Toronto Housing Market Outlook 2026

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Toronto Market Report Summary 2026

• The average selling price of a home in Toronto decreased by 5.8% year-over-year to $951,700 in November 2025.
• The average selling price of a single-family home in Toronto decreased by 5.8% year-over-year to $1,162,500 in November 2025.
• The average selling price of a townhouse/multiplex in Toronto decreased by 7.7% year-over-year to $696,300 in November 2025.
• The average selling price of a condo in Toronto decreased by 7.7% year-over-year to $558,500 in November 2025.
• The average rent in Toronto is now $2,521 for November 2025.
• December 24, 2025: Today’s lowest mortgage rate in Toronto is for a 5–year fixed.

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Composite Home Prices

Single-family Home Prices

Townhouse and Multiplex Prices

Condo Prices

Toronto Housing Market Summary

Data from the Toronto Regional Real Estate Board (TRREB) indicates that the average price of resale residential homes sold across Toronto in November 2025 was $951,700, and it decreased of 5.8% compared to a year ago.

TREBB also reported a sales-to-new-listings ratio (SNLR) of 45%, indicating Balanced market conditions in Toronto for November 2025.

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Toronto Housing Market Outlook Shows Buyer’s Market Conditions Taking Hold

According to the Toronto Regional Real Estate Board (TRREB), the Greater Toronto Area housing market continued to cool in November, with lower home sales, softer prices, and rising inventory confirming a shift firmly toward buyer-favourable conditions. A total of 5,010 homes were sold across the GTA in November, down 15.8% compared to the same month last year, as many would-be buyers remained on the sidelines amid lingering economic uncertainty.

Toronto Market Snapshot for November

Recent MLS data highlights weaker demand alongside a steadily improving supply picture.

• Total home sales declined by 15.8% YoY to 5,010
• New listings fell 4% to 11,134
• Active listings climbed 16.8% to 24,549
• MLS Home Price Index composite benchmark declined by 5.8% YoY
• Average selling price fell 6.4% to $1,039,458
• MoM, both benchmark and average prices were broadly stable, suggesting price declines may be moderating

Detached, Townhouse, and Condo Sales All Weaken

Home sales declined across all property types. Condominiums saw the sharpest drop in activity, with sales down 21.7% YoY, reflecting stretched affordability and rising supply. Townhouse sales declined 15.5%, while detached home sales were down 14.8%. Semi-detached homes proved relatively more resilient, with sales falling 5.5%. The broad-based nature of the slowdown underscores that reduced buyer confidence, rather than product-specific issues, is driving market behaviour.

Toronto Home Prices Continue to Adjust as Inventory Builds

Toronto home prices continued to ease as inventory rose. The average selling price declined by 6.4% from last year, while the MLS HPI composite fell 5.8%. However, on a seasonally adjusted basis, home prices were flat compared to October, suggesting sellers may be adjusting expectations to align more closely with current buyer willingness. Elevated supply is giving buyers more leverage, fewer bidding wars, and longer decision timelines than seen in recent years.

Inventory levels are now reshaping negotiations. Active listings rose nearly 17% YoY, and months of inventory moved deeper into buyer’s market territory, particularly for condominiums. With well-stocked resale options, buyers feel less urgency and can negotiate price, terms, and conditions with greater confidence. Industry observers note that unless demand rebounds meaningfully, these conditions are likely to persist into early 2026.

Economic Confidence Remains the Missing Ingredient

Despite lower prices and improved affordability on paper, many buyers are waiting. TRREB points to employment confidence as the key factor holding demand back. Recent improvements in job growth and economic data have been encouraging, but households remain cautious about long-term stability. As TRREB leadership notes, sustained positive momentum in the broader economy could help rebuild confidence and bring sidelined buyers back into the market over time.

Month-over-Month Market Expectations for Toronto

Transactions –  Number of Sales

New Listings

Real Estate Market

The sales to new listings ratio (SNLR) measures the number of home sales compared to new listings. An SNLR under 40% suggests a buyer’s market in which buyers have the upper hand and more negotiating power. An SNLR between 40% and 60% is a balanced market, while an SNLR of over 60% is considered a seller’s market. 

Market Breakdown By Property Type for Toronto

Annual Changes to Composite Home Prices in Toronto

Toronto Market Rents Summary

The average rent in Toronto was $2,521 for the month of November 2025.

The average rent for a 1-bedroom apartment in Toronto was $2,222 for the month of November 2025, which decreased by 6.4% on a year-over-year basis.

The average rent for a 2-bedroom apartment in Toronto was $2,828 for the month of November 2025, which decreased by 8.5% on a year-over-year basis.

How Does Renting Compare with Homeownership in Toronto?

Each $100,000 in mortgage balance costs an average of $520.07 per month on nesto’s lowest fixed 5-year rate at and $497.95 per month on nesto’s lowest adjustable 5-year rate at . For each $100,000 in mortgage balance, a 0.25% change in Canada’s policy rate impacts the monthly payment by $13.27. Rates used for calculation are those offered on insured purchases with less than a 20% downpayment on a 25-year amortization. Canada’s policy rate is 2.25%, and nesto’s prime rate is set to 4.45%.

Rental Price Changes by City

Rental Price Changes by Province

Rental Price Growth by Housing Type

Frequently Asked Questions on Toronto Housing Market Outlook for 2025

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