Toronto Housing Market Outlook 2026

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Spring Demand Tightens the GTA Even as Prices Hold Lower

According to the Toronto Regional Real Estate Board (TRREB), the Greater Toronto Area saw 6,583 homes change hands in May 2026, up 6.3% from a year earlier, while new listings dropped 18.9% over the same stretch. That widening gap, more buyers chasing a thinner flow of fresh listings, tightened the market through the spring as standing inventory was steadily absorbed. The average selling price settled at $1,069,700, down 4.6% from last May, and the MLS Home Price Index benchmark eased 6.7% on an annual basis, though both edged up slightly from April once seasonal swings are stripped out.

• On a seasonally adjusted basis, sales rose 10% from April while new listings slipped 2.1%, a monthly tightening that often precedes a turn in prices rather than another leg down.
• Lower selling prices, combined with borrowing costs that have come well off their peak, have improved affordability enough to pull spring buyers back, yet ample choice through the winter means many still negotiated from a position of strength.
• The setup is delicate: if listings stay scarce while demand firms, the long price decline could flatten and eventually reverse, a scenario TRREB expects to build through the second half of the year barring fresh trade or geopolitical shocks.

Buyers who waited out the correction now face a market that is quietly tightening, so locking a rate hold before competition intensifies makes sense. It helps to compare mortgage rates in Toronto, and contact nesto mortgage experts to map out your most suitable mortgage strategy.

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Toronto Housing Market Highlights

• The average selling price of a home in Toronto decreased by 6.7% year-over-year to $946,500 in May.
• The average selling price of a single-family home in Toronto decreased by 6.8% year-over-year to $1,158,000 in May.
• The average selling price of a townhouse/multiplex in Toronto decreased by 8.4% year-over-year to $687,300 in May.
• The average selling price of a condo in Toronto decreased by 9.1% year-over-year to $539,400 in May.
• The average rent in Toronto is now $2,512 for May.
• June 18, 2026: Today’s lowest mortgage rate in Toronto is 4.09% 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 May was $946,500, and itdecreased of 6.7% compared to a year ago.

TREBB also reported a sales-to-new-listings ratio (SNLR) of 37%, indicating Buyers market conditions in Toronto for May.

Composite Home Prices

Single-family Home Prices

Townhouse and Multiplex Prices

Condo Prices

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 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 $2,512 for May.

The average rent for a 1-bedroom apartment in Toronto was $2,212 for the month of May, which decreased by 3.9% year over year.

The average rent for a 2-bedroom apartment in Toronto was $2,907 for the month of May, which decreased by 0.9% year over year.

Rental Price Changes by City

Rank	City	Total Average	1 Bedroom	2 Bedrooms	Year-over-Year Change
1	North Vancouver	$2,927	$2,445	$3,302	−7.7%
2	Vancouver	$2,712	$2,385	$3,330	−0.8%
3	Kanata	$2,543	$2,277	$2,812	3.30%
4	North York	$2,520	$2,136	$2,669	−1.4%
5	Toronto	$2,512	$2,212	$2,907	−0.9%
6	Coquitlam	$2,476	$2,128	$2,709	−6.6%
7	Oakville	$2,449	$2,224	$2,631	−10.3%
8	Burnaby	$2,446	$2,115	$2,727	−7.7%
9	Etobicoke	$2,431	$2,082	$2,651	−3.3%
10	Burlington	$2,384	$2,118	$2,465	−4.7%
11	Vaughan	$2,342	$2,065	$2,569	−3.2%
12	Mississauga	$2,335	$2,052	$2,448	−5.8%
13	Halifax	$2,319	$2,064	$2,570	−2.0%
14	Langley	$2,286	$1,975	$2,477	−1.1%
15	Victoria	$2,257	$2,009	$2,598	−3.9%
16	Brampton	$2,224	$1,935	$2,291	1.20%
17	Scarborough	$2,194	$1,868	$2,307	−9.1%
18	Guelph	$2,194	$1,910	$2,255	−3.4%
19	Ajax	$2,193	$1,902	$2,244	3.90%
20	Kingston	$2,179	$1,926	$2,297	10.20%
21	Barrie	$2,143	$1,918	$2,150	−3.5%
22	Ottawa	$2,140	$1,949	$2,453	−4.1%
23	East York	$2,138	$1,851	$2,345	−7.7%
24	Surrey	$2,135	$1,812	$2,249	−4.4%
25	New Westminster	$2,132	$1,892	$2,641	−4.6%
26	Waterloo	$2,106	$1,957	$2,265	−4.4%
27	Kelowna	$2,093	$1,786	$2,244	−3.7%
28	Laval	$2,063	$1,706	$2,349	11.20%
29	Cambridge	$2,062	$1,820	$2,166	−1.5%
30	Greater Sudbury	$2,043	$1,793	$2,150	−13.1%
31	Nanaimo	$2,027	$1,844	$2,244	3.10%
32	Kamloops	$2,009	$1,879	$2,113	−1.3%
33	Peterborough	$1,994	$1,751	$1,979	−0.8%
34	Airdrie	$1,991	$1,469	$1,794	1.30%
35	Hamilton	$1,989	$1,712	$2,318	10.10%
36	Montreal	$1,968	$1,789	$2,312	2.50%
37	Brossard	$1,964	$1,764	$2,114	−4.6%
38	Oshawa	$1,959	$1,737	$2,025	−2.5%
39	Brantford	$1,924	$1,791	$2,051	−0.8%
40	London	$1,917	$1,665	$2,050	−3.5%
41	Niagara Falls	$1,887	$1,660	$2,026	−5.9%
42	Calgary	$1,883	$1,534	$1,856	−4.5%
43	Kitchener	$1,879	$1,687	$2,041	−8.1%
44	St. Catharines	$1,865	$1,652	$1,942	−1.5%
45	Welland	$1,845	$1,619	$2,016	8.50%
46	Gatineau	$1,800	$1,617	$1,881	−9.8%
47	Côte Saint-Luc	$1,783	$1,485	$2,029	−13.2%
48	Windsor	$1,715	$1,522	$1,921	−1.3%
49	Winnipeg	$1,679	$1,469	$1,789	1.50%
50	Sarnia	$1,661	$1,476	$1,752	−4.6%
51	Edmonton	$1,605	$1,287	$1,641	−2.3%
52	Saskatoon	$1,572	$1,361	$1,590	3.40%
53	Red Deer	$1,561	$1,333	$1,507	−2.0%
54	Quebec City	$1,522	$1,295	$1,692	1.90%
55	Lethbridge	$1,495	$1,306	$1,518	−5.9%
56	Regina	$1,471	$1,322	$1,525	−3.2%
57	Fort McMurray	$1,384	$1,169	$1,414	−4.8%
58	Medicine Hat	$1,330	$1,197	$1,348	−3.2%
59	Lloydminster	$1,287	$1,055	$1,378	8.10%
60	St. John's	$1,139	$1,065	$1,253	4.70%

Average Rent by City
Source: Rentals.ca Network Data & Urbanation Inc.

Rental Price Changes by Province

Rental Price Growth by Housing Type

How Does Renting Compare with Homeownership in Toronto?

Each $100,000 in mortgage balance costs an average of $530.91 per month on nesto’s lowest fixed 5-year rate at 4.09% and $495.28 per month on nesto’s lowest adjustable 5-year rate at 3.40%.

For each $100,000 in mortgage balance, a 0.25% change in Canada’s policy rate impacts the monthly payment by $13.23. 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%.

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Frequently Asked Questions (FAQ) About Toronto Housing Market Outlook for 2026

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Why Choose nesto

At nesto, our commission-free mortgage experts, certified in multiple provinces, provide exceptional advice and service that exceeds industry standards. Our mortgage experts are salaried employees who provide impartial guidance on mortgage options tailored to your needs and are evaluated based on client satisfaction and the quality of their advice. nesto aims to transform the mortgage industry by providing honest advice and competitive rates through a 100% digital, transparent, and seamless process.

nesto is on a mission to offer a positive, empowering and transparent property financing experience – simplified from start to finish.

Contact our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.

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