Toronto splits into two very different files. Condo purchases, where the property is under as much scrutiny as the borrower, and equity on long-held freehold homes, where owners usually have more borrowing capacity than they realise.
What we see most in Toronto
- Condo purchases where the status certificate and unit size drive lender selection
- HELOCs and refinances on freehold homes held ten years or more
- Rental and investment property financing, including duplex and triplex conversions
- Assignment purchases on pre-construction condos
- Self-employed and commission-earning buyers
Two markets, two rulebooks
- The status certificate does real work. Lenders look at the reserve fund, special assessments, the share of investor-owned units and, on smaller units, the square footage.
- Units under 500 square feet are declined outright by a number of lenders regardless of the borrower. Knowing which lenders have that restriction before you write an offer saves a collapsed deal.
- Someone who bought a freehold in 2012 is frequently sitting on several hundred thousand dollars of accessible equity they have never priced.
- Toronto charges a municipal land transfer tax on top of the provincial one, so buyers pay it twice. Budget for it from the start.
Neighbourhoods we cover
- Downtown and the waterfront
- North York and Willowdale
- Scarborough
- The Junction and High Park
- East York and Leaside
- Etobicoke
Working on a Toronto file?
Twenty minutes on the phone, no credit check, no obligation.