Updated November 2026 · Estima.ca research
Toronto housing market in 2026
The Toronto real-estate market entered 2026 in an unusual position: benchmark prices remained near multi-year lows compared to their 2022 peak, while inventory sat elevated by GTA standards. CREA's monthly data and TRREB reporting through the first half of 2026 both describe a market that has stabilized but not yet returned to the price growth pace of the last decade.
For buyers, that combination — stable-to-lower prices and a Bank of Canada policy rate at 2.25% — has restored some purchasing power that had disappeared in 2022 and 2023.
Where GTA prices sit today
Greater Toronto Area benchmark prices in spring 2026 sat in the low-to-mid $1 million range for the composite, with detached homes higher and condominium apartments meaningfully lower. The condo segment continues to face the largest inventory overhang, particularly in downtown high-rise buildings.
The 905 belt — Mississauga, Brampton, Markham, Vaughan — has held its price differential to the 416 more than analysts expected, while Peel and Halton condos have moved less than downtown units.
Toronto's double land transfer tax
Buyers within the City of Toronto pay both the Ontario Land Transfer Tax and the Municipal Land Transfer Tax. On a $1 million home the combined bill approaches $32,000 before first-time-buyer rebates.
First-time buyers get up to $4,000 back on the provincial tax and up to $4,475 on the municipal tax — a meaningful offset but still leaving a large closing-cost line on Toronto purchases.
What a Toronto mortgage costs in 2026
A $900,000 mortgage on a $1.2M GTA home, at a 4.2% 5-year fixed over 30 years (available now for first-time buyers under the new insured rules), costs roughly $4,370 per month before property tax and insurance.
Toronto property tax is comparatively low — around 0.66% of assessed value — but the assessed base is high, so budget several hundred dollars per month.
FAQ
- Are Toronto home prices falling in 2026?
- They have stabilized after significant softening from the 2022 peak. Condos remain under the most pressure; detached homes have held better.
- How much are Toronto closing costs?
- Toronto buyers pay both provincial and municipal land transfer taxes — roughly 3% combined at the $1M price point — plus legal and title costs.
- Can I get a 30-year amortization in Toronto?
- Yes, if you are a first-time buyer or buying a new-build, thanks to Ottawa's December 2024 rule change. It applies to insured mortgages up to the new $1.5M cap.
- What's the average mortgage in Toronto today?
- The GTA has one of the highest average mortgage balances in Canada. CMHC's Spring 2026 report puts Ontario averages well above the national mean.