Toronto Housing Market Report

Greater Toronto Area (GTA) Housing Market Overview

Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.

July 2026 marked a shift from June 2026's sales-led rebound to supply-led tightening. GTA sales totalled 5,995, down 11.4% from June 2026 on an unadjusted basis and down 1.7% from July 2025. New listings fell much faster, to 14,484, down 16.2% month-over-month and 17.8% year-over-year. Active listings declined to 26,098, down 4.5% from June and 12.1% from a year earlier.

The imbalance between sales and new supply is the most important signal this month. The GTA's sales-to-new-listings ratio rose to 41.4%, from 39.2% in June 2026 and 34.6% in July 2025. Months of supply rose from 4.0 in June 2026 to 4.4 in July 2026 because the unadjusted sales count fell seasonally, but it remained below the 4.9 months recorded a year earlier in July 2025. Together, these measures describe a market that is still balanced, but materially tighter than last summer.

The Toronto Regional Real Estate Board (TRREB) reported that seasonally adjusted sales increased from June while new listings declined. That helps show the raw monthly drop in transactions with the broader tightening story: July had the normal summer slowdown in unadjusted activity, but the underlying, or rather seasonally-adjusted, balance between buyers and available supply improved.

Toronto home prices remained soft in July 2026. The average GTA sale price fell 5.2% from June 2026 to $1,003,956 and was 4.5% below July 2025. The median price fell 3.4% monthly to $860,000 and was down 5.5% annually. By comparison, the benchmark price slipped only 0.7% from June 2026 to $934,600 and was down 4.6% year-over-year. The much wider monthly decline in the average price than in the benchmark is consistent with a shift toward lower-priced sales rather than a market-wide repricing of the same homes.

Buyers still retained negotiating leverage. Homes sold for an average of 97% of the listing price, average listing days on market increased to 32 from 30 in July 2025, and average property days on market rose to 45 from 41. Falling listings have made the market more competitive, but they have not yet restored broad pricing power to sellers.

Borrowing costs remain the main restraint on a faster price recovery. The current mix of tighter supply and constrained purchasing power would need to stabilize prices before it produces sustained price growth.

Terms and conditions apply. Rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. See WealthONE's website for current rates and applicable balance tiers. Highest rate in Canada for RRSP HISA accounts, as confirmed by WOWA as of July 24 2026

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Terms and conditions apply. Rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. See WealthONE's website for current rates and applicable balance tiers. Highest rate in Canada for RRSP HISA accounts, as confirmed by WOWA as of July 24 2026

City of Toronto

The City of Toronto followed the GTA's broad direction in July 2026, but its supply-demand balance tightened more quickly. The average price fell 6.5% from June 2026 to $1,010,836 in July 2026, while the benchmark price eased 0.6% month-over-month to $928,200 and the median fell 4.2% month-over-month to $800,000. Annual declines were more moderate for the average and benchmark prices, at 3.2% and 3.8%, while the median was 5.9% below July 2025.

City of Toronto home sales reached 2,242 in July 2026, down 8.2% from June 2026 but up 1.7% from July 2025. New listings fell to 4,980, down 18.3% month-over-month and 17.1% year-over-year. Active listings declined to 9,310, down 7.3% from June 2026 and 14.8% annually. Because supply fell much faster than sales, the City of Toronto's sales-to-new-listings ratio rose to 45.0%, from 40.1% in June 2026 and 36.7% a year earlier.

Toronto therefore entered the second half of 2026 in a slightly firmer position than the GTA overall. Months of supply was about 4.2, slightly below the GTA's 4.4 months, and the city's year-over-year sales growth was positive. Even so, the average sale-to-list ratio remained 97%, and homes took an average of 32 listing days and 37 property days to sell. The city is becoming less buyer-friendly, but it has not become a seller's market.

The gap between the city's average-price decline and its much smaller benchmark decline is especially important. It suggests that a larger share of lower-priced homes changed hands in July, rather than every Toronto home losing 6.5% of its value in one month. The benchmark remains the cleaner signal for the direction of typical home values.

July 2026 results were uneven by property type. Condo apartments and freehold townhomes showed the most price resilience, while semi-detached homes recorded the weakest annual combination of pricing and sales. Sales were lower than June 2026 across every category, reflecting the seasonal slowdown, but detached and condo apartment sales were almost unchanged from July 2025.

Detached homes: The average price was $1,291,690, down 5.3% from June 2026 and 5.1% year-over-year. Sales were almost unchanged from July 2025 at 2,789, but the sharp monthly decline in average price suggests the high-end sales mix softened. Detached demand is holding up better than the monthly price movement alone implies, yet buyers remain highly price-sensitive at this ticket size.

Semi-detached homes: The average price fell to $964,922, down 7.1% monthly and 7.3% annually, while sales declined 6.5% year-over-year to 557. This was the weakest annual result among the major property types and indicates that the segment has not benefited as much from tightening supply as other mid-density categories.

Freehold townhomes: The average price was $903,986, only 0.9% below June 2026 and 2.7% below July 2025. Sales fell 4.9% year-over-year to 567. Freehold townhomes delivered the most stable pricing among the freehold categories, reinforcing their role as a relatively attainable alternative to detached and semi-detached homes.

Condo apartments: The average price increased 0.9% from June to $636,323 and was down only 2.3% year-over-year, the shallowest annual decline of any major type. Sales were nearly flat annually at 1,564. Condos were the clearest July 2026 example of demand meeting price: lower values than a year ago are attracting buyers, and the segment is beginning to show better price stability.

Condo townhomes: The average price fell 6.6% from June 2026 and 5.3% year-over-year to $704,367. Sales declined 3.3% annually to 436. The sharp monthly price movement contrasts with a relatively modest sales decline, which points to mix volatility rather than a clean deterioration in demand.

Overall, the property-type data supports a more nuanced view than the headline average price. Affordability-oriented segments, especially condo apartments and freehold townhomes, are showing the best price resilience. Higher-cost and less liquid segments remain more exposed to changes in the sales mix and to buyers' borrowing constraints.

For sellers: July 2026 offered less listing competition than a year earlier, but it still did not reward aggressive pricing. New listings were down 17.8% year-over-year, yet the average sale-to-list ratio was 97% and days on market were longer than in July 2025. The best strategy remains accurate pricing from the start, particularly for semi-detached homes and higher-priced detached properties.

For buyers: Selection has narrowed, but the GTA still had 26,098 active listings and approximately 4.4 months of supply. That leaves room to compare properties and negotiate, even as the market becomes less buyer-friendly. City of Toronto conditions are tighter than the regional average, while condo apartments offer the strongest combination of improved price stability and relative affordability.

What to watch next: The key question is whether the sharp decline in new listings persists into late summer and fall. If sales remain near year-ago levels while supply continues to contract, benchmark price declines should narrow and could begin to level off. If sales weaken more materially, months of supply could rise again even with fewer listings. The sales-to-new-listings ratio, months of supply, and the gap between changes in average and benchmark prices will be the clearest indicators.

Demand backdrop: Population growth and immigration remain important long-run supports for Toronto housing demand, but the July 2026 data shows that near-term resale conditions are being determined more directly by mortgage affordability, the mix of homes available, and the pace at which owners choose to list.

July 2026 was not a price-recovery month, but it was another step away from the excess-supply conditions seen earlier in the cycle. Sales were broadly stable compared with July 2025, listings fell sharply, and the City of Toronto tightened faster than the GTA overall. The most likely near-term outcome is stabilization before acceleration: prices may stop falling before sales return to long-run norms.

Home Prices in Toronto

Greater Toronto Area Housing Market Statistics for All Property Types

Market Overview for Detached Homes

Market Overview for Semi-Detached Homes

Market Overview for Condo Apartments