Toronto remains one of Canada’s most expensive places to live. In 2026, both buyers and renters are dealing with high monthly costs, even though some rent data shows easing compared to earlier peaks. This guide explains the most commonly used benchmarks for home prices and rent in Toronto, and how to read the numbers without misunderstanding them.
Home prices in Toronto in 2026 (buying)
A widely cited benchmark is the average selling price reported by the Toronto Regional Real Estate Board (TRREB) for the Greater Toronto Area (GTA). In February 2026, TRREB reported an average selling price of $1,008,968 for the GTA (see TRREB’s release here: TRREB February 2026 market update).
Important: an “average” can move up or down depending on what sold that month (more condos vs. more detached homes). It does not mean every home costs that amount.
What this usually means in real life
- If you are buying in Toronto, expect a wide range by neighbourhood and property type.
- Condo prices and detached home prices can be very different, even in the same month.
- Your real monthly cost depends more on your mortgage rate, down payment, condo fees (if any), and property taxes than the headline average price.
If you want a forward-looking view (not a guarantee), CMHC’s national outlook explains broader trends that can affect prices and demand in 2026: CMHC Housing Market Outlook 2026.
Rent costs in Toronto in 2026
When people say “average rent,” they may be using different sources. The two most common are:
- Asking rent: what new listings advertise (often higher, changes faster).
- Average Market Rent (AMR): a benchmark used by the City of Toronto for housing programs (often lower than current asking rent, and may lag market shifts).
1) Toronto asking rent (new listings)
The Rentals.ca January 2026 Rent Report reports that in December (end of 2025, published February 2026), Toronto’s average asking rent for apartments was $2,498/month. This is a useful benchmark for what many new renters see when they search online.
2) Toronto “Average Market Rent” (AMR) used by the City
The City of Toronto publishes a 2026 AMR table used for program calculations. For 2026, the City lists:
- 1-bedroom apartment AMR: $1,763
- 2-bedroom apartment AMR: $2,055
- 3-bedroom apartment AMR: $2,361
You can verify the numbers on the City’s official page here: Current City of Toronto Average Market Rents (AMR) & utility allowances.
Why the two rent numbers can look “wrong” compared to each other: asking rent reflects today’s new listings, while AMR is a program benchmark and may not match what a new tenant pays in a popular neighbourhood.
What drives your monthly cost more than the “average”
- Location: Downtown and transit-connected areas usually cost more.
- Unit type: purpose-built rental vs condo rental can price differently.
- Utilities: some rents include heat/water, others do not.
- Lease timing: summer and early fall often have more competition.
- New lease vs existing tenant: new listings (asking rent) are often higher than long-term tenants pay.
Quick planning ranges for 2026 (practical budget)
These are planning ranges, not promises:
- Buying: many households budget around a GTA price level near TRREB’s reported average (around $1.0M) and then adjust based on condo vs freehold and neighbourhood.
- Renting: many new renters will see Toronto asking rents around the mid-$2,000s for apartments, while City AMR numbers can be lower depending on the benchmark and unit type.
FAQ
Is rent in Toronto going up or down in 2026?
It depends on the dataset and the exact month. Some reports show easing compared to earlier peaks, while costs remain high overall. A good starting reference is the Rentals.ca January 2026 Rent Report (asking rents) and the City’s 2026 AMR table (benchmark rent).
Is the “average selling price” the same as a benchmark price?
No. The average selling price can move based on what types of homes sold that month. That’s why many market reports also use index/benchmark measures. TRREB explains monthly market conditions through releases like this one: TRREB market update.
Where can I check official housing market information?
For market and economic context, CMHC publishes housing research and outlooks such as the Housing Market Outlook. For rent benchmarks used in programs, the City posts the 2026 AMR table.
Reality check
Toronto housing costs in 2026 are still high, even when some rent indicators soften. If you are planning a move, don’t rely on one “average” number. Use at least two references (asking rent and AMR for rent; market updates and broader outlooks for buying), and build a budget that includes utilities, commuting, and realistic move-in costs. If your plan depends on finding a low rent quickly or buying with a tight down payment, you should treat Toronto as a higher-risk city for affordability and have a backup location plan in the GTA.
