Heaps Estrin's Blog - Market Updates

What to Look for When Buying a Luxury Home in Toronto

Buying a luxury home is not simply buying more space. It is buying quality, character, and the kind of lasting value that reveals itself over years, not just at closing. For buyers entering Toronto's luxury market, knowing what genuinely matters, beyond square footage and finishes, makes the difference between a home that satisfies today and one that continues to deliver years from now. Here is what experienced buyers look for.

Lot Quality Above All Else

Of everything that shapes a luxury property's long-term value, the lot itself is often the most overlooked and the most important. Frontage, depth, grade, and orientation all affect not only how a home lives day to day, but how it can be built upon, expanded, or eventually reimagined.

A wide,…

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Heaps Estrin Market Update | July 2026

Toronto feels particularly alive this summer. World Cup fever has transformed neighbourhoods into one big celebration, patios are overflowing, and spontaneous street parties seem to erupt on every corner. The city has rediscovered its energy. Interestingly, the housing market has, too.

After a slow start to the year, buyer activity has continued to build through the second quarter and, unlike a typical year, that momentum has carried into the summer months. While summer often marks the beginning of a seasonal slowdown, this year has felt different. Buyers have largely adjusted to today's borrowing conditions and, with the major banks expecting interest rates to remain relatively stable, many are recognizing that waiting for significantly…

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Heaps Estrin Market Update | May 2026

After a long winter – and a cautious start to the year – Toronto is beginning to feel a little more like itself again. Patios are being prepped, event season is back, and across many pockets of the city, the spring market is showing renewed signs of life, much like the cherry blossoms currently drawing crowds to High Park. Not exactly spring fever – but certainly a noticeable thaw.

April marked the second consecutive month of year-over-year sales growth, while new listings declined and overall inventory tightened. Buyers, buoyed by improved borrowing conditions and prices that remain below this time last year, are slowly beginning to re-engage. Open houses have felt noticeably busier recently, particularly in neighbourhoods where…

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Heaps Estrin Market Update | April 2026

This is the time of year when the weather is as fickle as a Blue Jays win streak – sunshine one minute, flurries the next. And much like the return of baseball, the early innings of the spring market can feel a little unpredictable. But beneath that variability, a clearer story is beginning to take shape.

The latest TRREB data shows that sales across the GTA are up 1.7% year-over-year, while new listings are down a notable 16.7%. At the same time, prices remain below last year’s levels. In short, improved affordability is drawing buyers back into the market – and they’re starting to act.

On the ground, we’re seeing this play out in real time. Inventory that has been sitting on the market for prolonged periods is beginning to…

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Heaps Estrin Market Update | March 2026

March marks the moment we collectively spring forward – longer days, temperatures finally crawling out of the negatives, and traditionally, the start of the spring real estate market. This year, however, the market feels less like it’s sprinting out of the gate and more like it’s quietly gathering momentum, with buyers and sellers alike watching for the right moment to act.

According to the Toronto Regional Real Estate Board’s February report, 3,868 home sales were recorded last month, down 6.3 per cent compared to February 2025. New listings declined even more sharply, falling 17.7 per cent year-over-year.

What stands out in these numbers is the relationship between supply and demand. While sales have slowed modestly, new listings have…

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Toronto’s Upcoming Luxury Land Transfer Tax: What You Need to Know

Toronto’s Luxury Land Transfer Tax: What You Need to Know

We spoke with Christina Pinelli, a Heaps Estrin real estate agent, to break down what buyers and sellers need to know about the upcoming luxury land transfer tax in Toronto.

As of April 1, 2026, the City of Toronto will implement an increased municipal land transfer tax on residential property purchases over $3 million. The tax will be applied on a graduated basis, meaning the higher the purchase price, the higher the tax owed.

For buyers, this change means higher closing costs, which must be paid upfront and are not included in mortgage financing. As a result, planning ahead will be especially important.

According to Christina, there are often creative ways to navigate this change,…

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Heaps Estrin Market Update | February 2026

February began, as usual, with Groundhog Day – and much like the cult classic movie, this month’s TRREB update feels a little like déjà vu. The storyline remains familiar: cautious consumers, elevated inventory, and a market finding its footing rather than sprinting ahead.

TRREB’s 2026 Outlook points to stability more than spectacle. Sales for the year are expected to land between 60,000 and 70,000 transactions, similar to 2025, with the average GTA price hovering around the $1-million mark. Improved affordability is here, but confidence is still catching up. January’s figures reflected that hesitation – sales were down year over year and prices softened modestly – yet beneath those numbers we’re seeing important signs of life.

The most…

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Heaps Estrin Market Update | January 2026

The start of a new year always brings a sense of reset – fresh starts, good intentions, and a moment to take stock of where things stand and where they may be headed. In real estate, that instinct is particularly strong right now, as many buyers and sellers look to 2026 hoping for clarity. What we’re seeing instead is something a little less dramatic but arguably more important: stability.

Heading into the year, we had anticipated a relatively steady market – and for the most part, that’s what we’re seeing. While global and geo-political factors (including the unfolding situation in Venezuela) will need time to fully play out before we can gauge broader economic impacts, locally the Toronto market has settled into what now feels like a new norm. We…

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Heaps Estrin Market Update | December 2025

December in Toronto comes with familiar rituals – twinkling lights, Mariah on repeat, and calendars filling up quickly. It’s also a time of year when many homeowners quietly start asking big-picture questions: Is 2026 our year to make a move?

From a numbers standpoint, November didn’t deliver any dramatic plot twists. TRREB reported 5,010 sales across the GTA, down 15.8% from a year ago, with new listings also lower and the average selling price down about 6% year-over-year. Month-over-month prices, however, were essentially flat compared with October. The current state of affairs seems to be not a dramatic descent, but rather adjusting then holding steady.

Many would-be buyers are still biding their time, waiting for more encouraging…

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Heaps Estrin Market Update | November 2025

With the clocks turning back and temperatures dipping, there has been a noticeable cooling in the air recently – and not just outdoors. The October real estate market in Toronto saw fewer sales, lower prices, and more listings, reinforcing what many have felt recently: we have officially found ourselves in a buyer-favoured environment.

This comes alongside broader economic shifts – including another Bank of Canada rate cut at the end of October – and the first federal budget since the last election, which introduced major long-term economic positioning, but offered little immediate relief for homebuyers. Sentiment remains cautious as Canadians work to understand how (or whether) these shifts will impact them personally.

Layered on top of all this is…

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