Toronto Housing Market Report
- The Greater Toronto Area's benchmark home price for May 2026 was $946,500, down 6.7% year-over-year (YoY) and up 0.3% month-over-month (MoM).
- The average home sold price in the GTA decreased 4.6% year-over-year to $1,069,700 for May 2026.
- Detached home average price decreased by 4.7% year-over-year to $1.36M.
- Semi-detached home average price decreased by 2.8% year-over-year to $1.07M.
- Freehold townhouse average price decreased by 8% year-over-year to $916k.
- Condo apartment average price decreased by 6.4% year-over-year to $639k.
Greater Toronto Area (GTA) Housing Market Overview
GTA Housing Market: Price Movements for May 2026
Benchmark Home Price | $946,500 | +0.3% 1-Month Change | -6.7% 1-Year Change |
Average Home Price | $1,069,700 | +1.7% 1-Month Change | -4.6% 1-Year Change |
Median Home Price | $910,000 | +3.4% 1-Month Change | -4.7% 1-Year Change |
Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.
As of May 2026, the GTA housing market looked more active than it did a year earlier, but it was still not a seller's market. The benchmark price, which measures the price of a typical home, rose 0.3% month-over-month to $946,500. It was still 6.7% below May 2025, so the market has improved in activity before it has raised prices.
The average GTA home sold price increased 1.7% from April 2026 to $1,069,700, and the median price rose 3.4% monthly to $910,000. Those monthly gains are meaningful because they came with more sales, not just fewer transactions at the lower end of the market. Still, average and median prices were down 4.6% and 4.7% year-over-year, which keeps sellers in a more competitive position than they were last spring.
Sales were the strongest part of Toronto’s May 2026 report. GTA sales reached 6,583, up 10.7% from April 2026 and 6.3% from May 2025. Seasonally adjusted sales rose 10% from April 2026, while seasonally adjusted new listings fell 2.1%. That means the improvement was not only a normal spring pickup. Adjusted demand strengthened relative to supply.
Supply tightened compared with last year. Active listings rose 7.2% from April 2026 to 26,927, but they were still 13.0% below May 2025. New listings increased 3.5% month-over-month to 17,698, yet they were down 18.9% year-over-year. The sales-to-new-listings ratio rose to 37.2%, compared with 34.8% in April 2026 and 28.6% in May 2025.
At 4.1 months of supply, the GTA remained in balanced-market territory. That is tighter than May 2025, when months of supply was roughly 5.0, but it is not tight enough to create broad price pressure across the region. Buyers still have room to negotiate, although they no longer have the same amount of choice they had last year.
The interest rate backdrop is helping, but only up to a point. The Bank of Canada held its target overnight rate at 2.25% on April 29, 2026, and CMHC's 2026 outlook still expects resale markets to recover while staying below long-term averages. That matches the May data: more buyers are willing to transact, but affordability is still keeping price growth in check.
City of Toronto
The City of Toronto also improved in May 2026, although the recovery was not as strong as the GTA-wide sales gain. The average price rose 1.5% month-over-month to $1,108,292, while the benchmark price increased 0.3% to $938,000. The median price rose 5.5% monthly to $885,000, which suggests that the price improvement was not limited to one small part of the market.
Toronto prices remain lower than they were a year ago. The average price in the City of Toronto was down 4.1% from May 2025, the benchmark price was down 5.4%, and the median price was down 4.6%. The annual declines are smaller than they were in April 2026 for the average and median price, but they still show that sellers have not fully regained pricing power.
City of Toronto sales reached 2,377, up 2.8% from April 2026 and 2.7% year-over-year. Active listings rose 7.1% monthly to 9,916 but were 15.3% below May 2025. New listings rose to 6,401, up 4.3% from April 2026 and down 18.9% annually. Toronto's SNLR was 37.1%, almost unchanged from April 2026 but well above May 2025's 29.3%.
The City of Toronto numbers point to a market that is firming, not surging. Better sales and fewer listings make conditions less favourable for buyers than they were last year, but affordability is still doing a lot of the policing. Homes need to be priced close to recent comparable sales to get serious attention.
Property Types
Average prices were still below May 2025 levels across the major property types, but resale activity looked healthier than it did earlier in May 2025. The split between sales and prices is important: buyers are back in larger numbers, but they are not chasing prices across the board.
Detached homes averaged $1,358,131, down 1.1% from April 2026 and 4.7% year-over-year. Sales reached 3,236, up 17.3% from April 2026 and 7.9% from May 2025. Detached was the clearest demand story in May 2026, even though the average price moved lower from April.
Semi-detached homes averaged $1,067,672, up 3.3% month-over-month but down 2.8% year-over-year. Sales reached 608, up 8.0% from April 2026 but 1.5% lower than May 2025. This segment showed better pricing than most, but the annual sales decline keeps the recovery from looking clean.
Freehold townhomes averaged $916,474, down 2.4% from April 2026 and 8.0% from May 2025. Sales were stronger, rising 17.1% monthly and 2.0% annually to 663. The weak average price likely reflects a mix shift, but it also shows that buyers remain firm on value in the middle of the market.
Condo apartments averaged $639,468, up 0.6% month-over-month but down 6.4% year-over-year. Sales reached 1,535, down 1.2% from April 2026 but 3.6% higher than May 2025. Condo demand is no longer deteriorating, but pricing still reflects a segment with more affordability pressure and less investor urgency.
Condo townhomes averaged $729,081, up 3.4% from April 2026 but down 4.5% annually. Sales reached 451, up 7.6% monthly and 7.1% year-over-year. This was one of the better monthly price results, but the annual comparison still points to buyer caution.
Overall, May 2026 was stronger for sales than for prices. Low-rise demand improved the most, while condos looked steadier but not strong.
Looking Forward
For sellers, May 2026 is a better market than the first quarter of the year, but it still does not reward hopeful pricing. Sales are higher, listings are lower than last year, and the months of supply have tightened. Even so, 4.1 months of supply means buyers still have alternatives.
For buyers, the window for selection has not fully closed. Inventory is higher than it was in April 2026, annual prices are still lower across major segments, and the average sales-price-to-list-price ratio was 98%. That means homes sold for about 2% below asking on average. The risk is that negotiating room could shrink if sales keep rising while new listings stay below last year's pace.
The average property days on market was 42 days in May 2026, up from 39 days in May 2025. That captures the market well. Demand is improving, but buyers are still taking their time and pushing back on price. The next test is whether tighter inventory and stable borrowing costs can turn the sales recovery into a price recovery.
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.
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.
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:
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- 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.
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- 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.