Question 1

Is it better to buy or rent in Toronto in 2025?

Accepted Answer

The math currently favors renting. High interest rates and monthly condo fees mean that buying costs significantly more per month than renting a comparable unit. Renting a rent-controlled unit offers stability without the equity risk.

Question 2

What is the Double Land Transfer Tax?

Accepted Answer

Toronto is unique in Canada as it charges both a Provincial LTT and a Municipal LTT. This effectively doubles your closing costs. On a $1M home, this tax alone is roughly $33,000, which must be paid in cash.

Question 3

Does Rent Control apply to all units?

Accepted Answer

No. In Ontario, rent control generally only applies to units that were first occupied for residential purposes before November 15, 2018. Newer units can have their rent increased by any amount once the lease term ends.

Toronto: The 6ix - Condo Crisis or Buyer's Scoop?