Toronto Housing Market Report
- The Greater Toronto Area's benchmark home price for January 2026 was $936,100, down 8.0% year-over-year (YoY) and 0.7% month-over-month (MoM).
- The average home sold price in the GTA decreased 6.5% year-over-year to $973,289 for January 2026.
- Detached home average price decreased by 7.2% year-over-year to $1.28M.
- Semi-detached home average price decreased by 9.7% year-over-year to $946k.
- Freehold townhouse average price decreased by 7% year-over-year to $915k.
- Condo apartment average price decreased by 9.8% year-over-year to $605k.
Greater Toronto Area (GTA) Housing Market Overview
GTA Housing Market: Price Movements for January 2026
Benchmark Home Price | $936,100 | -0.7% 1-Month Change | -8.0% 1-Year Change |
Average Home Price | $973,289 | -3.3% 1-Month Change | -6.5% 1-Year Change |
Median Home Price | $840,000 | -1.2% 1-Month Change | -7.7% 1-Year Change |
Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.
As of January 2026, the GTA housing market is cooling quickly, with both average and benchmark prices now sitting at five-year lows. The GTA’s benchmark home price, which tracks the value of a “typical” home, fell to $936,100 in January 2026, down 0.7% month-over-month and 8.0% year-over-year. That’s the eighth straight monthly decline since May 2025 and the lowest benchmark price since January 2021.
The average selling price followed the same trajectory, decreasing to $973,289 in January 2026, down 3.3% from December 2025 and down 6.5% from a year earlier in January 2025. It’s the first time that the average home price has been below $1 million in five years, as well as being the lowest since then. Median prices dropped to $840,000, down 1.2% month-over-month and 7.7% year-over-year.
Prices are falling, but “falling” is relative. A $1-million home is still largely out of reach for the average renter trying to break into ownership. The ratio of home price to income has improved from the pandemic-era peak, but by historical standards, it remains stretched.
Sales activity softened notably in January 2026, reflecting typical seasonal patterns alongside continued buyer caution. The GTA recorded 3,082 sales in January 2026, down 19.9% year-over-year and 16.6% from December 2025, while active listings stood at 17,975, up 4.8% year-over-year. With listings running at roughly six times monthly sales, the market posted 5.8 months of supply, pushing into buyer’s market range, as pricing dynamics continue to favour buyers.
Another notable shift came from supply: new listings fell to just 10,774, down 13.1% year-over-year. The GTA’s sales-to-new-listings ratio (SNLR) of 28.6% for January 2026 is a decrease from January 2025’s SNLR of 31.0%.
While multiple Bank of Canada rate cuts throughout 2024 and 2025 have improved borrowing conditions, affordability challenges and a cooling labour market continue to constrain demand. This is where the GTA is stuck. There is softer pricing, but too few buyers are financially able to take advantage. Rate cuts haven’t solved the underlying issue: incomes simply haven’t kept up with home prices in Toronto.
Greater Toronto Area (GTA) Breakdown by Region
Average Prices by Region
Median Prices by Region
Greater Toronto Area (GTA) Breakdown by City
Average Prices by City
Median Prices by City
Greater Toronto Area (GTA) Breakdown by Neighbourhood
Average Prices by Neighbourhood
Median Prices by Neighbourhood
City of Toronto
Market conditions in the City of Toronto closely tracked those of the broader GTA. The average price fell to $948,698, down 3.8% month-over-month and down 3.8% year-over-year. Toronto’s benchmark price declined 1.1% month-over-month to $924,100, down 6.6% annually.
The City of Toronto’s median price declined to $749,500, down 3.9% month-over-month and 6.3% year-over-year. Sales totalled 1,074, down 22.5% year-over-year.
Active listings increased to 6,968, a 0.7% rise from last year. New listings decreased 13.9% year-over-year to 4,077. The City of Toronto’s SNLR decreased to 26%, down from 29% in January 2025.
Property Types
Average prices declined across all property types year-over-year. Among property types in the GTA for January 2026:
- The average price of detached homes decreased by 7.2% from the previous year to $1,277,915.
- The average price of semi-detached homes decreased 9.7% year over year to $945,967.
- The average price of freehold townhomes decreased 7.0% year over year to $914,738.
- The average price of condo apartments has decreased by 9.8% from the previous year to $604,759.
Although condos are considered the affordable segment, they’re not immune to the broader slowdown. Investors once made up a large portion of condo purchases during the pandemic boom. That demand has since evaporated.
Sales Data
The Greater Toronto Area (GTA) had 3,082 sales overall in January 2026, a 20% decrease from last year.
- Detached home sales are down 14% year-over-year.
- Semi-detached home sales are down 20% year-over-year.
- Freehold townhome sales are down 24% year-over-year.
- Condo sales are down 26% year-over-year.
Looking Forward
For sellers, the market requires strategic pricing and occasionally incentives to attract buyers. With demand constrained, properties are lingering longer than in previous years, and sale-to-list differentials continue to widen.
This month, the average sales price-to-listing price ratio was 97%, meaning homes sold for 3% less than their asking price on average, compared to 99% in January 2025. The average property's days on the market increased to 67 days in January 2026, up from 55 days in January 2025.
Home Prices in Toronto
Greater Toronto Area Housing Market Statistics for All Property Types
Average Sold Price and MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Market Overview for Detached Homes
Average Sold Price
Transactions
Market Overview for Semi-Detached Homes
Average Sold Price
Transactions
Market Overview for Freehold Townhouses
Average Sold Price
Transactions
Market Overview for Condo Apartments
Average Sold Price
Transactions
Glossary and Definitions
MLS® Home Price Index (HPI): Developed by the Canadian Real Estate Association (CREA), the MLS® HPI is the most advanced tool for tracking price trends in the Canadian housing market. Rather than using simple average prices, which can be skewed by the mix of homes sold in a given month, the HPI tracks the value of a "Benchmark Home"—a property with typical attributes for its specific neighborhood. This allows for an accurate "apples-to-apples" comparison of home values across different regions and time periods, independent of a property's specific features or seasonal volatility. To ensure the index remains relevant, CREA performs an annual review every May to account for evolving market dynamics.
MLS® HPI Benchmark Price: This is the dollar value assigned to a "typical" home in a specific neighborhood. While the HPI itself is an index number used to track trends, the Benchmark Price translates that data into a real-world dollar figure, representing what a standard home with average features (like square footage, rooms, and lot size) would likely sell for in today's market.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to cover damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owners of the buildings have leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.