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.

In June 2026, the GTA housing market followed its usual seasonal pattern of spring tightening carrying into early summer, but conditions still fell short of a seller’s market. The benchmark price, which tracks the value of a typical home, eased 0.6% month-over-month to $940,800. It remained 5.4% below June 2025, reinforcing a familiar pattern this cycle: transaction activity has recovered well ahead of prices.

The average GTA home sale price slipped 1.0% from May 2026 to $1,058,658, and the median price fell 2.2% month-over-month to $890,000. The softer monthly prices look less alarming once you notice they arrived alongside a strong jump in sales, so they likely reflect a shift in the mix of what sold rather than broad price weakness. On an annual basis, the average price was down 3.9% and the median down 6.3%. The year-over-year average-price drop has been getting smaller in recent months, falling to 3.9% in June. This suggests the market may be slowly moving toward a price recovery.

Sales were again the clear highlight of June’s report. GTA sales reached 6,770, up 2.8% from May 2026 and 8.4% from June 2025, the highest monthly number of sales in almost two years. On a seasonally adjusted basis, TRREB reports that sales rose month-over-month while new listings declined, meaning the gain reflects genuine demand strengthening relative to supply rather than a seasonal bump.

Supply kept tightening on a year-over-year basis. Active listings edged up 1.5% from May 2026 to 27,329 but sat 13.5% below June 2025. New listings fell 2.4% month-over-month to 17,282 and were down 12.9% year-over-year. The result was a sales-to-new-listings ratio of about 39.2%, up from 37.2% in May 2026 and well above the 31.2% a year ago, a meaningful move that shows just how much faster inventory is being absorbed than it was last summer.

At roughly 4.0 months of supply, the GTA stayed within balanced-market territory. That is tighter than the 5.1 months recorded a year earlier, but it is not yet tight enough to force broad price gains across the region. Buyers retain some negotiating room, even if their range of choice has narrowed compared with last summer. This is the number to watch: if months of supply slides below roughly 3.5 while sales hold up, the balance of power could tip toward sellers within a quarter or two.

The interest rate backdrop is supportive, but only to a degree. The Bank of Canada held its target overnight rate at 2.25% on June 10, 2026, its fifth consecutive hold, leaving the prime rate at 4.45%, and CMHC's 2026 outlook still expects resale markets to recover while remaining below long-term averages. The June data fits that story: more buyers are transacting, but stretched affordability continues to cap price growth. With the Bank signalling a two-sided stance, ready to cut rates if U.S. trade restrictions bite, or to hike if energy-driven inflation proves persistent, borrowing costs look unlikely to move much before the next July 15 decision, which should keep the current dynamic broadly in place.

Terms and conditions apply; rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. Non-Registered rates are tiered and based on your balance. 3.00% applies to deposits of $25,000 or more. See WealthONE website for current rates and applicable balance tiers. Highest rate in Canada for non-promotional HISA accounts, as confirmed by WOWA.ca as of June 25, 2026.

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Terms and conditions apply; rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. Non-Registered rates are tiered and based on your balance. 3.00% applies to deposits of $25,000 or more. See WealthONE website for current rates and applicable balance tiers. Highest rate in Canada for non-promotional HISA accounts, as confirmed by WOWA.ca as of June 25, 2026.

City of Toronto

The City of Toronto followed the GTA’s broad shape in June 2026, though its price readings were softer month-over-month. The average price in the City of Toronto fell 2.4% month-over-month to $1,081,375, while the benchmark price eased 0.4% to $934,000. The median price dropped 5.6% monthly to $835,000. As with the GTA totals, these monthly declines most likely reflect a change in the composition of sales rather than a broad markdown, but they do underline that the city has not yet reclaimed pricing power.

Toronto prices stayed below year-ago levels across the board. The average price in the City of Toronto was down 4.5% from June 2025, the benchmark price was down 4.3%, and the median price was down 8.2%.

City of Toronto sales reached 2,443, up 2.8% from May 2026 and 5.3% year-over-year. Active listings rose 1.3% monthly to 10,047 but were 14.4% below June 2025. New listings fell 4.8% month-over-month to 6,096 and were down 13.6% annually. Toronto’s sales-to-new-listings ratio climbed to about 40.1%, up from 37.1% in May and far above the 32.9% posted a year earlier.

The City of Toronto figures describe a market that is firming rather than surging. Stronger sales and thinner listings have made conditions less buyer-friendly than a year ago, but affordability is still doing much of the policing.

Average prices stayed below June 2025 levels across every major property type, yet resale activity looked distinctly healthier than a year ago. The divide between sales and prices remains the key theme: buyers have returned in larger numbers, but they are not bidding prices up across the board.

Detached homes averaged $1,364,204, up 0.4% from May 2026 but down 2.0% year-over-year. Sales reached 3,256, up 0.6% from May 2026 and 8.1% from June 2025. Detached remains the segment where prices are stabilizing fastest, likely because it is the property type most sensitive to the improvement in borrowing costs since last year.

Semi-detached homes averaged $1,038,973, down 2.7% month-over-month and 4.7% year-over-year. Sales reached 617, up 1.5% from May 2026 and 2.7% from June 2025. Demand is grinding higher here, though the softer monthly price shows semi-detached homes have not been immune to the mix-driven pullback seen across the region.

Freehold townhomes averaged $912,380, down 0.4% from May 2026 and 5.5% from June 2025. Sales came in at 619, down 6.6% month-over-month but up a strong 9.4% year-over-year. The mid-market segment continues to draw solid annual demand even as buyers hold firm on value.

Condo apartments averaged $630,688, down 1.4% month-over-month and 9.4% year-over-year, the steepest annual price decline among the major types. Even so, sales surged 11.7% from May 2026 and 13.5% from June 2025 to 1,714. The pattern is telling: buyers are stepping back into condos aggressively, but only at prices that work, and with investor demand still muted, the segment is clearing through lower pricing rather than higher.

Condo townhomes averaged $753,933, up 3.4% from May 2026 and nearly flat year-over-year at down 0.9%, the best annual price comparison of any segment. Sales reached 463, up 2.7% monthly but down 3.9% year-over-year. This corner of the market is holding its value better than most.

Overall, June 2026 was again a stronger month for sales than for prices. Condo apartments delivered the biggest demand surge, while detached and condo townhomes showed the most price resilience: a split that suggests the recovery is becoming broader, if still uneven.

For sellers, June 2026 is a materially better market than the first quarter of the year, but it still does not reward hopeful pricing. Sales are up sharply year-over-year, new listings are down, and months of supply have tightened toward 4.0. Even so, that level still leaves buyers with alternatives, so realistic pricing remains essential.

For buyers, the window for selection has not closed, but it is narrowing. Active inventory remains elevated, but it is no longer above last year’s level. Annual prices remain lower across every major segment, and the average sales-price-to-list-price ratio held at 98%, meaning homes sold for roughly 2% below asking on average. The clear risk is that this negotiating room shrinks quickly if sales keep climbing at a 9%-plus annual pace while new listings stay well below last year’s levels.

Immigration has been another factor to watch in Toronto’s housing market. The GTA has historically absorbed a large share of newcomers to Canada, so federal efforts to slow immigration growth could also reduce near-term demand, especially in entry-level condos.

The average property days on market was 42 days in June 2026, unchanged from June 2025, while the average listing days on market rose to 29 from 26 a year earlier. Together, these capture the market’s character well: demand is clearly improving, but buyers are still taking their time and negotiating hard on price. The next real test is whether tightening inventory and steady borrowing costs can finally convert this durable sales recovery into a price recovery, and the narrowing annual price declines suggest that turn may not be far off.

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