For the first time in over a decade, the Toronto condo market has undergone a significant shift, becoming more affordable than its Montreal counterpart. According to a new report from RBC Economics, Toronto condo prices have dropped faster than most other Canadian markets, effectively resetting affordability levels to those seen in 2019.
As of Q1 2026, the affordability index for Toronto condos sits at 36.1 per cent of household income—a notable improvement from the 38.5 per cent recorded in late 2019. While this offers a long-awaited window for sidelined buyers, experts warn that the market remains ‘stretched,’ as elevated condo fees, property taxes, and utility costs continue to weigh on owners. Local realtor Jen Heakes notes that while some units are selling below 2019 levels, the ‘building and product’ matter more than ever. For a deeper dive into these shifting trends, read the full report at thestar.com.
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