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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.

Toronto housing starts ↓10% yearly versus the previous year, a clear sign construction activity moderated in the city's larger urban market during current tracking.
Toronto was tracking 37 building permits tied to 6.6K condominium apartment units where construction had not yet begun in the current pipeline.
The agency said some pending projects could still move forward, because related pre-sales likely happened much earlier than the current reduction in sales activity.
Housing-start data can lag current conditions, because large Toronto projects move through planning and pre-sale phases, permit issuance, then actual construction before starts appear.
That means Toronto's current starts may understate real-time activity, and some permitted condo units could still break ground as the pending pipeline advances.

Labour Day in Canada marks a well-earned break celebrating workers and the unofficial end of summer, when everyone suddenly remembers all the things they meant to do in August.
It’s the last big excuse for barbecues, lake trips, and squeezing in one more summer adventure before routines and school schedules take over again.
Stores and sidewalks feel a little calmer, while patios and parks get their final big rush of summer energy and “just one more weekend” vibes.
Happy Labour Day! Wishing you a relaxed, fun-filled long weekend with good food, no alarms, and maximum enjoyment before fall shows up uninvited.

In Early-Q3, Toronto sales ↓~1% yearly to ~6K transactions, while new listings ↓~18% to ~14.5K, narrowing the gap between supply and demand.
On a seasonally adjusted basis, Toronto sales increased from Late-Q2 while listings declined, and the avg. selling price settled near $1M, ↓~5% yearly.
A balanced market means neither side clearly leads: homes sell closer to asking, supply better matches demand, and negotiations feel more typical for both parties.
Experts said Toronto's freehold segment looks more balanced, while condos remain buyer-driven. Buyers have adjusted to current borrowing costs, and sellers are pricing more realistically.
With listings shrinking and prices leveling, experts said steadier conditions could bring sidelined buyers back, as confidence improves and timing the market matters less.