Oct 28 2025: What Toronto Home Buyers should really care about
Jeffrey · PatrickRocca-What Toronto Home Buyers should really care about
Jeffrey
I’m here again with Patrick Rocca who’s with Bosley real estate and Patrick- Why don’t you introduce yourself to our listeners?
Patrick Rocca
Hey good morning, Jeffrey Patrick Rocca, Bosley real estate. I’m here in the Midtown neighbourhood of Leaside & Davisville located on Vanderhoof Avenue and been working this area for over 30 years and interesting times in our market right now.
Jeffrey
Yeah, it certainly is interesting times and just before the call we are chatting about a vacation properties & cottages and I was thinking back to just about five years ago little over people were struggling to stay in the city and really wanted to get out of the city and bought a lot of properties outside the city and really drove the prices up. And then as these things usually happen the people wanted to get back to city & the prices dropped somewhat. Now I know this isn’t your area of expertise, but have you seen any trends in that vacation properties cottage properties market?
Patrick Rocca
Yeah, yes we have them. We have an office in Niagara on the Lake; we have an office in Thornbury so we’ve seen this sort of market shift as I guess I would say from Covid days to today I mean obviously prices much like everywhere in the area in Ontario and Canada for that matter went crazy during Covid. But the conversely, the housing cottage market in those neighbourhoods have taken a hit in the past year so people who bought the peak or probably I would say easily off 20%. If you paid two 2 million for a property, you’re lucky to probably get 17 for now but if you’re again if it’s like anything I mean if you’re if you if you bought it and you wanna enjoy it and you’re there long-term I think I think you’re you’re fine. So but yeah, the cottage market the whole market in the 905 is his has taken a hit because people are coming back in and I mean they’re trying to get people to come back to work and there’s not as much remote working so yeah interesting market they are definitely longer. I mean the last time I talk to someone in our Niagara-on-the-Lake location, and they got 12 months of inventory.
Jeffrey
Wow
Patrick Rocca
Oh yeah it that might be off by a month or two, but I don’t think it’s off that much but yeah
Jeffrey
Wow
Patrick Rocca
Things have changed in that market but it’s interesting as like a Toronto market things have changed
Jeffrey
Yeah, exactly and you know I think over the past five years we’ve seen pretty rapid shifts I think for my research were getting back to a little bit more of the buyers market a little more supply coming on the market. Are you seeing the same sort of trend specially within the single-family detached market.
Patrick Rocca
Yeah, a lot more supply – definitely a buyers market and we start to see that shift this year properties that have been I mean people that are still thinking 2022-2023. They’re stuck in a reality chamber that’s not good – prices have come off. We’re seeing instances I mean it’s happened to me this past month. I mean I’ve had a great October. October is probably my best month of the year. Lots of several listings, lots of activity Offers sales but interesting enough. I had a couple properties both with multiple offers both sold under asking.
Jeffrey
Even with multiple sets, incredible
Patrick Rocca
Yeah, yeah and then but then again, I’ve also had properties of multiple that are sold over and we’re still seeing some stuff with multiples that selling over so it’s not this isn’t the end of this is a fabulous opportunity to buy and there’s there’s good. There’s good opportunity out there if here if you’re looking in them in the market.
Jeffrey
Right and the challenge is always to break that affordability barrier especially for first time homebuyers and are you seeing any movement in that area sort of in the you know 1.5 to 2 kind of first time homebuyers? I know it seems a little bit strange for listeners to hear that first time homebuyers are in the one and a half million dollar market, but such as the reality of the Midtown Toronto.
Patrick Rocca
Yeah, I mean right now and I’m not sure the last time we talked earlier in the spring, but I mean the first time buyers or the people that are moving up from condos and what not, anything under 2 1/2 million if it’s priced right shows well will sell now. Are you getting multiples not all the time are you selling? Yes, so there is movement in that market for sure I mean that’s that that’s where the healthy market is at least in Midtown Davisville. Side I mean, you know I just don’t want listings over three 3 1/2 million because they’re not selling unless they’re the special property that the good stuff right now the bungalows the semi’s are very popular right now That stuff is moving
Jeffrey
And I know over the past couple years as we’ve talked we’ve talked about properties that maybe need a little bit of work and I know you know in in a pre-Covid times there were still a few of those that come up on the market you know maybe that was a bit of speculation a bit of pressure from builders looking to you know flip a property, but are you still seeing that there are properties that you know if somebody is handy, they can do some work on it and improve the property?
Patrick Rocca
Yes, yes or no I mean you might be able to answer that question more so, but I mean I’m not sure what you’re seeing on your end but we’re seeing in the sales side that speculators and builders aren’t really around or prevalent. Now they’re not buying as much because of the economy, right I mean we’ve got some very challenging times right now. And properties that are, I mean, I had just one in south Leaside that sold and you know it needed at work and you know everybody you know was saying I won’t need too much work while I mean that’s why it was listed for 1.3. I mean if you want something that’s done you went around the corner for 1.65 so I mean if you’re realistic and your buyer you can get in the market if you’re handy if you get in if you have the ability to hire someone like yourself or a contractor you know to do some work and get it and get a good property but we’re still seeing a lot of the buyers that want turn-key and it said sometimes when you’re looking at budget restraints, it’s not realistic if you want turn-key at 1.3 – it ain’t happening But definitely that the builders the speculators I mean, I had a bungalow. I mean, I have another bungalow right now. It’s not the perfect location. It’s a great home. Great lot great street But builders you know if it’s if it’s if it’s good and it’s well priced you may get some movement, but there’s a lot of nervousness in the speculator market and if you got money, I mean the people that are that are doing well now the people that have money I mean, like we sold the condo to a group of investors that people are just banking on property because they know that things are low now and I’ll go in the bank. They’ll sit on it, and you know it’ll be in five years I mean, it’ll be to be making money, right
Jeffrey
That’s really interesting and that correlates with something that I read recently is that you know 10 investors will get a pool money together and buy several condos or you know several properties that sort of thing and you’re right that you know they do have the ability to sit on things longer and you know if you’re renting it then they have the ability to withstand a couple of months of you know maybe that property is empty one out of 10 or one out of you know five properties because they have you know a diverse pool of investors. Have you seen that come in to replace the kind of individual investor in the condo market?
Patrick Rocca
Just recently, I sold one in Davisville where it was a pool of investors -mortgage people. We’re not seeing the foreign buyer entry because we have that foreign buyer tax and I mean that’s one of the problems with condo market right now I mean the condo market is a disaster again. Take it with a grain of salt when I say it’s a “disaster.” I mean, new construction, the pre-con there’s so many micro condos there’s just no investors buying them and a lot of the investors you know before we put the foreign buyers ban on foreign buyers and they need to they need to repeal that tax if they want to I mean, we don’t have a we got a lot of housing. We got a lot of empty condos in the city and I’m not talking in Midtown. I’m talking like downtown like.
Jeffrey
Right
Patrick Rocca
We have a housing crisis within an affordability crisis I mean and no until you know they will. They figure that out you know if it’s a problem I mean there was 155 condos sold in September in Toronto in the GTA.
Jeffrey
Wow
Patrick Rocca
Hundreds I wanna say maybe thousands are sitting empty because you’re not selling so it’s kind of a catch 22 when we got people living on the street so we’ve got people can’t afford. So there’s I don’t know if the government is doing their thing in terms of trying to make things right but it’s not it’s not a good situation, but that being said the good condos and like I said, and I said this all the good condos in the good areas in good buildings the two bedrooms the one+ ones the good size ones they’re still selling for what they were a couple years ago but they’re still selling but if you got a micro condo that’s 450 ft.² You know it it’s a problem
Jeffrey
And I read recently that many banks are not even willing to approve mortgages for units under 400 ft.² especially in this market
Patrick Rocca
Yeah, I read something about that too yeah, for sure and I mean in there, they are cracking down a bit more now and financing and the banks are getting a bit tougher when it comes to that type of stuff
Jeffrey
And I think that you know that’s a good thing on the financing side, but you know as a you know someone in the industry, someone in their development / construction industry you can see that for probably past 2-3 years developers haven’t really been planning new units. What you see now, the cranes and you know that digging holes in the ground those projects were on paper 3-4 years ago and so you’re gonna see it like a dry up in terms of new supply over the next year two years maybe within under 10,000 units by 2028, which is a far cry from the 30,000 units which are going to complete this year and so yes, you’re right. We do have an affordability issue. We have a housing crisis and yet the developers aren’t able to actually make a profit where rents are now or for those units and also what the cost are to put those in the ground. I think last I read about a third of the cost of putting a new unit on the market is development fees and taxes. And so, you know, without you know, government is willing to budge on that it’s hard to make a case for building new supply
Patrick Rocca
100% you just nailed it on the head. I mean it’s a government issue. I mean there’s so much red tape the fees you know the permit process planning process and the government’s gotta do more to expedite it and in typical government fashion, they do nothing they talk and they do nothing. But if you want to fix this, you’ve got the government has to make moves in and drop the fees and or lower the fees and you know that this is part of the problem right. I mean when you talk about condos and no new condos being developed I mean, I read something last week 18 to 20 development projects have already been cancelled this year. I mean if you look at Bayview and Eglinton, which is a gong show, I mean you’ve got what 5-6 projects at 30+ stories. Scheduled, but I don’t know if any we’re gonna actually be built in the next 3 to 5 years. You look at Sunnybrook Plaza that thing’s gonna sit empty. I mean they just gone back to the drawing board they had they were approved for 22 buildings; two towers 17 and 14 stories. I think and now they’ve gone back to the drawing board, and they want 35+ stories. There are now three buildings so it’s I mean that again to see approved so that’s not happening for 3 to 5 years, you know you get the car wash, you got the Esso station, the townhome site – all these development projects. I just don’t see them happening because there’s no demand for it
Jeffrey
Yeah, it’s really a strange situation where you know again we say there’s people who want housing but there’s no demand for housing at that price right what was gonna be in the end.
Patrick Rocca
Correct that’s what I said it’s an affordability thing right. I mean these builders they’re building and they’re still getting hoping to get their thousand plus / square foot and the average person can’t afford that. The people that really need housing can’t afford that.
Jeffrey
Yes
Patrick Rocca
It’s an odd situation. I’ll tell you that right now.
Jeffrey
It sure is and even in the detached housing, you know that sort of thing at least now if you’re in that market, there is a little bit more. I don’t wanna say return to normalcy because you know what is normal around here, but at least you know for the last couple of months has been a buyers market like you said there’s there is value out there in the market if you’re willing to look and you really are willing to understand the local market and the neighbourhood that you wanna move into.
Patrick Rocca
Oh yeah, there’s definitely great value and don’t get me wrong. I mean at the market I started to see turn in September, October and I mean there’s been some there’s been some activity which is good. Like I said, my October’s been a very, very productive month. I’m starting to see that across the board. I mean, you know we have our weekly office meeting here at Bosley and our sales report. Every Monday has been like Big. So there’s deals happening and I feel that just my personal opinion that and I said this before I think that people have come to that this is the new norm like we were. I mean this is an interest rate people keep saying to me. I had a client say to me a couple weeks ago let’s wait till the rate drops one more time and I might even that rates or not. The rates aren’t really driving this market.
Jeffrey
Correct
Patrick Rocca
Or hindering this market- what’s hindering this market is our economy you know the uncertainty, job loss, the unemployment, the inflation we know the infamous trade deal that we were promised that we were gonna get in July. Here we are November nothing. I mean it’s there’s just so much uncertainty that it’s trickle down to you know the buyers and in the real estate market that that’s important if there’s if there’s uncertainty it’s not a good thing. I think we’re gonna see an interest rate cut this week. We’re gonna see at least one more before the end of the year. So, I mean again, I don’t really know how much that has to tie into the market. I think it’s more related to you just economy in general.
Jeffrey
Yeah, and you know when you talk about often, you do talk about uncertainty the ability to be able to move or at least make a decision when others are not and in 3-5 years, if you look back and say well, things didn’t look amazing, but you know we needed a place to live and we kind of bit the bullet we bought a house. And you know there’s no guarantees, of course, but I think that like periods in the past when you look back, you’ll say you know there weren’t a lot of people that were willing to go in at that time, and say “I’m glad that we bucked the trend and looked at fundamentals looked at the market over by 10 15 years and said yeah it was actually based on the fundamentals. It was a good time to buy.”
Patrick Rocca
Yeah, I mean you know I said just 1 million times I think I’ve even said it on your podcast a few times I mean there’s two things in real estate. You can’t predict and that’s a top & the bottom.
Jeffrey
Right
Patrick Rocca
I don’t care what people say. I think we’re close to the bottom at least in the freehold residential section of the market. I mean the condo market still give me some time to fall if you’re looking at downtown and Pre-con, but I mean if you’re in a long-term and you’re already you know. Saving 30-40 cents on the dollar you know what’s another five cents. I mean you know you’re gonna gamble for that and I mean better to buy now and if you’re holding a 5+ years, you’re in great shape now on the other on the other hand if you’re thinking of selling, I mean, I don’t I don’t think I mean if you’re thinking of something you have to sell be very realistic understand listen to your realtor be guided properly. And understand that it’s not 2022 or 2023 and you know I think the spring is gonna be a little better I mean are we gonna see double digit games next year absolutely not. We’re back to sort of kind of a normal market we still have uncertainty by the looks of it now we might not even have a trade deal if any till 2026. You know what I mean and I think I said this all wrong. I think that it’s gonna come down to CUSMA and they’re gonna try and renegotiate this all at one time and you don’t think again there’s uncertainty there but selling the spring I’m talking to a lot of people right now we’re going to sell the spring because our fall market fizzling out right now. But you know I think I think it’s going to be a decent spring. I just don’t know if you’re looking for 5-10% gain, that ain’t happening.
Jeffrey
Yeah, I think that’s very wise advice and you know again putting everything together we don’t know what’s going to happen in early 2026. There’s a whole bunch of other factors that that we just don’t talk about that that could make the market more in certain to make you know affordability go up or down but one thing that we haven’t talked about in a while is the practice of real estate you’ve been in this business for over 30 years. If there were somebody is listening now it says you know maybe it’s a good time to get into being a real estate agent you know what would you advise them?
Patrick Rocca
Oh yeah, I get asked this quite frequently. It’s probably not the answer to most people want to hear but you know it’s a tough business. It’s a very tough business and I would say that if you’re going to, I said this agents for years before Covid and I get a lot of people come to me you know, like my kids friends are younger than you know they think it’s a get rich quick scheme. You know people that have been in the business for the last 3-4-5 years since Covid are now seeing that this is not an easy business and unless you’re doing it full-time and unless you’re prepared to sacrifice. And do what you need to do. It’s not the business for you. This isn’t a get rich quick scheme. It’s you know establishing routines and boundaries and commitments and it’s a tough business and you know I’ve been doing a 30 odd years and I’m seeing in the last couple years. Stuff that just I shake my head out every day and if you talk to any seasoned agent and I talk to many on a weekly basis, we also say the same thing like you know where these people get their license you know they can’t negotiate them their self out of a wet paper bag – they don’t know what they’re doing. It’s bizarre. So I mean it’s a tough business and you need to work with a brokerage. This reason I’ve been a Bosley for 30 years. I mean that you know we train we got a great management team and great resource resources, in-house legal. We’re not just one of these places where they give you a desk and say you go You get good guidance here so you gotta pick a good brokerage company has been around. We’ve been around almost 100 years. And you want that support is a big thing if you’re getting into this business now
Jeffrey
Yeah, I would agree and you know we have so much information at our fingertips right now, but information only takes you so far because in the end it decide what the market is it’s a people game right you have to build those relationships not only with potential buyers and sellers, but also other agents right there’s a level of trust which you really need to establish and that doesn’t come instantly no matter how many Instagram posts you put out so I agree with you hundred percent. If you’re looking for a home or trying to sell, you know please find yourself a reputable established agent not just somebody who you know looks good on your screen, but who knows the market who knows the ins and outs of this process and who has a good relationship and reputation
Patrick Rocca
You know it’s funny you mention that because in the last two weeks I’ve done I’ve done several deals but two in particular I did with very reputable very seasoned agents and in both times in one time written on my LinkedIn, the agent when we announced the sale of the agent came on- “It is so nice to go to work with you because it’s refreshing to work with agents who know what they’re doing.” And people that are straight up, so I mean very, very important when you’re when you’re working with an agent, whether it’s the buyer on the cell that you work with someone who’s been who knows what they’re doing. It’s been in the business and has a reputation.
Jeffrey
Exactly and you know if I have one last thing to say if this is your biggest investment you know, don’t try to save a few pennies because in the end you want this transaction go smoothly you don’t want any hidden gotchas coming up you know when you close, you really want this to be a smooth process it can be enjoyable. I know there’s a lot of emotion involved, but it can be enjoyable if you’re working with the right people.
Patrick Rocca
I hundred percent and I said this many times you know your biggest investment unless you got unlimited wealth, but I mean you know I often come across people that say oh well I need a list of my nephew or I’m gonna listen to my sister-in-law and I’m like that’s great and it’s very nice of you but you’re giving $2 million to someone who sells two homes a year
Jeffrey
Yes
Patrick Rocca
You know it’s risky I mean, you know there’s a reason why you work with top people you know when you work with your finance people your investment people I mean, you don’t want the guy who is brand new on the business writers. You know it’s good I mean, I remember when I was, but I learned the hard I work with people experience and I gained experience but yeah, you just don’t wanna be working with the cousin.
Jeffrey
So let’s just leave it at that and you know as well. Just been a pleasure and if people wanna get a hold of you what’s the best way that they can reach you?
Patrick Rocca
Yeah, they can always reach me through my office here at Bosley at 103 Vanderbilt Ave. my phone number is 416-322-8000. If I’m not in just leave me a voicemail I call you right back or you can email me my phone is attached to my hip- mail@patrickrocca.com and I’ll get back to you immediately.
Jeffrey
Yeah, I can attest that Patrick gets back to people usually within a few hours so yeah that’s definitely the best way to get a hold of him
Patrick Rocca
If it’s a few hours, I’m usually out for a run. It’s usually quicker.
Jeffrey
Yeah, exactly so I thanks again Patrick it’s been a pleasure, and I know that people will definitely benefit from what you shared today. Thanks again for the call thank you
Patrick Rocca
Likewise, have a great day. Thanks for the chat.