As spring reached its peak, the Greater Toronto Area (GTA) housing market showed clear signs of tightening, with stronger buyer activity meeting a shrinking pool of available homes.
According to the Toronto Regional Real Estate Board (TRREB), 6,583 homes were sold in May 2026, a 6.3% increase over May 2025. At the same time, new listings fell sharply, dropping 18.9% year-over-year to 17,698, while active inventory declined 14.4% to 26,927. The combination of rising sales and fewer listings points to a market that is gradually rebalancing in favour of sellers, even as prices remain below year-ago levels.
Affordability has been a key driver of the spring rebound. The average selling price came in at $1,069,700, down 4.6% from May 2025. On a seasonally adjusted basis, sales jumped 10% month-over-month from April, while new listings slipped 2.1%.
TRREB President Daniel Steinfeld attributed the improving conditions to the stronger spring. “Spring sales have been stronger than last year, reflecting improved affordability stemming from lower selling prices and borrowing costs. Sales are forecast to improve further as we move through the second half of this year. Recovery would be further bolstered by positive news on the trade front along with an easing of geopolitical tensions and related uncertainty,” he says.
York and Peel Drive the 905, Halton Commands the Premium
In the 416, buyers completed 2,377 sales at an average price of $1,108,292, with detached homes commanding an average premium of $1,610,988. The surrounding 905 regions accounted for the largest share of activity, posting 4,206 sales at an average price of $1,047,912.
Across the 905, market conditions varied by region. Halton remained the most expensive, with an average price of $1,248,277 across 816 sales, while 1,969 new listings signalled more moderate absorption. York Region led in overall activity, recording 1,184 sales at an average of $1,151,366, with 3,241 new listings reflecting balanced demand. Peel also posted strong activity, with 1,106 sales at an average price of $956,019 and 3,267 new listings continuing to support supply.
Durham remained the most affordable, with 804 sales at an average of $851,065 and 1,978 new listings, indicating steady but less competitive conditions. Meanwhile, activity was more limited in Simcoe County’s TRREB areas and in Dufferin County, where lower sales volumes (165 and 60, respectively) and fewer new listings indicated more subdued markets despite mid-range pricing.
At the local level, Oakville stood out in Halton with 304 sales at an average price of $1,559,052, while Burlington recorded 278 sales at an average price of $1,126,148. In Peel, Mississauga led with 568 sales at $971,047, while Brampton offered a more affordable alternative with 456 sales at $889,407. In York Region, Vaughan and Markham drove activity, with 313 and 303 sales, respectively, both averaging around $1.2 million ($1,179,718 and $1,199,667). In Durham, Oshawa, and Ajax remained more accessible, with average prices of $708,723 (183 sales) and $838,788 (128 sales).
Detached Homes Lead the Market with a Familiar Regional Divide
Detached homes remained the most active segment, accounting for 3,236 sales across the GTA at an average price of $1,358,131, a 3.9% decline year-over-year. The gap between city and suburb stayed wide. In the City of Toronto, detached homes averaged $1,610,988 across 846 sales, while the 905 region had far more volume, with 2,390 sales at a more accessible average of $1,268,625.
Buyers were most active in the middle of the detached market. The $1M to $1,499,999 range was the busiest bracket with 1,129 sales, reflecting where demand and affordability currently meet. The high end of the market also held firm, with 573 detached homes selling for $2M or more, a reminder that luxury demand has not faded even amid broader price softening.
Semi-Detached and Townhouses Hold Steady
Semi-detached homes recorded 608 sales at an average price of $1,067,672, down 6.5% from a year ago. The urban-suburban split was once again pronounced: semi-detached homes in Toronto averaged $1,293,268 across 283 sales, while the 905 came in well under the million-dollar mark at $953,982 across 325 sales. Townhouses proved to be the most resilient segment in terms of price, with the overall segment experiencing a marginal 0.6% decline, essentially holding flat year-over-year.
Across the GTA, 1,114 townhouses were sold at an average price of $840,608. This included 663 freehold townhomes, which sold for a higher average of $916,474, and 451 condo townhouses, which offered a more affordable entry point at $729,081. For buyers seeking more space without the cost of a detached home, townhouses remain a relatively stable and accessible option in the market.
Condos Stay Affordable but Draw Cautious Buyers
Condo apartments saw 1,535 sales at an average price of $639,468, the largest year-over-year price decline of any segment at 9.5%. The City of Toronto remained the heart of the condo market, recording 1,009 sales at an average of $673,841, while the 905 offered a noticeably lower entry point at $573,531 across 526 sales. Condos also anchored the most affordable end of the overall market, with 872 sales recorded under $600,000, the bulk of them in this segment. While buyers remained engaged, the steeper price adjustments suggest they are weighing their options carefully and prioritizing value in a segment with ample choice.
GTA Condo Market Softens Year-Over-Year
Looking beyond monthly data, TRREB’s Q1 Condo 2026 report shows a year-over-year slowdown in both activity and pricing. There were 3,361 sales, down 11.3% from Q1 2025, while the average selling price declined 9.1% to $618,484. New listings also fell significantly, dropping 19.4% to 11,723. Despite this, active listings held steady at 6,688, indicating a more balanced supply environment overall. Condos also took longer to sell year-over-year, with average days on market rising to 43 days, up 16.2% from the previous year.
Regionally, the City of Toronto continued to dominate condo activity with 2,249 sales at an average price of $649,330. In the 905, York Region led with 424 sales at $581,991, followed by Peel with 366 sales at $517,441 and Halton with 193 sales at $627,162. Durham recorded 109 sales at an average price of $472,483, with limited activity in other areas.
Why Tightening Conditions Might Set the Stage for Price Recovery
Meanwhile, TRREB Chief Information Officer Jason Mercer sees the foundation for a turnaround taking shape. “Inventory levels trended lower over the past year, but buyers continued to have substantial negotiating power through the spring, helping with affordability. Looking ahead, if sales strengthen further relative to listings, selling prices will level off and even start to grow as we move into 2027,” he says.
Should sales momentum hold and supply stay constrained, the conditions could be in place for prices to stabilize and eventually resume their climb. Here’s a look at how listings, sales, and inventory changed from last month across GTA markets.
City of Toronto: Buyer’s Market
- New Listings: 6,401 (+4.3% m-o-m)
- Sales: 2,377 (+2.8% m-o-m)
- Active Listings: 9,916 (+7.1 % m-o-m)
- Months of Inventory: 4.8 (-2% m-o-m)
Peel Region: Buyer’s Market
- New Listings: 3,267 (+3.5% m-o-m)
- Sales: 1,106 (+11% m-o-m)
- Active Listings: 5,053 (+8.9% m-o-m)
- Months of Inventory: 5.2 (-3.7 % m-o-m)
York Region: Buyer’s Market
- New Listings: 3,323 (+1.2% m-o-m)
- Sales: 1,183 (+19% m-o-m)
- Active Listings: 5,252 (+5.2% m-o-m)
- Months of Inventory: 5.2 (-3.7% m-o-m)
Halton Region: Balanced Market
- New Listings: 1,969 (+6.1% m-o-m)
- Sales: 816 (+17.8% m-o-m)
- Active Listings: 2,870 (+7.3% m-o-m)
- Months of Inventory: 4.4 (-2.2% m-o-m)
Durham Region: Balanced Market
- New Listings: 1,978 (+2.9% m-o-m)
- Sales: 804 (+13.6% m-o-m)
- Active Listings: 2,563 (+10% m-o-m)
- Months of Inventory: 3.5 (0% m-o-m)
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