First-Time Buyers: Programs, down payment strategies, and the buying process in our First-Time Home Buyer Guide.
The average home price in Toronto was $1,051,969 across all property types in April 2026, according to the Toronto Regional Real Estate Board (TRREB). Affording that home requires an annual household income of approximately $195,100 — based on a 20% down payment, the current 5-year fixed mortgage rate of 4.89% (stress tested at 6.89%), and the CMHC gross debt service (GDS) guideline of 39%.
To put that in context: the median Canadian household income is approximately $100,000 per year. The income required to afford the average Toronto home is nearly double that figure.
Bank of Canada rate cuts through 2024 and 2025 have reduced the income requirement from its February 2025 peak of $233,755 — when bond yields spiked on global tariff uncertainty — but Toronto housing remains deeply unaffordable for the vast majority of Canadian households.
Income to afford a home in Toronto across time
The table below tracks average Toronto home prices, the prevailing 5-year fixed mortgage rate, and the annual household income required to afford the average home. Income figures use the stress-tested rate (contract rate + 2%) and the CMHC 39% GDS guideline with 20% down.
| Date | Average Price | Mortgage Rate | Annual Income |
|---|---|---|---|
| 01/2024 | $1,026,703 | 5.71% | $203,741 |
| 02/2024 | $1,108,720 | 5.63% | $217,399 |
| 03/2024 | $1,121,615 | 5.62% | $219,573 |
| 04/2024 | $1,156,167 | 5.50% | $223,710 |
| 05/2024 | $1,165,691 | 5.49% | $225,245 |
| 06/2024 | $1,162,167 | 5.47% | $224,251 |
| 07/2024 | $1,106,617 | 5.29% | $211,207 |
| 08/2024 | $1,074,425 | 5.16% | $203,374 |
| 09/2024 | $1,107,291 | 5.04% | $207,095 |
| 10/2024 | $1,135,215 | 4.86% | $208,826 |
| 11/2024 | $1,106,050 | 4.81% | $203,024 |
| 12/2024 | $1,067,186 | 4.99% | $199,344 |
| 01/2025 | $1,047,728 | 5.01% | $195,149 |
| 02/2025 | $1,084,547 | 6.48% | $233,755 |
| 03/2026 | $1,017,796 | 4.89% | $189,300 |
| 04/2026* | $1,051,969 | 4.89% | $195,100 |
*April 2026 figures from TRREB Market Watch, released May 5, 2026. The 5-year fixed mortgage rate reflects the posted rate used for stress-test purposes.
Average home prices in Toronto in 2026
The following table shows average home prices by property type across the Greater Toronto Area as of April 2026, alongside the annual household income required to purchase with 20% down. All prices are from the TRREB Market Watch April 2026 report.
| Home Type | Average Price | Income Required |
|---|---|---|
| All Home Types | $1,051,969 | $195,100 |
| Condo Apartment | $635,653 | $124,000 |
| Att/Row/Townhouse | $839,509 | $158,800 |
| Semi-Detached | $1,033,469 | $192,000 |
| Detached | $1,372,688 | $249,900 |
Even the entry-level condo at $635,653 requires $124,000 in annual household income — well above what most single earners in Toronto bring home.
Income needed to afford a detached home across the GTA
The following table shows the annual household income required to afford a detached home in each area of the Greater Toronto Area, using actual TRREB April 2026 average prices. All figures assume a 20% down payment, 4.89% 5-year fixed rate (stressed at 6.89%), 25-year amortization, $354/month property tax, and $150/month heating cost.
| Area | Avg Detached Price | Income Required |
|---|---|---|
| All TRREB Areas | $1,372,688 | $249,900 |
| Halton Region | $1,616,484 | $291,500 |
| Burlington | $1,359,709 | $247,700 |
| Halton Hills | $1,156,581 | $213,000 |
| Milton | $1,238,206 | $226,900 |
| Oakville | $2,058,983 | $367,100 |
| Peel Region | $1,192,316 | $219,100 |
| Brampton | $1,018,564 | $189,400 |
| Caledon | $1,225,233 | $224,700 |
| Mississauga | $1,364,097 | $248,400 |
| City of Toronto | $1,668,973 | $300,500 |
| Toronto West | $1,410,406 | $256,300 |
| Toronto Central | $2,461,095 | $435,700 |
| Toronto East | $1,180,165 | $217,000 |
| York Region | $1,433,812 | $260,300 |
| Aurora | $1,461,203 | $265,000 |
| East Gwillimbury | $1,106,722 | $204,500 |
| Georgina | $781,475 | $148,900 |
| King | $1,718,286 | $308,900 |
| Markham | $1,511,813 | $273,600 |
| Newmarket | $1,142,017 | $210,500 |
| Richmond Hill | $1,767,320 | $317,300 |
| Vaughan | $1,548,367 | $279,900 |
| Stouffville | $1,482,557 | $268,600 |
| Durham Region | $958,153 | $179,100 |
| Ajax | $990,854 | $184,700 |
| Brock | $722,200 | $138,800 |
| Clarington | $889,795 | $167,400 |
| Oshawa | $789,622 | $150,300 |
| Pickering | $1,172,030 | $215,600 |
| Scugog | $884,989 | $166,600 |
| Uxbridge | $1,168,250 | $215,000 |
| Whitby | $1,043,400 | $193,700 |
| Dufferin County | $846,581 | $160,100 |
| Orangeville | $846,581 | $160,100 |
| Simcoe County | $901,323 | $169,400 |
| Adjala-Tosorontio | $1,052,160 | $195,200 |
| Bradford | $1,038,650 | $192,800 |
| Essa | $887,350 | $167,000 |
| Innisfil | $783,054 | $149,200 |
| New Tecumseth | $768,416 | $146,700 |
Oshawa — frequently cited as the most affordable part of the GTA — requires $150,300 in annual household income to afford a detached home. Even that is 50% above the median Ontario household income of approximately $95,000. At the other extreme, a detached home in Toronto Central requires $435,700 in annual income — more than four times the median Canadian household income.
How is affordability determined?
Home affordability is calculated using the CMHC guidance that your gross debt service (GDS) ratio — total monthly housing costs divided by gross monthly income — must not exceed 39%.
Monthly housing costs include:
- Mortgage payment — calculated at the stress-tested rate (5-year fixed + 2%)
- Property tax — estimated at $4,250/year ($354/month)
- Heating — estimated at $150/month
A 20% down payment is used to avoid CMHC mortgage default insurance. The amortization period is 25 years.
Worked example — all TRREB areas, April 2026:
- Home price: $1,051,969
- Down payment (20%): $210,394
- Mortgage: $841,575
- Monthly payment at 6.89% stress test, 25 years: $5,836
- Property tax + heat: $504/month
- Total monthly housing cost: $6,340
- At 39% GDS: $195,100 annual household income required
For a personalised estimate, use our mortgage affordability calculator. For a full breakdown of closing costs including the Ontario and Toronto land transfer taxes, see our Ontario land transfer tax calculator and Toronto land transfer tax calculator.
How has Toronto housing affordability changed in 2026?
The income required to afford the average Toronto home peaked at $233,755 in February 2025, when global tariff uncertainty pushed bond yields — and with them, 5-year fixed mortgage rates — sharply higher. By April 2026, rate cuts from the Bank of Canada have brought the 5-year fixed rate back to approximately 4.89%, reducing the income requirement to $195,100.
That is a meaningful improvement in monthly carrying costs, but the headline number remains stark: Toronto homeownership requires nearly double the median Canadian household income.
For first-time buyers, the First Home Savings Account (FHSA) allows up to $40,000 in tax-free, tax-deductible contributions toward a first home purchase — one of the most effective tools available to close the down payment gap. The Home Buyers’ Plan (HBP) allows an additional $35,000 withdrawal from your RRSP.
Sources
- TRREB — Market Watch April 2026. trreb.ca
- Canada Mortgage and Housing Corporation. cmhc-schl.gc.ca
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