Greater Toronto Area
Toronto Real Estate Appraisals
Residential, Commercial & Industrial Property Appraisals in Toronto, Ontario
REX Valuations provides professional real estate appraisal and property valuation services throughout the City of Toronto, including Downtown Toronto, Toronto and East York, North York, Etobicoke and Scarborough.
Our appraisal assignments include detached and semi-detached homes, condominiums, multi-residential properties, mixed-use buildings, retail and office properties, industrial buildings, warehouses, development land, vacant land and other specialized real estate. Appraisals may be required for financing, acquisitions and dispositions, matrimonial and litigation matters, estates, property taxation, expropriation, insurance, retrospective valuation and other purposes. REX Valuations prepares independent, well-supported opinions of value in accordance with professional appraisal standards, including CUSPAP.
Toronto Real Estate Market – Q2 2026
Toronto's real estate market became more active during the second quarter of 2026, but conditions varied considerably between freehold residential housing, condominiums, office buildings, industrial property, retail and development land.
The wider GTA recorded 19,269 residential sales in Q2 2026, an increase of 7.4% from Q2 2025. Detached sales increased 9.0%, while condominium apartment sales increased 9.1%. Despite stronger transaction activity, median prices remained below the prior year across the principal housing categories.
Within the City of Toronto itself, monthly residential sales increased from 2,312 in April to 2,377 in May and 2,443 in June, representing approximately 7,132 transactions during Q2. Active listings increased from 9,260 in April to 10,047 by June, demonstrating that buyers continued to have considerable selection even as sales improved.
Commercially, Toronto's office market showed clear signs of improvement. Downtown office vacancy declined to 13.1% during Q2, accompanied by more than 140,000 square feet of positive net absorption. Toronto's industrial market also remained comparatively tight, although conditions varied dramatically by district: Colliers reported industrial availability ranging from only 0.7% in its Toronto core submarket to 5.6% in Scarborough South.
The principal Q2 2026 theme was therefore not simply that "Toronto real estate was rising" or "Toronto real estate was falling." Rather, the market became more active and increasingly segmented, making current property-specific market evidence especially important.
Residential Real Estate Market in Toronto – Q2 2026
Toronto's residential market strengthened through the spring of 2026 after a slower first quarter.
TRREB characterized Q2 as a period of marked improvement in sales activity, supported by improved affordability from lower selling prices and borrowing costs. At the same time, values had not generally returned to their prior-year levels, and purchasers continued to exercise considerable price sensitivity.
Despite improving sales, the city-wide average selling price remained relatively stable through the quarter rather than rising sharply. This suggests that Q2 represented a recovery in transaction activity more than a broad-based recovery in prices.
By June, the difference among housing categories was substantial. City of Toronto detached homes averaged approximately $1,648,440, while semi-detached homes averaged $1,264,782. Condominium apartments averaged approximately $665,760, about 9% below June 2025.
This segmentation is important for valuation. A condominium apartment in CityPlace, a semi-detached dwelling in Leslieville and a detached residence in Lawrence Park are not exposed to the same competitive market.
Q2 2026 Trend
Sales activity improved meaningfully through the spring, but prices remained comparatively stable — Q2 represented a recovery in transaction volume more than a broad-based recovery in values. Purchasers continued to benefit from substantial listing inventory and negotiating room.
Toronto Q2 2026 Residential Market Snapshot
| Indicator | Q2 2026 Quarter-End |
|---|---|
| Sales — April 2026 | 2,312 |
| Sales — May 2026 | 2,377 |
| Sales — June 2026 | 2,443 |
| Average Price — April | $1,091,761 |
| Average Price — May | $1,108,292 |
| Average Price — June | $1,081,375 |
| Active Listings — April | 9,260 |
| Active Listings — June | 10,047 |
| Detached Average — June | $1,648,440 |
| Semi-Detached Average — June | $1,264,782 |
| Condo Apartment Average — June | $665,760 |
| Condo Apartment Average — Q2 2025 | $717,403 |
TRREB Market Watch data, April through June 2026.
Residential Neighbourhoods in Toronto
Toronto contains a range of housing markets, and values can differ materially across relatively short distances.
Downtown Toronto
Downtown Toronto contains substantial condominium development together with older houses, townhouses, loft conversions and mixed-use buildings. Submarkets include the Financial District, King West, Entertainment District, CityPlace, St. Lawrence, Distillery District, Waterfront and surrounding areas. Condominium supply, transit access, views, building quality and proximity to employment and entertainment are important value influences.
Midtown Toronto
Midtown includes markets such as Yonge-Eglinton, Davisville, Leaside, Forest Hill and Lawrence Park. Housing varies from high-rise and mid-rise condominium apartments to older detached and semi-detached homes and luxury residential properties.
Toronto's West End
Neighbourhoods such as High Park, Bloor West Village, Roncesvalles, The Junction, Parkdale and surrounding west Toronto areas contain older detached and semi-detached housing, townhouses, condominiums and mixed-use properties.
Etobicoke
Etobicoke contains several distinct housing environments, including established residential neighbourhoods, high-rise apartment clusters, newer condominiums and waterfront-influenced markets such as Mimico and Humber Bay.
East Toronto and East York
Leslieville, Riverdale, The Beaches, Danforth-area neighbourhoods and East York contain substantial older freehold housing together with growing condominium and infill development.
North York
North York contains everything from luxury detached neighbourhoods to apartment towers and intensive condominium development along Yonge Street and major transit corridors. Willowdale, Bayview Village, York Mills and Downsview are examples of substantially different local markets.
Scarborough
Scarborough contains established detached neighbourhoods, townhouses, condominium apartment clusters and substantial redevelopment areas. Proximity to transportation, waterfront or ravine features and neighbourhood commercial centres can materially influence individual property values.
Commercial Real Estate Market in Toronto – Q2 2026
Toronto remained Canada's largest and most diverse commercial real estate market during Q2 2026.
The city's commercial inventory ranges from global-scale downtown office towers to neighbourhood storefronts, older mixed-use buildings, apartment buildings, industrial warehouses, manufacturing facilities, retail centres and redevelopment sites.
Q2 conditions generally improved across several major commercial sectors. Colliers described Toronto investment activity as gaining traction during the quarter, with improving investor confidence and continued demand for higher-quality office, industrial, retail and multifamily assets.
At the same time, performance remained highly dependent on asset quality. Newer or well-located properties with strong tenants generally competed differently from functionally obsolete buildings or assets requiring substantial capital investment.
Industrial Property in Toronto
Industrial real estate remained one of Toronto's strongest property sectors.
Colliers reported a 245.7-million-square-foot Central Toronto industrial inventory during Q2 2026. Central Toronto industrial vacancy was approximately 1.7%, while total availability was 3.1%. Weighted average asking net rent was approximately $14.88 per square foot.
Toronto was not uniform, however. Selected submarket availability ranged from 0.7% in the Toronto core to 5.6% in Scarborough South, while asking net rents ranged from approximately $10.85 per square foot in the Toronto core to $17.50 in Scarborough East.
Central Toronto recorded slightly negative quarterly absorption of approximately 81,000 square feet, but approximately 1.47 million square feet remained under construction. The larger GTA market recorded approximately 3.5 million square feet of positive Q2 absorption.
Toronto's constrained supply of industrial land also means that land value can represent a substantial component of an older industrial property's overall value. A low-clear-height industrial building on a large urban redevelopment site may require a materially different highest-and-best-use analysis from a modern distribution facility.
Key industrial valuation factors
- Gross building area and clear height
- Shipping and loading facilities (truck-level vs. drive-in doors)
- Office percentage and site coverage
- Yard area and outside storage permissions
- Electrical capacity and column spacing
- Access to Highways 401, 400, 427, 404/DVP and the Gardiner
- Zoning and permitted uses
- Environmental condition and excess land
- Redevelopment potential
Office and Commercial Property in Toronto
Toronto's office market showed one of its clearest periods of improvement since the pandemic.
CBRE reported that Downtown Toronto office vacancy declined by 40 basis points to 13.1% during Q2 2026, with more than 140,000 square feet of positive net absorption during the quarter. Over the preceding 12 months, downtown Toronto had recorded approximately 4.6 million square feet of positive absorption, the strongest 12-month result reported by CBRE in its historical comparison.
Importantly, improvement was beginning to extend beyond trophy and premium buildings. CBRE reported declining vacancy among sub-premium office assets as well, although the strongest demand remained concentrated in better-quality properties.
Toronto's suburban office market also improved. Overall suburban vacancy declined from 20.7% to 20.2%, while leasing activity was driven primarily by Class A space, including strong activity in Toronto North and Toronto East.
Retail and Mixed-Use Property in Toronto
Toronto contains one of Canada's most diverse retail markets. Commercial environments range from Bloor-Yorkville and the Downtown core to traditional main streets, neighbourhood retail strips, community plazas and large-format suburban shopping centres.
Retail demand during 2026 remained supported by necessity-based, food-service, fitness and value-oriented retailers, although economic uncertainty continued to influence discretionary spending. Toronto remained supply-constrained in many well-established retail locations.
Toronto's older commercial streets also contain many mixed residential-commercial properties, where residential apartments above ground-floor retail may contribute materially to overall income and value.
What Drives Real Estate Values in Toronto?
Toronto's size and employment base are major underlying drivers of real estate demand.
The 2025 Toronto Employment Survey counted approximately 1,623,720 jobs and 74,560 establishments, both record highs. Employment increased by approximately 23,410 jobs from the preceding year. Downtown Toronto alone contained approximately 664,650 jobs, while employment areas contained approximately 381,270 jobs.
Toronto's four largest employment sectors in 2025 were Health Care and Social Assistance (14.4%), Finance and Insurance (13.1%), Wholesale and Retail Trade (10.7%) and Professional, Scientific and Technical Services.
Toronto's diversified employment base supports demand for housing, office space, industrial property, retail, rental apartments and development land. However, changes in remote work, transportation, affordability, population growth and individual industry performance can affect property sectors differently.
Major Commercial and Employment Areas in Toronto
Financial District
Toronto's primary concentration of large-scale office towers, financial institutions and institutional-quality commercial real estate.
Downtown / South Core
Contains modern office towers, condominium development, hotels, entertainment uses and substantial mixed-use development surrounding Union Station and the waterfront.
King-Spadina
An established mixed-use district containing office, residential, retail, entertainment and former industrial buildings, many of which have undergone adaptive reuse or redevelopment.
Rexdale-Airport / North Etobicoke
This district benefits from Highway 401, Highway 427 and proximity to Toronto Pearson International Airport. It contains major logistics, warehousing, manufacturing and service-industrial uses.
South Etobicoke
Contains a mixture of older industrial buildings, warehousing, manufacturing, flex properties and redevelopment sites along Evans Avenue, Kipling Avenue and areas surrounding the Gardiner Expressway and QEW.
Scarborough / Tapscott
Scarborough contains some of Toronto's largest industrial concentrations. Colliers' Q2 statistics show particularly low availability in Scarborough East and Scarborough West, while Scarborough South contained comparatively greater available inventory.
Transportation and Accessibility
Transportation is a significant influence on Toronto real estate values.
Toronto's major highways include Highway 401, Highway 400, Highway 427, Highway 404/Don Valley Parkway and the Gardiner Expressway. These routes are particularly important to industrial, logistics and suburban commercial users.
The city is served by an extensive TTC network of subway, streetcar and bus routes together with GO Transit commuter rail and bus service. Union Station serves as the principal regional rail hub, while UP Express connects downtown Toronto with Pearson International Airport.
For residential properties, transit accessibility can affect commuting convenience and purchaser demand. For office users, proximity to subway and GO service can affect employee accessibility and tenant appeal. For industrial users, highway accessibility and trucking efficiency can materially affect property utility.
The market impact of transportation infrastructure should nevertheless be demonstrated through comparable market evidence rather than assumed as a fixed value premium.
Development, Planning and Zoning in Toronto
Planning considerations can be especially important in Toronto because the market value of land and older improvements may be affected by redevelopment and intensification potential.
Toronto's Official Plan forecasts approximately 3.65 million residents and 1.98 million jobs by 2051. Growth is generally directed toward Downtown and the Central Waterfront, Centres, Avenues and Employment Areas, particularly locations with substantial transit infrastructure.
Toronto's primary city-wide zoning instrument is Zoning By-law 569-2013, although some properties continue to be affected by former municipal zoning by-laws, site-specific amendments, exceptions, appeals or other planning instruments. In late 2025, Toronto also adopted zoning amendments expanding certain small-scale retail, service and office permissions on residentially zoned properties along select major streets.
Toronto also has 27 Heritage Conservation Districts, together with individually designated and listed properties. Properties within an HCD are subject to the applicable district by-law and plan, which can affect alterations, demolition and redevelopment. Toronto's extensive ravine system is similarly protected through the City's Ravine and Natural Feature Protection By-law.
For appraisal purposes, a property's zoning should not be determined merely from a listing description or general neighbourhood use. A parcel may be affected by zoning exceptions, site-specific by-laws, former municipal zoning, legal non-conforming uses, minor variances, Secondary Plans, Heritage Conservation District policies or other development approvals.
What Affects Property Value in Toronto?
There is no single "Toronto price per square foot" that reliably determines market value. A professional appraisal considers the specific competitive market for the property, rather than applying a municipal average to an individual asset.
Residential
- –Neighbourhood and dwelling type
- –Lot dimensions and building area
- –Age, condition and renovations
- –Parking and basement utility
- –Transit accessibility
- –School and amenity proximity
- –Ravine or waterfront influence
- –Heritage designation
- –Redevelopment potential
- –Recent comparable sales
Commercial & Industrial
- –Zoning and permitted uses
- –Highest and best use
- –Market rent and contract rent
- –Vacancy and lease expiry
- –Tenant quality and operating expenses
- –Capitalization rates
- –Parking and building condition
- –Redevelopment potential
Vacant & Development Land
- –Official Plan designation
- –Zoning, permitted height and density
- –Development approvals and servicing
- –Site configuration and heritage
- –Environmental constraints
- –Land assembly potential
- –Development timing
- –Highest and best use
Real Estate Appraisal Services in Toronto
REX Valuations provides appraisal and valuation services for a range of Toronto properties, including commercial, office and industrial properties; residential properties; vacant and development land; investment properties; and specialized real estate.
Assignments may be required for
- Financing
- Acquisition or disposition
- Estate matters
- Matrimonial proceedings
- Litigation support
- Property taxation
- Expropriation
- Insurance
- Investment analysis
- Retrospective valuation
Toronto Real Estate Appraisal – Quick Answers
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