Heaps Estrin's Blog

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 economic signals. As TRREB President Elechia Barry-Sproule noted, “What they need most is confidence in their long-term employment outlook. Fortunately, we saw encouraging news on jobs and the broader economy in November. If this positive momentum continues, consumer confidence will strengthen, and more people will be in a position to consider purchasing a home in 2026.”

On the interest-rate front, the Bank of Canada has already brought its policy rate down to 2.25%, with the next announcement scheduled for December 10. Most observers are expecting a hold at that level – still higher than when many mortgages were signed, but below the peak of this cycle. With a significant number of renewals coming up over the next 12-18 months, we’ll be watching closely to see how that reshapes listing activity and affordability.

The biggest takeaway in our industry over the past year has been that in this kind of environment, what used to work simply doesn’t cut it anymore. Success today can’t hinge on an “if you list it, they will come” mentality. A more measured market demands a more intentional approach – from setting realistic days-on-market and pricing expectations, to elevating staging and marketing across every channel. These are the moments when experience matters most and strong strategy makes all the difference.

For our team, 2025 has been a year of exactly that: leaning into expertise, staying close to the numbers, and helping clients make confident decisions in a landscape that’s still finding its balance.

So while the holiday season ramps up, the market may be quietly setting the tone for a steadier year ahead. If you’re thinking about a move or simply wondering what it all means for you, we’re always happy to talk through scenarios, timelines, and options for 2026 and beyond. And as the twinkle lights come down and Mariah finally gives it a rest, the clarity you’ve been waiting for may feel a little easier to find.

Warmly,

Central Toronto Market Spotlight

Central Toronto’s November numbers reflect the broader trends we’re seeing across the city: a quieter pace, a more selective buyer pool, and continued adjustment. Detached sales were notably softer year-over-year, with longer days on market and average prices settling below last November’s levels. Semis, however, saw a slight uptick in sales activity and remained competitive, with sale-to-list ratios holding firm. Condo activity also eased, with fewer transactions overall.

While average prices have edged down compared with last year, month-over-month stability is emerging. Overall, the market continues to behave in that “slow and steady” mode – measured, thoughtful, and very price-sensitive.

West Toronto Market Spotlight

In West Toronto, November followed a similar pattern: fewer sales across all housing types and longer timelines. Detached homes saw modest declines in both sales volume and average price, while semis held their value more effectively insofar as sales-to-list ratios are concerned. The condo segment experienced the steepest decline, with sales down year-over-year and days on market climbing – a sign that buyers in this category are still waiting for clearer economic cues.

Overall inventory in the west end is up, adding more choice for those who are active in the market. Average prices have adjusted slightly compared with last year but remain relatively stable month-to-month. As with the central core, West Toronto is operating in a more balanced, deliberate environment – one that rewards realistic pricing, strong presentation, and strategic preparation.

70 Bessborough Drive
A Signature Leaside Classic on a Rare, Oversized Lot

A true Leaside original, 70 Bessborough Drive sits proudly on a rare 73.5’ × 103.5’ lot in the heart of the neighbourhood. The home reflects everything people love about Leaside living: classic architecture, sun-filled rooms, and a thoughtful floor plan made for families to grow into. With generous principal spaces and four bedrooms upstairs, it offers both the charm of a well-kept classic and endless potential for the next chapter.

ICYMI: our festive caroller series made a stop at this beautiful home — give it a watch

MLS# C12495636
Price: $2,495,000
Beds / Baths: 4 beds, 4  baths

Reach out today for more information or to schedule your own private tour.

One of the many things we love about this business is that we get to work with the best of the best. With this in mind, we’re delighted to introduce Ask an Expert. For this inaugural edition, we are working with TD Insurance Private Client Advice to explore timely topics for the season.

Ask an Expert: Holiday Hosting & Winter Home Protection

Q: We’re hosting over the holiday season. What should we keep in mind from a safety and protection perspective?

A: The holidays bring warmth and connection – but they also introduce new risks for homeowners. More guests, more movement, and more activity can all change how your home is used. Whether you’re welcoming overnight visitors, hosting a larger gathering, or bringing caterers and service partners into your space, it’s worth understanding how to protect yourself and others to ensure the holiday season runs as smoothly as possible.

Before your event, take a quick walk-through and note potential hazards: loose rugs, icy walkways, crowded entryways, or pet zones that may need to be secured. A little preparation goes a long way in ensuring your home — and your guests — are safe and protected.

Q: How can we help prevent frozen or burst pipes during extreme cold?

A: Water damage continues to be one of the leading causes of home insurance claims, and frozen pipes are a common culprit in winter. A few simple steps can make all the difference:

•Keep your thermostat set to a consistent temperature – even overnight or when you’re away. Sudden drops in heat can cause vulnerable pipes to freeze.
• Open cabinet doors in kitchens and bathrooms to allow warm air to circulate around pipes.
• Know your main shut-off valve location so you can act quickly in an emergency and share this information with neighbours and/or house sitters.
• Consider installing automatic water shut-off valves or leak sensors, especially in basements or behind appliances.
• If you’re travelling, have a trusted friend or family member check in. Even small issues can escalate quickly if left unattended.

Protecting what matters most starts with the right coverage. TD Insurance Private Client Advice offers personalized solutions for high-value homes, luxury vehicles, and valuable collections—delivered with the knowledge, service, and personal attention you deserve.

To help ensure that your home has the right coverage and to learn more about how TD Insurance Private Client Advice provides specialized solutions that fit your unique needs, visit the TDI Private Client Advice website or call 1-833-966-2621 Monday to Saturday to connect with a TD Insurance Private Client Advice advisor.

The Gift of Giving - Open House | 25 North Drive
December 11, 1:00PM - 4:00PM
 
In partnership with

Drop by Thursday December 11th from 1-4pm for our Gift of Giving Open House, supporting Joy in a Box and The Shoebox Project. Step inside this serene estate and join us in supporting women and families this season. Bring an unsealed gift box for the charity of your choice (or both) and enjoy an afternoon of community, surprise guests, and festive treats. A beautiful home. A meaningful cause.

For more information on what items you can donate, please reach out.

Wreath Making Workshop with Vetiver
The Lobby | December 11, 6:30PM - 8:30PM
Join us for a playful evening of creativity as we decorate wintry wreaths. Guidance from floral & garden designer Emmeline Lucilla and her team at VETIVER, will keep you feeling cheery throughout. Choose from our curated collection of aromatic evergreens, ribbons and natural accents to beautifully adorn your front door just in time for the holidays.

All supplies, light refreshments and treats provided. All levels of experience are welcome.
RSVP

The Lobby Holiday Hours
Whether you’re picking up a last-minute treasure or browsing for something special, our team is here to help make your shopping experience seamless and meaningful. Please note our holiday hours:

December 24th: 10:00am - 2:00pm
December 25th: Closed
December 26th: Closed
December 26th: Closed
December 27th - January 2nd: 11:00am - 5:00pm
January 1st: Closed

We look forward to welcoming you and helping you find the perfect gift to celebrate the season.

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