So, you’re sitting there, scrolling Google (or these days, ChatGPT), asking the big question:
“Is now a good time to buy a house in Toronto?”
First off, hi 🙂 I’m Karyn. When I’m not selling Toronto homes I’m in a dog park with my golden retriever or in the stands of a hockey rink, cheering on my teenager on the ice. You can read a little bit more about my back story HERE. But let’s get to the good stuff: Toronto’s real estate market is buzzing again this Fall. We’re not in the “let’s bake sourdough and wait for prices to crash” era anymore. Buyers are back, house listings are still tight, and interest rates… well, they’re calling the shots right now.
Interest Rates Are Running the Show
The Bank of Canada has been holding steady for now, but all signs are pointing to a rate cut by the end of the year. Some experts are whispering maybe September, while others are hedging on late Fall.
Here’s what that really means: when interest rates drop, prices go up. Every single time. Lower borrowing costs bring buyers flooding back into the market, and when more people are competing for the same number of homes, bidding wars return and sale prices climb.
If you’re sitting on the sidelines thinking, “I’ll wait until rates come down,” you won’t be alone. And by the time you act, prices usually have already jumped.
Why Acting Before the Cut Could Save You
I get it — going from a 1.5% to a 4.5% mortgage isn’t so fun. But here’s the trade-off: right now, buyers still have breathing room. Fewer multiple-offer situations. More leverage in negotiations. A chance to buy before the next wave of buyers storms back into the market.
This is a bit of a Goldilocks moment for Toronto buyers: inventory is higher than it was last year, prices are climbing but haven’t spiked, and many sellers are motivated because they’re buying too. That sweet spot disappears the moment the Bank of Canada makes a move.
Start Prepping Now
If you’re even thinking about buying, now’s the time to get your ducks in a row. Start making a shortlist of Realtors you want to talk to (hi again), connect with a mortgage broker to see where you stand, and keep an eye on the neighbourhoods you love — Leslieville, Riverdale, East York, The Beach, High Park, or Leaside — so you can spot opportunities when they come up.
Because here’s the thing: if you wait until after the rate cut to start looking, you’ll be behind everyone else who started early.
The Bottom Line
Toronto’s real estate market is a lot like brunch in Leslieville. Right now, you can still walk in and get a table. After the next rate cut? There’s going to be a lineup out the door.
So, is now a good time to buy? If you like the idea of getting ahead of the crowd — yes. Start the conversations, have your chosen Realtor book a few showings, run the numbers. The buyers who are ready before the cut are the ones who’ll win this Fall and ultimately spend less.
And if you want someone who knows every East-End coffee shop, dog park, and school district boundary — you know where to find me. Scared about commitment? I don’t bite and I won’t be forcing any paperwork in front of you, but if a more passive approach is all you have right now, you can follow me on instagram here.