Shocking lack of supply in Toronto Housing Market

Single family homes:  The number of home sales were down vs. August 2020.   House prices increased slightly - a little over 1% - from July to August 2021 with the average GTA home price now $1,070,911 & the average detached house sale price $1,423,807.  The big news was listings were down 50.8% from 2020 - which is the lowest level in the past decade - clearly not keeping up with demand!

Condo Apartments:  This competition is becoming more widespread with tighter market conditions in the condominium apartment segment as well. Both number of sales and prices were up vs. July.  The average Condo sale price for the GTA is $688,568.

Rentals: Multiple offers in rentals are back! Prime locations are seeing 2-4 offers, especially on 1 bedroom condo rentals under $1,900.  Read more about this here: Competition in the Toronto rental market  

Here are some common questions that I get when I'm talking about Real Estate:

When will the housing bubble burst?  

The fact that new listings were at the lowest level for the past decade is alarming. It is clear that the supply of homes is not keeping pace with demand, and this situation will become worse once immigration into Canada resumes. Toronto house prices will rise further if supply is not addressed. The federal parties vying for office in the upcoming federal election have all made housing supply and affordability a focal point.

Link to my blog post regarding the 3 major politcal party housing platforms can be found here:  Will Federal Housing Platforms affect Toronto Home Prices?

Are bidding wars still a thing? 


Yes they are; and with supply dropping, aggressive bidding for good homes in prime areas are back!  

Are Open Houses Back?


Yes, our local board is allowing them, as long as the hosting agent observes proper social distancing protocols

3 Valuable Tips for First Time Home Buyers:

1. Know how much you need for down payment/closing costs:  If you're purchasing a property $500,000 or less, you need 5%, between $500,000 - $1M you need 5% of the first $500,000 and 10% of the balance.  Over $1,000,000 you need 20% down.   Closing costs:  budget $2,000 for legal fees and adjustments.  You will need to budget for Land Transfer tax - normally first time buyers get a credit of up to $5,0000; land transfer tax is aproximately 2.5% of the sale price in Toronto, or 1.3% outside Toronto.

2. Talk to a lender once you have a handle on your savings: Before you start looking at real estate listings, be sure your finances are in check. Before granting a mortgage, a lender will consider your present assets, income, and existing amount of debt. Your mortgage lender may ask for documentation regarding the three factors, so it is important to organize important papers needed to support a mortgage application.

Once your finances are in place, you will then need to determine how much you can spend. To come up with a budget, use a mortgage calculator to help determine how much of a mortgage you can afford. You can also visit a mortgage lender and get "pre-approved" if you want something more concrete. A pre-approval is not required, although it is strongly recommended. This will allow you to establish a budget for house hunting and lock in an interest rate for up to 120 days, depending on the lender. A mortgage pre-approval will also show your realtor that you're a serious and qualified buyer.

3. Interview Realtors - you may be suprised to find out that there are over 58,000 Realtors in the GTA! With most only doing 1-2 transactions a year, there's a huge difference in experience, skill and training. For example I have my Masters in Real Estate Negotiation! Check out what my clients have to say about me in my 5 star Google reviews or on my testimonial page


As always, you can find your perfect home at:

Recent Blog Posts

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A disturbing trend I've come across recently is the fraud in the rental space.   As an agent who handles a fair share of rentals; these issues have shown up over several ways this year.   I'll tell you about 3 instances I've had and the red flags that appeared with each! 

When I'm representing a landlord and an application comes in, I spend a lot of time going through an applicants documentation and getting references and looking through their background.  Here's what I do:

  • Call their employer by finding the employer's website and calling through their office to confirm employment.  I don't just call the supervisor on the application
  • Look carefully at the documents to see if they are real; company letterhead & credit reports can be faked or bought
  • Check social media & linked in
  • Call past landlords
  • Make sure there is a building at the address they're currently renting
  • Check that the landlords name and property owners names match.   If it's an apartment building call through the property management company if it's an apartment rather than calling the number provided.
  • Look at the credit report for signs of altering

With those things in mind, let's look at 3 things that have happened to me this year!

1.  Student rental Scam - fake rental and landlord

First of all, you should never have to pay to submit a rental application, or be asked for a deposit before you get a chance to see the place.   These scams are generally ads on sites like Kijijii and Facebook for rentals that look too good to be true.  They also steal MLS listings for homes and advertise them at lower rates.  I came across one recently through a family friend desperate for some student housing.  It was a big scam; and when I called them out they 'protested too much'.    Here's how to spot these scammers:

  • They demand payment to submit a rental application
  • They demand a deposit before you see the unit
  • Makes excuses why they are not available to speak to on the phone 
  • Will only communicate through messenger, text or email
  • The advertised price is way lower than other rentals
  • Their Facebook profile was just created
  • Their Facebook name does not match their user name ID (see the URL) 

2. Fake Rental Applications   

There are some very good forged documents out there.  I had some people submit an application on a lease I was advertising and here's what I found during the checks, among the other checks I did as above :

  • Inconsistencies in addresses on the application
  • Employment letter does not look real - no header or footer with information on the company letterhead

3. Forged Tenacy Papers

I had a call from a gal who had a great story, good employment, good credit, moving to Toronto from outside the city for work, can't come in to look for a place so needed virtual showings.  Could I help her find a place.  Sounds great right?  

Now I don't usually check tenants out before I help them (and I'd helped out a client with an out of town move this year already in a similar situation)  But with everything going on right now, I felt it couldn't hurt to see what her references would say.   So she sent in her application & 

then came the paperwork - the address of her job didn't match up with her story.  The company had never heard of her or her supervisor.  There was even no property listed at the home she had put for her address!  Other red flags for scammers include what she did:

  • get overly upset when called out 
  • provide complicated excuses for 'mistakes' on application forms
  • call the fact checker a liar, unprofessional, etc.

So be careful out there folks! 


A big thank you to the communities of Guildwood, West Rouge & Port Union for the terrific support last Saturday for my Community Shredding Event.  About 30 families participated - and their generous food donations filled our Jeep to the brim!   The food donations were taken straight to Feed Scarborough - the Scarborough Food Security initiative and will be distributed to local satellite food banks in the area.   Judging from the huge line up outside the Manse Rd. food bank Saturday, it's much needed. 

Chartwell Guildwood was my partner for this event and provided the venue and great snacks.  Thank you Kelly & Dianne for your wonderful support.  As always, Papersavers was gracious, friendly, professional and helpful!  

One interesting sideline - My husband, myself, Dianne and Alex from papersavers all grew up within the same area!   Such a big city/small world!