Here we are, December. The month of holiday lights, ski and snowboard season, and that official shift into winter mode.
And the market? Slowdown as always towards the holiday season — but still alive. Motivated buyers are still hunting, and that’s what keeps things interesting this month.
Real estate, like life, rewards the ones who stay sharp when everyone else checks out.
“Success isn’t something you chase. It’s something you attract by the person you become.” — Jim Rohn
Nearly Every One Bloor West Purchase Agreement Has Been Cancelled
A major shock hit the Toronto pre-con market this month. The former “The One” project at Yonge & Bloor — now renamed One Bloor West — officially had 314 buyer contracts cancelled by court order. Seven years of waiting. Gone in one decision.
Buyers will get deposits back, but with almost zero interest. Meaning they lost seven years of market growth while the project gets a fresh start.
Why It Happened
The project was drowning in debt. To pay lenders back, the receiver needed to boost revenue. The fastest way? Cancel old, cheaper contracts and resell the same units at 40–50% higher prices.
Tridel stepped in, redesigned the building toward ultra-luxury layouts, cut out many smaller investor units, and even added a hotel component to push prices even higher.
Only 15 buyers survived the cancellations because their units were considered “economically viable.” Everyone else? No appeal, no negotiation — just a refund that doesn’t even keep up with inflation.
This Isn’t New — It’s a Pattern
We saw the same playbook with Cresford’s Clover and 33 Yorkville in 2020–2021. Buyers got deposits back but lost massive appreciation. These cases all expose the same hidden risk people don’t talk about enough: the developer can change direction, go bankrupt, or restructure — and buyers are the collateral damage.
The biggest hit isn’t the deposit — it’s opportunity cost. Seven years of Toronto price growth, gone. Imagine buying a resale condo in 2017 versus ending up with your original deposit in 2024. It isn’t even close.
What This Means for the Market
Confidence in pre-con is getting shaky. More buyers are leaning toward resale because it’s real, it’s physical, and no one can cancel it halfway through.
Pre-construction still has its place — but only with strong developers, strong financing, and strong contracts. This case is a reminder: it’s not just about buying a unit. It’s about choosing the right builder, the right timeline, and the right risk level.
Toronto Real Estate — November 2025: The “Deep Breath” Market
The numbers are in, and the headlines are messy. Sales fell about 16% year-over-year — but remember, last November was unusually strong, one of the best fall markets we’d seen in a while. So this “drop” is mostly just math.
New listings are up 17%, sitting at 24,549. But we were near 30,000 in the summer, so this winter drop in listings happens every single year. More listings plus fewer buyers equals prices down about 6.4% year-over-year.
We’ve shifted from rush-hour chaos to Sunday-afternoon traffic. Not fast, not dead. Just breathing again.
Inventory by Property Type — Who Has the Power?
The Condo Number Trick
The stats say condos are only down 1.7%. Trust me — that’s misleading. Here’s why: this November, 55% of condo sales were 2-bed+ units (more expensive). Last year it was basically 50/50. High-priced units selling skews the average price up. Real movement? Most condos are down 3–7% year-over-year depending on the building.
The “detached down 9%” headline is also skewed — it’s just the cheaper detached homes selling right now. Context always matters more than the headline number.
Personally, I had one of my busiest Novembers. People are transacting — just more thoughtfully. It’s still an end-user market. Investors are watching, not rushing.
Rental Market — What the Numbers Are Telling Us
Rents declined year-over-year for the 13th consecutive month — but the 2.2% annual drop in October was the smallest in nearly a year, suggesting the decline may be softening.
↓2.2% YoY
avg $2,890/month
avg $1,609/month
+$259/month over 6 years
Rental demand continued to decline in October — the third straight month of reduced renter activity. With levels tracking near historic lows and winter approaching, Canada is on pace to experience the slowest winter of rental demand in recent years.
What this means on the ground: landlords are losing negotiating power. Tenants are getting concessions — rent-free months, lower deposits, more flexibility. Overleveraged investors who counted on rent increases to cover their mortgage are feeling the squeeze. For genuine long-term investors with strong cash flow, this is actually a chance to pick up assets others need to exit.
Mortgage Hack of the Month: The Pre-Approval Myth
Let’s clear up one of the biggest myths in real estate:
Your pre-approval is NOT a blank cheque.
When a bank pre-approves you for $800K, they’re approving you — your income, your debts, your stability. They’re not approving the property.
The Trap Buyers Fall Into
If you offer $800K but the bank’s appraiser says the home is actually worth $750K, the bank will only lend based on $750K. Which means you suddenly owe the $50K difference in cash. Painful. Avoidable. And way more common than people realize.
That’s why planning matters. Before you fall in love with a place, understand the risk fully — and protect yourself from surprises.
Bonus: Less Down Payment Isn’t Always Worse
If you put less than 20% down, you pay mortgage insurance — yes, that protects the lender, not you. But here’s the twist: insured mortgages sometimes get lower interest rates because the bank’s risk is covered.
So don’t assume 20% down is always the smartest or cheapest option. Sometimes less actually works in your favour. Get educated, build a plan, and don’t let the bank’s approval number become your entire budget.
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