024 is 1.879% (2.6% and 1.9% when rounded).

Source: Statistics Canada, The Daily, Map 1 of each year’s provincial and territorial economic accounts release: 2024-11-07, 2025-11-06, 2026-11-05 (checked Nov 5, 2026)

Ontario household debt service ratio (interest only, % of disposable income)

Period	Value (%)
2021	7.01%
2024	10.96%
2025	10.35%

Why these years: The last year before rate increases began (2021), the highest year in this table since 1991, when it was 11.39% (2024), and the latest year (2025).

All three years come from the same Table 36-10-0226-01, released November 5, 2026, so they can be compared directly. The release text rounds 2025 to 10.4%. A year earlier (November 6, 2025 release), 2024 was shown as 10.9%. In the first release for 2021 (November 8, 2022), Ontario was 6.9%. Because Statistics Canada revises past numbers, the chart uses one table for all three years instead of each year’s first release.

Source: Statistics Canada, Table 36-10-0226-01, household sector, selected indicators (debt service ratio, interest only), released 2026-11-05 (checked Nov 5, 2026)

The terms in plain words

Real GDP: the value of all goods and services made in a country or province in a year, with price increases taken out. The growth rate is how much it rose from the year before, in percent.
Disposable income: income minus payments such as income tax, plus money received from governments. It is the money households can actually spend.
Household saving rate: the share of disposable income households do not spend. 3.4% means $3.40 left over from every $100 (a regional average).
Household debt service ratio (interest only): the share of disposable income that goes to interest on mortgages and other debt. Principal is not included. It is worked out differently from the GDS and TDS ratios lenders use.
Imputed rent: a value for the rent that people who live in their own homes would pay. Statistics Canada counts it in household spending, along with rent actually paid.
Revised: Statistics Canada updates past years with data that came in late, so the same year can show different numbers in different releases.

The background Statistics Canada gave

Growth was led by household spending, followed by government spending and investment. Lower goods exports and falling business inventories held growth back.
The rise in household spending was led by financial services (mainly investment fees), followed by rent (both paid and imputed). Spending on education fell as there were fewer international students, and spending abroad fell as fewer Canadians travelled to the United States.
The household consumption price measure (deflator) rose 2.5% in 2025, easing from 2.6% in 2024 and 3.7% in 2023.
Investment (capital spending) rose 1.6%, led by government spending on engineering structures and non-residential buildings.
International exports fell 1.1% and international imports fell 0.4%. With tariffs and global uncertainty, trade between provinces grew as a share of total trade. Ontario had the lowest share of trade between provinces, at 27.8%.
Compensation of employees (wages and similar pay) rose 4.8% (2024: 6.1%).

What it means if you are buying, selling or renting in the GTA (explained)

This is not advice. It explains what the statistics mean in plain words. These figures are province-wide averages for 2025; they do not show numbers for the GTA alone or for your own household.

Interest burden: in 2025, Ontario households on average paid about $10 of every $100 of disposable income in interest. Statistics Canada said this is because they hold more debt, especially for housing. Lower rates eased the burden in 2025, but on October 28, 2026 the Bank of Canada raised its policy rate from 2.25% to 2.50% (Bank of Canada key interest rate page). The effect of that increase is not in the 2025 figures.
Buyers: your own numbers matter more than the average. At pre-approval, check your monthly payment at the stress-test rate, and add up everything you will pay each month: principal as well as interest, property tax and condo fees.
Saving rate of 3.4% (opinion): Ontario households, on average, keep less of their income than the Canadian average. Many may need more time to build a down payment. Still, saving was up from a year earlier.
Sellers: Ontario’s growth (1.8%) was close to Canada’s (1.9%). These statistics cannot tell you which way prices in your neighbourhood will go. For your local market, GTA figures such as TRREB’s monthly statistics are the better guide (opinion).
Renters: rent was one of the items that led the rise in household spending in 2025. Rent increases follow Ontario law, so check the Ontario government’s official guidance for the limit that applies to your lease.

What to watch next

For the dates of the next provincial and territorial economic accounts and the quarterly national accounts, check the release schedule on the Statistics Canada website.
The Bank of Canada’s next rate decision date is on the Bank’s official schedule.
The numbers here are from the November 5, 2026 release; Statistics Canada can revise them later.

Sources:

Original: Statistics Canada, The Daily (provincial and territorial economic accounts, 2025) (checked Nov 5, 2026)
Statistics Canada, The Daily, November 5, 2026, Map 1: real GDP by province, 2025 (checked Nov 5, 2026)
Statistics Canada, The Daily, November 5, 2026, Chart 2: household saving rate, 2023 to 2025 (checked Nov 5, 2026)
Statistics Canada, Table 36-10-0226-01: household sector, selected indicators (household debt service ratio) (checked Nov 5, 2026)
Statistics Canada, Table 36-10-0222-01: provincial GDP, expenditure-based (checked Nov 5, 2026)
Statistics Canada, Table 36-10-0224-01: household sector, current accounts (household saving rate) (checked Nov 5, 2026)
Statistics Canada, The Daily, provincial and territorial economic accounts, 2024 (released November 6, 2025) (checked Nov 5, 2026)
Statistics Canada, The Daily, November 6, 2025, Map 1: real GDP by province, 2024 (checked Nov 5, 2026)
Statistics Canada, The Daily, provincial and territorial economic accounts, 2023 (released November 7, 2024) (checked Nov 5, 2026)
Statistics Canada, The Daily, November 7, 2024, Map 1: real GDP by province, 2023 (checked Nov 5, 2026)
Statistics Canada, The Daily, provincial and territorial economic accounts, 2021 (released November 8, 2022) (checked Nov 5, 2026)
Statistics Canada, User Guide: Canadian System of Macroeconomic Accounts, Chapter 5 (saving rate definition) (checked Nov 5, 2026)
Bank of Canada, key interest rate (checked Nov 5, 2026)

Please double-check: This is a plain-language explanation of the original article or release, not an official translation. Only numbers and dates checked in the source are used. Confirm with the source and official bodies before you act.

What it costs to sell a home in Ontario: commission, legal fees, mortgage penalties and capital gains basics

Thu, 05 Nov 2026 17:00:00 GMT

The sale price is not what lands in your account. Commission and HST, legal fees, the rest of your mortgage and any prepayment penalty come off first, and sometimes tax is due too. Here is what comes off, based on the law and official sources.

The congratulations call comes with one number: the sale price. But the money that lands in your account on closing day (the day you get paid and ownership passes) is a different number, on the final statement your lawyer sends.

In between, the commission, legal fees and the rest of your mortgage plus any penalty come off. A non-resident may also have tax money held back at closing; a resident pays any capital gains tax through that year’s tax return. This post is for anyone selling in Toronto or the GTA. It uses only facts checked in the law and official sources, and it is general information, not legal or tax advice.

The answer first: what comes off the sale price

Item	How much	Source
Real estate commission	No rate set by law. Negotiated and written in the listing agreement	TRESA s. 36(1)
HST on the commission	13% of the commission	ontario.ca
Legal fees	Varies by lawyer. Get a written quote	RECO (lists it as a closing cost)
Mortgage penalty	Set by your contract. Often 3 months’ interest or the IRD (interest rate differential)	FCAC
Capital gains tax	Usually none on the home you lived in. Otherwise ½ of the gain is added to income (all of it if sold within 365 days)	Income Tax Act ss. 12, 38, 40, 54
Non-resident seller	Without a certificate from the CRA (Canada Revenue Agency), the buyer may hold back 25% (50% for some property, such as a rental building)	Income Tax Act s. 116

None — Commission rate set by law (TRESA s. 36(1))
13% — HST added to the commission (as of 2026)
½ — Share of the gain that is taxed on a home you did not live in (Income Tax Act s. 38, as of 2026), except homes sold within 365 days
25% — Buyer’s liability when a non-resident sells without a certificate (Income Tax Act s. 116(5); 50% for some property, such as a rental building)

“Does the seller pay land transfer tax?” No. Under s. 2(1) of the Land Transfer Tax Act, the buyer pays it.

Commission: no rate is set by law

Section 36(1) of Ontario’s Trust in Real Estate Services Act (TRESA) only says the commission must be an agreed amount, a percentage of the sale price, or a mix of both. Under O. Reg. 567/05, s. 23(3), an agent may not suggest that a commission is fixed by RECO (the Real Estate Council of Ontario, which regulates agents and brokerages), a government or a real estate board. The law has no “standard rate”.

The commission is written in the listing agreement (your written contract with a brokerage to sell your home). Under s. 13.4 of the regulation, it must clearly show how your brokerage’s share and the buyer’s brokerage’s share are worked out. Read those two lines and the expiry date before you sign. HST (harmonized sales tax) of 13% is added to the commission.

(Opinion) Do not compare commissions by the number alone. Ask what it pays for, such as photos, advertising and negotiation.

Legal fees: a written quote, not a guess

In Ontario the seller needs a real estate lawyer too, because only a lawyer may make the statements that a transfer (the document that moves ownership) must contain. The seller’s lawyer prepares the transfer. They pay off your mortgage from the sale money and remove it from the property’s title record (a discharge). Then they check the statement of adjustments (the sheet that splits property tax and condo fees by date) and send you the rest.

The bill is the legal fee (for the work) plus disbursements (costs such as registration), with HST added. Amounts differ by lawyer and deal, so this post gives no figure. Before you hire, get the total and what it includes in a written quote. RECO also lists commissions, legal fees and moving costs as closing costs of selling.

Mortgage penalty: 3 months’ interest or the IRD

If you pay off a closed mortgage before its term ends, the lender usually charges a penalty. Selling means paying the mortgage off in full at closing, so if you sell mid-term, include this cost. An open mortgage can be paid off without a penalty.

The Financial Consumer Agency of Canada (FCAC) describes two common methods: 3 months’ interest (3 months of interest on your balance) and the interest rate differential (IRD, based on the gap between your rate and today’s rate for the time left). Your contract may say “the higher of the two”. In FCAC’s hypothetical example, with a $200,000 balance at 6%, 36 months left and a 4% rate today, 3 months’ interest is $3,000 and the IRD is $12,000.

“Why not sell when the term ends?” If you pay off on the day the term ends, this calculation does not apply (check your contract). The downside: the market and your moving date do not wait for that day. If you are buying another home, ask whether you can move (“port”) your mortgage.

Prepayment penalty example (hypothetical example, estimate only)

Method	Penalty
3 months’ interest	$3,000
IRD, 36 months left	$12,000
IRD, 24 months left	$8,000
IRD, 12 months left	$4,000

Inputs: balance $200,000, rate 6%, today’s rate 4% (a 2% gap). IRD = balance × rate gap ÷ 12 × months left. The 36-month row is FCAC’s example; the 24-month and 12-month rows assume the balance and the rate gap stay the same.

Source: FCAC, Mortgage Prepayment: Know Your Options (2012, archived) (checked Nov 5, 2026)

The amount changes every day (FCAC). Get it from your lender in writing, and again before closing. If you (not a company) took out a mortgage with a term longer than 5 years, the penalty after year 5 is capped at 3 months’ interest (federal Interest Act, s. 10).

Capital gains tax: first, did you live there?

Canada has no separate “capital gains tax”. Part of your profit from a sale is added to your income and taxed. The gain is the sale price minus your cost (the adjusted cost base: what you paid plus buying costs and major improvements) and what you spent to sell, such as commission and legal fees (Income Tax Act s. 40(1)).

If it was your home, the principal residence exemption usually means no tax. But you must designate it as your principal residence on your tax return for the year you sell (s. 54). If you rented it out for some years, the exemption may shrink, so check with an accountant.

What you sold	Taxable gain	Source
A home you lived in the whole time while resident in Canada	Usually 0	s. 40(2)(b), s. 54
A home you did not live in (investment condo, etc.)	½ of the gain	s. 38
A home sold within 365 days of buying it	The whole gain is business income	s. 12(12), (13)

The 365-day rule has exceptions in the law, such as death, marriage breakdown, serious illness, job loss and an eligible relocation (s. 12(13)). Check with an accountant whether yours applies.

If you live abroad: 25% can be held back

Section 116 of the Income Tax Act applies when a non-resident for tax purposes (a different test from citizenship) sells a home in Canada. For example, you sell your Toronto home after moving back to Korea. Unless you notified the Canada Revenue Agency (CRA) before the sale (s. 116(1)), you must tell it within 10 days after the sale (s. 116(3)).

If the buyer does not get a CRA certificate, the buyer is liable to pay 25% of the price on your behalf and may hold that amount back (s. 116(5)). If the home was rented out, the building can count as depreciable property, and that part can be 50% (s. 116(5.3)). So the buyer’s lawyer usually keeps that money (a holdback) until the certificate comes. (Opinion) Talk to an accountant before deciding whether to sell before or after you leave.

Common mistakes

Treating the sale price as your money — budget your next home with the net amount.
Signing the listing agreement without reading the two commission lines and the expiry date.
Getting the penalty only by phone — get it in writing.
Thinking there is nothing to report because it was your home — you must designate it as your principal residence.
Forgetting the status certificate (the condo corporation’s report on its money and legal state) when you sell a condo — ordering it early can shorten the time the buyer needs to check their conditions, and the fee is capped at $100 including tax (O. Reg. 48/01 s. 18(4)).
Buying another home with no backup plan if the two closing dates do not line up — RECO also advises a contingency plan.

In short: what you keep is the sale price minus commission and HST, legal fees, the mortgage and any penalty, and tax if it applies. Your one task today: ask your lender, in writing, for today’s penalty.

Sources:

Trust in Real Estate Services Act, 2002 (TRESA), s. 36(1) remuneration — e-Laws (checked Nov 5, 2026)
O. Reg. 567/05 (General, under TRESA), s. 13.4 agreement contents, s. 23(3) no “fixed or approved” remuneration — e-Laws (checked Nov 5, 2026)
Ontario, Harmonized Sales Tax — HST is 13% in Ontario (checked Nov 5, 2026)
RECO, Seller’s checklist (closing costs of selling, lining up dates) (checked Nov 5, 2026)
FCAC, Mortgage Prepayment: Know Your Options (October 2012, archived, publications.gc.ca) — three months’ interest and IRD examples (checked Nov 5, 2026)
Interest Act (federal), s. 10 — mortgages with terms over five years, three months’ interest after year five (checked Nov 5, 2026)
Income Tax Act s. 38 — taxable capital gain is ½ of the capital gain (checked Nov 5, 2026)
Income Tax Act ss. 40(1), 40(2)(b) — computing the gain (selling costs) and the principal residence formula (checked Nov 5, 2026)
Income Tax Act s. 54 — definition of “principal residence” (designation on your return) (checked Nov 5, 2026)
Income Tax Act s. 12(12), (13) — homes sold within 365 days (flipped property) are business income (checked Nov 5, 2026)
Income Tax Act s. 116 — non-resident sellers, 10-day notice and the buyer’s 25% (50% for some property, s. 116(5.3)) liability (checked Nov 5, 2026)
Land Transfer Tax Act (Ontario), s. 2(1) — who pays, e-Laws (checked Nov 5, 2026)
O. Reg. 19/99 (Electronic Registration), s. 40(1) — only a lawyer may make the transfer statements, e-Laws (checked Nov 5, 2026)
O. Reg. 48/01 (General, under the Condominium Act), s. 18(4) — $100 status certificate fee cap, e-Laws (checked Nov 5, 2026)

Please double-check: General information based on TRESA and its regulation, Ontario’s HST page, RECO guidance, the FCAC guide, the federal Income Tax Act and Interest Act, all checked on 2026-11-05. It is not legal or tax advice. Check the commission in your listing agreement, the penalty in writing from your lender, tax with an accountant and the contract and closing with a lawyer, and ask me if you have questions.

By Joonghyun Ahn, Sales Representative, HomeLife Frontier Realty Inc., Brokerage. Charts, photos and source links are on the original page: https://www.koreanhomes.ca/en/blog/selling-a-home-costs/

GTA home sales in October: 5,603, down 7.9% — the TRREB release in plain words

Wed, 04 Nov 2026 17:00:00 GMT

The Toronto Regional Real Estate Board (TRREB) released the October 2026 numbers for the GTA. Sales were 5,603, down 7.9% from last October, and new listings fell 11.9%. The average price was $1,024,108, down 2.7%, but seasonally adjusted sales rose from September.

What happened

The Toronto Regional Real Estate Board (TRREB, the group of real estate agents in Toronto and nearby areas) released its October housing numbers on November 4, 2026. The main message: many people put off buying a home because they did not know where inflation, borrowing costs (mortgage rates) and the economy were going.

Sales: 5,603. That is 7.9% fewer than October 2025 (6,083).
New listings (homes newly put up for sale): 14,173, down 11.9% from October 2025 (16,080).
Average selling price: $1,024,108, down 2.7% from October 2025 ($1,052,539). The median price (the middle value) was $860,000.
MLS Home Price Index (HPI) composite benchmark price: $916,400, down 4.3% from last October.
Compared with September on a seasonally adjusted basis, sales and new listings rose, and the benchmark price and average price edged up.
Active listings (homes still for sale) at the end of October: 25,098, which is 10.0% fewer than last year (27,899). Sold homes were on the market for 31 days on average (LDOM), the same as last year.

Home type (whole GTA)	Sales	vs. last year	Average price	vs. last year
Detached	2,693	−4.4%	$1,310,627	−3.2%
Semi-detached	546	−8.1%	$1,024,907	−0.8%
Townhouse	933	−11.0%	$804,416	−5.0%
Condo apartment	1,385	−10.4%	$621,400	−5.8%

5,603 — October sales (down 7.9% from last year)
14,173 — October new listings (down 11.9%)
$1,024,108 — Average selling price (down 2.7%)
$916,400 — HPI composite benchmark price (down 4.3%)

The home type figures are from the table on the first page of the October 2026 Market Watch. Townhouse combines freehold townhouses (508) and condo townhouses (425). Detached sales rose 0.5% to 741 in the City of Toronto (416 area) and fell 6.2% to 1,952 in the rest of the GTA (905 area).

In charts: the last three Octobers

Comparing the same month keeps the seasonal effect about the same, so it is easier to see how the market changed year to year. Below are the last three Octobers. Each chart comes with a table of the same numbers so you can compare them yourself. The last chart shows the average price by home type in October 2026.

GTA home sales in October

Period	Value (sales)
Oct 2024	6,658
Oct 2025	6,138
Oct 2026	5,603

Why these years: The three most recent Octobers. In October 2024, sales were up 44.4% from the October before, so it is a good starting point to see what changed over the next two years.

All three numbers are as first published in each year’s October report (October 2024, October 2025 and October 2026). TRREB revises past numbers later. October 2024 was revised to 6,784 in the October 2025 report, and October 2025 was revised to 6,083 in the October 2026 report. TRREB’s 7.9% drop compares with the revised number (6,083). The October 2026 figure may also change a little. The 2024 and 2025 numbers come from the October 2024 report (mw2410) and the October 2025 report (mw2510); links to both are in the sources list at the end of this article.

Source: TRREB Market Watch, October 2026 (PDF) (checked Nov 4, 2026)

GTA average selling price in October

Period	Value (Canadian dollars)
Oct 2024	$1,135,215
Oct 2025	$1,054,372
Oct 2026	$1,024,108

Why these years: The same three Octobers as the sales chart.

The average price rises when more expensive homes sell, so it does not mean any one home changed in value by that much. These are first-release numbers from each October report. October 2024 was later revised to $1,135,694 and October 2025 to $1,052,539; TRREB’s 2.7% drop compares with the revised number. The 2024 and 2025 numbers come from the October 2024 report (mw2410) and the October 2025 report (mw2510); links to both are in the sources list at the end of this article.

Source: TRREB Market Watch, October 2026 (PDF) (checked Nov 4, 2026)

GTA new listings in October

Period	Value (listings)
Oct 2024	15,328
Oct 2025	16,069
Oct 2026	14,173

Why these years: The same three Octobers as the charts above, added to show what sellers were doing.

First-release numbers from each October report. October 2024 was later revised to 15,646 and October 2025 to 16,080; TRREB’s 11.9% drop compares with the revised number (16,080). The 2024 and 2025 numbers come from the October 2024 report (mw2410) and the October 2025 report (mw2510); links to both are in the sources list at the end of this article.

Source: TRREB Market Watch, October 2026 (PDF) (checked Nov 4, 2026)

Average selling price by home type, October 2026 (whole GTA)

Home type	Average price
Detached	$1,310,627
Semi-detached	$1,024,907
Townhouse	$804,416
Condo apartment	$621,400

Even within the GTA, the average detached price is more than twice the average condo apartment price. That is why one GTA-wide average ($1,024,108) is a poor guide to the price of the home you want.

Source: TRREB Market Watch, October 2026 (PDF) (checked Nov 4, 2026)

The terms in plain words

Sales: the number of firm deals that month through TRREB’s MLS system (the system agents use to list homes and record sales).
New listings: the number of homes newly put up for sale that month. Active listings are the homes still for sale, not yet sold, on the last day of the month.
Average price: all sale prices added up and divided by the number of sales. The median is the middle price when all sales are lined up from low to high.
Benchmark price (MLS HPI): an index that tracks the price of a "typical" home with similar features (rooms, size). In October 2026 the GTA benchmark was $1,194,200 for detached homes (down 4.44%), $662,200 for townhouses (down 6.64%) and $521,600 for apartments (down 7.33%).
Seasonally adjusted: numbers with the usual yearly pattern taken out. Actual sales rose from 5,034 in September (as revised in the October report; first reported as 5,040) to 5,603 in October, but in 2025 they also rose, from 5,540 in September to 6,083 in October. That is why seasonally adjusted numbers are used to compare with the month before.

The background TRREB gave

TRREB said uncertainty about inflation, borrowing costs and the economy led many people to hold off on buying in October. It said the monthly mortgage payment on an average-priced home has gone up a little from a year ago, but is still much easier to afford than the payments needed in 2023 and 2024.

The board’s president said, in short, that a Canada-U.S. trade deal and an end to the conflict in the Middle East could ease worries about inflation and the economy and bring back interest in buying a home in 2027. The board’s chief information officer said, in short, that buyers had strong bargaining power on price over the past year, and that lower prices kept monthly payments from rising as much as borrowing costs did. The board’s CEO said, in short, that the region’s population will keep growing, and that policy announcements such as HST rebates and lower development charges should help bring a wider mix of ownership and rental homes over the medium term. These are the board’s views, not settled outcomes.

For reference, the economic indicators on the first page of the same report list the Bank of Canada’s policy rate at 2.5% (October 2026) and September inflation at 3.1%.

What it means for GTA buyers, sellers and renters (explanation)

This explains how to read the numbers. It is not advice to buy or sell.

Buyers: sales and prices were lower than last October. But home types differ a lot. The average condo apartment price fell 5.8% and the average detached price fell 3.2%. With the policy rate higher, the amount you can borrow under the mortgage stress test may change, so check your pre-approval amount with your lender again before you shop.
Sellers: new listings fell 11.9% and active listings fell 10.0%, so there were fewer competing homes than last year. Still, sales fell 7.9% and the average days on market (31) was the same as last year. Pricing is usually based on recent sales nearby (a comparative market analysis).
Condo vs. detached: condo apartment sales fell 10.4% and detached sales fell 4.4%. Within the same GTA, the market moves differently by home type, so look at the numbers for your home type and neighbourhood rather than the GTA total.
Renters: this release is about the resale market. Rent numbers are reported separately, so you cannot read rent going up or down from these figures.

What to watch next

TRREB publishes the previous month’s numbers early each month in its "Market Watch" report. Check the official schedule on the TRREB website for the November release date. The Bank of Canada’s rate announcement dates, which affect mortgage rates, are on the Bank’s official schedule. This article does not predict the market.

Sources:

Original: TRREB news release (checked Nov 4, 2026)
TRREB full news release (PDF) (checked Nov 4, 2026)
TRREB Market Watch, October 2026 (PDF) (checked Nov 4, 2026)
TRREB Market Watch, September 2026 (PDF) — first-release September 2026 figure (checked Nov 4, 2026)
TRREB Market Watch, October 2025 (PDF) — first-release October 2025 figures (checked Nov 4, 2026)
TRREB Market Watch, October 2024 (PDF) — first-release October 2024 figures (checked Nov 4, 2026)
TRREB, Market Watch (monthly report) (checked Nov 4, 2026)
Statistics Canada, Seasonal adjustment: Concepts and interpretation, 2026 (checked Nov 4, 2026)

Canada’s goods trade surplus grows to $5.4B in September, from $5.0B in August

Wed, 04 Nov 2026 17:00:00 GMT

Statistics Canada’s September merchandise trade, released November 4. Exports rose 0.2% to $78.6B and imports fell 0.3% to $73.2B, so the trade surplus grew from $5.0B in August to $5.4B. Crude oil and gold exports rose and car imports fell. What it does, and does not, mean for rates and mortgages.

What happened

Statistics Canada released Canadian international merchandise trade for September 2026 on November 4, 2026. These are the figures in the release and its tables. Amounts are in Canadian dollars; B means billion and M means million. All figures are seasonally adjusted.

Exports rose 0.2% to $78.6B and imports fell 0.3% to $73.2B. So the goods trade surplus grew from $5.0B in August to $5.4B in September.
Exports rose a little, but 8 of the 11 product sections went down. Leaving out energy products and metal and non-metallic mineral products, exports fell 5.6%.
In real (volume) terms, exports fell 4.0% and imports fell 2.5%. This means the higher dollar values came mainly from prices.
Compared with a year earlier (September 2025), exports were 21.7% higher and imports 14.4% higher (Statistics Canada, Table 1).
August figures were revised. Exports went from $77.9B at first release to $78.4B, and imports from $73.7B to $73.5B.

Item	August (revised)	September	Change
Exports	$78,409M	$78,551M	+0.2%
Imports	$73,457M	$73,201M	−0.3%
Trade balance (exports − imports)	$4,951M surplus	$5,350M surplus	Surplus grew

In a chart: the last three Septembers

Putting the same month side by side shows how much exports grew this year. The trade balance was a deficit in September 2024, close to even in September 2025, and a surplus this year. Because the balance can be negative (a deficit), it is shown as numbers instead of bars. All figures are first-release numbers from each year’s September trade release: exports from Table 1 and trade balances from Table 3.

−$1,264M — Trade balance, September 2024 (deficit; M = million dollars)
+$153M — Trade balance, September 2025 (close to even)
+$5,350M — Trade balance, September 2026 (surplus)

Goods exports in September (millions of Canadian dollars, seasonally adjusted)

Period	Value (millions of dollars)
Sep 2024	$63,880M
Sep 2025	$64,231M
Sep 2026	$78,551M

Why these years: The three most recent Septembers, side by side in the same way. The trade balance was a deficit, close to even and a surplus in these three years.

First-release figures from each year’s September trade release (The Daily, 2024-11-05, 2025-12-11, 2026-11-04). The September 2025 release was delayed by the US government shutdown and came out on December 11, 2025. Statistics Canada revises its numbers later. For example, September 2025 exports appear as $64,571M in the 2026 release’s table.

Source: Statistics Canada, The Daily, Table 1 (exports) and Table 3 (trade balance) of each year’s September merchandise trade release: 2024-11-05, 2025-12-11, 2026-11-04 (checked Nov 4, 2026)

The terms in plain words

Exports and imports: goods Canada sells to other countries are exports; goods it buys from them are imports. This release counts goods only. Services such as travel and transport are counted separately.
Trade balance: exports minus imports. A plus number is a surplus (Canada sold more); a minus number is a deficit (Canada bought more).
Real (volume) terms: numbers with price changes taken out. When oil prices rise, the dollar value of exports can go up while the amount actually shipped goes down.
Seasonally adjusted: numbers with the usual yearly pattern taken out, so August and September can be compared directly.
Revised: Statistics Canada updates last month’s numbers with data that came in late. In the tables these carry an “r”.

The background Statistics Canada gave

Energy exports rose 8.2%. Crude oil and bitumen exports rose 10.2% because of higher prices, and natural gas rose 32.1%. Refined petroleum exports, at a record in August, fell 13.9%. For the third quarter as a whole, energy exports were still down 5.0%.
Exports of metal and non-metallic mineral products rose 8.6%. Exports of precious metals, mostly gold, rose 16.8%; Statistics Canada said US residents bought more Canadian-held gold. Gold shipments to the United Kingdom fell.
Exports of consumer goods (−7.1%), electronic and electrical equipment (−13.9%), industrial machinery (−9.0%), motor vehicles and parts (−4.9%) and forestry and building materials (−9.8%) fell. Statistics Canada noted that several of these products face new US tariffs (taxes on imported goods) and had risen sharply in August.
Imports of motor vehicles and parts fell 9.1% in September, after −9.3% in August. Supply issues caused unplanned production stoppages at US plants, so imports of cars and light trucks fell 13.2%. Leaving out vehicles, imports rose 1.5%.
Imports of electronic and electrical equipment rose 10.3% to a record. Computer imports rose 29.4%, mainly processing units of the kind used in data centres, from the United States. From January to September 2026, computer imports were 53.4% higher than in the same months of 2025.
United States: exports rose 0.7% and imports 0.4%, so the surplus with the US grew from $12.1B to $12.3B. Other countries: exports fell 1.1% and imports 1.4%, and the deficit narrowed slightly from $7.1B to $7.0B. The share of exports going outside the US fell from 30.1% to 29.8%.
Third quarter: exports and imports both rose 0.2%, and the quarterly trade surplus was about unchanged at $11.2B. Including services, Canada’s total trade surplus grew from $5.4B in August to $5.7B in September.

What it means if you are buying, selling or renting in the GTA (explained)

This is not advice. It explains what the statistics mean in plain words. First, to be clear: one trade report does not set home prices or mortgage rates.

Rates: on October 28 the Bank of Canada raised its policy rate from 2.25% to 2.50% (Bank of Canada key interest rate page). The Bank looks at many kinds of economic data together. Trade data is one input, including into GDP (gross domestic product), and no one knows which way these numbers will push the next decision.
Look inside the surplus (opinion): the bigger surplus came less from strong export growth and more from higher oil prices, more gold exports and fewer car imports. In volume terms, exports fell 4.0%. It is hard to say “the surplus grew, so the economy is strong.”
Buyers: do not try to guess where rates go; plan with numbers. When you get pre-approved, check your monthly payment at the stress-test rate, and compare whether fixed or variable fits your budget.
Sellers and renters: this release covers Canada as a whole and has no separate numbers for Ontario or the GTA. For your local market, GTA figures such as TRREB’s monthly statistics are the better guide.

What to watch next

For the date of the October merchandise trade release, check the release schedule on the Statistics Canada website.
The Bank of Canada’s next rate decision date is on the Bank’s official schedule.
The numbers here are from the November 4, 2026 release; Statistics Canada can revise them later.

Sources:

Original: Statistics Canada, The Daily (merchandise trade, September 2026) (checked Nov 4, 2026)
Statistics Canada, The Daily, September 2026 trade, Table 1: principal trading partners (checked Nov 4, 2026)
Statistics Canada, The Daily, September 2026 trade, Table 2: by product (checked Nov 4, 2026)
Statistics Canada, The Daily, September 2026 trade, Table 3: trade in goods and services and balances (checked Nov 4, 2026)
Statistics Canada, The Daily, September 2025 trade, Table 1: principal trading partners (released December 11, 2025) (checked Nov 4, 2026)
Statistics Canada, The Daily, September 2025 trade, Table 3: trade in goods and services and balances (released December 11, 2025) (checked Nov 4, 2026)
Statistics Canada, The Daily, September 2024 trade, Table 1: principal trading partners (released November 5, 2024) (checked Nov 4, 2026)
Statistics Canada, The Daily, September 2024 trade, Table 3: trade in goods and services and balances (released November 5, 2024) (checked Nov 4, 2026)
Statistics Canada, The Daily, merchandise trade, September 2025 (released December 11, 2025) (checked Nov 4, 2026)
Statistics Canada, The Daily, merchandise trade, September 2024 (released November 5, 2024) (checked Nov 4, 2026)
Statistics Canada, Reference Guide to Canadian International Merchandise Trade Statistics (checked Nov 4, 2026)
Bank of Canada, key interest rate (checked Nov 4, 2026)

How to read a condo status certificate: reserve fund, special assessments and lawsuits

Tue, 03 Nov 2026 17:00:00 GMT

A step-by-step way to read the thick package you get when buying a resale condo. The $100 fee cap, the 10-day deadline, and what to look for in the reserve fund, special assessments and lawsuits, based on the Condominium Act.

A few days after your offer is accepted, a PDF arrives from your lawyer’s office. It runs from dozens to more than a hundred pages. The title is “Status Certificate”. If you lift your condition before reading it, you buy not only your unit but the whole building’s finances and lawsuits too.

This post explains, for buyers of resale condos, the order in which to read this package and what to ask your lawyer, based on the Condominium Act and guidance from the Condominium Authority of Ontario (CAO). It is general information, not legal advice; always review the real document with a lawyer.

The answer first: the numbers and rules in the law

Item	Rule	Source
Who can request it	The corporation must give one to anyone who asks. The law does not say who orders or pays; agree it in the offer or with your lawyer	Condominium Act s. 76 (1), CAO
Fee	Maximum $100 (including taxes and all material the law requires in it)	O. Reg. 48/01 s. 18 (4)
Deadline	Within 10 days after the request and the fee are received	Condominium Act s. 76 (3)
If it is late	The corporation is deemed to have certified, the next day, “no arrears, no fee increase, no reserve fund assessment”	s. 76 (5)
Reserve fund balance	The amount as of a month-end within 90 days of the certificate’s date	s. 76 (1) (m)
Legal effect	It binds the corporation, as of its date, toward a buyer or mortgage lender who relies on it	s. 76 (6)

$100 — Fee cap — including taxes and the material the law requires (O. Reg. 48/01 s. 18 (4))
10 days — Deadline after the request and fee are received (Condominium Act s. 76 (3))
90 days — The reserve fund balance is as of a month-end within 90 days of the certificate (s. 76 (1) (m))
3 years — A new reserve fund study is due within 3 years of the last one (O. Reg. 48/01 s. 31 (3))

One comparison: a status certificate is the building’s medical check-up report. It records the building as of one date, so an old one misses whatever happened since.

Offer conditions and dates: when it arrives, how long you have

Put a “status certificate review condition” in your offer. The law does not say who orders or pays for the certificate, so agree it in the offer or with your lawyer. How many days the buyer has to review it is set by the wording of the contract.
Check whether the review period counts “from the day you receive it”. The corporation may take up to 10 days after the request and fee, so if the period counts from acceptance of the offer, the papers may arrive late and leave you little time to read.
When the package arrives, your lawyer reviews all of it. Read it yourself too, using the order below, and write down your questions.
If you are satisfied, send a notice of fulfillment or a waiver before the deadline and the deal is firm. If there is a problem, end the deal within the deadline under the condition’s wording. In a conditional offer, the deposit is usually returned once both sides sign a mutual release.
When you sign for a pre-construction condo, the corporation does not exist yet, so there is no certificate to get. According to the CAO, that information is in the developer’s disclosure statement.

What is inside: read it in this order

These are the contents set by s. 76 (1) of the Act and s. 18 (1) of the regulation, grouped in a reading order that puts money first.

Order	Where to look	What to check
1	This unit’s fees, arrears and liens	Any unpaid fees, and whether a certificate of lien is registered. s. 76 (1) (a), reg. s. 18 (1) (c)
2	Changes since this year’s budget	Any fee increase declared and why, any assessments levied on the unit (for the reserve fund or the operating fund) and why, and anything the corporation knows that may raise fees. s. 76 (1) (b), (c), reg. s. 18 (1) (e), (f)
3	Reserve fund	The latest reserve fund study and updates, the balance, and the plan to increase the fund and whether it is being carried out. s. 76 (1) (m), reg. s. 18 (1) (g), (h)
4	Judgments and lawsuits	Outstanding judgments against the corporation and the status of every legal action it is a party to. s. 76 (1) (h)
5	Budget and audited financial statements	A statement that this year’s budget is accurate and any expected surplus or deficit, plus the most recent audited financial statements and auditor’s report. s. 76 (1) (i), reg. s. 18 (1) (d)
6	Insurance	A certificate for each current policy, and whether all insurance required by law is in place. s. 76 (1) (p), reg. s. 18 (1) (j)
7	Declaration, by-laws and rules	Whether the pet, rental, renovation and parking rules fit your plans. s. 76 (1) (f)
8	Everything else	The list of current agreements, major changes the board has proposed but not made, the number of units the corporation was notified were leased in the last fiscal year, and whether a court has appointed an inspector or administrator. s. 76 (1) (j), (n), (o), (r)

Reserve fund: look at the gap from the plan, not the size

“If the reserve fund holds millions, the building must be healthy, right?” Not necessarily. The reserve fund is money used only for major repair and replacement of the common elements and assets of the corporation (Condominium Act s. 93 (2)). Bigger and older buildings need more. So compare the balance with what the reserve fund study planned, not with a round number.

A reserve fund study is a report in which an expert estimates when parts of the building, such as the roof, elevators and garage, will need major repairs and what they will cost. According to the CAO it includes a funding plan for at least 30 years, and under the regulation a new study is due within 3 years of the last one. The board must propose a funding plan within 120 days of receiving a study and notify owners within 15 days after that (s. 94 (8), (9)).

The certificate includes a copy of that notice, whether the board has carried out the plan, and if not, why not. If no notice has been sent yet, it includes the balance at the start of the year, this unit’s yearly reserve contribution, what the board expects to spend this year, and whether the board expects the fund to be adequate this year (reg. s. 18 (1) (g), (h)).

The audited financial statements must also compare the reserve contributions actually collected and the money actually spent with the amounts in the board’s funding plan (s. 94 (8)) (reg. s. 16 (3)). A shortfall against the plan shows up there.

Reserve fund: planned balance vs. actual balance (hypothetical example, reference estimate)

Building	Amount
Building A: this year’s balance in the study’s plan	$2,400,000
Building A: actual balance	$2,350,000
Building B: this year’s balance in the study’s plan	$2,400,000
Building B: actual balance	$1,500,000

A hypothetical example, not a real building. Both buildings hold millions of dollars, but Building B is $900,000 short of its plan. If its 200 units covered the gap with a special assessment, that would average $4,500 per unit. Each owner’s real share follows the proportions in the declaration.

Special assessments and fee increases: money still to come

A special assessment is a one-time charge on top of your regular fees. According to the CAO, the board can levy one without the owners’ permission (but if the declaration or by-laws have rules on special assessments, the corporation must follow them), each owner’s share uses the same percentage as the common expenses, and if you do not pay, the corporation gets a lien on your unit. Common reasons are surprise breakdowns, repairs that cost more than budgeted, and legal costs.

The certificate is not limited to charges already made. Under s. 18 (1) (f) of the regulation it must also state what the corporation knows of any circumstances that may increase the unit’s fees. The CAO describes a Superior Court of Justice decision in which a buyer in a Waterloo condo did not have to pay their share of a special assessment because the corporation had not clearly disclosed that possibility in the certificate.

“Who pays an assessment that has already been levied?” It depends on when it is due and what your contract says. Check with your lawyer when you write the offer and again after the certificate arrives.

Lawsuits, insurance and rules: risks beyond the numbers

Lawsuits: the certificate lists outstanding judgments against the corporation and the status of every legal action it is a party to (s. 76 (1) (h)). If the corporation loses, the cost can come back as a special assessment. An amendment, clause (h.1), that would also require the financial implications of lawsuits is in the Act, but in the e-Laws consolidation current to 2026-10-27 it is not yet in force.
Liens: if an owner does not pay their fees, the corporation has a lien on that unit, which expires after 3 months unless a certificate of lien is registered (s. 85 (1), (2)). If one is registered, your lawyer checks that the seller clears it before closing.
Insurance: if an insurance certificate is missing, or the certificate says not all required insurance is in place, ask right away.
Court orders: a note that a court has appointed an inspector or administrator (s. 76 (1) (r)) can be a sign of serious problems in how the building has been run (opinion).
Rules: you are a better judge than your lawyer of the pet, minimum lease, renovation and smoking rules (opinion). Read them yourself to see if they fit your life.
Number of leased units: the certificate gives the number of units the corporation was notified were leased in the last fiscal year (s. 76 (1) (o)). That is not a problem in itself. Ask your mortgage lender whether it affects your loan.

“My lawyer reads it all. Do I need to know this?”

Your lawyer looks for legal risk. But only you know whether the monthly fee fits your budget, whether your dog is allowed, or whether you can rent the unit out later. And in a bidding war you may be pushed to drop this condition. You should know what you are giving up when you decide (opinion).

A thick package looks thorough, but thickness is the amount of paper, not information. Read items 1 to 4 in the table above first, and go through the rest with your lawyer’s summary.

Common mistakes, and what to do today

Trusting an old certificate — it speaks as of its date. Later assessments or lawsuits are not in it, so your lawyer may ask for a fresh one.
Paying more than $100 for the certificate itself — $100 is the cap, including taxes and the material the law requires in it. If you are asked for more, check with your lawyer or the CAO.
Thinking the certificate covers the inside of the unit — the condition inside your unit is generally not covered. See the unit yourself and get a home inspection if needed.
Looking only at the size of the reserve fund — look at the gap from the study’s plan, and whether the board is carrying out the plan.

In short, a status certificate tells you whether you are buying the whole building’s wallet and lawsuits along with your unit. One thing to do today: before you write an offer, check that the review period counts from the day you receive the certificate.

Sources:

Condominium Act, 1998, s. 76 (status certificate), s. 85 (lien), ss. 93–94 (reserve fund and study) — e-Laws (checked Oct 30, 2026)
O. Reg. 48/01 (General), s. 16 (reserve fund comparison in financial statements), s. 18 (certificate contents and fee), s. 31 (timing of reserve fund studies) — e-Laws (checked Oct 30, 2026)
Condominium Authority of Ontario, Status certificate (checked Oct 30, 2026)
Condominium Authority of Ontario, Reserve Funds (checked Oct 30, 2026)
Condominium Authority of Ontario, Special Assessments (checked Oct 30, 2026)

Please double-check: General information based on the Condominium Act, O. Reg. 48/01 and CAO guidance checked on 2026-10-30, not legal advice. Review the actual certificate and offer conditions with a real estate lawyer, and check fees and deadlines with the CAO.

Bank of Canada Governor tells MPs why the rate went up to 2.5% — inflation expected to reach about 3.5% by year-end

Tue, 03 Nov 2026 17:00:00 GMT

On November 3, 2026, Bank of Canada Governor Tiff Macklem told a House of Commons committee why the Bank raised its policy rate to 2.5% on October 28. The Bank expects inflation to rise to about 3.5% by year-end and to get back close to 2% only by the middle of 2028. He repeated that the rate may need to go up further, but the Bank will move carefully.

What happened

On November 3, 2026, Bank of Canada Governor Tiff Macklem appeared before the House of Commons Standing Committee on Finance in Ottawa, with Senior Deputy Governor Carolyn Rogers. Below is what his opening statement said. All of it is the Bank’s own explanation and outlook.

Last week (October 28) the Bank raised its policy rate by 25 basis points (0.25 percentage points) to 2.5%. It was the first increase since July 2023.
He named two changes since the July report. First, the inflation outlook got worse: with the war in the Middle East going on, world oil prices have risen and are expected to stay high for longer. Second, Canada’s growth outlook improved a little.
GDP grew 3.3% in the second quarter, and recent indicators point to growth of about 2% in the third quarter.
The unemployment rate has been about 6.5% for several months.
CPI inflation has been about 3% since April and is expected to rise to about 3.5% by year-end.
Inflation is expected to stay at or above 3% through much of 2027, then get back close to the 2% target by the middle of 2028.
The Bank projects growth of 1% in 2026, and about 2% in each of 2027 and 2028.

2.5% — Policy rate (October 28 decision)
about 3.5% — Inflation expected by year-end (the Bank)
3.3% — GDP growth, second quarter
about 6.5% — Unemployment rate (for several months)

In a chart: the last hike, a year ago, and now

The Governor said this was the "first interest rate increase since July 2023." So the chart sets the rate back then, the same October decision a year ago, and this decision side by side.

Policy rate at the decision (target for the overnight rate)

Period	Value (%)
Jul 12, 2023	5%
Oct 29, 2025	2.25%
Oct 28, 2026	2.5%

Why these years: July 2023 was the last hike before this one (5%), October 2025 is the same month a year ago, and October 2026 is the decision the Governor explained.

Each number was checked in the Bank’s press release of that date (2023-07-12: 5%, 2025-10-29: 2.25%, 2026-10-28: 2.5%).

Source: Bank of Canada press releases (2023-07-12, 2025-10-29, 2026-10-28) (checked Nov 4, 2026)

The terms in plain words

House of Commons Standing Committee on Finance: a group of federal MPs that looks at the country’s money and the economy. The Governor of the Bank of Canada comes to committees like this to explain decisions and answer MPs’ questions.
Policy rate: the one-day lending rate target set by the central bank. Bank prime rates follow it, and variable-rate mortgages are priced off prime.
Basis point: 0.01 of a percentage point. 25 basis points is 0.25 percentage points.
CPI inflation: how much the consumer price index (CPI, a measure of the prices of goods and services people usually buy) has risen from a year ago, in percent. The Bank’s target is 2%.
Monetary Policy Report: the Bank’s outlook report for inflation and growth, published four times a year. The "July report" in the statement is last July’s.
Pass-through: when businesses add their higher costs (fuel, shipping and so on) to their prices, passing them on to customers.
Excess supply: when the economy could produce more than people are actually buying. Prices usually rise more slowly then.

What the Governor explained

The Governor said high oil prices hit Canadians directly at the gas pump and raise costs for many businesses. So far, businesses have mostly absorbed their higher costs, but past experience and Bank surveys suggest they will pass more of them on over the next year. That could keep inflation high for longer.

On growth, he said the economy picked up in the middle of the year: consumer spending was solid, and exports and business investment bounced back. The Bank expects new U.S. tariffs to slow growth in the fourth quarter, and growth to pick up again in 2027. He added that many indicators still point to "some excess supply" in the economy.

Because inflation is expected to stay high for longer and the economy is holding up, the Bank’s Governing Council judged there was less room to keep rates low ("monetary accommodation"). It will now take decisions "one meeting at a time."

He said the situation in the Middle East and Canada-U.S. trade are still changing, and it is uncertain what impact new U.S. tariffs will have and how much energy costs will spread into consumer prices more broadly.

There could be a need to raise the policy rate further, but given the uncertainties, we will proceed carefully. (Governor Tiff Macklem, opening statement to the House of Commons Standing Committee on Finance, November 3, 2026)

What it means for GTA buyers, sellers and renters (explanation)

This explains how the Governor’s remarks connect to housing. It is not advice. Check actual rates and terms with your lender, and your own situation with a professional.

If you have a variable-rate mortgage: the policy rate already went up to 2.5% on October 28. This statement was not a new decision; it explained that one. The Bank said it may raise the rate further, but any actual change comes only at a future decision.
If you have a fixed-rate mortgage or a renewal coming up: fixed rates follow bond yields and other factors, not just the policy rate. If your renewal is close, talking to your lender early is the usual step.
If you are buying: when rates move, the mortgage stress test (a check that you could still pay at a higher rate than your actual one) can change how much you can borrow. Check how long your pre-approval holds its rate.
If you are selling: the Bank expects inflation to stay at or above 3% through much of 2027. Buyers’ borrowing costs can affect demand, but this article does not predict how the market will move.
If you rent: even if fuel and living costs rise, most existing tenants in Ontario can only get rent increases within the yearly guideline. For exempt buildings, see "rent control exemption" in the glossary.

What to watch next

The Bank announces its policy rate on eight fixed dates a year. For the next announcement date, check the official schedule on the Bank of Canada website. Inflation numbers come from Statistics Canada’s monthly consumer price index. This article does not predict the next decision or where inflation will go.

Sources:

Original: Bank of Canada, opening statement before the House of Commons Standing Committee on Finance (2026-11-03) (checked Nov 4, 2026)
Bank of Canada, press release of October 28, 2026 (checked Nov 4, 2026)
Bank of Canada, Policy interest rate (with the 2026 and 2027 announcement schedule) (checked Nov 4, 2026)
Bank of Canada, press release of October 29, 2025 (checked Nov 4, 2026)
Bank of Canada, press release of July 12, 2023 (checked Nov 4, 2026)
Bank of Canada, Monetary Policy Report (checked Nov 4, 2026)
Bank of Canada, Inflation (checked Nov 4, 2026)

New condo price index, third quarter 2026: Toronto down 0.8%, Vancouver down 1.0%

Tue, 03 Nov 2026 17:00:00 GMT

Statistics Canada’s New Condominium Apartment Price Index for the third quarter of 2026, released November 3. Toronto fell 0.8% from the second quarter to 127.6, the nine-city composite fell 0.6% and Vancouver fell 1.0%. Using the data table, Toronto is 2.7% lower than a year ago. What the index measures and what it means for pre-construction buyers.

What happened

Statistics Canada released the New Condominium Apartment Price Index (NCAPI) for the third quarter of 2026 (July to September) in The Daily on November 3, 2026. The index shows the prices developers charge for new condo apartment units, with the 2017 average set to 100. Here are the figures in the release, plus the change from a year ago calculated from the data table.

The “Canada” number is not all of Canada. It is the composite of the nine cities the index covers.
Toronto’s index fell from 128.6 in the second quarter to 127.6 in the third. A year earlier, in the third quarter of 2025, it was 131.2.
Of the nine cities, two rose from the previous quarter (Ottawa–Gatineau and Montréal), two were unchanged (Halifax and Québec), and the other five fell.
The release shows only the change from the previous quarter. The change from a year ago was calculated for this article from the third-quarter 2025 and 2026 values in Statistics Canada Table 18-10-0273-01 (downloaded November 4, 2026). The third-quarter 2025 values for Montréal (132.4) and Québec (104.7) are flagged by Statistics Canada as “use with caution” (E).

Area	Index (2017=100)	Change from last quarter (released)	Change from a year ago (calculated from the table)
Nine-city composite (“Canada”)	120.8	-0.6%	-2.5%
Toronto	127.6	-0.8%	-2.7%
Ottawa–Gatineau (Ontario part)	143.9	+1.6%	-1.2%
Halifax	120.7	0.0%	-0.1%
Montréal	134.4	+0.7%	+1.5%
Québec	107.3	0.0%	+2.5%
Calgary	105.8	-0.3%	-1.6%
Edmonton	108.3	-0.7%	-0.6%
Vancouver	109.6	-1.0%	-4.3%
Victoria	134.7	-1.8%	-3.8%

In charts: three third quarters

Comparing the same quarter each year removes seasonal effects, which matters because this index is not seasonally adjusted. An index shows how much prices changed, so the ratio between two bars is the ratio between prices in those two periods.

Using the current Statistics Canada Table 18-10-0273-01, Toronto’s index went from 139.1 in the third quarter of 2022 to 127.6 in the third quarter of 2026, about 8.3% lower (our calculation). Over the same period, the nine-city composite went from 128.4 to 120.8, about 5.9% lower (our calculation). These are the same table figures used for the change from a year ago.

Toronto new condo price index, third quarter (2017=100)

Period	Value (index)
Q3 2022	139.1
Q3 2025	131.2
Q3 2026	127.6

Why these years: 2022 is the year Toronto’s index was highest (the peak in the table is 140.0 in the first quarter of 2022), 2025 is a year ago and 2026 is now: the peak, last year and this year side by side.

Current figures from Statistics Canada Table 18-10-0273-01 (downloaded November 4, 2026). The third quarter of 2022 was 139.5 in the first release (The Daily, November 4, 2022) and was later revised to 139.1. The 2025 and 2026 third-quarter figures are the same as first released.

Source: Statistics Canada Table 18-10-0273-01, New condominium apartment price indexes (quarterly) (checked Nov 4, 2026)

Nine-city composite new condo price index, third quarter (2017=100)

Period	Value (index)
Q3 2022	128.4
Q3 2025	123.9
Q3 2026	120.8

Why these years: The same three third quarters as the Toronto chart.

Current figures from Statistics Canada Table 18-10-0273-01 (downloaded November 4, 2026). The third quarter of 2022 was 128.6 in the first release and was later revised to 128.4. The Daily labels this series “Canada”.

Source: Statistics Canada Table 18-10-0273-01, New condominium apartment price indexes (quarterly) (checked Nov 4, 2026)

New condo price index by city, third quarter 2026 (2017=100)

Area	Index
Ottawa–Gatineau (Ontario part)	143.9
Victoria	134.7
Montréal	134.4
Toronto	127.6
Nine-city composite	120.8
Halifax	120.7
Vancouver	109.6
Edmonton	108.3
Québec	107.3
Calgary	105.8

Each city’s 2017 average is set to 100, so the index does not show which city is more expensive. The chart compares how much prices have risen since 2017.

Source: Statistics Canada, The Daily, third-quarter 2026 release (checked Nov 4, 2026)

The terms in plain words

New Condominium Apartment Price Index (NCAPI): a Statistics Canada index of the change in prices developers charge for new condo apartment units. It is not the resale price of existing condos that people sell to each other.
2017=100: the 2017 average is set to 100. If Toronto is 127.6, a new condo of the same quality costs about 27.6% more than the 2017 average.
Constant-quality index: differences in the development, building and unit are valued in dollars and the price is adjusted, then prices are compared per square foot. The index does not rise just because bigger units sold.
Census metropolitan area (CMA): the city-area unit Statistics Canada uses, made of a core city and the neighbouring municipalities tied to it, mainly by commuting. “Toronto” in this index is the Toronto CMA, not the City of Toronto, and its borders are not exactly the same as TRREB’s GTA.
Change from last quarter and from a year ago: a comparison with the previous three months, and with the same three months last year. Comparing the same quarter keeps seasonal effects out.

How Statistics Canada builds the index

According to the survey description (record 5236), developers report prices for five unit types: one bedroom, one bedroom with den, two bedroom, two bedroom with den, and three bedroom. The price is for units sold closest to the 15th of the month; if none sold, list prices (asking prices) are used. Sales taxes such as GST and HST are left out. Responding to the survey is mandatory.

Based on CMHC data, Statistics Canada says these nine cities accounted for 88.6% of new condo apartment units completed and sold across all Canadian census metropolitan areas in 2021.

The previous quarter’s number can be revised once in the next release, and the index is not seasonally adjusted. This time Toronto (128.6) and the nine-city composite (121.5) were unchanged for the second quarter; Victoria was revised from 136.4 to 137.2. Victoria’s -1.8% change from last quarter is measured against the revised 137.2.

What it means if you are buying, selling or renting in the GTA (explained)

This is not advice. It explains what the statistics mean in plain words.

Pre-construction buyers: adjusted for quality, developers’ prices for new Toronto condos are 2.7% lower than a year ago and about 8.3% lower than in the third quarter of 2022 (our calculation from Statistics Canada Table 18-10-0273-01). But the index is a city-wide average, and each project is different. Compare with other new projects nearby and with resale condo prices, and check whether the price list includes HST. The index leaves HST out.
If you already bought pre-construction: if you signed when prices were higher and your occupancy and closing are coming up, ask your mortgage specialist early whether the bank’s appraisal could come in below your purchase price. If it does, you may have to pay the gap yourself.
Selling by assignment: when developers’ prices are lower than a year ago, you compete with new units the developer is selling. Check the developer’s consent rules and fees first.
Resale condo sellers: in September, the last month of the quarter, TRREB’s average GTA condo apartment price was $605,257, 7.7% lower than last September. The two numbers are measured differently and cover different areas, so they cannot be compared directly, but both new and resale condos are below last year.
Renters: this index does not measure rents. Look at CMHC rental market data and vacancy rates for the rental market.

What to watch next

The fourth-quarter 2026 new condo price index: check the date in The Daily’s release schedule.
This third-quarter number can be revised once in the next release. See Statistics Canada Table 18-10-0273-01 for the latest figures.
TRREB’s October Market Watch shows the resale condo trend. Check the release date on trreb.ca.
The numbers here are from the Statistics Canada release of November 3, 2026, and the table downloaded on November 4.

Sources:

Original: Statistics Canada, The Daily, New Condominium Apartment Price Index, third quarter 2026 (November 3, 2026) (checked Nov 4, 2026)
Statistics Canada Table 18-10-0273-01, New condominium apartment price indexes, by census metropolitan area (quarterly) (checked Nov 4, 2026)
Statistics Canada, New Condominium Apartment Price Index survey description (record 5236) (checked Nov 4, 2026)
Statistics Canada, The Daily, New Condominium Apartment Price Index, second quarter 2026 (July 31, 2026) (checked Nov 4, 2026)
Statistics Canada, The Daily, New Condominium Apartment Price Index, third quarter 2025 (November 3, 2025) (checked Nov 4, 2026)
Statistics Canada, The Daily, New Condominium Apartment Price Index, third quarter 2022 (November 4, 2022) (checked Nov 4, 2026)
Statistics Canada, Illustrated Glossary, census metropolitan area (CMA) (checked Nov 4, 2026)
TRREB Market Watch, September 2026 (PDF) (checked Nov 4, 2026)

How much cash you need to buy your first home: minimum down payment, land transfer tax, closing costs and first-time buyer benefits

Sun, 01 Nov 2026 17:00:00 GMT

“You only need 5% down” is half true. Besides the down payment, land transfer tax (twice in Toronto), the tax on mortgage insurance and legal fees all leave your account at closing. We add it all up for a $700,000 condo.

“Save 5% and you can buy” only looks at the down payment (the part of the price you pay with your own money, not a loan). On closing day (when ownership transfers) other taxes and costs leave your account in cash. This post adds up, from official sources, what a first-time buyer needs in the bank. It is general information; confirm the real numbers with your bank, your lawyer and me.

The answer first: what leaves your account at closing

Item	How much	Source
Down payment	5% up to $500,000, 10% on the part from $500,000 to $1,500,000. 20% for homes of $1,500,000 or more	CMHC requirements
Ontario land transfer tax	0.5% to 2.5% by price bracket. First-time buyers get up to $4,000 back	ontario.ca
Toronto municipal land transfer tax	Only inside the City of Toronto. Almost the same brackets as the province. First-time buyers get up to $4,475 back	toronto.ca
8% Ontario sales tax on the mortgage insurance premium	With less than 20% down the mortgage is insured. The premium is added to the loan, but the 8% tax on it is paid in cash at closing	CMHC premium guide
Lawyer’s fee, registration, title insurance, adjustments	Varies by lawyer; get a quote early. Adjustments repay the seller for property tax or condo fees already paid ahead	—

The deposit (the money you pay within days of your offer being accepted) is not an extra cost: it becomes part of your down payment. But the cheque goes out right after the offer, so have it ready first.

How the minimum down payment is calculated

Under CMHC (Canada Mortgage and Housing Corporation) requirements, the price cap for an insured mortgage is $1,500,000 and the minimum down payment is calculated in two parts: 5% of the first $500,000 and 10% of the part above that, up to $1,500,000. Homes above that cannot be insured, so you need 20%.

Price	Minimum down payment	Calculation
$500,000	$25,000	$500,000 × 5%
$700,000	$45,000	$500,000 × 5% + $200,000 × 10%
$1,000,000	$75,000	$500,000 × 5% + $500,000 × 10%
$1,500,000	$125,000	$500,000 × 5% + $1,000,000 × 10%
$1,600,000	$320,000	$1,600,000 × 20% (cannot be insured)

Minimum down payment by price (worked example)

Price	Minimum down payment
$500,000	$25,000
$700,000	$45,000
$1,000,000	$75,000
$1,500,000	$125,000
$1,600,000	$320,000

Above $1,500,000 the mortgage cannot be insured and 20% is required, so a $100,000 higher price adds $195,000 to the down payment. Same calculation as the table above.

Source: CMHC, General requirements for mortgage loan insurance (checked Oct 30, 2026)

With less than 20% down, mortgage insurance applies. The premium is 2.80% to 4.00% of the loan depending on the loan-to-value ratio (3.00% to 4.20% with a 30-year amortization) and is added to the principal. A 30-year insured mortgage (CMHC Home Start) is only for first-time buyers or newly built homes.

Land transfer tax: twice inside the City of Toronto

Ontario land transfer tax is charged in brackets: 0.5% up to $55,000, 1% up to $250,000, 1.5% up to $400,000, 2% up to $2,000,000 and 2.5% above that. Inside the City of Toronto, the municipal land transfer tax is charged again with the same bracket structure (higher rates at the top end). Vaughan, Markham, Richmond Hill and Mississauga pay only the provincial tax.

First-time buyers get back up to $4,000 of the provincial tax and up to $4,475 of the Toronto tax. The conditions: you are at least 18, you have never owned a home anywhere in the world (and neither has your spouse while they were your spouse), you are a Canadian citizen or permanent resident, and you move in as your principal residence within 9 months of closing. Your lawyer usually applies the refund at closing.

Worked example: a $700,000 condo in the City of Toronto, first home

These are reference estimates using the official rates. Legal fees and adjustments are not included.

Item	Amount	Calculation
Minimum down payment	$45,000	$500,000 × 5% + $200,000 × 10%
Ontario land transfer tax	$10,475	$275 + $1,950 + $2,250 + $6,000
First-time refund (Ontario)	−$4,000	Maximum
Toronto municipal land transfer tax	$10,475	Same brackets
First-time rebate (Toronto)	−$4,475	Maximum
Mortgage insurance premium ($655,000 loan × 4.00%)	$26,200	Added to the loan — not cash
8% sales tax on the premium	$2,096	Cash at closing
Cash needed at closing (before legal fees)	about $59,600	$45,000 + $6,475 + $6,000 + $2,096

about $59,600 — $700,000 condo in the City of Toronto, first home — cash at closing (before legal fees, hypothetical example)
about $53,600 — The same home in Vaughan or Markham (no municipal tax)
$26,200 — Mortgage insurance premium — added to the loan, not cash

Where the $59,600 goes (hypothetical example, reference estimate)

Item	Amount
Down payment	$45,000
Ontario land transfer tax (after refund)	$6,475
Toronto land transfer tax (after rebate)	$6,000
8% sales tax on the premium	$2,096

About three quarters of the cash is the down payment; the rest is tax. The bars show the numbers from the table above.

If the same home were in Vaughan or Markham, there would be no municipal tax ($6,000), so about $53,600. Add the lawyer’s fee, title insurance, registration, property tax and condo fee adjustments, and moving costs on top.

Benefits a first-time buyer should claim

Land transfer tax refunds (Ontario up to $4,000, Toronto up to $4,475) — applied at closing if you meet all the conditions above.
For a new home, the First-Time Home Buyers’ GST rebate — if you sign for a new home priced $1,000,000 or less after March 19, 2025 and before 2031, as your first home and principal residence, you get back the GST you paid, up to $50,000. Between $1,000,000 and $1,500,000 the amount shrinks, and above that there is none (federal Excise Tax Act, s. 254).
FHSA (First Home Savings Account) and HBP (withdrawing from your RRSP) — tax-advantaged ways to save the down payment. Check the limits and conditions with the Canada Revenue Agency.
A 30-year amortization on an insured mortgage (CMHC Home Start) — only for first-time buyers or new homes. Lower monthly payments, but more total interest.

Common mistakes

Saving only the down payment and forgetting land transfer tax — for a $700,000 home in the City of Toronto, that is $12,475 more even after the refunds.
Treating the deposit as an “extra cost” — it is part of the down payment, but the cheque goes out right after the offer, so have it ready.
Looking at homes without a pre-approval — Canada has a stress test (you are assessed at a higher rate than your real rate), so you may be able to borrow less than you think.
Keeping exactly the right amount in the account on closing day — adjustments and legal fees are finalized only days before closing. Leave a cushion.

Sources:

CMHC, General requirements to qualify for mortgage loan insurance (checked Oct 30, 2026)
CMHC, Mortgage loan insurance costs (checked Oct 30, 2026)
Ontario, How to calculate land transfer tax (checked Oct 30, 2026)
Ontario, Land transfer tax refund for first-time home buyers (checked Oct 30, 2026)
City of Toronto, Municipal land transfer tax rates (checked Oct 30, 2026)
City of Toronto, Municipal land transfer tax rebate (checked Oct 30, 2026)
Excise Tax Act s. 254 — First-Time Home Buyers’ GST rebate on new homes (checked Oct 30, 2026)

Please double-check: This column is opinion and information based on public and developer material as of the date written. It is not legal, tax or financial advice. Prices and terms change, so confirm the latest with the developer and me before you sign.

By Joonghyun Ahn, Sales Representative, HomeLife Frontier Realty Inc., Brokerage. Charts, photos and source links are on the original page: https://www.koreanhomes.ca/en/blog/first-home-cash-needed/

The mortgage stress test and pre-approval: how lenders decide how much you can borrow

Sun, 01 Nov 2026 17:00:00 GMT

Lenders check whether you could pay at “the greater of your contract rate plus 2% or 5.25%”, not at your actual rate. Add the income limits (GDS 39%, TDS 44%) and you get your maximum loan. A worked example at $10,000 monthly income, and what a pre-approval is and is not.

“With my income, how expensive a home can I buy?” is the most common question in a first meeting. The answer comes not from home prices but from two rules: the stress test, which checks you at a rate higher than your real one, and the income limits on housing costs and total debt (GDS and TDS). This post explains those rules from the official sources and works through an example at $10,000 of monthly income. It is general information; your bank or mortgage broker sets the real number after seeing your documents.

The answer first: three things that set your limit

Rule	What it says	Who sets it
Qualifying rate (stress test)	You must be able to pay at the greater of your contract rate plus 2% or 5.25%	OSFI for uninsured mortgages (20% or more down); the federal Department of Finance for insured ones. Both use the same formula today
GDS (gross debt service)	Principal, interest, property tax, heating + 50% of condo fees ≤ 39% of gross household income	CMHC rule for insured mortgages; banks usually apply similar ratios to uninsured loans
TDS (total debt service)	Housing costs above + monthly payments on car loans, student loans, credit cards and other debt ≤ 44%	Same as above

The smallest of the three results is your limit. Credit score (CMHC asks for 600 or more), the source of the down payment and your type of employment are checked separately.

What the stress test is

The bank does not calculate at the rate you will sign (say 4.5%) but at a higher one. In its December 12, 2023 release, OSFI (the federal regulator of financial institutions) said the minimum qualifying rate (MQR) for uninsured mortgages would remain the greater of 5.25% or the contract rate plus 2%. For insured mortgages (less than 20% down) the rate is set by the Department of Finance, and CMHC’s requirements use the same formula.

OSFI explains the reason this way: it is a safety buffer so that homeowners can keep paying even if rates rise or income unexpectedly falls. For the borrower it is the rule that shrinks the limit, but it is also the filter that keeps you able to cope when rates go up later.

With contract rates in the 4% to 5% range in November 2026, the qualifying rate is in the 6% to 7% range. The Bank of Canada raised its policy rate to 2.5% on October 28, which moves variable rates too, so ask at pre-approval which rate was used to qualify you.

What GDS 39% and TDS 44% add up

GDS (gross debt service ratio): mortgage principal and interest, property taxes and heating (P.I.T.H.), plus 50% of condo fees if it is a condo, divided by gross household income. Under CMHC’s rule it must not exceed 39%.
TDS (total debt service ratio): the housing costs above plus other debt payments such as car loans, student loans and minimum payments on credit cards and lines of credit. It must not exceed 44%.
Both ratios use the mortgage payment calculated at the stress-test rate, so a larger number than you will actually pay goes in.
Income is gross (before tax) and is usually proven with pay stubs, T4s and tax returns. Self-employed borrowers usually show two years of reported income.

Worked example: gross monthly income of $10,000

These are reference estimates using the semi-annual compounding used for Canadian mortgages. Assumptions: property tax $400 a month, heating $100, condo fees $500 (half counted, $250).

Item	Amount	Calculation
GDS limit (maximum monthly housing cost)	$3,900	$10,000 × 39%
Property tax + heating + 50% of condo fees	$750	$400 + $100 + $250
Room for the mortgage payment	$3,150	$3,900 − $750
If calculated at the 4.5% contract rate only	about $569,000	25-year amortization, 4.5%
At the 6.5% qualifying rate (the real limit)	about $470,000	25 years, 4.5% + 2% = 6.5%
If a 30-year amortization is allowed (first-time buyer or new build, insured)	about $503,000	30 years, 6.5%

$10,000 gross monthly income — how much you can borrow (hypothetical example, reference estimate)

Assumption	Mortgage limit (about)
At the 4.5% contract rate only	$569,000
30-year amortization, 6.5% qualifying rate	$503,000
25-year amortization, 6.5% qualifying rate (the real limit)	$470,000
With $600 a month of other debt (TDS, 25 years, 6.5%)	$455,000

Same income, but the stress test takes off about $99,000 and $600 of other debt about $15,000 more. Calculated with Canadian semi-annual compounding and rounded to the nearest thousand dollars.

Same income, but the stress test cuts the limit by about $99,000. TDS matters too: with a $500 car payment and a $100 minimum card payment, the $4,400 total-debt limit (44%) minus $600 leaves $3,800 for housing, and the room for the mortgage payment drops to $3,050.

What a pre-approval is, and is not

A pre-approval is the lender looking at your income, debts and credit and telling you in advance roughly how much it could lend and at what rate. It usually holds a rate for a set period (a rate hold).
According to FSRA (Ontario’s financial regulator), a pre-approval is not a guarantee that the lender will enter into a mortgage contract with you. After looking closely at you and the property, it may decide not to lend.
The real approval comes as a commitment letter (approval letter). FSRA explains that it means financing has been officially approved and that, once signed, it is a formal contract with the lender. A financing condition in your offer is normally waived only after you receive it.
Ask at pre-approval: which rate was used to qualify you, how many days the rate hold lasts, which documents are still needed, and whether the limit changes by property type (condo, new build, with rental income).

Common mistakes

Reasoning that “the payment is about my rent, so I will pass”: the bank uses the qualifying rate, so you must pass at a payment larger than the real one.
Treating the pre-approved amount as final and writing an offer with no conditions: do not drop the financing condition before the commitment letter arrives (if a competing offer forces it, talk to your broker first).
Taking a new car loan or making a big credit card purchase after you start house hunting: TDS rises and extra credit checks can cut your limit.
Calculating only as an insured mortgage when your down payment is just under 20%: at 20% or more there is no premium and the amortization options differ, so the result changes. Run both cases.

Sources:

OSFI, “OSFI maintains Minimum Qualifying Rate for uninsured mortgages” (December 12, 2023) (checked Oct 30, 2026)
OSFI, Minimum qualifying rate for uninsured mortgages (checked Oct 30, 2026)
CMHC, General requirements to qualify for homeowner mortgage loan insurance (checked Oct 30, 2026)
CMHC, Debt service calculator (checked Oct 30, 2026)
FSRA (Financial Services Regulatory Authority of Ontario), Signing a mortgage contract (checked Oct 30, 2026)
Bank of Canada, press release of October 28, 2026 (policy rate 2.5%) (checked Nov 1, 2026)

Plaza on Yonge: a new Yonge Street condo you can move into now — who is it for?

Sun, 01 Nov 2026 17:00:00 GMT

Plaza on Yonge at 5858 Yonge, North York: move-in ready, 5% deposit, from a $399,000 studio to a $1,210,000 town. A walk to Finch station, H Mart across the street. Why it is among the lowest prices on the market, the honest answer to “so what’s the catch?”, who each type suits, and what to check before you sign.

Stand at the corner of Yonge Street and Cummer Avenue and you can see the H Mart that opened in September across the road, with Finch station a few blocks south. On that corner stands a finished new condo. Normally you sign for a new condo and wait three to five years for the keys. Here, you sign and move in.

So the question in this column is not “is it good?” but “good for whom, and on what terms?” I will go through it line by line using the October 6, 2026 price list and floor plans I received directly from the developer (Plaza). You can download the full price list and every floor plan on the project page. Prices and units left change daily, so read the numbers below as “the price list on that date”.

Where it is: a walk to Finch station, H Mart across the street

The address is 5858 Yonge St. Yonge is Toronto’s spine, so TTC buses pass the building, and the Korean restaurants and grocery stores around Yonge & Finch and Yonge & Steeles are right there. Thornhill and Richmond Hill are just north.

The subway is Finch station: the north end of Line 1 Yonge, and the terminal where GO buses and York Region buses meet. Measured on map coordinates it is about 400 m from the building in a straight line (a reference figure from OpenStreetMap). The developer also describes Finch Station as a short walk away. If you commute downtown or transfer to a York Region bus, this one fact matters as much as the price.

Groceries end at the crosswalk. At 5803 Yonge St is H Mart (H Mart Cummer), which opened on September 17, 2026. You will not need the car for Korean groceries. Restaurants, cafés, banks and pharmacies line Yonge Street, and the developer notes Centerpoint Mall and parks nearby.

How many minutes the walk takes depends on your pace. Walking it yourself is the most accurate test, and I am happy to go and time it with you.

The H Mart address and opening date are from September 2026 blogTO and Curiocity reports (checked November 1, 2026); the distance is a reference figure from OpenStreetMap coordinates. Transit and shops change, so check for yourself when you visit.

The price list, taken apart

The list has three parts: tower suites, terrace suites with a large private terrace, and two-storey towns. Starting prices by model (as of October 6, 2026, with the HST rebate included):

Type	Area (sq ft)	Starting price	Per sq ft (reference)
Studio (B-B)	397	$399,000	about $1,005
1 bedroom (1-A, 1-E, 1-F)	434–522	$420,000–$445,000	about $853–$968
1 bedroom + den (1D2-C, 1D2-E)	595–637	$550,000–$555,000	about $863–$933
2 bedroom (2-A to 2-T)	620–903	$575,000–$829,000	about $862–$945
2 bedroom + den (2D-A)	767	$699,000	about $911
3 bedroom (3-A)	842	$750,000	about $891
Terrace suite, 2 bedroom (2-R, 2-T)	870–903	$850,000–$950,000	about $977–$1,052
Terrace suite, 3 bedroom (3-C, 3-D, 3-F)	1,157–1,302	$1,150,000–$1,250,000	about $922–$994
Towns (TH-A to TH-G)	911–1,383	$985,000–$1,210,000	about $875–$1,081

Per-square-foot figures are the starting price divided by the area, for reference only. Floor premiums may apply, and areas are approximate per Tarion Bulletin 22.

“So what’s the catch?” — that question first

The table raises an obvious question: if a two-bedroom in a new building on Yonge is $575,000, something must be off. So I lined up the published starting prices of the 50 GTHA pre-construction and new projects I track (checked October 2026, the list on the pre-construction page). Only one project, in Pickering ($344,990), starts below $399,000. Within the City of Toronto this building is the lowest, and the next one starts at $487,990. Most of the others are pre-construction with occupancy in 2027 to 2029; this one is already built.

It is also low next to resale condos. In TRREB’s September 2026 statistics the average condo apartment sale in the City of Toronto was $640,248 and the median $535,000, and the Toronto C07 district, where this building sits, averaged $552,031 (33 sales). Averages mix unit sizes, so it is not a direct comparison, but it does mean a new building is selling in the price range of existing condos.

So why? Three things I could verify. First, the starting prices are for lower floors and north exposures (floor premiums apply higher up). Second, the second bedroom in the tower suites is mostly small (dimensions below). Third, the whole Toronto condo market is trading below last year’s prices right now. There is also something I could not verify: why the developer chose this price at this moment. Only the developer knows that, and I will not guess at it in print.

Comparison (Sept–Oct 2026)	Amount	Source
Plaza on Yonge starting price (studio / 2 bedroom)	$399,000 / $575,000	Developer price list, 2026-10-06
Next-lowest Toronto starting price on my list of 50	$487,990	Pre-construction list, checked 2026-10
City of Toronto condo apartment average / median	$640,248 / $535,000	TRREB Market Watch, September 2026
Toronto C07 condo apartment average (33 sales)	$552,031	TRREB Market Watch, September 2026

Prices side by side (Sept–Oct 2026)

Comparison	Amount
City of Toronto condo apartment average (TRREB, Sept)	$640,248
Plaza on Yonge 2-bedroom starting price	$575,000
Toronto C07 condo apartment average (33 sales)	$552,031
City of Toronto condo apartment median (TRREB, Sept)	$535,000
Next-lowest Toronto starting price on my list	$487,990
Plaza on Yonge studio starting price	$399,000

The bars show the numbers from the table above. Starting prices (new homes, lowest floors) and sale averages (resale condos, mixed sizes) are different things, so use this for reference only.

Starting prices are the lowest price each project publishes; unit size, floor and what is included (parking, closing costs) differ, so the comparison has limits. Per square foot, tower suites work out to about $853 to $1,005; Toronto pre-construction projects on my list that publish a per-square-foot price start at $995, and one at $1,600. Statistics and prices change every month.

The numbers as one family’s month (a made-up example)

This is not a real client; it is an example invented for the arithmetic. Say a couple renting in North York buys the 637 sq ft two-bedroom (2-C, $575,000, one parking space included).

Item	Amount	Basis
Deposit on signing (5%)	$28,750	Price list terms: 5% of the price, bank draft
Minimum down payment (insured mortgage)	$32,500	5% of $500,000 + 10% of $75,000 (CMHC rule)
Monthly maintenance fee ($0.73 per sq ft, internet included)	about $465	637 × $0.73
One parking space	$65 a month	Price list
Hydro, water, heating/cooling (BTU)	Separately metered	Price list
Mortgage payment (reference)	about $3,120	Loan of about $564,200 (4.00% premium included), 4.5%, 25 years — the rate is an assumption

The $28,750 deposit is not an extra cost; it becomes part of the down payment. Land transfer tax (twice in Toronto), legal fees and the 8% sales tax on the premium are extra cash at closing. The payment is a reference figure at an assumed rate; your real limit is set by the stress test (contract rate + 2% or 5.25%). The blog post on the mortgage stress test has the full calculation.

Three things that caught my eye, and the “but” for each

Two bedrooms from $575,000. The 620 sq ft 2-A (floors 27 and up, southwest) is $579,000 and the 637 sq ft 2-C is $575,000, with one parking space included. But the floor plan shows the second bedroom in 2-A at 9'2" x 8'2": room for a double bed and a small closet. Decide with a tape measure whether it works as a child’s room or a home office.
Terrace suites are “a condo with a yard”, which you should read as “a terrace”. The 2-T (903 sq ft, $950,000) comes with a 26'4" x 16'8" private terrace, and the 3-C (1,157 sq ft, $1,150,000) with a 35'4" x 16'0" one. But they cost more than tower suites of the same size. The question is whether outdoor space is worth that difference to you.
Towns include two parking spaces and two lockers, and a 911 sq ft two-storey town (TH-A) starts at $985,000. The maintenance fee is $0.29 per sq ft against $0.73 for suites. But most plans put the bedrooms upstairs and the living room and kitchen on the ground floor, so you climb stairs every day. They may not suit parents living with you or anyone with bad knees.

Terms: 5% deposit, move in now, closing costs

The terms are simple. You pay 5% of the price on signing by bank draft or certified cheque (deposits go to the lawyers Eizenman & Dale LLP, in trust), and you close right away. Compared with the usual pre-construction 15% to 20% spread over years, the upfront amount is small.

Do not skip past “builder’s closing cost included”. In pre-construction, development charges, meter installation and Tarion enrolment fees usually get added at closing; this price list says the builder covers those. Which items exactly must be checked in the adjustments clause of the agreement. Land transfer tax and your own lawyer’s fee are still paid by you.

Move-in ready also means there is no interim occupancy period (living in the unit before the condo is registered). There is no occupancy fee, and your mortgage starts right away. In other words, you borrow at today’s rates, today. Get a pre-approval first.

Maintenance fees and monthly costs

Estimated maintenance fees are $0.73 per sq ft a month for suites (internet included) and $0.29 for towns. A 637 sq ft two-bedroom works out to about $465 a month, and a 1,255 sq ft town to about $364 (reference calculations). Hydro, water and heating/cooling (BTU) are separately metered, and parking adds $65 a month and a locker $20.

Fees are “estimated” and can change with the first annual budget after you move in. The good news: because the building is already built, the status certificate (the document with the condo corporation’s finances and rules) shows the real budget and reserve fund. In pre-construction you usually cannot see that document; here you can. That is this building’s quiet advantage. Get it before you sign.

What “HST rebate included” means

The price list says prices include the proposed HST rebate. When you buy a new home and you or a family member live in it, part of the HST comes back as a rebate; the developer takes that rebate and lowers the price by that amount. If you plan to live there, that is fine.

If you plan to rent it out, it works differently. Investors normally pay the rebate amount on closing, then apply for the rental rebate separately after signing a lease of at least one year with a tenant. The conditions and amounts follow CRA rules, so check with an accountant. The glossary entry “HST new housing rebate” goes into detail.

Who it suits (my opinion)

First-time buyers, especially those paying rent along Yonge Street: studios to one-bedrooms are $399,000 to $445,000, and you can move in with 5% down. Put your rent and a mortgage payment side by side, as in the example above, and the answer shows itself.
Families who need to stay in North York or Thornhill for parents or school: the two- and three-bedroom tower suites ($575,000 to $829,000) and the towns are the candidates. School assignment depends on the address, so confirm with the school board.
Investors who do not want to wait: the building is finished, so you can rent it out right away, and the terms are simple. Sort out the HST rebate and the tax rules that changed from 2025 first.
It may not suit: anyone who needs large bedrooms (second bedrooms in the tower are mostly small), anyone who finds stairs hard (towns), and anyone who planned to save the deposit slowly while waiting years for occupancy (this project needs a mortgage now).

Before you sign

Get a mortgage pre-approval first. Since you close right away, your loan terms decide what you pay every month.
See the actual unit, floor, exposure and balcony. Use the advantage of a finished building. Remember the plans are “not to scale”.
Get the status certificate and check the reserve fund, the budget and the rules (pets, short-term rentals and so on).
Review the agreement and disclosure statement with a lawyer inside the 10-day cooling-off period. Confirm what the included closing costs cover and the HST rebate conditions at this stage.
If you plan to rent it out, settle the HST rebate and tax filing with an accountant in advance.

In short: the lowest starting price of any new building in the City of Toronto, a station and a grocery store within walking distance, and a 5% deposit with immediate move-in. In exchange you accept a small second bedroom and “today’s rate, today’s loan”. Whether that trade fits your family is answered by a tape measure and one pre-approval letter.

One thing to do today: call your bank or mortgage broker and ask for a pre-approval. I can confirm the units left and the floor premiums with the developer right away. I represent the buyer and look at the terms from your side, not the developer’s.

Sources:

Plaza, Plaza on Yonge overview (developer site) (checked Oct 31, 2026)
Developer price list of October 6, 2026 (tower suites, PDF) (checked Oct 31, 2026)
Developer price list of October 6, 2026 (terraces and towns, PDF) (checked Oct 31, 2026)
TRREB Market Watch, September 2026 (PDF) — condo apartment average and median (checked Oct 30, 2026)
blogTO, new H Mart opens in North York (September 2026) (checked Nov 1, 2026)

The 10 days after you sign a pre-construction condo: what to do, and how your deposit is protected

Sun, 01 Nov 2026 17:00:00 GMT

When you sign for a new condo unit, Ontario’s Condominium Act gives you a 10-day cancellation period. When it starts, how to cancel, what to check with a lawyer in the meantime, and how your deposit is protected by trust rules and Tarion.

Sales offices for pre-construction condos (new homes sold before they are built) can make you feel you should sign on the spot. Fortunately, Ontario’s Condominium Act gives buyers of new condo units a 10-day cancellation period. This post explains when those 10 days start, what to check in the meantime, and how your deposit is protected, based on the text of the Act and Tarion’s guidance. It is general information, not legal advice; review your actual agreement with a lawyer.

When the 10 days start

Section 73 of the Condominium Act says a written notice of rescission must reach the declarant (the developer) or the declarant’s lawyer “within 10 days of the latest of” three dates.

Date	What it means
The day you receive the disclosure statement	The thick package with the building budget, rules, estimated fees and developer information
The day you receive the condominium guide	The buyer’s guide from the Condominium Authority of Ontario (CAO), which the developer must give you
The day you receive a copy of the agreement signed by both sides	Not the day you signed, but the day you get the copy the developer has signed too

10 days — Time you have to cancel (Condominium Act s. 73)
3 dates — Start dates — the clock runs from the latest one
$20,000 — Tarion’s condo deposit protection limit (with the s. 81 trust duty on top)

If any one of the three arrives late, the 10 days start that much later. Write down the date you received each one. What counts is the day your notice is received, not the day you send it.

What happens if you cancel

The developer must “promptly refund, without penalty or charge” all the money you paid, plus interest at the prescribed rate from the day they received it to the day they refund it (s. 73 (3)).
You do not have to give a reason. Changing your mind is enough.
The notice must be in writing and must be received by the developer or their lawyer within the 10 days. Usually your lawyer sends it and keeps proof of receipt.
This right applies when you buy a new condo unit from a developer. There is no such statutory period when you buy a resale home, and new freehold homes (houses or towns where you own the land) follow the terms of the agreement, so ask your lawyer.

What to do during the 10 days

Give the whole agreement and disclosure statement to a lawyer, ideally one with pre-construction experience. In particular, check whether the extra amounts charged at closing (adjustments such as development charges, education levies, meter installation and Tarion enrolment fees) are capped, and if not, whether you can ask for a cap.
Line up the deposit schedule with your cash plan. Deposits of 15% to 20% are usually spread over a few years, with more due at occupancy. Put every date and amount in your calendar.
Think about whether you can get a mortgage at occupancy, not just today. Occupancy is years away and no one knows the rates then. Talk to a bank or mortgage broker early.
Read the occupancy date and the delay clauses. The Tarion documents attached to the agreement list critical dates such as the tentative and firm occupancy dates. The developer can move the date by following set rules.
Check whether assignment (selling your agreement to someone else before occupancy) is allowed and what it costs. This matters most if you are buying as an investment.
If there is any chance you will cancel, tell your lawyer early, not on day nine. If the notice arrives late, the right is gone.

How your deposit is protected

Section 81 of the Condominium Act says that money paid for a proposed unit must be received and held in trust, with interest, by a prescribed trustee or the developer’s lawyer, so the developer cannot simply spend it. That is why deposit cheques are usually made out to a law firm “in trust”, not to the developer. Always check the payee name.

Tarion (Ontario’s new home warranty body) also protects deposits. According to Tarion, if the builder terminates the agreement your deposit must be returned in full within 10 days, and if the builder does not return it, Tarion provides deposit protection of up to $20,000 for a condo unit. It applies when the builder goes bankrupt, fundamentally breaches the agreement, or you have a statutory right to treat the agreement as terminated.

New freehold homes are different. Tarion says coverage is up to $100,000, and from April 1, 2026 purchasers must give Tarion notice of the purchase within 45 days of signing to qualify for the maximum coverage (the change to coverage amounts is deferred to January 1, 2027). If you sign for a new house or town, do not forget to register within 45 days.

The Tarion limit for condo deposits ($20,000) looks small, but the trust duty in s. 81 sits on top of it. Which protection applies, and how far, depends on your agreement and disclosure statement, and your lawyer should judge it. Tarion itself says to consult a lawyer before treating your agreement as terminated.

Common misunderstandings

“Ten days from the day I signed” — no. It is from the latest of receiving the disclosure statement, the guide and the fully signed copy of the agreement.
“I can cancel by phone” — no. A written notice must be received.
“If the terms do not work out later, I can still cancel” — after the 10 days, you can only cancel in the situations your agreement or the Act allows (for example, a material change in the disclosure, or failure to complete by a set date), and that needs a lawyer’s judgment.
“I can send the deposit to the developer’s account” — check that it goes to a trust account (a law firm, in trust).

Sources:

Condominium Act, 1998, s. 73 (rescission), s. 81 (deposits in trust) — e-Laws (checked Oct 30, 2026)
Tarion, Coverage and claims before you move in (deposit protection) (checked Oct 30, 2026)
Tarion, Deposit Protection Q&A (changes from April 1, 2026) (checked Oct 30, 2026)
Tarion, Condo units: occupancy dates, delays and cancellations (checked Oct 30, 2026)

Renting in Ontario for the first time: the standard lease, deposit rules and the 2026 rent increase limit

Sun, 01 Nov 2026 17:00:00 GMT

Newcomers most often lose money on deposits and the lease itself. What a landlord may collect, the lease form that must be used, and how much and how often rent can go up, based on the text of Ontario’s Residential Tenancies Act.

If you have just arrived in Canada and are renting your first home, you will often hear “you have no credit history, so pay several months up front” or “pay a damage deposit”. Ontario law clearly limits what a landlord may collect. This post is general information based on the text of the Residential Tenancies Act, 2006 and ontario.ca guidance, not legal advice. For a dispute, check with the Landlord and Tenant Board (LTB) or a legal clinic.

The answer first: what a landlord may collect

Item	What the law says	Section
Rent deposit (last month’s rent)	No more than one month’s rent (or one rent period, whichever is less). It must be used as the rent for the last month	RTA s. 106 (2), (10)
Damage deposit, pet deposit, cleaning fee paid in advance	Not allowed. The only security deposit a landlord may collect is the rent deposit	RTA s. 105 (1)
Key, remote or card deposit	Allowed, but refundable and not more than the direct replacement cost	O. Reg. 516/06 s. 17
Interest on the deposit	Paid to the tenant every year at the rate of that year’s rent increase guideline	RTA s. 106 (6)

A landlord cannot require “several months up front”. Asking a newcomer without credit history for a guarantor is common, but the deposit the law allows stops at one month.

The lease must be the government standard form

Most residential tenancy agreements signed on or after April 30, 2018 must use Ontario’s standard lease. If a landlord hands you a different form, you can ask for the standard one.
You must receive a copy of the signed lease within 21 days after you sign it and give it to the landlord (RTA s. 12). If you asked in writing for the standard lease and 21 days pass without it, there is a rule that lets you withhold up to one month of rent that comes due after that (s. 12.1). Read the LTB guidance before you take that step.
Even if section 15 “Additional terms” says “no pets”, “no guests” or “damage deposit”, a term that takes away a right the law gives you is void. If the unit is a condo, section 2 will say so and you must follow the condo rules.
The ontario.ca guide to the standard lease includes a Korean-language explanation PDF. Read it once before you sign.

How much, and how often, rent can go up

For most homes, all three conditions must be met before rent can rise.

Once a year: at least 12 months must have passed since you moved in or since the last increase (RTA s. 119).
90 days’ written notice: on the official form (N1), at least 90 days ahead (RTA s. 116). Without the notice, the increase is void.
No more than the guideline: 2.1% for 2026 and 1.9% for 2027 (ontario.ca guideline table). By law the guideline can never exceed 2.5% in any year (RTA s. 120). To raise rent above it, the landlord must apply to the LTB for approval.

Reference calculation	Amount
Rent $2,500, 2026 guideline 2.1%	Increase $52.50 → new rent $2,552.50
2026 interest on a $2,500 deposit	$52.50 (one year)

Ontario rent increase guideline

Period	Value (%)
2021	0%
2025	2.5%
2026	2.1%
2027	1.9%

Why these years: 2021 was the COVID-19 rent freeze (0%), 2025 hit the 2.5% legal cap, 2026 is now, and 2027 is the next year, already announced.

According to ontario.ca, the 2021 guideline would have been 1.5% without the freeze. By law the guideline can never be more than 2.5% (RTA s. 120).

Source: Ontario, Residential rent increases (checked Oct 30, 2026)

Exception: new buildings and most new basement apartments occupied for the first time after November 15, 2018 are exempt from the guideline (O. Reg. 516/06). The once-a-year and 90-day-notice rules still apply. Check this especially when renting a new condo.

What to check before you sign

Confirm who the landlord (or the agent acting for them) is and that they own the home. A lawyer or agent can check the owner’s name in the public land registry.
Write what the rent includes (hydro, heat, water, parking, internet) in the matching boxes of the standard lease. A spoken promise is hard to prove later.
Pay only one month as a deposit, and a key deposit only up to the replacement cost. Get receipts.
Take photos and video of the unit before you move in. Because there is no damage deposit, any claim the landlord makes when you leave goes to the LTB, and your record matters.
Tenant insurance (your belongings and liability) can be agreed in the lease and is usually not expensive. Read the terms and decide.

Common mistakes

Paying six months up front “because I have no credit history” — the landlord cannot require it. If something is needed, think about a guarantor first.
Signing a non-standard form and never getting a copy — you have the right to a copy within 21 days.
Accepting a spoken “I will raise it by $200 next year” — without the guideline and 90 days’ notice it is void.
Living for years without ever receiving deposit interest — you are owed it every year, and you can claim it through the LTB.

Sources:

Residential Tenancies Act, 2006 — e-Laws (checked Oct 30, 2026)
O. Reg. 516/06 under the Residential Tenancies Act — key deposits, rent control exemptions (checked Oct 30, 2026)
Ontario, Guide to Ontario’s standard lease (includes a Korean PDF) (checked Oct 30, 2026)
Ontario, Residential rent increases (checked Oct 30, 2026)

Canada’s economy flat in August for a second month; September early estimate down 0.1%

Fri, 30 Oct 2026 17:00:00 GMT

Statistics Canada’s August gross domestic product (GDP), released October 30. Real GDP was essentially unchanged in August, as in July, with 9 of 20 sectors growing. Retail trade rose 1.2% and wholesale trade fell 1.4%. The advance estimate for September is a 0.1% decline, and the third quarter is estimated to have grown 0.3%. What it means for rates and mortgages.

What happened

Statistics Canada released gross domestic product (GDP) by industry for August 2026 on October 30, 2026. These are the figures in the release.

Real GDP was essentially unchanged in August, the second month in a row after July. Of the 20 industrial sectors, 9 expanded.
Services-producing industries edged down 0.1% (wholesale trade and public administration fell, retail trade rose). Goods-producing industries edged up 0.1% (manufacturing and construction rose, utilities fell).
Retail trade rose 1.2%, more than offsetting July’s drop. Motor vehicle dealers (+1.8%), food and beverage retailers (+1.3%) and general merchandise (+1.5%) rose; gasoline stations fell 0.6%.
Manufacturing rose 0.3%, up for the fifth time in seven months. Machinery +3.8%, petroleum refineries +4.2%. Motor vehicle and parts manufacturing fell 5.8% because of a prolonged summer shutdown at a major assembly plant.
Wholesale trade fell 1.4%, the largest drag on growth. Finance and insurance rose 0.2% (including more credit card lending at banks).
Advance estimate for September: real GDP down 0.1% (manufacturing and mining fell; utilities and wholesale trade rose). This estimate will be updated on November 30 with the official September data.
With the September estimate, the economy is estimated to have grown 0.3% in the third quarter of 2026.

In a chart: the last three Augusts

One-month changes are too small to see as bars, so they are shown as numbers, and the change from the same month a year earlier is shown as a chart. Both come from the "All industries" row of Statistics Canada’s GDP Table 1.

0.0% — August 2024, month over month (flat)
−0.3% — August 2025, month over month
0.0% — August 2026, month over month (flat)

Real GDP in August — change from a year earlier

Period	Value (%)
Aug 2024	1.3%
Aug 2025	0.7%
Aug 2026	1.5%

Why these years: The three most recent Augusts, side by side in the same way.

First-release figures (The Daily, 2024-10-31, 2025-10-31, 2026-10-30); they may be revised. Statistics Canada’s table prints the 2024 and 2026 monthly changes as "-0.0" (essentially unchanged).

Source: Statistics Canada, The Daily, August 2026 GDP, Table 1 (checked Nov 2, 2026)

The terms in plain words

Gross domestic product (GDP): the value of everything made and every service provided in the country over a month or a year. Up means the economy is growing; down means it is shrinking.
Real GDP: the number with price increases taken out, so it shows whether more was actually produced, not just sold at higher prices.
GDP by industry: a monthly statistic broken down by sector (retail, manufacturing, construction, finance and so on). Quarterly total GDP is published separately.
Advance estimate: a rough number published before all the data is in. It is replaced by the official figure a month later, and the direction can change.

What it means if you are buying, selling or renting in the GTA (explained)

This is not advice. It explains what the statistics mean in plain words.

Rates: on October 28 the Bank of Canada raised its policy rate to 2.5%, pointing to inflation (3.1% in September). With a flat economy and high inflation, the next rate decision depends on which the Bank worries about more. Weak growth figures reduce the pressure for further increases, but no one knows which way it will go.
Buyers: if you plan to buy with a variable rate, factor in that rates can still rise because of inflation even when the economy is weak. Check your monthly payment at the stress-test rate when you get pre-approved.
Sellers: when the economy stalls, buyers tend to delay decisions; TRREB’s September figures also showed fewer sales. Realistic pricing and terms matter.
Renters: a weak economy tends to keep rental demand up, as people put off moving and buying. Remember the rent increase guideline (2.1% for 2026) at renewal.

What to watch next

Official September GDP and third-quarter GDP: Statistics Canada said September GDP by industry comes out on November 30. Check the release schedule on the Statistics Canada website.
The Bank of Canada’s next rate decision date is on the Bank’s official schedule.
The numbers here are from the October 30, 2026 release; Statistics Canada can revise them later.

Sources:

Original: Statistics Canada, The Daily (checked Nov 1, 2026)
Statistics Canada, GDP by industry (monthly) survey description (checked Nov 1, 2026)
Bank of Canada, key interest rate (checked Nov 1, 2026)

Bank of Canada raises its key rate to 2.5% — the first increase since July 2023, and what it means for mortgages

Wed, 28 Oct 2026 17:00:00 GMT

On October 28, 2026 the Bank of Canada raised its policy rate by 0.25 percentage points to 2.5%, the first increase since July 2023. With inflation at 3.1%, the Bank said it wants to stop high fuel prices from spreading into other prices. This matters most to people with variable-rate mortgages.

What happened

On October 28, 2026 the Bank of Canada raised its policy rate by 25 basis points (0.25 percentage points) to 2.5%. Before this it was 2.25%. It is the first increase since July 2023.

Inflation (how fast prices are rising) was 3.1% in September.
The Bank named rising energy prices and uncertainty about trade with the United States as the two biggest risks pushing up the cost of living.
In October, Brent crude (the world benchmark for oil) averaged $124.96 a barrel, about $35 more than in July.
In the Bank’s survey, 60% of consumer-facing businesses said they expect to pass higher costs on to customers in the next 12 months.
The economy grew 3.3% in the second quarter, and the Bank expects growth to slow to 2% in the third quarter. Unemployment has been around 6.5% in recent months.
The governor said, in short, that the rate may need to go up further, but the Bank will proceed carefully because of the uncertainty.

In a chart: from the last hike to now

This is the first increase since July 2023. The chart shows the path down from that 5% peak and where the rate went back up to this time.

Policy rate at the decision (target for the overnight rate)

Period	Value (%)
Jul 12, 2023	5%
Oct 23, 2024	3.75%
Oct 29, 2025	2.25%
Oct 28, 2026	2.5%

Why these years: July 2023 was the last hike before this one (the 5% peak), October 2024 and 2025 are the same October decision each year, and October 2026 is this decision.

Each number was checked in the press release of that date (2023-07-12, 2024-10-23, 2025-10-29, 2026-10-28).

Source: Bank of Canada press release (2026-10-28) (checked Nov 2, 2026)

The terms in plain words

Policy rate (target for the overnight rate): the one-day lending rate the central bank sets. Bank prime rates follow it, and variable-rate mortgages and lines of credit (HELOCs) are priced off prime.
Basis point: 0.01 of a percentage point. 25 basis points is 0.25 percentage points.
Inflation: how much prices for goods and services have risen compared with a year ago, as a percentage. The Bank’s target is 2%.
Monetary Policy Report: the report the Bank publishes four times a year explaining its outlook for the economy and inflation. The October report came out with this decision.

The Bank’s reasons

The Bank said high energy costs have not yet spread widely into other prices, but cost pressures are building and businesses plan to pass them on. Because the inflation outlook is worse than in July and the economy is holding up better than expected, it raised the rate to keep the energy price rise from turning into general inflation.

It also said new U.S. tariffs will likely slow growth in the fourth quarter, and that with unemployment around 6.5%, finding work is harder than usual.

What it means for GTA buyers, sellers and renters (explanation)

This explains where a rate increase lands. It is not advice to pick a particular mortgage. Check actual rates and terms with your lender.

If you have a variable-rate mortgage: when banks raise their prime rate, your interest cost rises right away. If your payment is fixed, the payment stays the same but less of it goes to principal. Ask your lender which kind you have.
If you have a fixed-rate mortgage: nothing changes for the rest of your term. At renewal, the rate is set again at that time’s rates.
If you are buying: the mortgage stress test (a check that you could still pay at a higher rate than your actual one) moves with rates, so the amount you can borrow may change. Re-checking a pre-approval is the usual step.
If you are selling: higher borrowing costs for buyers can affect demand. This increase is 0.25 percentage points, and this article does not predict how the market will react.
If you rent: even if your landlord’s interest costs rise, most existing tenants in Ontario can only get rent increases within the yearly guideline. For exempt buildings, see "rent control exemption" in the glossary.

What to watch next

The Bank announces its policy rate on eight fixed dates a year. Check the official schedule on the Bank of Canada website for the next date. Changes to bank prime rates are posted on each bank’s website. This article does not predict the next decision.

Sources:

Original: BNN Bloomberg (checked Nov 1, 2026)
Bank of Canada, press release of October 28, 2026 (checked Nov 1, 2026)
Bank of Canada, key interest rate (checked Nov 1, 2026)

Canada’s inflation rate was 3.1% in September; Ontario 2.5% — the numbers by province and what they mean

Mon, 19 Oct 2026 17:00:00 GMT

A Canadian Press report on the Statistics Canada release says Canada’s inflation rate was 3.1% in September 2026, and Ontario’s was 2.5% (2.4% in August). Here is what inflation means and how it connects to interest rates and housing.

What happened

Statistics Canada released the September inflation rate on October 19, 2026, and The Canadian Press listed the numbers by province in a report carried by BNN Bloomberg. Canada as a whole was 3.1%. The provinces are below (August in the last column).

Province	September inflation	August
Newfoundland and Labrador	4.7%	4.3%
Prince Edward Island	5.7%	4.4%
Nova Scotia	5.6%	5.1%
New Brunswick	5.0%	4.6%
Quebec	3.1%	3.1%
Ontario	2.5%	2.4%
Manitoba	4.4%	4.4%
Saskatchewan	3.3%	3.5%
Alberta	3.6%	3.8%
British Columbia	3.0%	3.0%

Ontario (2.5%) was the lowest of the ten provinces and below the national rate (3.1%). It was up 0.1 percentage points from August.

In charts: compared with high-inflation September 2022

September 2022 was a time of very high inflation. Here it is next to last year and this year, for Canada and for Ontario.

September inflation — Canada

Period	Value (%)
Sept 2022	6.9%
Sept 2025	2.4%
Sept 2026	3.1%

Why these years: 2022 is the high-inflation benchmark, 2025 is the same month last year, and 2026 is this release.

Consumer Price Index (CPI), change from the same month a year earlier. Figures from each September release (The Daily, 2022-10-19, 2025-10-21, 2026-10-19).

Source: Statistics Canada, The Daily, September 2026 CPI, Table 2 (checked Nov 2, 2026)

September inflation — Ontario

Period	Value (%)
Sept 2022	6.7%
Sept 2025	2%
Sept 2026	2.5%

Why these years: The same three years as the left chart.

Checked in the provincial table (Table 2) of each September release.

Source: Statistics Canada, The Daily, September 2026 CPI, Table 2 (checked Nov 2, 2026)

The terms in plain words

Inflation rate (CPI inflation): how much the Consumer Price Index (CPI, a basket of everyday goods and services) rose compared with the same month a year earlier. 3.1% means prices were on average 3.1% higher than in September last year.
Provincial inflation: the same calculation using only that province’s basket. Gas, electricity and rent weigh differently in each province, so the numbers differ.
The Bank’s 2% target: the Bank of Canada sets its policy rate to keep inflation near 2%. 3.1% is above that target.

How inflation connects to housing

Inflation does not set home prices by itself, but it reaches housing in two ways. First, when inflation stays above the 2% target, it gives the Bank of Canada a reason to raise its policy rate. In fact, nine days after this release, on October 28, the Bank raised the rate to 2.5%. The policy rate feeds into prime rates and variable-rate mortgages.

Second, Ontario’s rent increase guideline (the maximum yearly increase for most existing tenants) is set by the province based on Ontario’s inflation rate. Check the Ontario government’s official notice for which year’s number is used and the cap.

What it means for GTA buyers, sellers and renters (explanation)

This explains how to read the numbers. It is not advice.

Buyers and people with variable-rate mortgages: inflation above target is a reason for rates to rise or stay put rather than fall. Check mortgage rates and how much you can borrow with your lender.
Sellers: inflation and rates affect what buyers can afford. But you cannot read the direction of home prices from this one number.
Renters: Ontario’s inflation rate (2.5%) is one of the inputs for future rent increase guidelines. See the government announcement for the actual guideline figure.

What to watch next

Statistics Canada publishes the previous month’s inflation rate every month. Check the official schedule on the Statistics Canada website for the October release date. The Bank of Canada’s next rate announcement date is on the Bank’s website. This article does not predict inflation or rates.

Sources:

Original: BNN Bloomberg (The Canadian Press) (checked Nov 1, 2026)
Statistics Canada, The Daily — Consumer Price Index, September 2026 (October 19, 2026) (checked Nov 1, 2026)
Statistics Canada, Consumer price indexes (checked Nov 1, 2026)

Canada’s September housing starts down 11% from last year; Toronto flat

Fri, 16 Oct 2026 17:00:00 GMT

CMHC’s September housing starts, released October 16. Actual starts in centres of 10,000 or more were 19,984 units, down 11% from September last year, and the January-to-September total was down 4%. The seasonally adjusted annual rate rose 3% from August, and Toronto’s six-month trend was flat. What less new supply means for prices a few years out.

What happened

Canada Mortgage and Housing Corporation (CMHC) released housing starts (the number of new homes on which construction began) for September 2026 on October 16, 2026. These are the figures in the release.

The three largest cities: Montreal’s trend fell 8% (fewer multi-unit starts), Vancouver’s rose 6% (more multi-unit starts), and Toronto’s was flat because single-detached and multi-unit trends offset each other.
Next release: October housing starts come out on November 17 at 8:15 a.m. ET.

Item	September 2026	Compared with
Actual starts (centres of 10,000 or more)	19,984 units	Down 11% from 22,375 in September 2025
Actual starts, January to September	170,964 units	Down 4% from the same period last year
Seasonally adjusted annual rate (SAAR), all areas	248,896 units	Up 3% from 242,223 in August
Six-month trend	250,411 units	Virtually flat
Units under construction (centres of 50,000 or more)	371,617 units	Flat compared with August
Completions	17,398 units	Down 0.9% from August
Permitted but not yet started	143,929 units	Up 1.1% from August

In charts: the last three Septembers

Comparing the same month removes the seasonal effect. The left chart shows actual starts, the basis of the "down 11%" headline; the right chart shows the seasonally adjusted annual rate (SAAR).

Actual starts in September (centres of 10,000+)

Period	Value (units)
Sept 2024	18,806
Sept 2025	22,375
Sept 2026	19,984

Why these years: The three most recent Septembers, side by side in the same way.

CMHC restates last year’s number in the next year’s release. Sept 2024 is from the September 2025 release and Sept 2025 is from the September 2026 release.

Source: CMHC news release, September 2026 housing starts (checked Nov 2, 2026)

September housing starts, seasonally adjusted annual rate (Canada)

Period	Value (units)
Sept 2024	223,808
Sept 2025	279,234
Sept 2026	248,896

Why these years: The same three Septembers as the left chart.

First-release figures from each year’s September release (2024, 2025, 2026). The Toronto CMA annual rate is not in the releases, so it is not shown.

Source: CMHC news releases (September 2024, 2025, 2026 starts) (checked Nov 2, 2026)

The terms in plain words

Housing starts: the number of new homes where foundation work began. A home started today is usually ready to move into one to three years later (longer for condos).
Seasonally adjusted annual rate (SAAR): the month’s pace converted to a full year, with the spring-and-summer construction season smoothed out, so months can be compared.
Six-month trend: a six-month average of the annual rate. One condo tower can make a single month jump, so CMHC says to read the trend alongside the monthly number.
Multi-unit: condos, apartments and townhouses, where one building holds many homes. They make up most of Toronto’s starts.

How CMHC explained it

CMHC’s Deputy Chief Economist, Aled ab Iorwerth, said in effect that a key risk for Canada now is not building enough during this period of softer housing markets. Of the four most populous provinces, only Quebec has seen modest gains in starts in 2026, and each of the seven major centres CMHC covers is behind last year’s pace. In his view, the long-term supply gap remains, and unless construction increases, the affordability gains since 2023 will be hard to sustain.

What it means if you are buying, selling or renting in the GTA (explained)

This is not advice. It explains what the statistics mean in plain words.

Buyers: fewer starts now means fewer new homes to move into two to four years from now. This number affects supply years ahead, not today’s price. Right now there are many listings and prices are below last year (see the TRREB September figures), so it takes time for a supply shortage to show up in prices.
Pre-construction buyers: fewer starts also means developers do not begin construction until enough units are sold. Before you sign, check whether the project has actually started and how many times the occupancy date has moved. There are 143,929 units with permits that have not started.
Sellers: less new supply means fewer competing homes for resale homes in the long run. But that plays out over years; the price you get today depends more on current listings and interest rates.
Renters: if fewer condos and rental buildings are built, the rental market can tighten again in a few years. Today more listings favour tenants, but keep this in mind if you are planning long term.

What to watch next

October housing starts: CMHC releases them on November 17. Check the CMHC website for the schedule.
TRREB’s October Market Watch usually comes out in the first week of the following month. Check the release date on trreb.ca.
The numbers here are from the CMHC release of October 16, 2026; CMHC can revise them in later months.

Sources:

Original: CMHC (checked Nov 1, 2026)
CMHC, Housing Market Information Portal (starts by city) (checked Nov 1, 2026)

GTA condo apartment average price in September: $605,257, down 7.7% — the numbers by home type

Tue, 06 Oct 2026 17:00:00 GMT

TRREB’s September 2026 Market Watch report breaks down sales and average prices by home type. Condo apartments averaged $605,257, down 7.7% from last September, and condo sales fell 7.8%. Here are the numbers, with detached, semi and townhouse figures too.

What happened

The Toronto Regional Real Estate Board (TRREB) publishes a monthly statistics report called "Market Watch". The September report came out on October 6, 2026. Its first-page table gives these numbers by home type (all GTA, September 2026, compared with last September).

Home type	Sales	Average price	Price vs. last September
Detached	2,399	$1,292,016	-5.1%
Semi-detached	459	$1,015,202	-0.2%
Townhouse	803	$820,637	-4.6%
Condo apartment	1,316	$605,257	-7.7%
All types	5,040	$1,006,409	-5.1%

Condo apartment sales were down 7.8% from last September. The condo apartment average was $640,248 in the City of Toronto (416) and $533,654 in the rest of the GTA (905). Numbers are from page 1 of the TRREB Market Watch for September 2026.

In charts: the last three Septembers for condos

Condo apartments only, for the last three Septembers. These are the figures first published in each September report.

GTA condo apartment average price in September

Period	Value (Canadian dollars)
Sept 2024	$682,543
Sept 2025	$655,231
Sept 2026	$605,257

Why these years: The three most recent Septembers, side by side in the same way.

TRREB revises past numbers later. The bars are the first-published figures from each September report (mw2409, mw2509, mw2609). The −7.7% in the article is TRREB’s figure using its revised number for last year, so it differs slightly from what the bars give (about −7.6%).

Source: TRREB Market Watch, September 2026 (PDF) (checked Nov 2, 2026)

GTA condo apartment sales in September

Period	Value (sales)
Sept 2024	1,312
Sept 2025	1,437
Sept 2026	1,316

Why these years: The same three Septembers as the left chart.

First-published figures. TRREB’s published change in sales (−7.8%) uses its revised number for last year, so it differs slightly from the bars (about −8.4%).

Source: TRREB Market Watch, September 2024, 2025, 2026 (PDF) (checked Nov 2, 2026)

The whole-market numbers too

All sales: 5,040 (last September 5,540, down 9.0%)
Average price, all types: $1,006,409 (last September $1,060,036, down 5.1%)
New listings: 16,500 (last September 19,270, down 14.4%)
Active listings (still for sale): 26,131 (last September 28,813, down 9.3%)
Average time to sell: 34 days on the latest listing (33 last year), 51 days from the first listing (51 last year)

The terms in plain words

Average price: all sale prices added up and divided by the number of sales. It moves with the mix of homes sold, so do not read it as "my condo lost 7.7%".
416 and 905: short names for the City of Toronto (area code 416) and the rest of the GTA (905). The same type of condo can have a very different average in the two areas.
Active listings: homes still for sale at the end of the month. More active listings means more choice for buyers.
Days on market: how many days a home took to sell after it was listed. TRREB reports both the latest listing (LDOM) and the first listing (PDOM). A home that was taken down and relisted has a longer PDOM.

What it means for GTA condo buyers, sellers and renters (explanation)

This explains how to read the numbers. It is not advice to buy or sell.

Condo buyers: among the four home types, condo apartments had the biggest price drop (7.7%). But that is the average; the building, floor and condo fees change the picture. Looking at recent sales in the building you want is the usual step.
Condo sellers: condo sales also fell 7.8%, so there were fewer buyers that month. Pricing is usually set from recent sales in the same or nearby buildings (a comparative market analysis).
Semi-detached homes changed the least, with the average down only 0.2%. Detached fell 5.1% and townhouses 4.6%.
Renters: this table shows sale prices. Rent data is reported separately, so you cannot read a change in rent from these numbers.

What to watch next

Market Watch comes out early each month. Check the official schedule on the TRREB website for the October issue. The back pages of the report have tables by city and neighbourhood, so open the original PDF or ask me if you need a specific area. This article does not predict prices.

Sources:

Original: TRREB Market Watch (checked Nov 1, 2026)
TRREB, Market Watch (monthly report) (checked Nov 1, 2026)
TRREB, news release for September 2026 (checked Nov 1, 2026)

Rising mortgage rates and tariff worries weighed on GTA sales in September — the Canadian Press report in plain words

Tue, 06 Oct 2026 17:00:00 GMT

The Canadian Press (CP) combined the TRREB release with comments from agents to explain September’s GTA sales of 5,040 (down 9% from last year) and the $1,006,409 average price (from $1,060,036). It also gives details such as 1,937 sales in the City of Toronto and a 12.8% drop in townhouse sales.

What happened

The Canadian Press (CP, Canada’s national news agency) wrote this report on October 6, 2026, based on the TRREB release, and CTV News published it. These are the numbers in the report.

GTA sales: 5,040, down 9% from last September.
Average selling price: $1,006,409. Last September it was $1,060,036.
Composite benchmark price (the price of a "typical" home): down 4.7% from last September.
New listings: 16,500, down 14.4% from last September.
Sales inside the City of Toronto: 1,937, down 5.4% from last September.
By home type: townhouse sales fell the most, down 12.8%, and condo sales fell 7.8%.

The report says semi-detached and detached sales went up, but the TRREB Market Watch table released the same day shows semi-detached sales down 8.2% and detached sales down 8.7%. Use the TRREB source data for figures by home type.

In charts: the last three Septembers

Comparing the same month removes the seasonal effect, so it is easier to see how the market changed year to year. Below are the last three Septembers. Each chart comes with a table of the same numbers so you can compare them yourself.

GTA home sales in September

Period	Value (sales)
Sept 2024	5,155
Sept 2025	5,540
Sept 2026	5,040

Why these years: The three most recent Septembers, side by side in the same way.

TRREB revises past numbers later. The Sept 2024 figure is from TRREB’s September 2025 report and the Sept 2025 figure is from its September 2026 report. The Sept 2026 figure is the first release and may change a little.

Source: TRREB Market Watch, September 2026 (PDF) (checked Nov 2, 2026)

GTA average selling price in September

Period	Value (Canadian dollars)
Sept 2024	$1,112,113
Sept 2025	$1,060,036
Sept 2026	$1,006,409

Why these years: The same three Septembers as the sales chart.

The average price rises when more expensive homes sell, so it does not mean any one home changed in value by that much. The numbers come from the same reports as the chart above.

Source: TRREB Market Watch, September 2026 (PDF) (checked Nov 2, 2026)

The background the report gave

The report named three reasons for the slower month: renewed trade tension with the United States, a jump in gas prices because of the war in the Middle East, and higher bond yields that pushed fixed mortgage rates up over the past month. A brokerage president quoted in the report said that even the idea of higher rates makes buyers more careful.

Another broker said first-time buyers and buyers of very expensive homes were still active, but people hoping to move up to a bigger home waited because of worries about the economy and their jobs. The report also notes that housing is a big issue ahead of the Ontario municipal elections on October 26.

The terms in plain words

Fixed mortgage rate: a rate that does not change for a set term (for example, 5 years). Banks set it by watching government bond yields, so when bond yields rise, fixed mortgage rates tend to rise too.
Bond yield: the interest rate the government pays to borrow. It moves every day in the market, separately from the central bank’s policy rate.
Benchmark price: an index for the price of a "typical" home with similar features (rooms, size). It shows the trend better than the average price.
Move-up market: people who want to sell their current home and buy a bigger one.

What it means for GTA buyers, sellers and renters (explanation)

This explains how to read the report. It is not advice to buy or sell.

Buyers: as the report points out, fixed mortgage rates can rise or fall with the bond market even when the central bank does not move. A mortgage pre-approval usually lets you hold a rate for a set period. Terms differ by lender, so check.
Sellers: the broker quoted in the report saw first-time buyers active but fewer move-up buyers. How the month felt can depend on which group of buyers your home suits.
Renters: the report is about the resale market. Check rent data separately.

What to watch next

The experts quoted in the report said the market could change with the economy and rates, but that is their opinion, and this article makes no prediction. Two things you can check yourself: the date of TRREB’s next Market Watch (official schedule on the TRREB website) and the Bank of Canada’s next rate announcement (official schedule on the Bank’s website). For the record, after this report came out, the Bank of Canada raised its policy rate to 2.5% on October 28 (see the separate explainer).

Sources:

Original: CTV News (The Canadian Press) (checked Nov 1, 2026)
TRREB, news release for September 2026 (checked Nov 1, 2026)
TRREB Market Watch, September 2026 (PDF) (checked Nov 1, 2026)

GTA home sales in September: 5,040, down 9.0% — the TRREB release in plain words

Tue, 06 Oct 2026 17:00:00 GMT

The Toronto Regional Real Estate Board (TRREB) released the September 2026 numbers for the GTA. Sales were 5,040, down 9.0% from last September, and new listings fell 14.4%. The average price was $1,006,409, down 5.1%. Here is what it means.

What happened

The Toronto Regional Real Estate Board (TRREB, the group of real estate agents in Toronto and nearby areas) released its September housing numbers on October 6, 2026. The main message: people who wanted to buy a home chose to wait in September.

Sales: 5,040. That is 9.0% fewer than September 2025 (5,540).
New listings (homes newly put up for sale): 16,500, down 14.4% from last September.
Average selling price: $1,006,409, down 5.1% from last September.
MLS Home Price Index (HPI) composite benchmark: down 4.7% from last September.
After removing seasonal effects, sales, new listings and prices were all a little lower than the month before (August).

In charts: the last three Septembers

GTA home sales in September

Period	Value (sales)
Sept 2024	5,155
Sept 2025	5,540
Sept 2026	5,040

Why these years: The three most recent Septembers, side by side in the same way.

Source: TRREB Market Watch, September 2026 (PDF) (checked Nov 2, 2026)

GTA average selling price in September

Period	Value (Canadian dollars)
Sept 2024	$1,112,113
Sept 2025	$1,060,036
Sept 2026	$1,006,409

Why these years: The same three Septembers as the sales chart.

The average price rises when more expensive homes sell, so it does not mean any one home changed in value by that much. The numbers come from the same reports as the chart above.

Source: TRREB Market Watch, September 2026 (PDF) (checked Nov 2, 2026)

The terms in plain words

Sales: the number of homes sold that month through TRREB’s MLS system (the system agents use to list homes and record sales).
New listings: the number of homes newly put up for sale that month. When both sales and new listings fall, it means both buyers and sellers are quiet.
Average price: all sale prices added up and divided by the number of sales. If more expensive homes sell, the average goes up, so it does not mean one home changed by that amount.
Benchmark price (MLS HPI): an index that tracks the price of a "typical" home with the same features (rooms, size). It is better than the average for seeing the trend.
Seasonally adjusted: numbers with the usual yearly pattern removed (spring is always busy, winter is always slow). It is used to compare with the month before.

The background TRREB gave

TRREB said people put off decisions because they did not know where the economy, inflation and borrowing costs (mortgage rates) were going. It also pointed to the municipal election on October 26, with housing a big issue for voters.

The board’s chief market analyst said, in short, that many households want to buy but need to feel sure about their jobs and inflation first. The board’s CEO asked governments to cut Toronto’s municipal land transfer tax (a tax you pay when you buy a home) and to stop it spreading to other cities. That is the board’s position, not a decided policy.

What it means for GTA buyers, sellers and renters (explanation)

This explains how to read the numbers. It is not advice to buy or sell.

Buyers: it was a month with fewer sales and prices below last year. But the average price varies a lot by home type and area, so look at the numbers for the neighbourhood you care about.
Sellers: new listings fell 14.4%, so there were fewer competing homes. Still, buyers were careful, so pricing is usually based on recent nearby sales (a comparative market analysis).
Renters: this release is about the resale market. Rent numbers are reported separately, so you cannot read rent going up or down from these figures.

What to watch next

TRREB publishes the previous month’s numbers early each month in its "Market Watch" report. Check the official schedule on the TRREB website for the October release date. The Bank of Canada’s rate announcement dates, which affect mortgage rates, are on the Bank’s official schedule. This article does not predict the market.

Sources:

TRREB Market Watch, September 2025 (PDF) — the September 2024 figures (checked Nov 2, 2026)
Original: TRREB (checked Nov 1, 2026)
TRREB Market Watch, September 2026 (PDF) (checked Nov 1, 2026)
TRREB, Market Watch (monthly report) (checked Nov 1, 2026)

Bank of Canada holds its key rate at 2.25% — the seventh hold in a row, and what it was watching

Wed, 02 Sep 2026 17:00:00 GMT

On September 2, 2026 the Bank of Canada left its policy rate at 2.25%, the seventh hold in a row. It said it was weighing several risks at once: U.S. tariffs, oil prices from the war in the Middle East, and July inflation of 3% against a 2% target. On October 28 it then raised the rate to 2.5%.

What happened

On September 2, 2026 the Bank of Canada left its policy rate at 2.25%. It was the seventh hold in a row, and the report says most economists expected it.

Inflation in July was 3%, a full percentage point above the Bank’s 2% target. The governor said that was too high for comfort.
New U.S. tariffs on a range of Canadian goods took effect on August 22, and Canada was planning counter-tariffs for September 8.
The governor said the tariffs would weigh on fourth-quarter growth and hit the targeted sectors hard, but he did not expect a large direct impact on the whole economy.
Because the economy was moving broadly as the Bank had forecast, it kept the rate unchanged.
That day, the 5-year Government of Canada bond yield reached its highest level in more than two years.

In a chart: the last three September decisions

Putting the same September decision side by side shows how far the policy rate has come down over two years. Each number was checked in the Bank of Canada press release for that date.

Policy rate at the September decision (target for the overnight rate)

Period	Value (%)
Sept 4, 2024	4.25%
Sept 17, 2025	2.5%
Sept 2, 2026	2.25%

Why these years: The same September decision each year, to see the change over one-year steps.

The 2024 and 2025 figures were checked in the press releases of those dates (2024-09-04, 2025-09-17).

Source: Bank of Canada press release (2026-09-02) (checked Nov 2, 2026)

The terms in plain words

Policy rate: the one-day lending rate target the central bank sets. Bank prime rates and variable-rate mortgages follow it. A "hold" means it was not changed.
Tariff: a tax a government charges on goods coming in from another country. When the U.S. puts tariffs on Canadian goods, the Canadian companies selling them suffer. When Canada puts counter-tariffs on U.S. goods, prices in Canada can rise a little.
5-year government bond yield: the interest rate the government pays to borrow for five years. Banks set 5-year fixed mortgage rates by watching it. So fixed mortgage rates can rise even when the policy rate stays the same.
Price stability: keeping inflation near the 2% target. The governor said the Bank cannot control tariffs or oil prices, but its job is to make sure they do not upset price stability in Canada.

How the experts in the report read it

A bank chief economist quoted in the report felt the governor stressed the risk of higher inflation more than the risk to growth. But she said that does not mean a hike is coming, and that with bond yields already up, some tightening was already happening through fixed mortgage rates. Another analyst wrote that a hike late in the year was possible if oil prices did not ease. Those are their opinions, not this article’s prediction.

What it means for GTA buyers, sellers and renters (explanation)

This explains how to read the news. It is not advice.

If you have a variable-rate mortgage: nothing changed that day. Prime rates stayed the same.
If you are taking or renewing a fixed-rate mortgage: the policy rate was held, but bond yields rose, so, as the report notes, fixed mortgage rates could go up. Check actual rates with your lender.
If you are buying: the key point of this news is that a policy-rate hold is not a mortgage-rate hold. Fixed rates follow the bond market; variable rates follow the policy rate.
If you rent: this decision does not change your rent directly. Most rent increases in Ontario are limited to the yearly guideline.

What happened next, and what to watch

On October 28, the next announcement date the report mentioned, the Bank raised its policy rate to 2.5% (see the separate explainer). For the date after that, check the official schedule on the Bank of Canada website. This article does not predict future decisions.

Sources:

Original: CTV News (The Canadian Press) (checked Nov 1, 2026)
Bank of Canada, key interest rate (checked Nov 1, 2026)
Bank of Canada, Canadian interest rates (checked Nov 1, 2026)