Greater Toronto Area
Toronto Real Estate Investment Calculator
Canada's largest and most tightly priced residential investment market, where underwriting discipline matters more than deal volume.
Toronto combines the deepest tenant pool in the country with the highest entry prices, which typically compresses yields and makes financing the binding constraint on price.
Purchases inside the City of Toronto are subject to both the provincial land transfer tax and the municipal land transfer tax, materially increasing cash to close.
Condominium investing introduces condo fees, status certificate review and rules on rentals, all of which belong in the underwriting rather than in a footnote.
Toronto market data
Municipal benchmarks, shown with their source and vintage. They are the starting assumptions a first pass should use — not property-level facts.
Small multifamily purchase price
- Duplex
- $1,150,000$575,000/unit
- Triplex
- $1,450,000$483,333/unit
- Fourplex
- $1,780,000$445,000/unit
- Blended price per unit
- $501,111
Source: PropertyEdge compiled small-multifamily benchmark range, 2025. Medium confidence — verify against active listings and recent sales for the specific property type and condition.
Typical achievable rent
- Bachelor
- $1,500/mo
- 1 bedroom
- $1,900/mo
- 2 bedroom
- $2,350/mo
- 3 bedroom
- $2,900/mo
- Benchmark vacancy
- 2.6%
Source: CMHC Rental Market Survey (latest published municipal averages), 2025. Medium confidence.
Property tax
0.71%
About 0.54% below the provincial reference rate of 1.25% — on a $1,150,000 purchase that's roughly $6,153 less tax a year than a provincially average municipality.
Estimated annual tax at $1,150,000: $8,223
Source: Municipal published final residential tax rate, 2025. Tax is levied on assessed value, not purchase price — underwrite from the actual tax bill.
Land transfer tax at $1,150,000
- Ontario LTT
- $19,475
- Municipal LTT
- $19,475
- Total at closing
- $38,950
Purchases inside the City of Toronto pay the Municipal Land Transfer Tax in addition to the provincial LTT, roughly doubling this line of your cash to close.
Calculated from the published Ontario Land Transfer Tax brackets and the Toronto Municipal Land Transfer Tax brackets. Confirm the final amount with your lawyer.
What changes your numbers here
DSCR usually binds before your return target
In low-cap markets, the loan the NOI can support often sets your maximum offer well below asking. Solve the financing constraint first.
Cash-to-close is unusually heavy
Two layers of land transfer tax plus legal, title and inspection costs should be modelled precisely, since they directly reduce cash-on-cash return.
Legal secondary units require verification
Basement and secondary suite income should only be underwritten once zoning, permits and fire separation are confirmed with the City.
Legal units and secondary suites in Toronto — what to verify
This is a diligence checklist, not legal advice. Municipal rules change, and site-specific zoning overrides the general case. Confirm each item with the municipality before you underwrite a unit's income.
- Second suites are permitted in most low-rise residential zones, but each unit must satisfy Ontario Building Code and Fire Code separation, ceiling height and egress requirements
- Toronto's Multiplex framework permits up to four units in many neighbourhoods — confirm the zoning and permit path for the specific property
- RentSafeTO registration and inspection obligations apply to buildings of three or more storeys and ten or more units
- Confirm parking, laneway/garden suite eligibility and any site-specific bylaw before underwriting extra income
What a typical Toronto deal looks like
A duplex at the Toronto benchmark price, with one one-bedroom and one two-bedroom unit rented at the benchmark rents above. Every input is a benchmark, so treat the output as a first pass, not a valuation.
The math, line by line
- Purchase price: $1,150,000 (duplex benchmark)
- Gross rent: $1,900 + $2,350 per month = $51,000 a year
- Vacancy at 2.6%: −$1,326
- Property tax at 0.71%: −$8,223
- Insurance, utilities, repairs and management: −$11,520
- NOI: $29,931
- Cap rate: $29,931 ÷ $1,150,000 = 2.6%
- Financing: 20% down, 5.25% over 30 years → $5,080/mo = $60,963 a year
- DSCR: $29,931 ÷ $60,963 = 0.49×
- Annual cash flow: -$31,032
- Cash to close: $230,000 down + $42,450 land transfer tax and legal
How to read it
At benchmark rents the NOI does not cover debt service at all, so a purchase at this price in Toronto needs more down payment, higher rents or a lower price to be financeable.
Change any one of price, rent, tax or rate and the verdict moves. That's the whole point of underwriting the specific property rather than the market.
Run these numbers on a real Toronto property →Verify locally before you offer
- Assessed value and current City of Toronto tax rate
- Provincial plus municipal land transfer tax on your purchase price
- Condo fees, reserve fund and status certificate where applicable
- Rental comps by unit type and neighbourhood
- Zoning and legal status of every income unit
Submarkets investors watch
- Downtown core
- East York
- Scarborough
- North York
- Etobicoke
Frequently asked — Toronto
What does a duplex cost in Toronto?
Our Toronto benchmark for duplex stock is $1,150,000, with triplexes around $1,450,000 and fourplexes around $1,780,000 — roughly $501,111 per unit. These are municipal benchmark ranges compiled from public sources, not a valuation of a specific property.
What rent can I expect in Toronto?
Typical achievable rents are about $1,900 for a one-bedroom, $2,350 for a two-bedroom and $2,900 for a three-bedroom, based on CMHC Rental Market Survey averages carried forward with the Statistics Canada Ontario rent CPI. Verify against live comparable listings before underwriting.
What is the property tax rate in Toronto?
Toronto publishes a residential rate of about 0.71%, versus a provincial reference of roughly 1.25%. Always underwrite from the actual tax bill or assessment, since assessed value and rate both matter.
How much land transfer tax will I pay in Toronto?
On a $1,150,000 purchase, Ontario land transfer tax is about $19,475, and the municipal land transfer tax adds roughly the same amount again, for about $38,950 in total. First-time buyer rebates may reduce this.
Can I add a legal second unit in Toronto?
Second suites are permitted in most low-rise residential zones, but each unit must satisfy Ontario Building Code and Fire Code separation, ceiling height and egress requirements. Treat every unit's income as unusable until zoning, permits and Fire Code separation are confirmed with the municipality.
Run a real Toronto underwriting file in minutes.
NOI, valuation, financing, risk register, stress tests and a maximum offer — with every assumption labelled sourced or estimated.
Other Ontario markets
PropertyEdge provides analysis and estimates for informational purposes only. It is not investment, tax, legal or appraisal advice, and no return or investment outcome is guaranteed. Estimates are modelled from the assumptions shown and must be verified against leases, inspections, tax bills and municipal records before you make an offer.