Toronto real estate guide
Rules that are specific to Toronto, or that work differently here, explained in plain language with the official source for every figure. Lofts first, then condos and houses. Figures checked October 16, 2026. For quick answers see the FAQ.
Lofts
Heritage rules for lofts
Listed, designated, or inside a district: three different things, with different consequences for renovation.
Hard vs soft lofts
The labels are informal. What actually differs between a converted factory and a new loft-style building.
Parking and locker units
A parking spot can be a separate piece of real estate, or a right that comes with your unit. The declaration decides.
Condos
Reserve funds and special assessments
The reserve fund pays for major repairs. How it is planned, and what happens when it falls short.
Status certificates
The single most useful document in a resale condo or loft purchase, and the deadline the corporation has to meet.
Pre-construction, delays and assignments
Firm and outside occupancy dates, the compensation cap, and the tax on selling your purchase agreement before closing.
Houses
Basement flooding subsidy
Up to $6,650 per property for backwater valves, sump pumps and related work, under the expanded program.
Garden and laneway suites
A second, detached home in the backyard is permitted on many residential lots. Which kind depends on whether there is a lane.
Multiplexes (up to four units)
Duplexes, triplexes and fourplexes are permitted across Toronto's residential zones. What that does and does not mean.
Taxes & closing costs
Municipal land transfer tax
A Toronto purchase carries two land transfer taxes, not one. How the City's tax is calculated and what first-time buyers can get back.
Vacant Home Tax
An annual declaration that applies to owner-occupiers too. Missing it can mean being deemed vacant.
Property tax and assessment
Your tax bill is built on an assessment that still uses 2016 values. How that works and how to question it.
Renting it out
Long-term rentals and rent control
Whether the annual guideline applies depends on when the unit was first lived in. Notice rules apply either way.
Short-term rentals
Only your own principal residence, only once registered, and entire-home stays capped at 180 nights a year.
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General information only, not legal, tax or financial advice. Rules and figures change; confirm anything you rely on with a lawyer, an accountant, or the City of Toronto or other body named in the sources before you act on it.
Published by Peter Marczak, Sales Representative, Right at Home Realty, Brokerage. Registered with the Real Estate Council of Ontario since 2004. Not affiliated with TRREB or CREA. This site does not display live MLS listing data.