Author: KELVIN YU, Broker

Toronto’s aggregate affordability measure improved in Q2, dropping ~1 point to ~64% across housing types, though it still ranked among the least affordable tracked markets.
Income growth drove most of Toronto’s relief, while home prices showed early signs of stabilizing, making this the smallest quarterly improvement since Q1 2024.
Toronto condos offered the most relief, reaching their most favourable affordability level since 2017 and giving buyers a comparatively more reachable entry point.
Even after recent easing, Toronto’s overall affordability burden remained the second worst among tracked markets, sitting within ~1 point of a potential ranking shift.
This was Toronto’s smallest quarterly affordability improvement since the recovery began in Q1 2024, even though the city continued improving faster than most markets.

Canadian borrowers could continue facing affordability pressure as borrowing costs remain elevated and economic uncertainty shapes the housing market.
Rate relief could improve affordability, but its impact will depend on inflation, economic conditions, and the Bank of Canada’s policy path.
Buyers may remain cautious, while higher financing costs continue influencing purchasing power, refinancing decisions, and overall housing demand.
For borrowers and investors, planning around current financing conditions remains important rather than relying entirely on future rate declines.

Canadian borrowers could continue facing affordability pressure as borrowing costs remain elevated and economic uncertainty shapes the housing market.
Rate relief could improve affordability, but its impact will depend on inflation, economic conditions, and the Bank of Canada’s policy path.
Buyers may remain cautious, while higher financing costs continue influencing purchasing power, refinancing decisions, and overall housing demand.
For borrowers and investors, planning around current financing conditions remains important rather than relying entirely on future rate declines.

Canadian borrowers could continue facing affordability pressure as borrowing costs remain elevated and economic uncertainty shapes the housing market.
Rate relief could improve affordability, but its impact will depend on inflation, economic conditions, and the Bank of Canada’s policy path.
Buyers may remain cautious, while higher financing costs continue influencing purchasing power, refinancing decisions, and overall housing demand.
For borrowers and investors, planning around current financing conditions remains important rather than relying entirely on future rate declines.

A national index for 11 major metros slipped <0.5% MoM in the latest reading, marking eight declines in nine mo and reversing the prior uptick.
National prices sat at their weakest level since Early-Q2 2023, now ↓~4% from the Late-Q4 2025 peak reached nationally <1 yr earlier.
A rebound earlier in the year faded quickly: the adjusted measure ↓~0.5%, its first pullback in six mo after support from jobs and affordability.
Across major metros, yearly losses deepened to ~4% nationally. Vancouver, Hamilton, and Toronto led declines, while Quebec City, Montreal, and Winnipeg still posted gains.
Looking ahead, higher bond yields were expected to lift new mortgage costs, limit borrowing capacity, and pressure affordability as home sales began declining again.

A national index for 11 major metros slipped <0.5% MoM in the latest reading, marking eight declines in nine mo and reversing the prior uptick.
National prices sat at their weakest level since Early-Q2 2023, now ↓~4% from the Late-Q4 2025 peak reached nationally <1 yr earlier.
A rebound earlier in the year faded quickly: the adjusted measure ↓~0.5%, its first pullback in six mo after support from jobs and affordability.
Across major metros, yearly losses deepened to ~4% nationally. Vancouver, Hamilton, and Toronto led declines, while Quebec City, Montreal, and Winnipeg still posted gains.
Looking ahead, higher bond yields were expected to lift new mortgage costs, limit borrowing capacity, and pressure affordability as home sales began declining again.

A national index for 11 major metros slipped <0.5% MoM in the latest reading, marking eight declines in nine mo and reversing the prior uptick.
National prices sat at their weakest level since Early-Q2 2023, now ↓~4% from the Late-Q4 2025 peak reached nationally <1 yr earlier.
A rebound earlier in the year faded quickly: the adjusted measure ↓~0.5%, its first pullback in six mo after support from jobs and affordability.
Across major metros, yearly losses deepened to ~4% nationally. Vancouver, Hamilton, and Toronto led declines, while Quebec City, Montreal, and Winnipeg still posted gains.
Looking ahead, higher bond yields were expected to lift new mortgage costs, limit borrowing capacity, and pressure affordability as home sales began declining again.

Toronto — Most Expensive homes for September 2026.

Listings (sorted by price):
1. Listing C13780934 — $22,500,000
2. Listing C13475538 — $21,995,000
3. Listing C13619112 — $17,995,000
4. Listing C13732176 — $17,200,000
5. Listing C13525554 — $16,500,000
6. Listing C13693884 — $14,880,000
7. Listing C13752980 — $13,500,000
8. Listing C13816180 — $12,995,000
9. Listing C13764668 — $12,880,000
10. Listing C13227720 — $12,500,000
11. Listing C13142106 — $12,295,000
12. Listing 40826557 — $11,995,000
13. Listing C13092402 — $11,995,000
14. Listing C13640040 — $11,995,000
15. Listing C13763100 — $11,995,000

Toronto — Most Expensive homes for September 2026.

Listings (sorted by price):
1. Listing C13780934 — $22,500,000
2. Listing C13475538 — $21,995,000
3. Listing C13619112 — $17,995,000
4. Listing C13732176 — $17,200,000
5. Listing C13525554 — $16,500,000
6. Listing C13693884 — $14,880,000
7. Listing C13752980 — $13,500,000
8. Listing C13816180 — $12,995,000
9. Listing C13764668 — $12,880,000
10. Listing C13227720 — $12,500,000
11. Listing C13142106 — $12,295,000
12. Listing 40826557 — $11,995,000
13. Listing C13092402 — $11,995,000
14. Listing C13640040 — $11,995,000
15. Listing C13763100 — $11,995,000

Toronto — Most Expensive homes for September 2026.

Listings (sorted by price):
1. Listing C13780934 — $22,500,000
2. Listing C13475538 — $21,995,000
3. Listing C13619112 — $17,995,000
4. Listing C13732176 — $17,200,000
5. Listing C13525554 — $16,500,000
6. Listing C13693884 — $14,880,000
7. Listing C13752980 — $13,500,000
8. Listing C13816180 — $12,995,000
9. Listing C13764668 — $12,880,000
10. Listing C13227720 — $12,500,000
11. Listing C13142106 — $12,295,000
12. Listing 40826557 — $11,995,000
13. Listing C13092402 — $11,995,000
14. Listing C13640040 — $11,995,000
15. Listing C13763100 — $11,995,000