Property Tax

The governing authority of Ontario has declared an elevation in the taxation rate applicable to home acquisitions by international buyers, ascending from 20% to a considerable 25%, with an implementation date set for October 25. The Treasury Secretary, Peter Bethlenfalvey, made it known that this step effectively catapults Ontario's taxation rates to the apex across Canada. The primary goal behind this robust move is to forestall non-domestic individuals from indulging in speculative real estate activities.

Legal Issues

International individuals enjoy unrestricted rights to acquire real estate in Toronto, Ontario, and they can avail themselves of government-backed mortgages with an annual interest rate between 4-5%. The province offers the flexibility to lease or dispose of your property even when you're not physically present in Toronto. To facilitate this, all that's required is the delegation of authority to a designated representative through the issuance of a power of attorney.

Real Estate Value

The median cost for apartment-style dwellings in condominiums hovers around 390 thousand Canadian dollars. For those seeking a more modest purchase, a studio situated on the fringe of Toronto can be obtained for an estimated 190 thousand CAD. The price tag attached to a townhouse usually falls around the 490 thousand CAD mark, whereas an individual standalone residence comes with an average expense of 870 thousand dollars.


Despite the advantageous financing conditions, the upkeep of a residence in Toronto is no modest endeavor. The cumulative annual outlay for maintaining a standard apartment stands at roughly $3-4 thousand. This expenditure can fluctuate significantly based on the locale, given that service providers and their respective terms and conditions are diverse across the city.

Real Estate in Greater Toronto Area

The year has witnessed an unprecedented surge in the Toronto real estate market, making it an extraordinary period that will be remembered for its remarkable increase in property prices. From the heart of Toronto to the surrounding regions of the Greater Toronto Area (GTA) and even properties outside the GTA, all have experienced a tremendous surge in demand. This surge has propelled real estate prices to unprecedented levels, with detached houses in outlying areas seeing an astounding annual price increase of over 30%, while condominiums have witnessed an impressive growth of about 20%.

Remarkable Condo Growth in Greater Toronto Area

Among the various segments of the real estate market, condominiums have seen the most substantial growth, particularly in area code 905. Cities such as Vaughan, certain areas in Mississauga, Oakville, Burlington, Scarborough, and the areas adjacent to Oshawa have experienced the highest surge in condominium prices. In fact, the average price for apartments in these areas has surged by a staggering 25%. Even in downtown Toronto, where the increase was comparatively lower, the growth rate remained impressive at 10%.

Uncovering Opportunities in the Outskirts

The surge in real estate prices in the outskirts of Toronto and the surrounding regions has opened up significant opportunities for both buyers and sellers. Prospective homebuyers who may have found the prices in the core of Toronto beyond their reach have been attracted to the affordability and value offered in these outlying areas. With their serene neighborhoods, access to amenities, and promising growth potential, these regions have become an appealing option for those looking for a balance between urban convenience and a more affordable housing market.

Factors Driving the Growth

Several factors have contributed to the extraordinary growth in Toronto's real estate market. The city's strong and diverse economy, coupled with low interest rates, has fueled demand from both domestic and international buyers. The appeal of Toronto as a vibrant and multicultural city, along with its robust job market and renowned educational institutions, continues to attract individuals and families seeking a high quality of life. Additionally, the COVID-19 pandemic has reshaped the housing preferences of many, with a greater emphasis on spacious living areas, home offices, and outdoor spaces, leading to increased demand for larger properties.

Navigating the Market

As the Toronto real estate market continues to evolve, it is crucial for buyers and sellers to stay informed and work with experienced real estate professionals. For buyers, understanding the local market trends, mortgage options, and available inventory is essential for making informed decisions. Sellers can benefit from the expertise of real estate agents who can guide them through the process, set competitive prices, and market their properties effectively to reach potential buyers.


We remind you that the average annual growth in property prices in Toronto over the past 40 years is 5% and what we have seen this year is many times higher than the average growth. The main reasons for such a sharp rise in real estate prices experts call the following factors:
  • Active money printing throughout the pandemic led to very strong inflation, which, according to official figures alone, reached 5%, but in reality, at least 10%.
  • Low interest rates on loans also contributed to the formation of a large money supply, since even those who did not plan to refinance their real estate before, now did not miss the moment and refinanced at a low interest rate, thus freeing up quite large sums.
  • Working remotely, many, in particular, people working in the field of IT technologies, have been able to significantly increase their earnings by working with several clients at once. Many businesses have raised the prices of their products and services dramatically since opening, which has also led to additional revenue.
  • During the pandemic, people simply had nowhere to spend money, and this also contributed to the growth of the money supply.
  • Further, the securities markets, which, after a global fall in 2020, by mid-2021, have won back and entered a situation where the risks are quite high, and many have sold assets that have become risky. Moreover, those who wisely took advantage of the fall in the securities market in March 2020 almost doubled their investments in just one year.
All this together led to the fact that in the summer of 2022, Canadian banks reported that the population has the largest amount of money in the accounts of the entire time that statistics are being kept.


Many people, realizing that inflation is simply eating away at their savings, have decided to invest in real estate. These were both investment deals and just purchases for themselves and their children. Demand has outstripped supply! And when such a rush occurs, many sellers, seeing that prices are rising right before their eyes, on the contrary, decide to wait with the sale in order to later sell even more expensive & leave the market, which ultimately leads to an even greater shortage of offers & as a result, to growth. prices.


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