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Home Buying Pros
These real estate agents in Toronto, Ontario have the most reviews among buyers.
Home Selling Pros
These real estate agents in Toronto, Ontario have the most reviews among sellers.
Other top-performing real estate agents in Toronto, Ontario
Sold data is from the Toronto Real Estate Board MLS starting January 1, 2018. Information is deemed reliable but not guaranteed. Does not reflect all market activity.
A mortgage is a type of loan that is used to buy a home. The repayment of the mortgage to the lender (bank) is typically made monthly or bi-weekly. The payments are a blend of the interest due on the mortgage and the repayment of the principal on the loan. Learn more about mortgage
Down Payment
The down payment is the amount of money you will pay upfront to obtain a mortgage, this can range from 5% to 20% of the home's purchase price. Learn more about down payment
Interest Rate
An interest rate is charged with your mortgage since you are borrowing money from the lender. The smaller the amount you borrow, the lower your interest payments will be regardless of the rate of interest being charged.
Mortgage Term and Amortization Period
The mortgage term is the length of time you are locked into the mortgage contract (interest rate, payment frequency, etc). Typically this ranges from 1 to 5 years. The amortization period is the total length of time over which you plan to pay off your mortgage. Typically this is 20 to 30 years.
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In Toronto, the top 9% of real estate agents buy and sell 10 or more homes a year compared to an average agent that sells less than 2 homes per year. Fivewalls compares real estate agents in Toronto using their reviews, transaction data and services provided to identify the top performing agents.
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Average Home Prices in Toronto
What is the average price of a home in Toronto?
We’ve taken some data from the recent years to give you an idea of what is happening to real estate values in Toronto.
Average home price in Toronto (all property types)
2020 Year to Date
2019
2018
$920,168
$819,319
$787,856
Home Price Growth in Toronto
2020 Year to Date
Since 2019
Since 2018
12.3%
4%
Average sale price per month
Toronto Home Prices by Property Type
Avg. detached home prices in Toronto
Avg. condo prices in Toronto
Avg. townhome prices in Toronto
Recent Update on Toronto’s Real Estate Market
As taken from the market watch September report, oronto Regional Real Estate Board President Lisa Patel announced that sales reported through TRREB’s MLS® System by Greater Toronto Area REALTORS® amounted to 11,083 – a new record for the month of September. This result was up by 42.3 per cent compared to September 2019. Following a record third quarter, sales through the first nine months of 2020 were up by approximately one per cent compared to the same period in 2019.
How fast are homes selling in Toronto?
In Toronto, it takes about 16 days to sell a home on average. The time it takes to sell a home also varies by month.
Average time it takes to sell a home in Toronto (2023)
25 days
Winter
(Jan to Mar)
20 days
Spring
(Apr to Jun)
23 days
Summer
(Jul to Sept)
26 days
Fall
(Oct to Dec)
Is It A Buyer’s or Seller’s Market in Toronto?
As of October 2020, it is a seller's market but moving towards a balanced market for Toronto real estate. Using the ratio of home sales over active listings, we can analyze where the real estate market is going. It is considered to be a seller’s market when the ratio of home sales to active listings is 60% or higher and a buyer’s market when the ratio is 40% or below. A balanced market occurs when the ratio of home sales to active listings is in between 40% and 60%.
What does Toronto’s real estate market mean for first-time homebuyers?
Buying a home in Toronto remains difficult for first-time homebuyers. An average first-time buyer household earns $78,000 per year which means that they can qualify for a mortgage amount of approximately $320,000. Here’s a chart on what a first-time homebuyer would need to save for a down payment for different property types (based on average home prices):
Property Type
Minimum Down Payment Required
10% Down Payment
20% Down Payment(required for uninsured mortgages)
Detached Homes
$93,470
$118,470
$236,940
Condos
$38,470
$63,470
$126,940
Townhomes
$49,840
$74,840
$149,680
How Does Toronto Compare To The Rest Of the Greater Toronto Area
6th
Most expensive
4th
Fastest Selling
(based on Days on Market)
City
Average Home Price
Days on Market
Oakville
$1,222,137
23
Richmond Hill
$1,204,069
20
Vaughan
$1,140,446
20
Aurora
$1,122,551
23
Markham
$1,092,665
15
City of Toronto
$1,017,320
16
Burlington
$907,061
17
Mississauga
$905,599
17
Halton Hills
$893,960
16
Newmarket
$863,366
21
Brampton
$861,763
14
Milton
$842,744
13
Durham Region
$709,640
17
Simcoe County
$705,073
27
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