It’s interesting to see how Toronto condo affordability has come full circle: by Q1 2026, the numbers show we’re essentially back to 2019 levels. Prices have fallen faster than most expected, while incomes have kept rising—a rare combination that’s given sidelined buyers a window of opportunity. Right now, Toronto households are spending about 36% of their pre-tax income on condo ownership. That’s actually down from the ~39% we saw in late 2019, though still above the comfortable ~30% guideline.
Some recent sales have been eye-opening: downtown units under 700 sq-ft have traded below 2017 prices, and in a few cases, agents are seeing deals close at prices last seen in 2019. But what stands out most to me is that product matters more than ever. Larger, unique corner units in boutique buildings are still commanding a premium, while typical seventh-floor highrise units aren’t performing as well.
There’s certainly some relief for buyers here, especially those who felt priced out for years. But I always remind clients—especially first-timers and newcomers—that affordability isn’t just about the sticker price. Condo fees, property taxes, utilities, and today’s borrowing costs all add up, so the picture is still stretched compared to the past. And for anyone eyeing a single-family home in Toronto, the leap remains much bigger. As someone who’s helped a range of buyers and sellers navigate these choices, I know every situation is unique—and I’m always happy to bring a teacher’s patience and clarity to the process.
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