Toronto’s affordability landscape saw a modest shift in Q2, with the overall affordability measure improving by about 1 point to 64% across all housing types. While this marks continued progress, Toronto remains one of the least affordable markets among those tracked. The primary driver behind this easing was income growth, as home prices started to show early signs of stabilizing. Notably, the condo segment stood out, offering buyers the best affordability since 2017—a significant entry point for those looking to make their first move in the city. Despite these positive changes, it’s worth noting that Toronto’s affordability burden is still the second highest among tracked markets, and the improvement this quarter was the smallest since Q1 2024. As someone who has guided clients through over 450 transactions and is dedicated to keeping you informed on every market shift, I see opportunities in these nuanced changes—especially for buyers considering condos as a stepping stone. Staying informed and strategic is key to navigating Toronto’s evolving real estate landscape with confidence.
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