Toronto

Toronto is Canada's largest city and financial capital, anchoring a metropolitan area of roughly 7.1 million people and home to the Toronto Stock Exchange and the country's major banks. It is the deepest, most liquid property market in Canada, spanning a dense downtown condo market, established residential neighbourhoods and fast-growing transit corridors. For international investors the city is defined as much by regulation as by fundamentals: the federal foreign-buyer ban applies in full (Toronto is a Census Metropolitan Area), and Ontario's 25% Non-Resident Speculation Tax plus the City of Toronto's 10% municipal NRST stack to a 35% surcharge where a purchase is permitted. 2026 is a reset year, with prices down mid-single digits year-on-year and elevated condo inventory shifting leverage toward buyers, even as multi-decade-low condo starts point to a future supply squeeze.