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.

As of March 2026, the GTA housing market continues to show signs of stabilization, but the recovery remains tentative. The GTA’s benchmark home price edged up 0.3% month-over-month to $941,800, though it remains 7.4% below March 2025 levels and still near multi-year lows.

The average GTA home sold price rose 0.9% from February 2026 to $1,017,796, extending February’s rebound and holding above the $1 million mark, though it remains 6.9% below March 2025. Median prices also inched higher to $870,000, up 0.6% month-over-month but down 7.9% year-over-year.

Toronto-area home prices have now stabilized for two straight months, but it would still be premature to call this a true turning point. March 2026 is typically one of the stronger months of the spring market, so some pickup was expected. More importantly, the underlying affordability problem has not materially improved. Even with lower interest rates than a year ago, incomes still have not caught up to home prices, and softer labour market conditions continue to weigh on sentiment.

Sales activity improved sharply again in March 2026, with the GTA recording 5,039 transactions, up 30.3% from February 2026 and 0.6% above March 2025. Active listings rose 11.8% month-over-month to 21,596, though they were down 8.0% year-over-year. At 4.3 months of supply, the market is less oversupplied than it was in February 2026’s 5.0 months, and slightly tighter than March 2025’s 4.7 months, but conditions are still not tight enough to give sellers clear leverage.

New listings came in at 14,442, up 34.9% from February 2026 but down 16.3% from a year earlier. The GTA’s sales-to-new-listings ratio (SNLR) slipped to 34.9%, down from 36.1% in February 2026, though still above March 2025’s 29.0%. That is an important nuance: while the market tightened with months of supply falling, the flow of new supply still outpaced the rebound in demand. In other words, March 2026 was better than January 2026 and February 2026, but not decisively strong.

While multiple Bank of Canada rate cuts through 2024 and 2025 have improved borrowing conditions, they still have not solved the core issue: home prices remain high relative to incomes, especially in Toronto. Lower rates can help at the margin, but they cannot fully offset strained affordability or rising economic uncertainty.

City of Toronto

Market conditions in the City of Toronto were mixed in March 2026. The average price rose 0.4% month-over-month to $1,022,874, though it remains 7.9% below March 2025 levels. Toronto’s benchmark price rose 1.0% month-over-month to $929,900, but was still down 7.3% year-over-year.

The City of Toronto’s median price fell to $795,000, down 2.9% from February 2026 and 11.2% below March 2025. That divergence between the average price, which rose slightly monthly, and the median price, which fell notably, suggests the monthly improvement was not broad-based and may have been helped by a slightly more expensive sales mix rather than a clear improvement in underlying pricing power.

Sales totalled 1,913, up 28.3% month-over-month and 0.3% year-over-year. Active listings rose 10.7% from February 2026 to 8,189, though they were down 10.2% from a year earlier. New listings increased 31.4% month-over-month to 5,301, but were down 17.4% year-over-year. The City of Toronto’s SNLR slipped to 36.1%, down from 37.0% in February 2026, though still ahead of March 2025’s 29.7%.

While transaction activity in the City of Toronto improved, the pricing picture was softer than the headline average suggests. Buyers have remained active, but selective.

Average prices remained below March 2025 levels across all major property types, and the March 2026 data showed a more uneven picture than in February 2026.

• Detached homes averaged $1,342,375, up 1.3% month-over-month but down 6.7% year-over-year, with 2,235 sales, up 32.8% from February 2026 and 3.7% above March 2025. Detached was one of the stronger segments in March 2026 and likely helped support the GTA-wide average.
• Semi-detached homes averaged $1,008,246, down 1.9% month-over-month and 9.3% year-over-year, with 442 sales, up 31.5% from February 2026 but down 8.9% annually. This was one of the weaker categories on both price and sales.
• Freehold townhomes averaged $931,740, essentially flat month-over-month with a 0.1% increase, but down 6.9% year-over-year, with 505 sales, up 36.9% from February 2026 and unchanged from March 2025. This segment continues to look relatively stable on the demand side, even if pricing remains soft.
• Condo apartments averaged $620,479, down 1.0% month-over-month and 9.0% year-over-year, with 1,422 sales, up 30.7% from February 2026 and 1.3% above March 2025. Despite the sales rebound, condo prices remain under the most pressure. That suggests buyers are returning, but only at lower price points or with greater negotiating leverage.
• Condo townhomes averaged $739,365, down 1.2% month-over-month and 6.3% year-over-year, with 371 sales, up 12.8% from February 2026 but down 5.8% from March 2025. After being a relative outlier in February 2026 with a large monthly gain of 7.3%, this segment cooled again in March 2026.

Although condos remain the most affordable ownership option in much of the GTA, they continue to bear the brunt of the slowdown. Investor demand, which was a major force during the pandemic-era run-up, still has not returned in a meaningful way, and end-users remain highly price-sensitive.

For sellers, strategic pricing remains critical. March 2026 brought a solid seasonal lift in activity, but the broader market dynamic has not fundamentally changed. Buyers have become more engaged than they were at the start of 2026, but they are still price-sensitive, cautious, and facing affordability constraints.

For buyers, conditions remain relatively favourable. Inventory is still elevated by historical standards, months of supply remain above where a truly tight market would sit, and most segments continue to post year-over-year price declines. That said, March 2026 did show that demand can return quickly when seasonality improves and confidence stabilizes, especially in detached homes.

This month, the average sales price-to-listing price ratio was 98%, meaning homes sold for 2% less than their asking price on average, compared to 100% in March 2025. The average property's days on the market increased to 47 days in March 2026, up from 36 days in March 2025.

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