Top Real Estate Agents in Toronto

This December was the first time time in Toronto's history where average sold prices reached $930,000 even in the traditionally slow winter season. Townhouses were an unexpected winner this season with a 30% increase in average sold prices since Dec. 2019. Detached and semi-detached homes followed with 18% and 17% respective price increases since Dec. 2019. While prices in the condo market have witnessed the same growth as other markets, sales have broken new highs for the season with 2,193 condos sold in the month, two-thirds more than last year.

New listings continued to be lower than sales and indicate increased pressure on buyers as housing inventory dropped for all property types. Homes continued to be sold for above sold prices across the GTA as buyers compete for decreasing inventory. With strong promises of stimulus from the Liberal government, including a revamped First-Time Home Buyer program and direct handout programs, promises of a continued low-interest environment by the Bank of Canada, and hopes for a fast rollout of vaccines, there are significant tailwinds for the future of the GTA real estate market. However, surging COVID-19 cases, further lock-downs, and a depressed job market threaten to pose strong headwinds to further growth. With a 13% yoy return, it is unclear whether Toronto's real estate market can continue its upwards climb without any real wage growth or unconventional stimulus.

Other housing markets in Canada have also experienced similar growth. Ottawa's housing market continues to surge to all-time-highs and Vancouver real estate has returned to year over year growth.

About Toronto Real Estate

Ontario is home to the largest number of real estate agents in Canada: the Toronto Regional Real Estate Board (TRREB) alone represents over 56,000 agents, or more than 40% of the total agents in Canada represented by the Canadian Real Estate Association (CREA).

Toronto has been experiencing explosive growth in recent years in both its population and housing market. This population growth is not evenly distributed throughout the city of Toronto, however, with a significant portion concentrated south of Bloor in the downtown area, especially in the Waterfront communities, as well as the neighbourhoods west of the Downtown.

Total transactions for calendar year 2019 amounted to 87,825 as reported through TRREB's MLS® System by Greater Toronto Area REALTORS®, with the number of total new listings reaching 150,000 over the year or on average over 10,000 a month. Based on the latest Toronto housing report, the average selling price for residential properties hovers just over $800,000; more specifically: $1,016,776 for detached properties, $814,424 for semi-detached properties, $659,990 for townhouses, and $587,959 for condominiums or apartments. For commercial properties,around 1,000 are sold each year and just under 25 million square feet of leased commercial property space.

Regarding real estate commissions in Toronto, the average combined real estate agent commission is between 3.5% to 5% of the total selling price. Real estate commissions are split between the buyer’s and seller’s agents. Higher commissions are possible, but the standard rate is 5%.

Within the GTA, a recent survey conducted by TRREB revealed that 11% of Toronto residents indicated that they were extremely likely to purchase a home over the next year and 49% of recent home buyers were first-time home buyers. The most popular home type for intending buyers was the detached house which made up 46% of all residential property sales in 2019.

The second most popular home type was the condominium or apartment, which made up 27% of all residential property sales in 2019. Toronto has 2,326 high-rise buildings - a large number that reflects factors including population density and public transportation . In 2019, the condominium apartment market segment experienced the most dramatic year-over-year price growth with a 6.4% price increase from 2018, but prices are still more affordable compared to other property types especially for first-time home buyers.

With the plethora of choices on the market and the number of agents available, we understand that buying or selling a property can be overwhelming. Choosing the right agent is one of the most important decisions you will make, and that is why we are here to help. We have accumulated some of the best agents in Toronto and developed honest and transparent profiles to make your decision-making easy and convenient—contact any of them straight through the website and secure your own real estate journey today.

Toronto Commission Structure

Real estate commissions are the fees that home sellers pay to the seller and buyer real estate agents for their services. In Toronto, the total commission rate is set anywhere from 3.5% to 5%. Seller agents usually get 1% to 2.5% of the total commission with the buyer agents getting 2.5%. You can use our calculator provided below to calculate your real estate commission estimate for Toronto. For other cities in Ontario, please visit our Ontario real estate commission calculator page for more information.

Toronto Real Estate Tools for Buyers and Sellers