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