Moving to Toronto in 2027: Cost of Living and Where to Buy

Published 2 November 2026 · By Jatin Dua, Broker of Record, RE/MAX Quantum Realty

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Toronto street of brick semi-detached homes with the downtown skyline behind (illustrative)

By Jatin Dua · Broker of Record, RE/MAX Quantum Realty · Updated 2 November 2026 · 9 min read — Real 2026 rents, prices by Toronto district, transit and tax costs, and where to buy when you move to Toronto in 2027.

Short answer

Moving to Toronto in 2027, expect housing to dominate your budget: a one-bedroom condo leased for about $2,316 a month in mid-2026, and the city’s median sale price was $820,000 for January to October 2026. Condo apartments ran from about $450,000 to $700,000 by district. Most newcomers should rent for six to twelve months before buying.

This guide is for anyone planning a move to Toronto in 2027, from another province or another country, who wants real numbers before choosing where to live. You will get current rents, current home prices by home type and district, the costs people forget, and a plain answer on whether to rent first or buy.

How much does it cost to live in Toronto in 2027?

Housing is the biggest line by far. Here are the main costs a newcomer runs into, using the latest official or industry figures available in November 2026:

Cost	Latest figure	Source and date
Average rent, 1-bedroom condo (leased)	$2,316 a month	TRREB, Q2 2026, City of Toronto
Average rent, 2-bedroom condo (leased)	$3,154 a month	TRREB, Q2 2026, City of Toronto
Average asking rent, apartments and condos	$2,590 a month	Rentals.ca and Urbanation, October 2026
Median sale price, all home types	$820,000	TRREB, January to October 2026
Median condo apartment sale price	$545,000	TRREB, October 2026
TTC adult fare (PRESTO or card)	$3.30, capped at 47 fares a month ($155.10)	TTC, 2026
Residential property tax rate	0.767311% of assessed value	City of Toronto, 2026

Sources: TRREB Rental Market Report Q2 2026; Rentals.ca National Rent Report released 5 November 2026; TRREB Market Watch October 2026; TTC fares page; City of Toronto 2026 property tax rates. The $155.10 cap is 47 fares at $3.30, calculated by me.

Food, phone, insurance and childcare vary too much by household to give one honest number, so I have left them out rather than guess. Build your budget from housing and transport first, then add the rest from your own spending.

How much is rent in Toronto right now?

Rents fell through 2025 and most of 2026, and are now starting to turn. TRREB’s latest rental report, for Q2 2026, showed average condo rents still below a year earlier across the GTA, with the GTA one-bedroom at $2,273, down 2.3%. Then in October 2026, Rentals.ca and Urbanation reported Toronto’s average asking rent at $2,590, up 1.6% from a year earlier, the first annual increase after 32 months of declines.

Area (TRREB, Q2 2026)	1-bedroom condo, average lease	2-bedroom condo, average lease
City of Toronto	$2,316	$3,154
York Region	$2,190	$2,772
Peel Region	$2,177	$2,686
Durham Region	$1,948	$2,533

Source: TRREB Rental Market Report, Q2 2026 (average rents for condo apartments leased through TRREB’s MLS System). The Q3 2026 report was not posted when I checked.

The same Rentals.ca report showed rents still falling year over year in Oakville (-7.7%), Markham (-5.4%), Vaughan (-4.8%) and Mississauga (-4.3%). If you are signing a lease in early 2027, Toronto is no longer the easy renter’s market it was in 2025, but the suburbs still give you room to negotiate. For more detail by bedroom and area, see my guide to average rent in Toronto for 2027.

How much does it cost to buy a home in Toronto in 2027?

Prices have come down from their peak and were still slightly lower than a year earlier in late 2026. TRREB’s October 2026 figures for the City of Toronto:

Detached: median $1,260,000 (average $1,603,886)
Semi-detached: median $1,125,748
Condo townhouse: median $690,000
Condo apartment: median $545,000 (average $659,214)

The MLS Home Price Index composite benchmark for the City of Toronto was $908,800 in October 2026, down 3.6% from a year earlier. TRREB said many buyers stayed on the sidelines because of inflation and borrowing costs. The Bank of Canada raised its policy rate to 2.50% on 28 October 2026, and its next decisions are 9 December 2026 and 27 January 2027. Nobody can promise where prices go from here; plan around what you can carry, not around a forecast.

Which parts of Toronto can you afford to buy in?

Toronto is a big city with very different price levels. TRREB splits it into districts. Here are 2026 medians for a range of them:

TRREB district	Detached median	Semi median	Condo apartment median
C01 (Downtown)	$1,500,000	$1,395,000	$600,000
C08 (Downtown)	Too few sales	$1,327,500	$565,000
C04 (Midtown)	$2,352,500	$1,641,250	$677,500
E02 (East end)	$1,613,000	$1,205,000	$712,500
W08 (Etobicoke)	$1,540,000	$1,010,000	$525,000
W06 (Etobicoke)	$1,179,000	$1,046,500	$607,500
C15 (North York)	$1,411,000	$927,500	$526,750
E05 (Scarborough)	$1,148,250	$872,500	$510,000
E09 (Scarborough)	$866,500	$745,000	$450,000

Source: TRREB MLS data via REALM, January to October 2026, median sold prices by TRREB district. District figures are not neighbourhood figures, and some semi and condo samples are small.

Roughly speaking: a condo apartment budget of $450,000 to $700,000 opens up most of the city, while a detached house under about $1.2 million points you to Scarborough or parts of Etobicoke. Midtown and the east end cost more for freehold homes. My most affordable Toronto areas to buy a condo post goes district by district.

Free tool — what can you actually afford?

Is it cheaper to live outside Toronto in the GTA?

For a house, usually yes. For a condo, the savings are smaller than people expect, and you add commuting time and cost.

City	Detached median	Change vs 2025	Condo apartment median
Mississauga	$1,225,000	-5.8%	$485,000
Brampton	$950,000	-8.9%	$415,000
Vaughan	$1,415,000	-5.0%	$530,000
Markham	$1,420,000	-6.5%	$558,000
Ajax	$925,000	-4.2%	$437,500
Oshawa	$730,000	-8.8%	$340,500
Hamilton	$736,750	-5.5%	$380,000

Source: TRREB MLS data via REALM, January to October 2026 vs the same period of 2025 (median sold prices).

Two things change the math. Buyers outside the City of Toronto pay only the Ontario land transfer tax, not Toronto’s municipal one, which saves thousands on day one. But a cheaper house in Oshawa or Brampton can come with a longer daily commute, a second car, or regional transit fares on top of the TTC. Test the commute at rush hour before you decide. My guide on GTA suburbs with the easiest commute downtown can help you shortlist.

What extra costs come with buying a home in Toronto?

Two land transfer taxes

Inside the City of Toronto you pay Ontario’s land transfer tax and Toronto’s municipal land transfer tax. On an $820,000 home, each is $12,875, so $25,750 in total, payable in cash on closing. First-time buyers can get back up to $4,000 from Ontario and up to $4,475 from Toronto, if they qualify.

Property tax

Toronto’s 2026 residential rate is 0.767311%, applied to your home’s assessed value from the Municipal Property Assessment Corporation (MPAC), not its sale price. The City’s own example: a home assessed at $692,140 pays about $5,311 a year.

Closing and move-in costs

Add legal fees, title insurance, an inspection, moving, and condo fees if you buy a condo. For first-time buyers, my Toronto first-time buyer guide for 2027 lists every program and cost.

How much does it cost to get around Toronto?

A single adult TTC ride is $3.30 with PRESTO, a debit card or a credit card, and $3.35 in cash. Monthly fare capping means that once you pay 47 eligible fares in a calendar month on the same card, the rest of that month’s TTC rides are free. That works out to a maximum of $155.10 a month for an adult.

Line 5 Eglinton opened on 8 February 2026, running from Mount Dennis to Kennedy, which helps midtown and parts of Scarborough. The Ontario Line has no confirmed opening date. If you plan to live without a car, look for a home within walking distance of a subway or Line 5 stop.

Should you rent first or buy right away when moving to Toronto?

For most newcomers, I suggest renting for six to twelve months first. You learn the commute, the neighbourhoods and the noise levels before you commit to a purchase you will pay land transfer tax on twice.

Health coverage: Ontario says there is no longer a waiting period for OHIP once you are eligible, but you must be physically present in Ontario for at least 153 of your first 183 days.
Mortgage history: lenders want to see stable income. A few months of Canadian pay stubs can make approval easier.
Foreign buyers: the federal ban on non-Canadians buying residential property runs to 1 January 2027. Budget 2026 proposes extending it for existing homes to 1 January 2029 while exempting new homes, but that is a proposal, not law yet. Ontario’s 25% non-resident speculation tax and Toronto’s 10% municipal version are separate and still apply to foreign nationals. Confirm your status with a lawyer before you sign anything.

If you are on a work permit or new to Canada, my newcomer guide to buying in the GTA covers the rules in more depth.

Watch out

If you are renting from out of town, do not send a deposit for a unit you have not seen in person or on a live video tour with someone you can verify. Meet the landlord or their agent, confirm they own or manage the unit, and pay by a traceable method.

My take

Pick your work location first, then draw a 45-minute commute circle around it and compare rents and prices only inside that circle. Most people who regret their first Toronto home chose on price alone and then spent the savings, and their evenings, on the commute.

What to do next

Write down your monthly housing budget, then check the rent and price tables above for areas that fit.
Map your commute and test it at rush hour on the TTC, GO or by car.
Rent for six to twelve months while you build Canadian income history and learn the city.
Get a mortgage pre-approval before you shop to buy, and budget for both land transfer taxes in Toronto.
Book a call with me to shortlist districts and buildings that match your budget and commute.

Need help with this? Talk to me.

I’m Jatin Dua, Broker of Record at RE/MAX Quantum Realty, and I’m the best agent to do this kind of work for you in Toronto and across the GTA. Over $100 million in GTA sales and 100+ families helped sell. Feel free to contact me any time: call or text 833-330-1925 or email [email protected].

Book a free call Call 833-330-1925

Frequently asked questions

How much does it cost to live in Toronto per month in 2027?

Housing is the main cost. A one-bedroom condo leased for an average of $2,316 a month in Toronto in Q2 2026, and a two-bedroom for $3,154, according to TRREB. Add transit, capped at $155.10 a month for an adult TTC rider in 2026, plus food, utilities and insurance, which depend on your household.

What is the average rent in Toronto in late 2026?

Rentals.ca and Urbanation reported Toronto’s average asking rent for apartments and condos at $2,590 in October 2026, up 1.6% from a year earlier. TRREB’s Q2 2026 report put the average leased one-bedroom condo at $2,316 and two-bedroom at $3,154. Asking rents are what new tenants see, not what long-time tenants pay.

What is the average home price in Toronto right now?

TRREB reported a City of Toronto median sale price of $820,000 for all home types from January to October 2026, with an average of $1,045,297. In October 2026 alone, detached homes had a median of $1,260,000 and condo apartments $545,000. The city’s benchmark price was down 3.6% from a year earlier.

Where is the cheapest place to buy a condo in Toronto?

Among the TRREB districts I compared, Scarborough’s E09 had the lowest condo apartment median, $450,000 from January to October 2026, followed by E05 at $510,000. Downtown C01 was $600,000 and midtown C04 was $677,500. These are district medians, so individual buildings can be well above or below them.

Is it cheaper to live in Mississauga or Toronto?

For a house, Mississauga is usually cheaper than many Toronto districts, with a 2026 detached median of $1,225,000, and you avoid Toronto’s municipal land transfer tax. For a condo, the gap is smaller: Mississauga’s 2026 condo apartment median was $485,000 versus $525,000 to $600,000 in several Toronto districts. Commuting costs can cancel the savings.

How much is a TTC monthly pass in 2026?

The TTC now uses monthly fare capping instead of requiring an upfront pass. An adult pays $3.30 per ride with PRESTO or a debit or credit card, and after 47 eligible fares in a calendar month, the rest of that month’s rides are free. That caps an adult’s monthly TTC cost at $155.10.

What is Toronto’s property tax rate for 2026?

Toronto’s 2026 total residential property tax rate is 0.767311%, including the city rate, the education rate and the City Building Fund. It is charged on your MPAC assessed value, not your purchase price. The City’s example: a home assessed at $692,140 pays about $5,311 a year. The 2027 rate will be set in the 2027 city budget.

Is there a waiting period for OHIP when moving to Ontario?

No. Ontario says there is no longer a waiting period for OHIP coverage, so eligible new residents are covered immediately. To qualify you generally must make Ontario your primary home and be physically present in the province for at least 153 of your first 183 days. Apply for your health card as soon as you arrive.

How much land transfer tax do you pay in Toronto?

Buyers in the City of Toronto pay both Ontario and Toronto land transfer tax. On an $820,000 home, each is $12,875, for $25,750 in total. Eligible first-time buyers can get back up to $4,000 from Ontario and up to $4,475 from Toronto. Buyers elsewhere in the GTA pay only the Ontario tax.

Sources

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