What's New in Toronto Real Estate: Key Updates This Week

In Toronto, changes to property taxes and exciting new developments are making waves. Here's a roundup of some of the most important updates from the city’s real estate scene this week:

1. Toronto Property Taxes Set to Increase by 6.9%

This week, Toronto property owners received news of a 6.9% increase in property taxes. This hike will be broken down as follows:

5.4% will go toward supporting the City’s operating budget.
1.5% will be used to fund critical infrastructure projects across Toronto.

For the average Toronto home, which is assessed at $692,031, this translates into an annual increase of $210—or approximately $17.50 per month.

While no one likes to see their property taxes rise, this increase is essential to ensure the city can continue to grow and maintain its infrastructure, especially as development and population density increase in key areas. Property owners will want to stay informed and plan accordingly.

2. 101 Spadina: From 39 to 50 Storeys

Exciting news for the downtown core: 101 Spadina Avenue will be seeing a significant transformation. The building’s height is set to increase from 39 storeys to 50 storeys, as part of a plan to enhance this prime location.

The revised plans will allow for the addition of 77 new dwelling units, bringing the total unit count to 452. This growth reflects the ongoing demand for residential space in Toronto, particularly in high-density urban areas close to transit and amenities. Developers like Devron are responding to the demand by increasing building heights, a trend we’re likely to see more of in the future.

3. 26-Storey Mixed-Use Tower Proposed for Marlee Avenue

In Toronto’s Glen Park neighborhood, Trinity Point Development has submitted plans for a 26-storey mixed-use tower at 726-736 Marlee Avenue, located near Glencairn Station.

This development promises to bring a vibrant, mixed-use space to the area, combining residential and commercial spaces. With more developments popping up in neighborhoods like this, Toronto’s demand for multi-functional spaces that combine convenience with community living continues to rise.

4. 39-Storey Tower Near Laird LRT Station in Leaside

Another exciting proposal comes from Diamond Corp, who has applied for a 39-storey mixed-use tower at 20 Brentcliffe Road, located near the upcoming Laird LRT Station in the Leaside area.

This development will bring much-needed residential and commercial spaces to the area, and its proximity to the LRT station makes it an attractive location for future residents looking for quick access to transit. As transit expansion continues throughout the city, expect to see more projects like this, which capitalize on convenient transportation routes.

Stay Informed About Toronto's Real Estate Growth

From property tax changes to new developments, Toronto is constantly evolving. As property owners and potential buyers, it’s important to stay informed about the latest updates to better navigate the market and make decisions that align with your goals.

Want more updates and insights about Toronto’s real estate market? Stay tuned to our blog and social media for the latest news, trends, and tips on how to make the most of your real estate investments!

What's New Wednesday - February 12, 2025