26 Sep 2023

Week 186: Toronto Real Estate in 2023 — Navigating Rate Hikes, HELOCs, and LTB Backlogs

Week 186: Toronto Real Estate in 2023 — Navigating Rate Hikes, HELOCs, and LTB Backlogs


Cut the fluff; let’s get to the point. The Toronto real estate market is a whirlpool of opinions, and it’s easy to get sucked in. From the “I told you so” crowd to the naysayers, everyone’s got an angle. But here’s the raw truth: the market has shifted from sentiment to actual financial pain.

The Rate Hike Reality: From Sentiment to Pocketbook Pain

Back in March 2022, when interest rates started to climb, the impact was largely psychological. Fast forward to September 2023, and it’s a different story. The rate hikes are now manifesting in people’s pocketbooks, and it’s getting ugly.

  • The Misconception: The one mistake everyone made since the beginning of all of this economic nonsense was we/they assumed these rate hikes were immediately manifesting in people’s pocketbooks. Or “as soon as those preapprovals expire, things are gonna get ugly” kind of convo.

Turns out, it was all just sentiment and not yet real. Guess, the REAL experts were right. You have to wait a year for these rate hikes to really take hold.

And here we are.

The HELOC Crisis: Investors Bleeding Money

Investors who were already in a negative cash flow position are now feeling the squeeze even more. If your rent isn’t covering your debt post-hike, you’re not just in a tight spot; you’re hemorrhaging money.

  • The Reality: With rents sky-high, tenants are fighting evictions, leading to a backlog at the Landlord Tenant Bureau (LTB). You could be stuck for eight months minimum before even getting a hearing.

The LTB Backlog: Landlords in Limbo

If you’re a landlord, the LTB backlog is more than an inconvenience; it’s a crisis. Want to move back into your investment property? Good luck. You could be in limbo for eight months, thanks to the Provincial Government’s inefficiency.

Can’t blame the tenants, as that’s their right, but I can certainly blame the LTB and the Provincial Government for letting every single landlord down. Actual blood on the Provincial government’s hands here. Imagine wanting to move back into your investment, and a Tenant is like, “Sorry, I’m gonna wait for a hearing; the LTB is on my side,” and you’ve just got to sit there for eight months in limbo between financial ruin and a roof over your head. Thanks, Gov!

  • The Solution: Our team has an AI Engine for the Residential Tenancies Act. It’s currently exclusive, but if you’re keen, reach out. We might let you in on this game-changer. Ask it before making any HUGE mistakes that can cost you thousands of dollars and months of time.

The Mindset Shift: Rising Above the Trolls

The market turmoil has exposed the trolls and clickbait creators for what they are: distractions. The real pros in the real estate community are rising to the top, committed to helping everyone navigate this chaos.

The good news in this market, though, is the trolls are being exposed as the unhelpful weirdos they are, and the cream is definitely rising to the top in the Real Estate Broker community.

Those of us who are committed to helping Buyers, Sellers, and other agents get through this are showing their strengths, coming together to make things happen.

Look, it’s hard to maintain a level head while all of this is going on. Since the beginning of Covid, the news cycles, the trolls, the clickbait content creators that love to highlight anomalies and create a ton of anxiety in the minds of us sane humans have taken their toll.

If you’re anything like me, you’re a little more anxious, a little moodier, and super stressed a lot of the time. Think about it: everywhere you turn, there’s negativity. Conversations are different, things feel more serious, and there’s a bit of helplessness as well.

So there are two types of people in this world: those who will dig into that negativity and sadness and wallow in their misery OR those who will understand that these feelings aren’t your fault; we’re being driven to our breaking point with the massive volume of data that is poured all over all each day.

So how do we handle this?

I created an AI tool for that, too.

It’s the SpringPRO Mindset Engine, kind of like your therapist and motivational speaker in your pocket.

Now, I don’t mind sharing.

The tool I created basically gives you Tony Robbins and Brene Brown in your pocket.

Want it? Ask me and I’ll send it.

The real estate conversation can wait. Our brains are more important.


The Toronto real estate market is no walk in the park, but it’s not an insurmountable challenge either. With the right tools and mindset, you can navigate this complex landscape. The key is actionable insights and real solutions, not just opinions and hearsay.

Book a Consultation: Book a call directly with me for personalized advice.

Stay Updated: Don’t forget to subscribe for weekly insights.


Urban Markets: Downtown & Surrounding Areas

House Average Price: $1,718,211
House Median Price: $1,403,210
650 Active Listings
54 Firm Sales This Week
Months of Inventory (MoI) 1.82- DOWN from 1.92 last month
Average Days on Market (DOM) 20.04

Condo Average Price: $824,571
Condo Median Price: $732,600
2555 Active Listings
86 Firm Sales This Week
MoI 3.87- DOWN  from  3.91 last month
DoM  22.98


Rosedale, Deer Park, Moore Park, Forest Hill, & Lawrence Park

House Average Price: $2,759,882
House Median Price: $2,300,000
185 Active Listings
17 Firm Sales This Week
MoI 2.78 – UP from 2.69 last month
DoM ~ 17.77

Condo Average Price: $1,055,167
Condo Median Price: $747,500
271 Active Listings
3 Firm Sales This Week
MoI 3.48 DOWN from 3.64 last month
DoM ~ 34.33


Leaside, Davisville, Yonge & Eglinton

House Average Price: $2,269,000
House Median Price: $1,525,000
80 Active Listings
1 Firm Sales This Week
MoI ~ 1.45 – DOWN from 1.59
DoM  19

Condo Average Price: $949,857
Condo Media Price: $914,000
195 Active Listings
7 Firm Sales This Week
MoI 2.82 DOWN  from 3.04  last mth
DoM ~ 21.43


Birch Cliff

House Average Price: $1,120,667
House Median Price: $1,107,000
48 Active Listings
6 Firm Sales This Week
MoI 2.03 UP from 1.69
DoM 10.33


Kingston Rd Corridor to Highland Creek

House Average Price: $932,833
House Median Price: $920,750
120 Active Listings
2 Firm Sales This Week
MoI 2.53 DOWN from 2.59
DoM 9.5

Condo Average Price: $608,333
Condo Median Price: $590,000
60 Active Listings
3 Firm Sales This Week
MoI 2.58 DOWN from 2.80
DoM 23

Latest Blogs