May 2024 Market Report

May 2024 Market Report

Hey Friends!

We are EXCITED to feel the warm weather and to see the beautiful trees and flowers blooming throughout the city. Neighbours are hanging out on their front porches again and we can’t help but notice that more people are smiling ?

The real estate market is active and homes are being bought and sold.

Let’s take a few minutes to give you another Real Estate update for May 2024.

Capital Gains Tax

The Government of Canada dropped a bit of a surprise on us all a couple of weeks ago in relation to Capital Gains Taxes in Canada. This resulted in a bit of a worried frenzy among investors, financial planners, and accountants. The toughest blow is that they aren’t giving our citizens much time to change their plans that have likely been in place for years.

In relation to real estate, if you dispose of your capital property that is NOT your principal residence, the current rule states that 50% of the gain is included in your taxable income.

The new proposed rule will be that 66.7% of the gain will be included in your taxable income, if the property is disposed of on or after June 25, 2024.

There are some differences between individuals vs. corporations and trusts. For individuals, the first $250,000 of a capital gain realized after June 25, 2024 will be taxed at 50% and anything over and above that will be taxed at 67.7%

We are seeing a lot of real estate investors rush to the market looking for a quick sale in order to avoid the increased tax.  If you own a secondary property, let’s take some time to do some quick math before making a snap-decision. 

Assuming that you are in the highest tax bracket at 53.53%, a capital gain of $350,000 would  result in a difference of approximately $9,000 more out of pocket with the new rules vs. the old ones.

Although it’s not ideal, it’s likely not as bad as it sounds. Where it will have the largest effect will be on people who have held an investment property for more than a decade who have realized a larger gain over time.

Now, don’t freak out! If you had no plans on selling your secondary property, it may not make sense to get it sold before June 25, 2024 (or maybe not even this year at all!). If it was on your radar to sell it this year, it may be worth getting it on the market and sold before June 25.

Just reach out! We are here to help you walk through all of your options. It would also be a great idea to touch base with your accountant and/or financial planner :) 

Remember, teamwork makes your real estate dream work!

Toronto Real Estate

The Buyers are out and the Sellers are more willing to list their homes for sale after seeing prices bounce back after the brief dip caused by the hikes in interest rates. April came and went and interest rates stayed the same. The next rate announcement is June 5th and there is plenty of anticipation on whether or not the Bank of Canada will start to drop the interest rates. We’re sure that a drop in rates would be welcome by many!

Year-over-year stats were relatively flat with slight increases of approximately 3% overall in the city of Toronto. We did however see a 6% increase in all home types in the city of Toronto comparing March/24 to April/24, which is not uncommon for a traditional spring market.

The number of sales were also down year-over-year which meant increased choice for buyers. This and an increased number of available listings has also helped to keep the prices flat.

Freehold homes continue to get more attention than the condo market, garnering more multiple offer situations and quicker sales. As always, a properly presented and priced property will still move in almost any market (we can help with this!)

Overall, we feel that this is a relatively healthy market and there isn’t as much tension compared to spring markets in recent years – a much more enjoyable experience for buyers and sellers.

Check out the April year-over-year stats below for more information on the current market. If you would like statistics specific to your neighbourhood, an updated Comparative Market Analysis for your home, or help deciphering what the numbers could mean for you, please let us know and we would be happy to provide that for you.

Condo for sale

Welcome home to boutique urban living at unit 801 at 318 King St E, The King East, where style meets comfort in this impressive one bedroom condo. This residence offers an inviting open-concept living space with engineered hardwood floors, approximately 9-foot ceilings and stylish concrete accents, evoking a trendy loft-style ambiance.

The modern kitchen features full-sized stainless steel appliances, sleek stone countertops and a new subway tile backsplash. Floor-to-ceiling windows fill the space with natural light throughout the day with spectacular sunsets to follow in the evening.

The spacious bedroom boasts large closets for plenty of storage, engineered hardwood floors and frosted glass sliding doors. 

Spanning 600 square feet of wonderful living space inside, this residence also features a generously sized balcony with the convenience of a gas BBQ, perfect for outdoor dining, entertaining friends or simply unwinding while taking in the city views. 

Suite 801 also includes the added convenience of ensuite laundry, a large front hall closet and a locker.

Check out for more info and photos.

Thank You!

We have been blessed to have had the opportunity to help many of you and your people so far this year.

We truly appreciate your support and feel extremely honoured that you choose The TO Group to refer to your family, friends, and colleagues. Thank you!


Chris and Ford

SOLD! 1100 Kingston Road SUITE 708

1100 Kingston Road Suite 708 sold in four days!

This light flooded Kingston & Co. suite was scooped up by a lucky new buyer. Congratulations to our awesome sellers on their quick sale!

SOLD! 15 Viking Lane Suite 1806 – Parc Nuvo

15 Viking Lane Suite 1806 was a *RECORD BREAKING SALE! Congratulations to our stellar client on the sale of this bright and spacious condo. With designer staging and professional marketing, we achieved the highest price per square foot ever for a 1 bedroom plus den in the building, as well as the highest sale price ever for this floor plan in the building.

Park Nuvo At Essex was built by award winning Tridel and takes its name from the urban park which it overlooks. This prestigious residence looks and feels like a five star hotel from the moment you arrive.

Suite 1806 features 641 square feet of living space with an open concept floor plan that’s perfect for entertaining!

The kitchen includes designer finishes with a subway tile backsplash, modern cabinetry with extended uppers, quartz countertops, stainless steel appliances and a large centre island with plenty of room for seating.

The living room is bright and spacious with wall to wall windows, impressive flooring and stylish window coverings. There is also the convenience of a walk-out to the north facing balcony.

The separate den is ideal for a home office or a separate dining room depending on your needs.

The master bedroom is a fantastic space with a double mirrored closet, large windows and the same stylish window coverings as the living room. It also enjoys unobstructed north views and plenty of privacy.

The 4 piece washroom features a trendy vanity and matching mirror along with sleek porcelain tiling and a modern light fixture.

The balcony is generous in size and includes upgraded decking. It overlooks Six Points Park to the north and gets wonderful sun throughout the day.

Suite 1806 truly has it all with ensuite laundry, plenty of storage, a separate locker and parking!

Parc Nuvo is renowned for its impressive amenities which include a fitness centre, a pool, a sauna, a hot tub, a business centre, a lounge, a billiards room, a party room, a movie theatre, guest suites and a terrace for barbequing!

15 Viking Lane is ideally located close to great bars, restaurants and shops along Bloor Street West and Dundas Street West and it’s literally just steps from the Kipling Subway Station as well as the Kipling GO. Conveniently close to major highways such as the Gardiner Expressway, the QEW and the 427, you can get anywhere you need to go with ease.

The plan to build the new Etobicoke Civic Centre at 3745 Bloor Street West is another great reason to love this neighbourhood! Some of the proposed amenities for the new ECC include a community rec centre, a Toronto Public Library, a childcare centre and an outdoor civic plaza to accommodate gatherings, markets and special events.

*Statistics are based on all sales reported on TREB (Toronto Real Estate Board) as of May 28, 2019.

SOLD! 1410 Dupont Street Loft 312 – Wallace Emerson

Through a whirlwind of showings, Loft 312 at 1410 Dupont Street sold in ONE DAY! Congratulations to our client who is moving onto a new adventure, we’re so happy for you.  We’re also excited for the buyer to make this unique space their own and enjoy it well into the future.

This 626 square foot loft is situated within the original part of a century-old brick warehouse once owned by General Electric.

The modern kitchen features granite counters, a breakfast bar and stainless steel appliances. Overlooking the open concept living and dining rooms, it’s perfect for entertaining!

The living and dining areas are equally impressive with plenty of natural light through the south facing skylights. The space is further enhanced by exposed ductwork, trendy light flooring and enough room for a home office!

The master bedroom is a wonderful space with large south facing windows and a walk-in closet!  The washroom is equally as impressive with modern finishes and neutral tones throughout.

Loft 312 is move in ready and even includes parking.

The building has fantastic amenities including an impressive rooftop patio conveniently located right down the hall and there are so many great shops, cafes and restaurants all within walking distance!

SOLD! 65 East Liberty Street Suite 1010 – Liberty Village

65 East Liberty Street Suite 1010 sold in ONE DAY! Congratulations to our very happy seller and the new owners, this Liberty Village suite checks all the boxes.

65 East Liberty Street Suite 1010, Liberty Village, Toronto - Thurston Olsen Real Estate Team

65 East Liberty Street Suite 1010 is a beautiful 2 bedroom condo featuring an open concept floor plan with spacious living and dining rooms as well as a beautiful kitchen with modern cabinetry, stainless steel appliances, granite counters and a breakfast bar.

The main living space is filled with natural light from the floor to ceiling windows and there is a walkout to the west facing balcony which overlooks the courtyard and features impressive lake views to the south!

The master bedroom is generous in size with large windows, a double closet and a gorgeous 4 piece master ensuite! The second bedroom features a glass panelled door to allow for natural light as well as a good-sized closet. There is also a second 3 piece washroom and a laundry closet for added convenience. Suite 1010 truly has it all including parking and a locker!

Situated in the heart of Liberty Village, there are so many great shops, restaurants, patios and bars all within walking distance. This location allows for a quick drive to the financial district, the waterfront or to the Gardiner Expressway if you’re headed out of town for the weekend.

The King West Condos at 65 East Liberty Street are renowned for spectacular amenities including a fitness club and wellness centre, the magnificent rooftop Lakeview Club, two bowling alleys and incredible entertaining facilities!

more photos: 65 East Liberty Street Suite 1010

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