Condo prices in Toronto have fallen to 2019 levels, with the national condo affordability measure hitting a four-year low. This shift in the market may have implications for Calgary buyers and sellers.
What the numbers show
The Royal Bank of Canada's national affordability measure fell 1.4 percentage points to 53% in the first quarter of 2026, its best reading in four years. The measure tracks the share of a median household's pre-tax income required to cover ownership costs.
What it means for you
As Toronto's condo prices fall, Calgary buyers may see affordability improve. However, smaller cities like Montreal and Quebec City are struggling with affordability, with home prices remaining resilient. This shift in the market may lead to increased competition for buyers in these cities.
Sources: Real Estate Magazine (REM)