How much house can you afford in Toronto?
The average GTA home costs $1,008,968 as of February 2026, down 7.0% year-over-year — with City of Toronto at $1,019,144. The GTA benchmark is $938,800 (-7.9% YoY), sitting 7.9% below February 2022 peaks. With 5.0 months of supply and an SNLR of just 36.1%, Toronto is firmly in a buyer’s market.
Toronto affordability by property type
Real GTA data — February 2026:
| Property Type | Avg Price | YoY | Down (20%) | Income Required |
|---|---|---|---|---|
| Condo Apartment | $626,650 | -8.9% | $125,330 | $139,755 |
| Att/Row/Townhouse | $930,779 | -6.1% | $186,156 | $198,340 |
| All Types | $1,008,968 | -7.0% | $201,794 | $213,376 |
| Semi-Detached | $1,027,376 | -4.9% | $205,475 | $216,946 |
| Detached | $1,325,654 | -8.3% | $265,131 | $274,408 |
Income assumes 4.04% rate, 25-year amortization, 32% GDS, $354/mo tax, $150/mo heat.
Condos are the entry point — at $626,650, they require less than half the income of a detached home. And they’ve fallen 8.9% YoY, the steepest decline of any property type.
GTA neighbourhood price breakdown
| Area | Price Range | Notes |
|---|---|---|
| Scarborough (E03–E05) | $700K–$1M | Detached $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 run $200,000–$300,000 below citywide averages — the most affordable GTA entry for detached.
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 |
|---|---|---|---|
| $626,650 (condo avg) | ~$8,333 | ~$8,333 | ~$16,666 |
| $930,779 (townhouse) | ~$14,416 | ~$14,416 | ~$28,832 |
| $1,008,968 (avg) | ~$15,979 | ~$15,979 | ~$31,000 |
| $1,325,654 (detached) | ~$22,313 | ~$22,313 | ~$44,626 |
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–$22,000.
Toronto vs comparable cities
| City | Avg Price | Income Needed | LTT at Avg Price |
|---|---|---|---|
| Toronto | $1,008,968 | $213,376 | ~$31,000 |
| Vancouver | $1,206,180 | $230,944 | ~$20,000 (PTT) |
| Ottawa | $641,436 | $142,484 | ~$8,629 |
| Calgary | $627,776 | $139,895 | ~$200 |
| Hamilton | $734,639 | $160,194 | ~$10,493 |
| Edmonton | $448,761 | $105,383 | ~$200 |
Toronto’s double LTT adds $20,000+ more in upfront costs than most other Canadian cities.
Toronto market conditions — February 2026
| Metric | Value |
|---|---|
| Average price | $1,008,968 (-7.0% YoY) |
| Benchmark (TRREB) | $938,800 (-7.9% YoY) |
| City of Toronto | $1,019,144 (-6.2% YoY) |
| Total sales | 3,868 (-6.3% YoY) |
| Active listings | 19,314 (-1.1% YoY) |
| Average DOM | 54 days (+11 days) |
| SNLR | 36.1% |
| Months of supply | 5.0 |
| Sale-to-list ratio | 97% |
| Market condition | Buyer’s market |
Homes selling on average 3% below asking price. TRREB estimates 100,000+ would-be buyers are holding off.
See the Toronto housing market report for the latest.
Tips for Toronto homebuyers
- Buyer’s market = negotiate — SNLR of 36.1% and 97% sale-to-list ratio means real power
- Budget $31K+ for LTT — Toronto’s double tax is a major upfront expense
- First-time buyer? Claim both rebates — $8,475 back on combined LTT
- Scarborough for value — Detached homes $200K–$300K below citywide average
- Consider Hamilton — 45 min by GO, $274K cheaper, and no municipal LTT
- Compare mortgage rates — Even 0.1% saves $20K+ on a $1M mortgage
Related calculators
- Toronto Mortgage Calculator — Estimate your monthly payment
- Toronto Mortgage Rates — Compare current rates
- Toronto Housing Market — Latest prices and trends
- Ontario Affordability — Provincial overview
- Hamilton Affordability — Nearby alternative
- Land Transfer Tax Calculator — Calculate your exact LTT