Average price, City of Toronto, all property types
$1,075,627As of October 2026.Source
Median price, City of Toronto, all property types
$835,000As of October 2026.Source
Average detached price, City of Toronto
$1,603,886As of October 2026.Source
Population of the City of Toronto
2,794,356As of 2021 Census.Source
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Toronto is where the biggest equity numbers in Canada meet some of the biggest mortgages. That mix is why two Toronto owners with the same home value can have very different options.

Toronto’s $1,075,627 average against an $835,000 median

According to the Toronto Regional Real Estate Board’s October 2026 Market Watch, the City of Toronto had 2,184 sales that month, with an average price of $1,075,627 and a median of $835,000 across all property types. Detached homes in the city averaged $1,603,886. The gap between the median and the average tells you that a minority of expensive sales pull the average up, so the median is the better guide for a typical home.

The City of Toronto counted 2,794,356 residents in 2021, and the City’s own profile says almost half of Toronto households rent. That makes the owner group smaller than it looks from the price headlines.

Why $235,000 of equity is only $68,000 of room

Equity is the value minus what you owe. A second mortgage lender works from a ceiling instead, which the Financial Consumer Agency of Canada puts at 80% of the appraised value minus the mortgage balance. The two examples above show how that plays out in Toronto. A detached owner can have hundreds of thousands of dollars of room. A median-priced home with a $600,000 mortgage has $235,000 of equity but only $68,000 of room.

That difference matters when you are planning to consolidate debt, because the loan has to cover the debt and the fees. Work it out with the calculator before you take a lender’s word on the amount.

Toronto’s land transfer tax and what it does not touch

Toronto charges its own municipal land transfer tax on top of the provincial one. Under the City’s rates for single-family homes, the first brackets match the provincial ones, 0.5% up to $55,000, 1% to $250,000, 1.5% to $400,000 and 2% from $400,000 to $2 million, and the rate climbs above that, reaching 2.5% from $2 million to $3 million and 4.40% from $3 million to $4 million.

These are taxes on buying. A second mortgage on a home you already own is not a purchase, and we found no Toronto tax line for it. What you will pay is the lender fee, the broker fee, legal costs, an appraisal and the registration fee, as set out on the Ontario page.

The renewal squeeze in the Toronto area

Many Toronto owners took five-year fixed mortgages in 2021 and 2022, and those terms are ending. The Bank of Canada’s 2026 Financial Stability Report estimates that over the following twelve months about 12% of outstanding mortgages across Canada are pandemic-era fixed-payment loans renewing, with payments up about 15% on average. For the Toronto area it estimates that about 9% of 2027 renewals could not refinance at current prices, against about 4% for the country.

If your renewal is coming up, price a renewal or a bank refinance first. A second mortgage can sit behind a renewed first mortgage, but it is the more expensive way to close a gap, and our consolidation page shows how fees can erase a first year of savings.

How easily a Toronto home sells matters to a lender

A second mortgage lender is also asking one question about the home: if it had to be sold, how quickly and for how much? The October 2026 TRREB figures for the City of Toronto give a rough answer. There were 9,526 active listings, which TRREB’s report equates to 4.6 months of inventory, and homes sold at about 98% of their list price after an average of 30 days on the market.

That is a market where homes sell, close to asking, within about a month. It is not a guarantee of anything about your home, and a lender will still order its own appraisal. What it means for you is that Toronto lenders tend to ask about the property type, the neighbourhood and the first mortgage as much as about your income. Be ready with the property tax bill, the current mortgage statement and a list of what you owe.

Licence rules for a Toronto agent or broker

In Ontario the person arranging a private second mortgage in Toronto must hold a Level 2 licence or be a broker. Read HELOC or second mortgage to see where a bank line of credit may be enough, and when your Toronto numbers are ready, use the options form for a licensed read.

A Toronto detached home at the October 2026 average price

The $1,603,886 value is the TRREB October 2026 average detached price in the City of Toronto, used here as a stand-in for a home's appraised value. The $900,000 first mortgage and $100,000 new loan are made up. The 80% ceiling is the one the Financial Consumer Agency of Canada gives for a second mortgage.

Home value used
$1,603,886
Owed on the first mortgage
$900,000
Combined loan-to-value with a $100,000 loan
62.3%
80% of the home value
$1,283,109
Room under an 80% ceiling
$383,109

A detached owner with a mid-sized first mortgage has a lot of room, and a lender may still offer less. Equity this large leaves choice, so there is time to compare costs before taking the first offer.

Illustration only. The figures are made up to show the arithmetic. They are not a quote, a rate or an offer.

A Toronto home at the October 2026 median price

The $835,000 value is the TRREB October 2026 median price for all property types in the City of Toronto, used as a stand-in for an appraised value. The $600,000 first mortgage and $50,000 new loan are made up.

Home value used
$835,000
Equity before the new loan
$235,000

$835,000 minus $600,000

Combined loan-to-value with a $50,000 loan
77.8%
80% of the home value
$668,000
Equity left after the new loan
$185,000
Room under an 80% ceiling before the loan
$68,000

Equity of $235,000 sounds roomy. Under an 80% ceiling the room is $68,000, and a $50,000 loan uses most of it. The gap between equity and what you can reach is where plans fall short.

Illustration only. The figures are made up to show the arithmetic. They are not a quote, a rate or an offer.

Questions people ask

Do I pay Toronto's municipal land transfer tax on a second mortgage?

Toronto's tax is charged on the purchase of a property, using brackets published by the City. We found no Toronto tax line for registering a second mortgage on a home you already own. Your lawyer will confirm the fees for your own charge.

Is the average Toronto home price a good guide to my equity?

Only a rough one. The October 2026 TRREB figure of $1,075,627 covers every property type in the City of Toronto, and a detached house averaged $1,603,886 that month. Your equity depends on your own home's appraised value and what you owe.

Will a renewal in 2027 be harder in the Toronto area?

The Bank of Canada's 2026 Financial Stability Report estimated that about 9% of 2027 mortgage renewals in the Toronto area could not refinance at current prices, compared with about 4% nationally. That is an estimate for the area, not a prediction for your mortgage.

Is a Toronto condo eligible for a second mortgage?

Lenders look at the building, the unit, the first mortgage and your plan to repay. We have no Toronto condo figures to quote here, so ask any lender directly whether they lend on condos and what they charge.

Where can I check that a Toronto mortgage agent is licensed?

Toronto is in Ontario, so the regulator is FSRA. Ask for the agent's licence number and look it up on FSRA's public register before you give them documents or money.

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Sources