Toronto Housing Market Report

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Market Report Summary for April 2022
Updated May 5th, 2022
  • The average home selling prices in the Greater Toronto Area area increased 15% year-over-year to $1,254,400 while decreasing 3.5% month-over-month for April 2022.
  • The Greater Toronto Area’s MLS Benchmark Price decreased to $1,354,000 in April from its peak of $1,376,000 in March 2022.
  • Detached home prices increased by 17% year-over-year to $1.63M.
  • Semi-detached home prices increased by 18% year-over-year to $1.26M.
  • Townhouse prices increased by 18% year-over-year to $1.12M.
  • Condo apartment prices increased by 14% year-over-year to $790k.

Greater Toronto Area (GTA) Housing Market Overview

Data for April 2022
Avg. Sold Price:$1,254,436
All Property Types:$1,254,436
Condo Apartment:$789,869
Transactions (Buy/Sell):8,008
All Property Types:8,008
Condo Apartment:2,173
Best 5-Year Variable Mortgage Rates in Toronto
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Home prices in the Toronto area housing market fell in April 2022 after a strong run-up in prices between December 2021 and February 2022. The average sold price in the GTA was $1,254,400 for April 2022, which is down from the $1,334,500 average home price seen in February 2022. This month’s benchmark home price of $1,354,000 means that the Toronto area home prices are up 31% year-over-year.

The MLS Home Price Index (HPI) Benchmark for the GTA area peaked at $1,376,000 in March 2022 after 19 consecutive months that Toronto’s composite benchmark home price has increased monthly. The last time that Toronto's benchmark price did not increase was in August 2020, when it remained flat from July 2020's benchmark price. In comparison, Vancouver’s housing market has risen for the 16th consecutive month.

Vancouver is the most expensive housing market in Canada, a title that Vancouver has held for over 30 years since 1991. Toronto and the GTA briefly took this title in February 2022 when Toronto home prices surpassed Vancouver home prices. This two-month dip for Toronto led to Vancouver taking the lead in the race for Canada’s most expensive home prices.

The benchmark price for the City of Toronto rose by 26% annually and 0.5% monthly to reach $1,373,300. While benchmark price for the York Region, which includes Aurora, East Gwillimbury, Georgina, King, Markham, Newmarket, Richmond Hill, Vaughan, and Whitchurch-Stouffville, rose 35% annually and dropped 1.3% monthly to $1,531,500. Benchmark prices for the Peel Region, including Mississauga, Brampton, and Caledon, rose 35% annually while dropping 1.7% monthly to $1,292,000. In the Durham Region, which includes Ajax, Brock, Clarington, Oshawa, Pickering, Scugog, Uxbridge, and Whitby, the benchmark price rose 38% annually while dropping 2.5% monthly to $1,128,900. In Dufferin County (Orangeville), benchmark prices rose by 32% annually while dropping 2.7% monthly to $1,078,100.

Halton Region is the most expensive housing market in the greater Toronto area (GTA), with a benchmark price of $1,390,700. Halton, which includes Burlington, Halton Hills, Milton, and Oakville, saw benchmark home prices rise by 24% annually, the lowest in GTA, while its benchmark price dropped by 8% monthly. The most affordable region in GTA is the southern part of Simco County which technically is not part of GTA. But since it is within the Toronto commuter belt, the Toronto Real Estate Board has included their housing statistics among GTA housing statistics. Southern Simcoe County saw a benchmark annual price appreciation of 30% and a monthly depreciation of 2.7% to reach $943,700.

Breaking the Toronto area’s average home prices down into categories for April 2022, the benchmark price of detached homes was $1,667,800, down 2.6% compared to last month while up 30% compared to last year. The benchmark price of attached freehold homes in the Toronto area was $1,302,000, down 2.9% from last month and up 30% year-over-year. The benchmark price of townhouses was $948,700, down 1.4% month-over-month while up 31% year-over-year. For apartments, the benchmark price was $825,800, up by 1.3% and 31% month-over-month and year-over-year, respectively. Condo apartments were the only property type to see their average home price increase compared to last month’s prices in April 2022.

In April, the composition of houses sold in GTA consisted of 44% detached houses, 9% semi-detached houses, 9% freehold townhouses, 8% condominium townhouses, and 30% condominium apartments. Out of all home types in GTA, townhouses had the largest year-over-year percentage increase in benchmark prices, increasing by 31% for condominium townhouses and 30% for freehold townhouses year-over-year.

The number of sales and new listings was down while active listings are up in the Toronto area's housing market in April 2022. 8,008 homes were sold in April 2022, a 41% decrease compared to the 13,663 homes sold in April 2021. New listings are down 12% year-over-year to 18,413, while the number of active listings is up 12% year-over-year to 11,668.

The average sold price for April 2022 was 107% of the average listing price, slightly down from the 113% for March 2022 and 116% ratio seen in February 2022. This means that the average home in Toronto was sold for 7% more than its listing price this month.

GTA’s sales to new listings ratio dropped to 68% in April 2022 after hitting 116% in December 2021. This is due to relatively more new listings coming onto the market compared to the number of home sales. Average listing days on market were 11 days compared with eight days in March 2022, and a decrease from 10 days in April 2021. These numbers suggest that an overheated seller’s market is moving toward a balanced market.

A headwind is growing in front of Canadian housing markets. Mortgage rates have risen from their 2020 lows and are expected to increase further this year. The first rate hike since October 2018 by the Bank of Canada occurred on March 2, 2022, the second on April 13, the third is expected on June 1, and more rate hikes are expected over the next year. This will cause a rise in Toronto mortgage rates and lead to an even further decrease in home affordability in Toronto. This growing headwind seems responsible for bringing the average GTA home prices down from their peak in February 2022.

Let us consider the tailwinds behind the Toronto housing market. Canada has a constant flow of incoming immigrants, and in Toronto, they can live close to their compatriots. Thus Toronto is receiving a disproportionately large number of immigrants. This constant inflow of immigrants is a tailwind for the Toronto housing market.

Another tailwind among Canadian cities is a plethora of local regulations. These limit how people can build on their land. As a result, the regulations have curtailed the supply of houses and acted as another tailwind for the Greater Toronto Area (GTA) real estate market.

The last fundamental tailwind is the recent disruptions in the home building supply chain which has materially slowed done completion of construction projects. Slower home building has further restricted supply and acted as another tailwind for the Toronto housing market.

Finally, the strongest tailwind behind the Toronto housing market has been home price appreciation exceeding interest rates year after year after year. This experience in a financial market flushed with money encouraged many people to speculate in the housing market. The speculative demand in a leveraged market has a negative elasticity as increases in the price increase the speculators' profit expectations and encourage them to increase their leverage. As a result, speculators have pushed most first-time home buyers out of housing markets in southern Ontario.

Home Prices in Toronto

Single-Family Detached Home Prices in the GTA

Statistics for April 2022
Average Price: $1,628,34317.3% from Apr. 2021
Units Sold: 3,600-44.8% from Apr. 2021
New Listings: 8,629-14.1% from Apr. 2021

Semi-Detached Home Prices in the GTA

Statistics for April 2022
Average Price: $1,259,24317.8% from Apr. 2021
Units Sold: 802-38.5% from Apr. 2021
New Listings: 1,714-10.1% from Apr. 2021

Townhouse Prices in the GTA

Statistics for April 2022
Average Price: $1,119,64818.3% from Apr. 2021
Units Sold: 716-45.3% from Apr. 2021
New Listings: 1,755-11.7% from Apr. 2021

Condo Prices in the GTA

Statistics for April 2022
Average Price: $789,86914.2% from Apr. 2021
Units Sold: 2,173-34.0% from Apr. 2021
New Listings: 4,723-5.2% from Apr. 2021

Greater Toronto Area Housing Market Statistics for All Property Types

Data for April 2022
Avg. Sold Price
Monthly change
Quarterly change
Annual change
Transactions (Buy/Sell)
Monthly change
Quarterly change
Annual change

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

Condo Apartments

Free Home Value Estimator

Property Type
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Condo TownhouseCondo Townhouse
Detached HouseDetached House
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Your Annual Property Tax in 2020
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Housing Markets Across Canada

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$300k to $330k
$330k to $370k
$370k to $440k
$440k to $480k
$480k to $620k
$620k to $1.1M

Market Overview for Detached Homes

Data for April 2022
Avg. Sold Price
Monthly change
Quarterly change
Annual change
Transactions (Buy/Sell)
Monthly change
Quarterly change
Annual change

Average Sold Price


Market Overview for Semi-Detached Homes

Data for April 2022
Avg. Sold Price
Monthly change
Quarterly change
Annual change
Transactions (Buy/Sell)
Monthly change
Quarterly change
Annual change

Average Sold Price


Market Overview for Townhouses

Data for April 2022
Avg. Sold Price
Monthly change
Quarterly change
Annual change
Transactions (Buy/Sell)
Monthly change
Quarterly change
Annual change

Average Sold Price


Market Overview for Condo Apartments

Data for April 2022
Avg. Sold Price
Monthly change
Quarterly change
Annual change
Transactions (Buy/Sell)
Monthly change
Quarterly change
Annual change

Average Sold Price


Greater Toronto Area (GTA) Breakdown by Region

Data for April 2022
Average Sold Price
1-Year Change
#1Halton Region$1,383,94814.5%
#3Halton Hills$1,359,63427.1%
#6Peel Region$1,242,34320.0%
#10York Region$1,426,65011.2%
#12East Gwillimbury$1,503,39019.9%
#17Richmond Hill$1,489,0487.4%
#20Durham Region$1,075,33219.8%
#29Dufferin County$938,71119.4%
#31Simcoe County$1,046,35117.0%
#33Bradford West Gwillimbury$1,202,23015.1%
#36New Tecumseth$1,049,33427.6%
#38Junction-Triangle-Wallace Emerson-Bloor West Village-High Park North$1,504,58115.9%
#39Rockcliffe-Smythe-Corso Italia-Davenport-Keesdale-Eglington West$1,124,20710.7%
#40Yorkdale-Glen Park-Weston-Briar Hill-Belgravia$1,044,80721.2%
#41Blackcreek-York University$942,8187.1%
#44Etobicoke Centre$1,318,67315.1%
#45Kingsview Village-Richview-Humber Heights-Westmount$1,094,42717.2%
#46Etobicoke North$858,57115.6%
#47Bay Street Corridor-Little Italy-Trinity-Bellwoods-Little Portugal-Dufferin Grove$974,8738.1%
#48Annex-Wychwood-Casa Loma-Deerpark-Davenport-Yorkville$1,886,59413.4%
#49Yonge-Eglinton-Forest Hill$1,937,98711.6%
#50Englemount-Bedford Park-Lawrence Park$2,576,19620.1%
#51Bathurst Manor-Clanton Park$1,087,657-10.1%
#53St. James Town-Cabbagetown-Regent Park-Moss Park$920,95014.9%
#54Rosedale-Moore Park$2,363,6306.8%
#55Mount Pleasant$1,225,0999.2%
#56Leaside-Thorncliffe Park-Flemingdon Park$1,830,20952.2%
#57Bridle Path-York Mills-St. Andrew-Windfields$4,016,29242.6%
#58Don Mills-Victoria Village-Parkwoods$1,363,692-2.3%
#59Newtonbrook East-Willowdale East$1,199,63317.0%
#60Pleasant View-Don Valley Village-Hillcrest Vilage$1,109,41925.6%
#62The Beaches$1,573,1844.4%
#64Clairlea-Birchmount-Dorset Park-Kennedy Park-Ionview$1,025,27619.0%
#68Scarborough Village-Cliffcrest-Guildwood$1,022,98911.3%
#70West Hill-Highland Creek-Centennial$1,296,83622.9%

Toronto Housing Market History from 1954 to 2022

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 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.