Toronto Housing Market Report
- The Greater Toronto Area's benchmark home price for February 2026 was $938,800, down 7.9% year-over-year (YoY) and up 0.3% month-over-month (MoM).
- The average home sold price in the GTA decreased 7.0% year-over-year to $1,008,968 for February 2026.
- Detached home average price decreased by 8.3% year-over-year to $1.33M.
- Semi-detached home average price decreased by 4.9% year-over-year to $1.03M.
- Freehold townhouse average price decreased by 6.1% year-over-year to $931k.
- Condo apartment average price decreased by 8.9% year-over-year to $627k.
Greater Toronto Area (GTA) Housing Market Overview
GTA Housing Market: Price Movements for February 2026
Benchmark Home Price | $938,800 | +0.3% 1-Month Change | -7.9% 1-Year Change |
Average Home Price | $1,008,968 | +3.7% 1-Month Change | -7.0% 1-Year Change |
Median Home Price | $865,000 | +3.0% 1-Month Change | -6.3% 1-Year Change |
Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.
As of February 2026, the GTA housing market shows early signs of stabilization, though conditions remain in buyer's market territory. The GTA's benchmark home price edged up 0.3% month-over-month to $938,800, though it remains 7.9% below year-ago levels, still near five-year lows.
The average selling price rose 3.7% from January 2026 to $1,008,968, recovering back above the $1 million mark after dipping below it in January 2026, though it remains 7.0% below February 2025 levels. Median prices climbed to $865,000, up 3.0% month-over-month but still down 6.3% year-over-year.
Toronto home prices have bounced off January's lows, but it would be premature to call it a turning point. Seasonal activity typically picks up in February, and affordability constraints haven't meaningfully changed. Incomes still haven't kept pace with Toronto-area home prices, and a cooling labour market continues to weigh on buyer confidence.
Sales activity improved substantially from January 2026’s sluggish pace, with the GTA recording 3,868 transactions in February 2026, up 25.5% month-over-month, though still 4.2% below February 2025. Active listings rose 7.4% from January 2026 to 19,314, roughly in line with a year ago (down just 1.1% year-over-year). At 5.0 months of supply, the market remains in buyer's territory, though conditions are less extreme than January 2026's 5.8 months.
New listings came in at 10,705, essentially flat month-over-month (-0.6%) and down 11.3% from a year earlier. The GTA's sales-to-new-listings ratio (SNLR) improved to 36.1%, up from January 2026's 28.6% and above February 2025's 33.5%, a meaningful shift, though still shy of the balanced market threshold of above 40%.
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. Rate cuts haven't solved the underlying issue: incomes simply haven't kept up with home prices in Toronto.
City of Toronto
Market conditions in the City of Toronto showed a stronger monthly recovery than the broader GTA. The average price rose 7.4% month-over-month to $1,019,144, though it remains 6.2% below February 2025 levels. Toronto's benchmark price declined a further 0.4% month-over-month to $920,400, and is down 8.1% year-over-year, a steeper annual decline than the broader GTA.
The City of Toronto's median price climbed to $819,000, up 9.3% from January 2026 but still 2.8% below a year ago. Sales totalled 1,491, up 38.8% month-over-month and down 3.2% year-over-year. Active listings rose 6.2% from January 2026 to 7,397, down 5.3% year-over-year. New listings decreased 13.1% year-over-year to 4,035. The City of Toronto's SNLR improved to 37.0%, up from January's 26.3% and ahead of February 2025's 33.2%.
Property Types
Average prices remain below year-ago levels across all property types, though most saw month-over-month gains in February 2026:
- Detached homes averaged $1,325,654, up 3.7% month-over-month but down 8.3% year-over-year, with 1,683 sales (up 24.5% from January 2026, down 1.3% annually).
- Semi-detached homes averaged $1,027,376, up 8.6% month-over-month and down 4.9% year-over-year, with 336 sales (up 20.9% from January 2026, down 5.6% annually).
- Freehold townhomes averaged $930,779, up 1.8% month-over-month and down 6.1% year-over-year, with 369 sales (up 19.0% from January 2026, down 8.7% annually).
- Condo apartments averaged $626,650, up 3.6% month-over-month but down 8.9% year-over-year, with 1,088 sales (up 27.1% from January 2026, down 11.2% annually).
- Condo townhomes were a notable outlier, averaging $748,500, up 7.3% month-over-month, and the only property type to post a year-over-year sales gain, with 329 transactions, up 11.1% from February 2025.
Although condos remain the most accessible price point, they've been disproportionately affected by the broader slowdown. Investors who drove much of the pandemic-era condo boom have largely stepped back, and that demand has yet to return in any meaningful way.
Looking Forward
For sellers, strategic pricing remains essential. The seasonal pickup in February provided some relief. Still, the fundamental dynamic hasn't shifted: too few buyers are financially positioned to transact at current price levels, and properties continue to linger longer than in prior years.
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 February 2025. The average property's days on the market increased to 54 days in February 2026, up from 43 days in February 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.