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Toronto Mortgage Affordability Calculator (Updated August 2026)

Updated

Maximum Home Price

How much house can you afford in Toronto?

The average GTA home costs $1,003,956 as of July 2026, down 4.54% year-over-year and down 5.17% from June — with City of Toronto at $1,010,836 (-3.23% YoY). The GTA MLS HPI benchmark is $934,600 (-4.63% YoY). With 4.6 months of supply and an SNLR of 37.1%, Toronto remains in buyer’s market territory, though the gap to the 40% balanced threshold has narrowed as new listings fell sharply (-17.8% YoY).

Toronto affordability by property type

Real TRREB data — July 2026:

Property Type Avg Price YoY Down (20%) Income Required
Condo Apartment $636,323 -2.33% $127,265 $141,491
Att/Row/Townhouse $903,986 -2.75% $180,797 $193,058
All Types $1,003,956 -4.54% $200,791 $212,318
Semi-Detached $964,922 -7.34% $192,984 $204,798
Detached $1,291,690 -5.14% $258,338 $267,752

Income assumes 4.04% rate, 25-year amortization, 32% GDS, $354/mo tax, $150/mo heat.

Condos remain the entry point — at $636,323, they require less than half the income of a detached home, and they’ve held up far better than semi-detached homes, which posted the steepest year-over-year decline of any property type this month (-7.34%).

Why condos are becoming the default starter home in Toronto

Two forces are converging to make condos the realistic entry point for most first-time GTA buyers. First, semi-detached homes — historically a middle-ground option — have fallen the fastest of any property type (-7.34% YoY), narrowing the price gap to condos less than it might first appear, but condos still require under half the income. Second, Toronto’s pre-construction condo market continues to see investors exit amid higher carrying costs, pushing more assignment and resale condo inventory onto the market and keeping condo prices comparatively flat (+0.89% month-over-month in July after a softer June). For buyers priced out of ground-level housing, this combination means more condo choice without the price growth seen in past cycles.

GTA neighbourhood price breakdown

General positioning by area (approximate, based on typical TRREB district pricing patterns rather than a single monthly snapshot):

Area Price Range Notes
Scarborough (E03–E05) $700K–$1M Detached typically $200K–$300K below citywide avg
Etobicoke $800K–$1.2M Mid-range suburban
North York $800K–$1.5M Wide range by neighbourhood
Downtown (C01, C08) $700K–$750K Condo average
Midtown (C02–C04) $2M+ Detached often exceeds $2M

Scarborough detached homes remain the most affordable GTA entry point for detached housing, typically $200,000–$300,000 below citywide averages.

Toronto’s double land transfer tax — the hidden cost

Toronto is the only city in Ontario with a municipal LTT on top of provincial. Both use the same brackets:

Purchase Price Provincial LTT Toronto Municipal LTT Combined
$636,323 (condo avg) ~$8,545 ~$8,545 ~$17,090
$903,986 (townhouse) ~$13,580 ~$13,580 ~$27,160
$1,003,956 (avg) ~$15,479 ~$15,479 ~$30,958
$1,291,690 (detached) ~$21,734 ~$21,734 ~$43,468

First-time buyer rebates: Provincial up to $4,000 + Municipal up to $4,475 = $8,475 max savings

Living in Hamilton or other GTA suburbs eliminates the municipal LTT entirely — saving $8,000–$21,000.

Toronto vs comparable cities

City Avg/Benchmark Price Est. Income Needed LTT/PTT at That Price
Toronto $1,003,956 $212,318 ~$30,958
Vancouver $1,088,800 $228,664 ~$19,800 (PTT)
Ottawa $683,308 ~$144,500 ~$10,100
Hamilton $728,200 ~$154,000 ~$10,900
Calgary $629,855 ~$133,200 ~$300
Edmonton $470,819 ~$99,600 ~$300

Toronto’s double LTT adds $10,000–$30,000+ more in upfront costs than most other major Canadian cities, on top of already having the highest average price.

Toronto market conditions — July 2026

Metric Value
Average price $1,003,956 (-4.54% YoY)
Benchmark (TRREB) $934,600 (-4.63% YoY)
City of Toronto $1,010,836 (-3.23% YoY)
Total sales 5,995 (-0.9% YoY)
New listings 14,484 (-17.8% YoY)
Active listings 26,098 (-12.1% YoY)
Average DOM 45 days
SNLR 37.1%
Months of supply 4.6
Sale-to-list ratio 97%
Market condition Buyer’s market

Homes selling on average 3% below asking price. New listings falling faster than active listings (-17.8% vs -12.1% YoY) suggests the buyer’s market may be narrowing if the trend continues.

See the Toronto housing market report for the latest.

Tips for Toronto homebuyers

  1. Buyer’s market, but narrowing — SNLR of 37.1% still favours buyers, but new listings are falling faster than sales
  2. Budget $31K+ for LTT — Toronto’s double tax is a major upfront expense
  3. First-time buyer? Claim both rebates — $8,475 back on combined LTT
  4. Condos are the realistic entry point — Less than half the income of detached, and prices have stabilized month-over-month
  5. Scarborough for detached value — Typically $200K–$300K below citywide average
  6. Consider Hamilton — 45 min by GO, hundreds of thousands cheaper, and no municipal LTT
  7. Compare mortgage rates — Even 0.1% saves $20K+ on a $1M mortgage

First-time buyer programs in Toronto (Ontario)

Program Benefit Notes
Ontario FTB LTT Rebate Up to $4,000 rebate on Ontario LTT Applies to Ontario portion
Toronto FTB LTT Rebate Up to $4,475 rebate on Toronto municipal LTT Applies to Toronto portion only
Total FTB LTT rebate Up to $8,475 Combined provincial + municipal
FHSA Up to $40,000 tax-deductible savings Essential at Toronto prices
RRSP Home Buyers’ Plan Up to $60,000/person ($120,000/couple) Repay over 15 years
CMHC insurance 5% down on homes under $1.5M Most Toronto condos and some townhomes
GST/HST New Housing Rebate Partial HST rebate on new builds 13% HST applies

On the current $1,003,956 average Toronto home purchase, total LTT is approximately $30,958. With both FTB rebates ($8,475), a first-time buyer’s net LTT is approximately $22,483 — still the highest in Canada by a significant margin.