Buying in Toronto takes a lot of money, and for many people the price is out of reach. If owning here is still your goal, learn the average house price in Toronto before you shop for a mortgage.
Homes in the Greater Toronto Area (GTA) sold for $1,006,409 on average in September 2026, according to the Toronto Regional Real Estate Board (TRREB). That's about $340,000 higher than the national number, the average house price in Canada. Toronto house prices are still 5.1% lower than they were a year earlier.
Using figures from TRREB and the Canadian Real Estate Association, this guide shows what homes cost across Toronto in 2026, what you'd pay each month, and how to buy without stretching your budget too thin.
Key Points
- The average GTA sale price in September 2026 was $1,006,409, a 5.1% dip from twelve months before.
- A detached home averaged $1,292,016 GTA-wide. A condo apartment averaged $605,257.
- For the same kind of home, the 905 regions outside the city are usually cheaper than the City of Toronto.
- A mortgage on an average GTA home costs roughly $4,700 to $5,600 monthly. Putting 20% down gets you the lower figure.
- Buy an average-priced home inside the City of Toronto and you pay two land transfer taxes, about $33,206 in total.
Average House Price In Toronto: What Homes Sold For In September 2026
In September 2026, the GTA average came in at $1,006,409. Twelve months earlier it was $1,060,036, so prices are down 5.1%.1
The MLS HPI benchmark tells a similar story. It follows the value of a typical home, so it isn't swayed by which homes sold in a given month. In September 2026, that benchmark stood at $917,600 for Greater Toronto, after a 4.7% drop over the year.2 That's 28.3% under the February 2022 high of $1,279,800, yet close to three times the $315,300 benchmark of January 2005.
Greater Toronto Benchmark Home Price, 2005 To 2026
Peak $1,279,800 in February 2022 | September 2026: $917,600
Source: CREA MLS Home Price Index, Greater Toronto composite benchmark price, not seasonally adjusted.
Where you buy in the GTA makes a big difference. Here's the September 2026 picture for each main TRREB region:
| Region | Average Price (September 2026) | Median Price | Homes Sold |
|---|---|---|---|
| Halton Region | $1,139,025 | $982,500 | 502 |
| York Region | $1,136,650 | $1,043,000 | 893 |
| City of Toronto | $1,034,320 | $810,000 | 1,937 |
| Peel Region | $906,719 | $855,000 | 936 |
| Durham Region | $828,141 | $770,000 | 552 |
| All TRREB areas | $1,006,409 | $860,000 | 5,040 |
Source: TRREB Market Watch (September 2026).1 Halton and York topped the list, and Durham was the cheapest of the five regions. Medians run below averages everywhere, because a small number of high-priced sales lifts each average. The median is the middle sale, with half above it and half below, so it's closer to what a typical buyer paid.
How Much Do Detached Homes, Townhouses And Condos Cost In Toronto?
A detached home was the priciest option in the GTA in September 2026, at an average of $1,292,016. A condo apartment was the cheapest, at $605,257.1 The table below uses Toronto Regional Real Estate Board (TRREB) data to split prices between the City of Toronto (416), the surrounding 905 regions and all TRREB areas combined:
| Home Type | City Of Toronto (416) | 905 Regions | All TRREB Areas |
|---|---|---|---|
| Detached | $1,562,966 (-7.6%) | $1,193,432 (-4.4%) | $1,292,016 (-5.1%) |
| Semi-detached | $1,207,884 (+2.1%) | $851,266 (-4.8%) | $1,015,202 (-0.2%) |
| Townhouse | $922,445 (-0.8%) | $789,299 (-5.8%) | $820,637 (-4.6%) |
| Condo apartment | $640,248 (-6.1%) | $533,654 (-12.0%) | $605,257 (-7.7%) |
Source: TRREB Market Watch (September 2026).1 Each figure is an average sale price, and the bracket shows the change since September 2025. Only semi-detached homes in the City of Toronto went up. Condo apartments in the 905 regions dropped the most, at 12.0%, which works in your favour if a condo is your way into the market.
Is Toronto Pricier Than Other Ontario Cities?
Yes, by a wide margin. At $917,600, Greater Toronto's benchmark tops every market listed below.2 Guelph, the next highest, comes in almost $200,000 lower. For the province-wide picture, see the average home price in Ontario.
| Market | Benchmark Price (September 2026) | Change Over 12 Months |
|---|---|---|
| Guelph | $720,200 | -3.6% |
| Barrie | $687,400 | -5.3% |
| Cambridge | $662,700 | -4.2% |
| Kitchener-Waterloo | $630,200 | -5.6% |
| Ottawa | $623,500 | -0.3% |
| Brantford Region | $610,000 | -7.7% |
| Niagara Region | $567,400 | -4.6% |
| Sudbury | $498,000 | -1.2% |
| North Bay | $418,600 | -1.7% |
Source: CREA MLS Home Price Index (September 2026).2 All figures are composite benchmarks for a typical home. Every market on the list lost value over the year. Brantford fell furthest, while Ottawa barely moved.
Toronto Vs. The Rest Of Canada: How Far Apart Are Prices?
Toronto's $1,006,409 average sits roughly $340,000 above the national figure of $666,538 for September 2026.1,2 Of Canada's major cities, only Vancouver has a higher typical price. Greater Toronto lifts Ontario's provincial average, and Ontario in turn lifts the national one.
| Region | Price (September 2026) | Change Since September 2025 |
|---|---|---|
| Canada | $666,538 | -1.6% |
| British Columbia | $923,887 | -2.4% |
| Ontario | $791,691 | -4.3% |
| Quebec | $563,241 | +2.2% |
| Alberta | $525,308 | +5.2% |
| Nova Scotia* | $423,200 | -2.5% |
| Manitoba* | $388,200 | +3.4% |
| Prince Edward Island* | $377,900 | +0.5% |
| Saskatchewan* | $376,700 | +2.8% |
| Newfoundland and Labrador* | $355,600 | +5.5% |
| New Brunswick* | $341,700 | +2.7% |
Source: CREA (September 2026).2 Starred rows are MLS HPI benchmarks; the rest are average sale prices. Ontario's 4.3% drop was the largest of any province. Most of the Prairies and Atlantic Canada still posted small gains.
Why Do Homes Cost So Much In Toronto?
Lots of people want to live in Toronto, and the supply of homes can't keep up. With many buyers chasing a limited number of homes, prices climb.
That pressure spreads to nearby regions. Halton and York both averaged more than $1.1 million in September 2026.1 When the 416 is beyond your budget, the 905 regions still cost less for most home types, though you may pay for the savings with a longer commute.
What Would A GTA Mortgage Cost You Each Month?
At the GTA's $1,006,409 average, a 20% down payment leads to a payment of about $4,683 a month. With the minimum down payment, it's closer to $5,630. Two things drive that number: your down payment and your rate. All rows assume you lock in 5% fixed and take 25 years to pay off the loan.
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| Down Payment | Amount Down | CMHC Insurance Premium | Ontario PST On Premium (Paid Up Front) | Total Mortgage | Monthly Payment |
|---|---|---|---|---|---|
| Minimum (7.52%)* | $75,641 | $37,231 (4.00%) | $2,978 | $967,999 | $5,630 |
| 10% | $100,641 | $28,079 (3.10%) | $2,246 | $933,847 | $5,431 |
| 20% | $201,282 | None | None | $805,127 | $4,683 |
*Above $500,000, you need 5% on the first $500,000 and 10% on the rest. For $1,006,409, add $25,000 and $50,641 to get $75,641, or 7.52% of the price.
These numbers are for illustrative purposes only. Actual numbers may vary.
If you put down less than 20%, you also need mortgage default insurance. The premium goes onto your loan. That's why the mortgage total is higher in the 7.52% and 10% rows. On top of that, the premium attracts Ontario's 8% provincial sales tax. The tax can't go into the mortgage, so set aside $2,246 to $2,978 in cash for closing day.
How Much A Rate Change Moves Your Payment
Put 20% down and your mortgage is $805,127. A half-point move up or down shifts it $220 to $240 a month, give or take. Between 4% and 6%, the interest over 25 years differs by about $275,000.
| Rate | Payment Each Month | Interest Over The Full 25 Years |
|---|---|---|
| 4.0% | $4,235 | $465,412 |
| 4.5% | $4,456 | $531,721 |
| 5.0% | $4,683 | $599,671 |
| 5.5% | $4,914 | $669,201 |
| 6.0% | $5,151 | $740,250 |
These numbers are for illustrative purposes only. Actual numbers may vary.
The calculator below works for any GTA listing you're eyeing.
Mortgage Calculator
| Amortization | Payment | Total interest | Total paid |
|---|---|---|---|
| 15 years | $3,356.62 | $164,191.53 | $604,191.53 |
| 20 years | $2,773.78 | $225,707.84 | $665,707.84 |
| 25 years | $2,435.28 | $290,584.30 | $730,584.30 |
| 30 years | $2,218.55 | $358,677.44 | $798,677.44 |
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| Year 1 | $9,805.24 | $19,418.13 | $430,194.76 |
| Year 2 | $10,251.44 | $18,971.93 | $419,943.33 |
| Year 3 | $10,717.94 | $18,505.43 | $409,225.38 |
| Year 4 | $11,205.67 | $18,017.70 | $398,019.71 |
| Year 5 | $11,715.60 | $17,507.77 | $386,304.11 |
| Year 6 | $12,248.74 | $16,974.64 | $374,055.37 |
| Year 7 | $12,806.13 | $16,417.24 | $361,249.24 |
| Year 8 | $13,388.89 | $15,834.48 | $347,860.35 |
| Year 9 | $13,998.17 | $15,225.20 | $333,862.18 |
| Year 10 | $14,635.17 | $14,588.20 | $319,227.01 |
| Year 11 | $15,301.16 | $13,922.21 | $303,925.85 |
| Year 12 | $15,997.46 | $13,225.91 | $287,928.39 |
| Year 13 | $16,725.45 | $12,497.93 | $271,202.94 |
| Year 14 | $17,486.56 | $11,736.81 | $253,716.38 |
| Year 15 | $18,282.31 | $10,941.07 | $235,434.07 |
| Year 16 | $19,114.27 | $10,109.11 | $216,319.81 |
| Year 17 | $19,984.08 | $9,239.29 | $196,335.72 |
| Year 18 | $20,893.49 | $8,329.89 | $175,442.24 |
| Year 19 | $21,844.27 | $7,379.10 | $153,597.97 |
| Year 20 | $22,838.32 | $6,385.05 | $130,759.65 |
| Year 21 | $23,877.61 | $5,345.77 | $106,882.04 |
| Year 22 | $24,964.19 | $4,259.19 | $81,917.86 |
| Year 23 | $26,100.21 | $3,123.16 | $55,817.64 |
| Year 24 | $27,287.94 | $1,935.44 | $28,529.71 |
| Year 25 | $28,529.71 | $693.66 | $0.00 |
Estimates only. How we calculate: home price minus your down payment, repaid in equal payments at your rate, with interest compounded semi-annually, as fixed-rate mortgages in Canada usually are. Accelerated payments are your monthly payment split in two (bi-weekly) or four (weekly), which pays the mortgage off sooner. With less than 20% down on a home under $1.5 million, the CMHC default insurance premium (2.80% to 4.00% of the loan, by down payment) is added to the mortgage; in Ontario, Quebec and Saskatchewan, the provincial sales tax on it is due at closing and isn't included. Property tax and other fees are not included.
How Much Land Transfer Tax Do You Pay In Toronto In 2026?
Inside the City of Toronto, a home at the GTA's $1,006,409 average comes with about $33,206 in land transfer tax. You pay $16,603 to Ontario and another $16,603 to the city, because Toronto charges its own municipal tax on top of the provincial one.3,4 Budget for it on top of your down payment.
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| Slice Of The Purchase Price | Ontario Rate | City Of Toronto Rate | Each Tax On A $1,006,409 Home |
|---|---|---|---|
| First $55,000 | 0.5% | 0.5% | $275 |
| $55,000 to $250,000 | 1.0% | 1.0% | $1,950 |
| $250,000 to $400,000 | 1.5% | 1.5% | $2,250 |
| $400,000 to $2,000,000 | 2.0% | 2.0% | $12,128 |
| $2,000,000 to $3,000,000 | 2.5% | 2.5% | None at this price |
| Over $3,000,000 | 2.5% | 4.40% to 8.60%, climbing with the price | None at this price |
| Each tax in total | $16,603 | ||
Source: Ontario Ministry of Finance and City of Toronto rate schedules.3,4 Toronto's rates above $3,000,000 took effect April 1, 2026. Below that line, the two schedules match, so the city's share equals the province's.
First-time buyers get money back from both. Ontario refunds up to $4,000 and Toronto rebates up to $4,475, which cuts the bill on a $1,006,409 home to about $24,731.3,4 To qualify, you must be at least 18, be a Canadian citizen or permanent resident, have never owned a home in Canada or abroad, and move in within nine months. You have 18 months after the sale to apply.
These numbers are for illustrative purposes only. Actual numbers may vary.
How Are Interest Rates Affecting Toronto Home Prices?
Rates shape how many people can buy, and that shapes prices. Lower rates make borrowing cheaper and draw more buyers in, which tends to lift prices.
Higher rates do the opposite. Buyers qualify for less, demand cools and prices stall. On October 28, 2026, the policy rate set by the Bank of Canada went up to 2.50%. GTA buyers were already cautious before then, with worries about the economy, inflation and borrowing costs. TRREB's September 2026 sales count was down 9% on the year.1
What Decides The Price Of A Toronto Home?
In the end, buyers do. What they're willing to pay depends on interest rates, how many homes are listed and how many people are shopping. Knowing how a price is reached helps you avoid paying more than a home is worth.
The home itself matters too. Its features, age and condition all push the price up or down.
To judge what a house is worth, look at two things:
- Recent sales nearby - Sales in the same area are your best guide to value. An agent can pull a list of comparables, or "comps," to show you what similar homes went for.
- How close the comps are - The more a comparable looks like the home you want, the more accurate the estimate. That helps you decide what to offer.
Is The GTA A Buyer's Or Seller's Market?
When homes for sale pile up faster than buyers, it's a buyer's market and prices tend to dip. When buyers outnumber listings, sellers gain the edge and prices rise.
Right now the GTA favours buyers. TRREB counted 26,131 active listings and 4.6 months of inventory in September 2026.1 Its sales-to-new-listings ratio was 37.8%, or roughly 38 sales for every 100 new listings. For you, that means more choice and more room to negotiate.
Jobs And The Economy
Secure jobs and rising wages give people the confidence and the cash to buy. When unemployment climbs, buying power shrinks and prices struggle to rise.
Location
Location adds value. Picture two identical homes, one on a quiet street near downtown and transit, the other on a busy road far from both. The first one sells for more.
Age And Condition Of The Home
An older home with dated finishes and visible wear usually sells for less than a newer one with modern finishes. Newer homes also tend to need fewer repairs, and buyers will pay for that.
Features
Some features raise the price because most buyers want them, such as hardwood floors, stone countertops, parking or a finished basement.
Size
Bigger homes usually cost more. More land and more building materials add up, though there are exceptions.
How Big A Mortgage Can You Handle In Toronto?
Three things set the limit: your earnings, your existing debt and the cash you have for a down payment. Before you start house hunting or ask a bank for preapproval, get a sense of your mortgage affordability, meaning the largest mortgage your budget can carry.
Free affordability calculators can do the math for you. Two good ones are the CMHC's calculator and the Canadian Government's calculator.
Have these figures handy before you start:
- Household income - Your gross annual income, before tax.
- Debt payments - What you pay each month on credit cards, car loans and other debts.
- Household costs - A rough estimate of utilities, property taxes and home insurance.
- Mortgage details - Your expected purchase price, down payment and interest rate.
If you're just starting out, these will be estimates, and that's fine. You'll still get a clear idea of how big a mortgage fits your budget.
Lenders also work out two ratios, GDS and TDS, which together form your debt service ratio. Those ratios cap the share of your income a lender lets you put toward the mortgage.
How GDS And TDS Work
Gross debt service (GDS) sets your housing costs against your gross income. Principal, interest, property taxes and heating all count, plus half of your condo fees if you have them.
Total debt service (TDS) sets every debt payment, housing included, against your gross income. If either one runs too high, the lender may approve you for less than you asked for.
What Are The Monthly Costs Of Owning A Home In The GTA In 2026?
On an average GTA home, your mortgage payment alone lands between $4,683 and $5,630 each month, and your down payment decides where. Property taxes, insurance, utilities, upkeep and, in a condo, monthly fees all come on top. Here's what each one involves:
| Cost | What It Covers |
|---|---|
| Property taxes | The City of Toronto's total 2026 residential rate is 0.767311% of your assessed value.5 That's about $767 a year for every $100,000 of assessment, or roughly $64 a month. |
| Home insurance | Protects your home and what's in it. Get quotes before you buy so the premium is part of your plan. |
| Utilities | Expect monthly bills for heating and cooling, electricity, gas, water and internet. Some hot water tanks and air conditioners are rented, which adds another monthly payment. |
| Maintenance and repairs | Things wear out and break. Older homes tend to need more work, so set money aside every month. |
| Condo fees | Condo owners pay a monthly fee. It takes care of some costs a freehold owner would pay directly. |
How Do You Keep From Becoming House Poor In Toronto?
Buy a home that still leaves room in your budget once the mortgage and other bills are paid. Being house poor means nearly every dollar goes to your home, with little left for savings or emergencies.
These steps help you stay out of that spot.
Build Up Your Down Payment
You can't get a mortgage without a down payment. For a $1,006,409 home, the minimum works out to $75,641, and any home at $1.5 million or more needs at least 20% down. Lenders like a bigger down payment because it lowers their risk.
A bigger down payment also means a smaller loan. On the GTA's average home, going from the minimum down to 20% lowers the monthly payment to about $4,683, down from $5,630. At 20% you also skip mortgage default insurance, along with the PST you'd pay in cash on its premium.
So give yourself time to save before you buy. The less you borrow, the less interest you pay over the life of the mortgage.
Add Up Every Cost Of Owning
Your mortgage will likely be your biggest payment, but it isn't the only one. Property taxes, insurance, utilities and maintenance all need a place in your budget too.
Being approved for a certain amount doesn't mean you have to borrow all of it. Asking for less than your maximum gives you breathing room each month.
Setting A Housing Budget
Keep your home costs, such as the mortgage, property taxes, heating and condo fees, well under the GDS limit your lender uses. That leaves slack in your monthly budget.
Do the same with your total debt service (TDS) ratio, which counts all your debts against your gross income. Going over the lender's limit makes approval harder. Even if you're approved, a high TDS can make it a struggle to keep up with every payment.
Keep Your Credit In Good Shape
Your credit score is one of the things lenders weigh. It affects your ability to get approved for a mortgage and the rate you're offered.
Before You Buy In Toronto
A Toronto home is a big purchase. The GTA average was $1,006,409 in September 2026. At that price, the mortgage alone runs roughly $4,700 to $5,600 a month. Taxes, insurance and upkeep come on top. Get your finances in order, work on your credit score, and borrow only what your budget can handle with room to spare.
Average House Price In Toronto FAQs
What does the typical Toronto home sell for?
What's the minimum down payment on a Toronto home?
Can you buy in Toronto with bad credit?
Does a better credit score lower your mortgage rate?
What's the monthly payment on a $1,006,409 home?
How much is land transfer tax on a Toronto house?
Are Toronto home prices going down?
Are homes cheaper outside the City of Toronto?
Sources
- Toronto Regional Real Estate Board (TRREB). (2026). Market Watch, September 2026. https://trreb.ca/hlfiles/pdf/mw_september_2026_564895214753249.pdf
- Canadian Real Estate Association (CREA). (2026). Housing market statistics and MLS Home Price Index (September 2026). https://www.crea.ca/housing-market-stats/
- Ontario Ministry of Finance. (2026). Land transfer tax: calculating the tax and refunds for first-time homebuyers. https://www.ontario.ca/document/land-transfer-tax
- City of Toronto. (2026). Municipal Land Transfer Tax (MLTT): rates and rebate opportunities. https://www.toronto.ca/services-payments/property-taxes-utilities/municipal-land-transfer-tax-mltt/
- City of Toronto. (2026). Property tax rates and fees. https://www.toronto.ca/services-payments/property-taxes-utilities/property-tax/property-tax-rates-and-fees/
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