Toronto Housing Market Report

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Market Report Summary
Updated July 23rd, 2021
  • Average home prices have remained in a tight range since March but are still up by 17% year-over-year at $1.089M.
  • New CMHC regulations and recent shifts in monetary policy will affect future demand
  • Detached home prices increased by 25% year-over-year to $1.41M
  • Semi-detached home prices increased by 14% year-over-year to $1.06M
  • Townhouse prices increased by 30% year-over-year to $945k
  • Condo apartment prices increased by 8% year-over-year to $683k

Toronto Housing Market Overview

Data for June 2021
Avg. Sold Price:$1,089,536
All Property Types:$1,089,536
Detached:$1,407,540
Semi-Detached:$1,055,640
Townhouse:$945,212
Condo Apartment:$683,479
Transactions (Buy/Sell):11,106
All Property Types:11,106
Detached:1,407,540
Semi-Detached:1,055,640
Townhouse:945,212
Condo Apartment:683,479

Toronto's housing market was stable this June as home prices continued to remain within a tight range since March. Average home prices have remained around $1.09M to $1.10M for a number of months despite fewer transactions. Inventory continues to remain limited, but, on average, listings remained on market for a few days more than last month.

Averages sold prices were at $1,089,536 this June, down 2% from May highs but still up 17% year-over-year. Detached homes accounted for 51% of sales with an average sold price of $1,407,540, a 25% increase year-over-year. Detached home prices have remained within a tight range around $1.4M since March despite a 32% drop in transactions. Semi-detached homes accounted for 10% of sales with an average sold price of $1,055,640, a 14% increase year-over-year. Semi-detached home prices have remained within a tight range around $1.05M to $1.06M since March despite a 29% drop in transactions. Townhouse home prices have seen even less volatility with average sold prices prices staying within a single percentage point of $950K since March. Townhouses accounted for 11% of total sales and saw an average sold price of $945,212 this month.

In contrast to other property types, average sold prices of condo apartments peaked earlier in April rather than May. Condo prices have since dipped by a bit more than 1% since April highs, but still remain 8% higher than prices from last June. Condos accounted for 28% of total sales and saw an average sold price of $683,479 this month.

The expansion of the CMHC First-Time Home Buyer Incentive will likely provide a short-term boost to condos in the Toronto region. First-time home buyers in the Toronto CMA spanning from Oakville to Oshawa, Vancouver CMA, and Victoria CMA are eligible to borrow 5% or 10% of a property's price from the Federal government for their down payment interest-free. The expansion increased the maximum household income limit from $120,000 to $150,000 and the total borrowed amount from 4x household income to 4.5x household income, which increases the home price limit from approx. $500K to more than $700K.

In addition, the CMHC has recently decreased their standards for insured mortgages. This reverses the increase from last year and drops required credit scores from 680 to 600 and increases GDS and TDS ratio limits to 39% and 44% from 35% and 42%, respectively.

However, the Office of the Superintendent of Financial Institutions (OSFI) and the Ministry of Finance have recently raised the benchmark mortgage stress test rate for both insured and uninsured borrowers from 4.79% to 5.25%, limiting affordability for marginal buyers.

Mortgage rates have risen from their 2020 lows but have remained stable for the past few months. This low interest rate environment is expected to change by H2 2022 when the first of potentially many rate hikes is expected. In their last meeting on July 14th, the Bank of Canada maintained their near-zero target overnight rate but decreased their bond buying program from $3 billion to $2 billion a week. Higher bond yields could raise mortgage rates and lead to decreased affordability in Toronto.

Home Prices in Toronto

Single-Family Detached Home Prices in Toronto

Statistics for June 2021
Average Price: $1,407,54024.8% from Jun. 2020
Units Sold: 5,16916.3% from Jun. 2020
New Listings: 7,256-6.9% from Jun. 2020

Semi-Detached Home Prices in Toronto

Statistics for June 2021
Average Price: $1,055,64013.6% from Jun. 2020
Units Sold: 1,05632.3% from Jun. 2020
New Listings: 1,3709.3% from Jun. 2020

Townhouse Prices in Toronto

Statistics for June 2021
Average Price: $945,21229.7% from Jun. 2020
Units Sold: 1,079-31.4% from Jun. 2020
New Listings: 1,365-4.7% from Jun. 2020

Condo Prices in Toronto

Statistics for June 2021
Average Price: $683,4798.2% from Jun. 2020
Units Sold: 2,80056.2% from Jun. 2020
New Listings: 4,718

Toronto Housing Market Statistics for All Property Types

Data for June 2021
$1,089,536
Avg. Sold Price
-2%
Monthly change
-0.73%
Quarterly change
17%
Annual change
11,106
Transactions (Buy/Sell)
-7%
Monthly change
-29%
Quarterly change
28%
Annual change

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

Detached
Semi-Detached
Townhouses
Condo Apartments

Free Home Value Estimator

Property Type
Condo Apt.Condo Apt.
Condo TownhouseCondo Townhouse
Detached HouseDetached House
Semi-DetachedSemi-Detached
Your Home's Address
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Your Annual Property Tax in 2020
/year
Powered by the WOWA Home Valuation API

Housing Markets Across Canada

Interactive Map - Hover Over Province for Details
ONQCMBSKABBCYTNTToronto$1,089,536Vancouver$1,175,100Hamilton$787,758Montreal$514,868Ottawa$659,929Edmonton$398,229Calgary$494,111Winnipeg$369,310
$250k to $300k
$300k to $340k
$340k to $400k
$400k to $460k
$460k to $600k
$600k to $910k

Market Overview for Detached Homes

Data for June 2021
$1,407,540
Avg. Sold Price
-0.58%
Monthly change
0.33%
Quarterly change
25%
Annual change
5,169
Transactions (Buy/Sell)
-10%
Monthly change
-32%
Quarterly change
16%
Annual change

Average Sold Price

Transactions

Market Overview for Semi-Detached Homes

Data for June 2021
$1,055,640
Avg. Sold Price
-0.82%
Monthly change
0.97%
Quarterly change
14%
Annual change
1,056
Transactions (Buy/Sell)
-14%
Monthly change
-29%
Quarterly change
32%
Annual change

Average Sold Price

Transactions

Market Overview for Townhouses

Data for June 2021
$945,212
Avg. Sold Price
-0.5%
Monthly change
-0.71%
Quarterly change
30%
Annual change
1,079
Transactions (Buy/Sell)
-11%
Monthly change
-27%
Quarterly change
-31%
Annual change

Average Sold Price

Transactions

Market Overview for Condo Apartments

Data for June 2021
$683,479
Avg. Sold Price
0.18%
Monthly change
1%
Quarterly change
8%
Annual change
2,800
Transactions (Buy/Sell)
3%
Monthly change
-27%
Quarterly change
56%
Annual change

Average Sold Price

Transactions

Greater Toronto Area (GTA) Breakdown by Region

Data for June 2021
Region
Average Sold Price
1-Year Change
#1Halton Region$1,222,26322.8%
#2Burlington$1,149,98927.7%
#3Halton Hills$1,150,26929.9%
#4Milton$1,035,34924.2%
#5Oakville$1,437,98615.1%
#6Peel Region$1,041,44020.1%
#7Brampton$1,012,03923.5%
#8Caledon$1,459,07836.3%
#9Mississauga$1,019,32514.4%
#10York Region$1,241,83313.5%
#11Aurora$1,269,04118.8%
#12East Gwillimbury$1,331,76329.9%
#13Georgina$849,66518.3%
#14King$1,788,0702.2%
#15Markham$1,214,30411.8%
#16Newmarket$1,088,66722.4%
#17Richmond Hill$1,295,4296.8%
#18Vaughan$1,291,26411.9%
#19Whitchurch-Stouffville$1,344,99831.8%
#20Durham Region$917,26733.8%
#21Ajax$926,76724.3%
#22Brock$821,57233.8%
#23Clarington$875,07738.4%
#24Oshawa$796,88337.9%
#25Pickering$1,051,10636.1%
#26Scugog$976,95542.9%
#27Uxbridge$1,412,52471.2%
#28Whitby$1,002,40931.7%
#29Dufferin County$798,02323.8%
#30Orangeville$798,02323.8%
#31Simcoe County$986,21442.4%
#32Adjala-Tosorontio$1,501,421110.3%
#33Bradford West Gwillimbury$1,094,40430.0%
#34Essa$860,41136.6%
#35Innisfil$936,78845.1%
#36New Tecumseth$897,39836.1%
#37Swansea-Roncesvalles-Parkdale$1,521,53330.1%
#38Junction-Triangle-Wallace Emerson-Bloor West Village-High Park North$1,312,98316.9%
#39Rockcliffe-Smythe-Corso Italia-Davenport-Keesdale-Eglington West$1,020,71015.0%
#40Yorkdale-Glen Park-Weston-Briar Hill-Belgravia$880,84318.3%
#41Blackcreek-York University$815,07824.1%
#42Etobicoke-Lakeshore$936,28611.3%
#43Stonegate-Queensway$1,872,96245.9%
#44Etobicoke Centre$1,132,718-3.6%
#45Kingsview Village-Richview-Humber Heights-Westmount$961,7924.0%
#46Etobicoke North$725,4098.5%
#47Bay Street Corridor-Little Italy-Trinity-Bellwoods-Little Portugal-Dufferin Grove$846,570-0.5%
#48Annex-Wychwood-Casa Loma-Deerpark-Davenport-Yorkville$1,714,81611.9%
#49Yonge-Eglinton-Forest Hill$1,703,633-27.5%
#50Englemount-Bedford Park-Lawrence Park$2,267,09615.2%
#51Bathurst Manor-Clanton Park$1,175,08723.3%
#52Westminster-Branson-Newtonbrook-Lansing-Willowdale$1,196,51536.5%
#53St. James Town-Cabbagetown-Regent Park-Moss Park$812,0221.1%
#54Rosedale-Moore Park$2,712,72425.6%
#55Mount Pleasant$1,117,0596.9%
#56Leaside-Thorncliffe Park-Flemingdon Park$1,377,506-3.6%
#57Bridle Path-York Mills-St. Andrew-Windfields$3,054,95819.3%
#58Don Mills-Victoria Village-Parkwoods$1,257,51419.5%
#59Newtonbrook East-Willowdale East$1,038,75614.9%
#60Pleasant View-Don Valley Village-Hillcrest Vilage$1,026,7028.7%
#61Riverdale$1,231,5911.4%
#62The Beaches$1,333,4063.7%
#63Danforth$1,231,4067.5%
#64Clairlea-Birchmount-Dorset Park-Kennedy Park-Ionview$824,3532.5%
#65Steeles-L'amoreaux-Tam-O'Shanter-Sullivan$827,9855.2%
#66Oakridge-Birchcliffe-Cliffside$1,072,293-6.5%
#67Agincourt-Miliken$846,84819.4%
#68Scarborough Village-Cliffcrest-Guildwood$948,4838.7%
#69Bendale-Woburn-Morningside$778,95316.6%
#70West Hill-Highland Creek-Centennial$1,058,83221.5%
#71Rouge-Malvern$755,29216.7%

Toronto Housing Market History from 1954 to 2021

Glossary and Definitions

MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.

MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.

Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:

  • Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
  • Liability for any property damage or bodily injury suffered on strata property
  • Any fixtures that are part of the "standard unit" or original construction of each unit

Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.

Property types

Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.

Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.

Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.

Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.

Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.

Property Classes

Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.

Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.

Housing Markets Across Canada

Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.