Toronto Housing Market Outlook 2026
Fewer Listings Hand Toronto Sellers Back Some Leverage
According to the Toronto Regional Real Estate Board (TRREB), for July 2026, Greater Toronto Area REALTORS reported 5,995 home sales, virtually flat compared with last July, a decline of 0.9%. What changed was the supply side, where the pullback was dramatic.
- The MLS Home Price Index composite benchmark was down 4.6% from July 2025, and CREA put the Greater Toronto composite at $934,600 for the month. The average selling price of $1,003,956 fell at a similar annual rate of 4.5%.
- New listings entered into the system totalled 14,484, a steep reduction of 17.8% year-over-year, and total active listings stood at 26,098, down 12.1%. With sales holding and supply falling on both measures, sales absorbed a much larger share of what was available.
- Detached homes were the only property type to record a sales gain, rising 0.6% annually. Semi-detached transactions fell 5.9% and townhouses 2.7%, while condominium apartment sales finished essentially flat at 0.1% lower.
The regional headline conceals a split along the city boundary. Sales inside the City of Toronto rose 2.4% from a year ago to 2,242, while the surrounding 905 municipalities fell 2.7% to 3,753. TRREB reads the tightening supply picture as a signal that buyers will find less room to negotiate from here, and that prices could level off if the pattern holds into the fall.
Less competition among sellers usually means less room to negotiate later. Review current mortgage rates in Toronto and contact our nesto mortgage experts to lock in your options while conditions still favour you.
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Toronto Housing Market Highlights
- The average selling price of a home in Toronto decreased by 5.4% year-over-year to $940,800 in July.
- The average selling price of a single-family home in Toronto decreased by 5.5% year-over-year to $1,149,900 in July.
- The average selling price of a townhouse/multiplex in Toronto decreased by 7.4% year-over-year to $680,100 in July.
- The average selling price of a condo in Toronto decreased by 8.2% year-over-year to $537,300 in July.
- The average rent in Toronto is now $2,580 for July.
- September 18, 2026: Today’s lowest mortgage rate in Toronto is 4.39% for a 5-year fixed.
Data from the Toronto Regional Real Estate Board (TRREB) indicates that the average price of resale residential homes sold across Toronto in July was $940,800, and it decreased by 5.4% compared to a year ago.
TRREB also reported a sales-to-new-listings ratio (SNLR) of 41%, indicating Balanced market conditions in Toronto for July.
Average Home Prices in Toronto by Property Type
Composite Home Prices
The average selling price of a home in Toronto was $940,800 for the month of July, that’s decreased by 0.6% month-over-month. On a year-over-year basis, Toronto home prices have decreased 5.4% year-over-year.
Single-family Home Prices
The average selling price of a single-family home in Toronto was $1,149,900 for the month of July, that’s decreased by 0.7% month-over-month. On a year-over-year basis, single-family home prices in Toronto have decreased by 5.5% year-over-year.
Townhouse and Multiplex Prices
The average selling price of a townhouse in Toronto was $680,100 for the month of July, that’s decreased by 1% month-over-month. On a year-over-year basis, the price of a townhouse in Toronto has decreased by 7.4% year-over-year.
Condo Prices
The average selling price of a condo in Toronto was $537,300 for the month of July, that’s decreased by 0.4% month-over-month. On a year-over-year basis, the price of a condo in Toronto has decreased 8.2% year-over-year.
Toronto Home Sales, New Listings and Market Conditions
Transactions and Number of Sales
The number of sales in Toronto was 5,995 during July, that’s decreased by 11.4% month-over-month. On a year-over-year basis, sales in Toronto have decreased by 1.7% year-over-year.
New Listings
The number of new listings in Toronto was 14,484 during July, that’s decreased by 16.2% month-over-month. On a year-over-year basis, new listings in Toronto have decreased by 17.8% year-over-year.
Sales-to-New-Listings Ratio (SNLR)
The sales-to-new-listings ratio (SNLR) in Toronto was 41% during July, indicating a Balanced. On a monthly basis, that’s increased by 5.7% month-over-month. Toronto’s yearly sales-to-new-listings ratio has increased by 19.5% year-over-year.
The sales-to-new-listings ratio (SNLR) measures the number of home sales compared to new listings. An SNLR below 40% indicates a buyer’s market, where buyers hold the upper hand and greater 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
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Toronto Market Rents Snapshot
The average rent in Toronto was $2,580 for the month of July.
The average rent for a 1-bedroom apartment in Toronto was $2,234 for the month of July, which decreased by 2.3% year-over-year.
The average rent for a 2-bedroom apartment in Toronto was $2,947 for the month of July, which increased by 1.1% year-over-year.
Average Rent by City in Canada
| Rank | City | Total Avg | 1 Bed | 2 Bed |
|---|---|---|---|---|
| 1 | North Vancouver | $3,036 | $2,501 | $3,434 |
| 2 | Vancouver | $2,729 | $2,350 | $3,248 |
| 3 | Oakville | $2,695 | $2,316 | $3,021 |
| 4 | Toronto | $2,571 | $2,221 | $2,939 |
| 5 | Kanata | $2,524 | $2,251 | $2,754 |
| 6 | Burnaby | $2,520 | $2,119 | $2,724 |
| 7 | North York | $2,519 | $2,085 | $2,690 |
| 8 | Coquitlam | $2,510 | $2,087 | $2,709 |
| 9 | Etobicoke | $2,441 | $2,081 | $2,653 |
| 10 | Vaughan | $2,422 | $2,110 | $2,516 |
| 11 | Burlington | $2,386 | $2,068 | $2,425 |
| 12 | Halifax | $2,365 | $1,999 | $2,591 |
| 13 | Mississauga | $2,346 | $2,042 | $2,443 |
| 14 | Barrie | $2,332 | $2,103 | $2,472 |
| 15 | Langley | $2,266 | $1,911 | $2,480 |
| 16 | Brampton | $2,259 | $1,971 | $2,351 |
| 17 | Victoria | $2,255 | $1,994 | $2,649 |
| 18 | Guelph | $2,224 | $1,927 | $2,276 |
| 19 | New Westminster | $2,203 | $1,901 | $2,655 |
| 20 | Kingston | $2,200 | $1,933 | $2,353 |
| 21 | Ottawa | $2,200 | $1,958 | $2,470 |
| 22 | Scarborough | $2,187 | $1,835 | $2,319 |
| 23 | Surrey | $2,185 | $1,796 | $2,250 |
| 24 | Ajax | $2,182 | $1,890 | $2,241 |
| 25 | Waterloo | $2,169 | $1,922 | $2,337 |
| 26 | Laval | $2,130 | $1,726 | $2,352 |
| 27 | Nanaimo | $2,078 | $1,844 | $2,251 |
| 28 | Kelowna | $2,073 | $1,823 | $2,248 |
| 29 | East York | $2,056 | $1,792 | $2,379 |
| 30 | Brossard | $2,044 | $1,767 | $2,139 |
| 31 | Cambridge | $2,027 | $1,834 | $2,174 |
| 32 | Oshawa | $2,023 | $1,740 | $2,019 |
| 33 | Niagara Falls | $1,978 | $1,659 | $1,958 |
| 34 | Airdrie | $1,966 | $1,429 | $1,774 |
| 35 | Greater Sudbury | $1,959 | $1,720 | $2,101 |
| 36 | Kamloops | $1,957 | $1,750 | $2,026 |
| 37 | Montreal | $1,957 | $1,742 | $2,259 |
| 38 | Kitchener | $1,938 | $1,691 | $2,084 |
| 39 | Hamilton | $1,921 | $1,653 | $2,135 |
| 40 | London | $1,913 | $1,651 | $2,030 |
| 41 | Brantford | $1,911 | $1,787 | $2,025 |
| 42 | Peterborough | $1,892 | $1,680 | $1,918 |
| 43 | Calgary | $1,885 | $1,508 | $1,845 |
| 44 | St. Catharines | $1,810 | $1,530 | $1,921 |
| 45 | Gatineau | $1,776 | $1,607 | $1,857 |
| 46 | Welland | $1,754 | $1,505 | $1,978 |
| 47 | Côte Saint-Luc | $1,710 | $1,405 | $1,966 |
| 48 | Windsor | $1,670 | $1,475 | $1,906 |
| 49 | Winnipeg | $1,646 | $1,426 | $1,754 |
| 50 | Edmonton | $1,631 | $1,275 | $1,646 |
| 51 | Sarnia | $1,607 | $1,438 | $1,674 |
| 52 | Quebec City | $1,586 | $1,299 | $1,677 |
| 53 | Red Deer | $1,573 | $1,345 | $1,515 |
| 54 | Lethbridge | $1,545 | $1,334 | $1,572 |
| 55 | Saskatoon | $1,517 | $1,295 | $1,531 |
| 56 | Regina | $1,468 | $1,291 | $1,536 |
| 57 | Fort McMurray | $1,378 | $1,163 | $1,382 |
| 58 | Medicine Hat | $1,371 | $1,228 | $1,381 |
| 59 | Lloydminster | $1,330 | $1,056 | $1,412 |
| 60 | St. John's | $1,293 | $1,136 | $1,453 |
Source: Rentals.ca Network Data & Urbanation Inc.
Average Rent by Province in Canada
Rental Price Growth by Housing Type
How Does Renting Compare With Homeownership in Toronto?
Each $100,000 in mortgage balance costs an average of $539.11 per month on nesto’s lowest fixed 5-year rate at 4.39% and $497.95 per month on nesto’s lowest adjustable 5-year rate at 3.45%.
For each $100,000 in mortgage balance, a 0.25% change in Canada’s policy rate impacts the monthly payment by $13.27. The interest rates used for calculation are those offered on insured purchases with less than a 20% down payment on a 25-year amortization. Canada’s policy rate is 2.25%, and nesto’s prime rate is 4.45%.
We're curious…
Frequently Asked Questions (FAQ) About the Toronto Housing Market in 2026
Are Toronto Housing Market Conditions Favouring Buyers or Sellers in 2026?
Toronto housing market conditions still give buyers an edge in 2026, but that edge is shrinking quickly. Sales held nearly flat in July at 5,995, down 0.9%, while new listings fell 17.8% to 14,484 and active listings dropped 12.1% to 26,098. This is due to supply contracting far faster than demand; sales absorbed a much larger share of the available supply. TRREB reads the shift as a signal that buyers will find less room to negotiate from here and that prices could level off if the pattern holds into the fall.
Are Toronto Home Prices Going Up or Down in 2026?
Toronto home prices are falling in 2026 on both measures, though the declines are narrowing. The MLS Home Price Index composite benchmark was down 4.6% year over year in July, with CREA putting the Greater Toronto composite at $934,600, while the average selling price fell 4.5% to $1,003,956. The close agreement between the two measures is informative in itself. It means the decline reflects genuinely lower values rather than a change in which homes happen to be selling.
Why Are Toronto New Listings Falling So Sharply?
Toronto new listings are falling sharply because sellers who cannot get their price are choosing not to list at all. July new listings totalled 14,484, down 17.8% from a year earlier, a far steeper drop than the 0.9% decline in sales, and active listings fell 12.1% to 26,098. Two years of price declines have left many would-be sellers unwilling to transact at current values, and that withdrawal is now tightening the market more than any recovery in buyer demand.
Is the Condominium Segment Still the Weakest Part of Toronto’s Market?
The condominium segment remains the weakest part of Toronto’s market, though July was steadier than recent months. Condominium sales finished essentially flat, at 0.1% lower, while detached homes were the only property type to post a sales gain of 0.6%. The Bank of Canada warned in July that the unsold condominium overhang in Toronto and Vancouver could slow the national recovery, which makes this the segment where buyers retain the most leverage and sellers face the longest timelines.
Is Toronto Becoming More Affordable for Buyers?
Toronto is becoming more affordable in 2026, but it remains among the most expensive markets in the country. The average selling price has fallen 4.5% over the past year to $1,003,956, and the benchmark is down 4.6%, while the Bank of Canada has held its policy rate at 2.25% since October. Income requirements remain the highest of any major Canadian market outside Vancouver, and the mortgage stress test requires borrowers to qualify at a rate higher than the one they will actually pay.
What Is Limiting Toronto Housing Demand in 2026?
Population is the main factor limiting Toronto’s housing demand in 2026. Tighter immigration rules have slowed household formation across Ontario, where provincial population growth turned negative in the second quarter, at 0.9% below year-earlier levels. Qualification is the second constraint, because Toronto’s price levels mean the stress test bites harder here than anywhere except Vancouver. Borrowing costs are no longer the obstacle they were, with the policy rate steady at 2.25% since October.
Is It Cheaper to Rent or Buy in Toronto in 2026?
Renting is still cheaper month over month than buying in Toronto in 2026, though the region remains one large market where rents have stopped falling. Apartment and condominium asking rents rose 1.6% from June to $2,577 in July and were down only 0.6% year over year, the best annual showing among the six largest markets. Three-bedroom rents actually rose 3.9% to $3,655. With home prices down and rents firming, the two costs are converging faster here than nationally.
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