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Buying a House in Toronto: Complete Guide to the Toronto Housing Market (2026)

Updated

Toronto is Canada’s largest and most expensive housing market. Whether you are a first-time buyer or upgrading, understanding the unique dynamics of this market is essential.

Toronto market snapshot (2026)

Metric Value
Average home price (all types, GTA) ~$1,050,000–$1,150,000
Average detached (City of Toronto) ~$1,400,000–$1,700,000
Average semi-detached ~$1,000,000–$1,300,000
Average condo apartment ~$650,000–$750,000
Average condo townhouse ~$700,000–$900,000
Sales-to-new-listings ratio ~48%–55% (balanced)
Average days on market 18–30 days (varies by type)
Condo inventory Elevated — buyer’s advantage
Freehold inventory Tighter — still competitive under $1.2M

Average prices by neighbourhood

Central Toronto

Neighbourhood Detached Semi-Detached Condo
Rosedale / Summerhill $3M–$6M+ $1.5M–$2.5M $800K–$1.5M
Annex / Yorkville $2M–$4M+ $1.5M–$2.5M $600K–$1.2M
Leslieville / Riverdale $1.3M–$1.8M $1M–$1.5M $500K–$750K
The Beaches $1.4M–$2.2M $1M–$1.5M $500K–$700K
High Park / Roncesvalles $1.3M–$2M $1M–$1.5M $500K–$700K
Danforth / East York $1.1M–$1.5M $900K–$1.2M $450K–$650K

Inner suburbs

Neighbourhood Detached Semi-Detached Condo
North York (Willowdale) $1.3M–$2M $900K–$1.3M $500K–$700K
Scarborough (Agincourt) $1M–$1.4M $800K–$1M $450K–$600K
Etobicoke (Kingsway) $1.5M–$2.5M $900K–$1.3M $450K–$650K
Etobicoke (Mimico/Long Branch) $1M–$1.5M $800K–$1.1M $450K–$600K

Outer 905 suburbs

Area Detached Townhouse Condo
Mississauga $1.1M–$1.6M $700K–$950K $500K–$650K
Brampton $900K–$1.3M $650K–$850K $450K–$550K
Markham / Richmond Hill $1.2M–$1.8M $750K–$1M $550K–$700K
Vaughan $1.2M–$1.7M $750K–$950K $500K–$650K
Oakville $1.3M–$2.2M $800K–$1.1M $550K–$700K
Hamilton $650K–$900K $500K–$700K $400K–$550K
Oshawa / Whitby $700K–$1M $550K–$750K $400K–$500K

The double land transfer tax

Toronto is the only city in Ontario with a Municipal Land Transfer Tax on top of the Provincial Land Transfer Tax.

Combined land transfer tax table

Purchase Price Provincial LTT Toronto MLTT Total LTT First-Time Buyer (after rebates)
$500,000 $6,475 $5,725 $12,200 $3,725
$700,000 $10,475 $9,725 $20,200 $7,725
$900,000 $14,475 $13,725 $28,200 $15,725
$1,000,000 $16,475 $15,725 $32,200 $19,725
$1,200,000 $20,475 $19,725 $40,200 $27,725
$1,500,000 $28,475 $27,225 $55,700 $43,225

First-time buyer rebates

Rebate Maximum Amount Eligibility
Ontario PLTT rebate Up to $4,000 First-time buyer, Canadian citizen or PR, will occupy as principal residence
Toronto MLTT rebate Up to $4,475 Same as above, plus property must be in Toronto
Combined maximum rebate $8,475 Eliminates LTT on homes up to ~$400,000

Total closing costs in Toronto

Cost Amount
Land transfer tax (combined) $12,200–$55,700+ (see table above)
Legal fees $1,500–$2,500
Title insurance $300–$500
Home inspection $400–$600
Appraisal $350–$500
Status certificate review (condo) $100–$200
Mortgage default insurance (if < 20% down) Added to mortgage
Moving costs $1,000–$3,000
Total (on $900K purchase) ~$30,000–$35,000

Toronto-specific buying considerations

Bidding wars

Factor Details
Where they happen Move-in-ready freehold homes under $1.2M, desirable locations
How they work Listing agent sets an offer date, multiple buyers submit on the same night
Typical overbid 5%–15% above asking (in competitive situations)
Strategy Set your walk-away number before offers, get a pre-approval for your max, consider a bully offer (before offer night)
Condo market Fewer bidding wars in 2026 — more room to negotiate

Bully offers

A bully offer (pre-emptive offer) is submitted before the scheduled offer date to pressure the seller into accepting early. They are legal in Ontario and common in Toronto. To have a bully offer considered, it typically needs to:

  • Be significantly above asking price
  • Have no or minimal conditions
  • Include a large deposit (5%–10%)
  • Have a short irrevocable (few hours)

The holding offer strategy

When sellers set an offer date far in the future (7+ days), some buyers submit a “holding offer” — a conditional offer at or above asking — to start negotiations before offer night. This is less aggressive than a bully offer.

Condo buying guide (Toronto-specific)

What to check in the status certificate

Item What to Look For
Reserve fund study Is the reserve fund adequately funded? (Look for contributions vs recommended)
Special assessments Any current or upcoming special assessments?
Financial statements Is the corporation running a surplus or deficit?
Insurance certificate Adequate coverage? $25K+ deductible is common — you need your own coverage
Rules and bylaws Pet restrictions, rental restrictions, parking rules
Pending litigation Any lawsuits — and what is the potential financial impact?
Meeting minutes Major repair issues, governance concerns

Rental restrictions in Toronto condos

Many Toronto condo corporations have rental restrictions. Common rules include:

  • Owner must occupy for 1 year before renting
  • Maximum percentage of units that can be rented
  • Minimum lease term (usually 12 months — no short-term/Airbnb)
  • Tenant must agree to condo rules

First-time buyer programs available in Toronto

Program Benefit
Ontario PLTT rebate Up to $4,000
Toronto MLTT rebate Up to $4,475
FHSA Tax-free savings for first home (up to $40K)
Home Buyers’ Plan (HBP) Withdraw up to $60,000 from RRSP
First-Time Home Buyer Tax Credit $10,000 credit ($1,500 tax savings)
GST/HST New Housing Rebate Partial rebate on new construction
CMHC 5% down Insured mortgage with minimum 5% down

Neighbourhood guide: what to consider

Factor Why It Matters
TTC access Subway proximity adds 10%–20% premium; essential for car-free living
School catchment Top-rated schools drive significant price premiums in some areas
Walk Score Higher walkability = higher demand and prices
Development pipeline Check the city’s development applications — what’s coming to your neighbourhood?
Flood zones Some Toronto neighbourhoods are in flood plains — insurance and risk considerations
Ravine lots Beautiful but come with TRCA regulations limiting what you can do
Heritage designation Limits renovations — check before buying if you plan to modify

Tips for buying in Toronto

  1. Get fully pre-approved — not just pre-qualified — before you start looking
  2. Budget for the double land transfer tax — this is the single biggest surprise for newcomers
  3. Review the status certificate with a lawyer before buying a condo
  4. Work with an agent who knows the specific neighbourhood — Toronto micro-markets vary block by block
  5. Consider the 905 if budget is tight — Hamilton, Oshawa, and Brampton offer detached homes for the price of a Toronto condo
  6. Check the condo’s insurance deductible — some buildings have $100K+ deductibles; you need your own unit insurance
  7. Factor in commute time realistically — the GTA’s traffic can turn a 25 km drive into a 90-minute commute
  8. Do not skip the home inspection — even in multiple offers, include an inspection condition or pre-inspect
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