🏡📊 GTA housing market is showing early stabilization as interest rates stay steady, job losses reduce pressure for hikes, and buyer demand slowly returns. Inventory is tightening—especially in condos—helping move the market toward more balance, though economic uncertainty still keeps growth cautious.

🏙 GTA Housing Market Snapshot – April 2026

📈 Buyer confidence is slowly returning

🏦 ⏸️ Bank of Canada held rates steady at 2.25%

📉 👷 Job losses reduced chances of future rate hikes 

⚖️ 🏠 Market conditions are becoming more balanced 

🏢 📊 Condo market continues improving

🔮 Outlook
Lower fixed mortgage rates and improving affordability should support sales activity in the months ahead, though economic uncertainty and a softer job market may keep demand somewhat cautious.

🏢📉 GTA Condo Market Update – Q1 2026

🚨 New Condo Sales Hit 35-Year Low

Only 246 new condos sold across the GTHA in Q1-2026 — down 52% year-over-year and an astonishing 94% below the 10-year average. This marks the lowest new condo sales volume since 1990.

Resale condo sales also weakened, falling 11% annually to the lowest Q1 level since 2009.

🏗️ ❌ Zero New Condo Launches

For the first time in over 30 years, there were no new condo project launches in the quarter.

📌 963 condo units were cancelled in Q1 and converted into purpose-built rentals.
📌 Since early 2024, over 11,400 condo units have been cancelled.

⚖️ 🏠 Buyers Still Have the Advantage

The condo market remains firmly in buyer’s market territory.

📊 The sales-to-listings ratio stayed at just 26%, well below the balanced market range of 40–60%.

📦 📈 Unsold Inventory Remains Extremely High

There are currently 19,608 unsold new condos in the market.

🏢 A record 4,295 completed condos remain unsold, more than double last year’s level.
📉 Resale condo inventory is finally starting to decline, down 20% annually, though still historically elevated.

💰 📉 Price Gap Between New & Resale Condos Hits Record

Developers lowered prices to an average of $1,189/sq.ft., but comparable resale condos averaged only $859/sq.ft.

📊 The price gap between new and resale condos widened to a record 38%.

✅ However, the newly announced full HST rebate could reduce prices for unsold new condos by roughly $100,000, narrowing the gap significantly.

🏗️ ⬇️ Future Condo Supply is Falling

Condo completions are now declining after record highs in 2024–2025.

📉 Expected completions:
• 2026: 21,850 units
• 2027: 14,659 units
• 2028: 13,039 units

This could eventually help reduce oversupply and stabilize the market.

🏘️ 💵 Rental Market Softening

Rental demand remains strong, with lease transactions rising for the 10th straight quarter.

However:
📉 Condo rents declined for the 8th consecutive quarter
📍 Average rents dropped to a 15-quarter low of $3.64/sq.ft.

🔮 Outlook

The condo market is still under pressure from oversupply, affordability challenges, and cautious buyers. However, declining future construction, falling inventory, improving affordability, and government incentives may gradually help rebalance the market over the next few years.

 Caveat The analysis and insights contained herein have been prepared on the information and assumptions set forth in this report. However, this report relies on information from secondary sources and Urbanation cannot guarantee the accuracy of this data. Moreover, it is not possible to fully document all factors or account for all changes that may occur in the future. This report has been prepared solely for the purposes outlined in an agreement between Urbanation Inc and Royal LePage Signature Realty, and is not to be used for any other purposes, or by any other party without the prior written authorization from Urbanation and Royal LePage Signature Realty. Urbanation and Royal LePage Signature Realty assume no responsibly for losses sustained as a result of implementing any actions based on information set forth in this report. This report is intended for internal uses only

 The slow market from 2025 continued into January 2026 due to post-holiday lull, heavy snowstorms ❄️❄️, economic worries 💰, and buyers hoping for lower prices. With interest rates steady, buyers are hunting for better deals 🔍. Prices fell to a five-year low under $1M and are expected to drop further toward pre-COVID levels 📉. 

🏙 GTA Housing Market Snapshot – January 2026

❄️ Slow start to the year with sales down 19% year-over-year and sitting 33% below the 10-year average.

📉 Prices dropped to a 5-year low, with the average at $973,289 — down 6.5% annually.

🏘️ Inventory remains high, creating a strong buyer’s market with 5.8 months of supply.

💡 Bottom line: Conditions continue to favor buyers, with opportunities emerging — especially for first-time buyers and strategic investors.

🏙 GTA Condo Market Report Q4 2025

• Supply: 6,169 units for sale—💥 more than double the 10-year average, but down 1% from 2024. Six months of supply vs. balanced 4 months.

• Trends: New condo completions are slowing ⏳, easing upward pressure on resale supply. Active listings grew just 2% in Q4 (vs 65% in Q4 2024). New resale listings fell 8% 📉.

• Demand: Entry-level condos (<$500K) surged 73% as buyers take advantage of lower interest rates 💸.

• Prices: Avg. resale price $757/sq ft—lowest since late 2020 📉, yet 65% higher than 10 yrs ago & 189% higher than 20 yrs ago.

• Unit Size Myth: Micro units (<500 sq ft) are only 5.7% of listings 🏙️.

• Outlook 2026: Slowing supply + improving demand may stabilize prices 🛑💹. But the market enters 5th year of major correction, risking long-term supply shortages—by 2030, only ~600 new condos projected vs. 10-year avg of 15,000 🏗️⚠️.

💡 Key takeaway: Market recovery is crucial—slower supply + rising demand could stabilize prices, but housing shortages and affordability remain long-term concerns in the GTHA.

 Caveat The analysis and insights contained herein have been prepared on the information and assumptions set forth in this report. However, this report relies on information from secondary sources and Urbanation cannot guarantee the accuracy of this data. Moreover, it is not possible to fully document all factors or account for all changes that may occur in the future. This report has been prepared solely for the purposes outlined in an agreement between Urbanation Inc and Royal LePage Signature Realty, and is not to be used for any other purposes, or by any other party without the prior written authorization from Urbanation and Royal LePage Signature Realty. Urbanation and Royal LePage Signature Realty assume no responsibly for losses sustained as a result of implementing any actions based on information set forth in this report. This report is intended for internal uses only

Economic Uncertainty Held Buyers Back in Fourth Year of Downturn

📊 GTA Housing Market Snapshot – December and 2025

2025 was a challenging year for GTA real estate. Sales hit a 25-year low 📉, while new listings soared to a record high 🏘️. More options for buyers meant a strong buyer’s market – perfect if you’ve been waiting for the right time to move!

Prices dropped 📉 again, with the average home now just over $1M 💰, marking the third year of declines. But here’s the silver lining ✨: better affordability + pent-up demand = a stronger 2026 ahead!

🏙 GTA Housing Market Snapshot – December 2025

🏠 In hindsight, 2026 is likely to be the low point of the current housing market cycle 📉. In fact, final data revisions showed activity improved slightly in 2024, with sales up 1% over 2023 📈—showing the market was starting to emerge from its slump as buyers responded to lower interest rates and prices 💰.

The setback in 2025 was almost entirely due to a drop in consumer confidence 😟, which began improving by year-end as economic uncertainty eased, interest rates fell to their lowest in four years 📉, and the S&P/TSX recorded a 30% annual return 💹.

While the current downturn has produced steep declines in sales and prices over nearly four years ⬇️, it’s important to remember the preceding market run-up 🚀. Between 2018 and 2021, sales increased 54% and average prices rose over 70% leading up to the peak in February 2022 🏡.

Despite these swings, the 10-year averages for sales (90,000) and price growth (6%) remain in line with long-term trends 📊. In that sense, this downturn was needed to bring the market back in line with its historical path 🛤️.

With affordability improved but still challenged 💸, sales are likely to remain below long-run averages this year as interest rates hold steady ⚖️. Listings are expected to remain near record highs 🏘️, so prices are unlikely to move much in either direction ↔️.

There’s strong momentum for entry-level homes and condos 🏢✨. As this continues, it should create more sales volume up the housing supply chain in 2026 📈. In the condo segment, inventory is beginning to level out and is expected to decrease this year as completions slow ⏳—starting first in the City of Toronto 🌆, where construction activity peaked earlier than in the 905 📍.

About Urbanation Inc. Urbanation is a consulting firm focusing on the Greater Toronto Area condominium sector, providing market research and in-depth market analysis services to the real estate industry since 1981. Urbanation uses a multi-disciplinary approach that combines empirical research techniques with first-hand market observations. On a quarterly basis, Urbanation tracks the new, resale, rental and proposed condominium apartment markets in the Greater Toronto Area. Urbanation also actively conducts site specific market feasibility studies and produces customized market intelligence reports for its clients.

 Caveat The analysis and insights contained herein have been prepared on the information and assumptions set forth in this report. However, this report relies on information from secondary sources and Urbanation cannot guarantee the accuracy of this data. Moreover, it is not possible to fully document all factors or account for all changes that may occur in the future. This report has been prepared solely for the purposes outlined in an agreement between Urbanation Inc and Royal LePage Signature Realty, and is not to be used for any other purposes, or by any other party without the prior written authorization from Urbanation and Royal LePage Signature Realty. Urbanation and Royal LePage Signature Realty assume no responsibly for losses sustained as a result of implementing any actions based on information set forth in this report. This report is intended for internal uses only

Gradual Market Recovery Back on Track in September

📊 GTA Housing Market Snapshot – September

📈 Gradual Recovery Continues
Canada’s housing recovery remains on track, with sales steadily improving through the third quarter and month-over-month gains since April.

💪 Consumer Confidence Rebounds
Renewed confidence — supported by the Bank of Canada’s rate cuts — has encouraged more buyers to return to the market.

🏦 Interest Rates at 3-Year Low
The Bank of Canada lowered its key rate twice this fall, now sitting at 2.25%, bringing mortgage rates down from over 6% to around 4%.

📉 Demand Still Below Normal Levels
Despite improving activity, a slower economy and elevated prices continue to hold demand below long-term trends.

💰 Favorable Conditions for Buyers
With both home prices and interest rates at multi-year lows, the market is offering strong opportunities for buyers ready to act.

👥 Pent-Up Demand Building
Annualized sales remain under 70,000 units — well below the 90,000-unit average — pointing to significant latent demand amid population growth.

🏙️ Condo Market Stabilizing
Condo inventory is showing early signs of balance. With fewer new completions expected in coming years, long-term investors may find solid opportunities in this segment.

🏙 GTA Housing Market Snapshot – September (By Housing Type)

🏠 Detached Homes Lead Growth
Detached sales rose 10% year-over-year, outpacing semis/towns and condos (+7%), though activity remains below long-term averages.

🏙️ Condo Supply Stabilizing
Condo listings increased just 8%, the slowest pace in over two years, while new condo listings actually declined 5%, signaling supply is leveling out.

📉 Prices at Multi-Year Lows
Average prices hit their lowest in years — detached homes $1.36M, condos $655K (5-year low). Since early 2022, prices have corrected 24% for low-rise and 19% for condos.

💸 Entry-Level Homes in Demand
Affordable properties saw the strongest gains — low-rise homes under $600K up 77%, and condos under $500K up 84% year-over-year.

🌆 Toronto Outperforms the 905
Sales growth was stronger in the City of Toronto, especially for semis (+28%) and detached homes (+13%), while price declines were milder (-1% vs. -8% in the 905).

🏢 Toronto West Shines for Condos
Toronto West condo prices rose 4%, while Peel Region saw a 12% drop. Toronto condos overall held value better than those in the 905 Regio

About Urbanation Inc. Urbanation is a consulting firm focusing on the Greater Toronto Area condominium sector, providing market research and in-depth market analysis services to the real estate industry since 1981. Urbanation uses a multi-disciplinary approach that combines empirical research techniques with first-hand market observations. On a quarterly basis, Urbanation tracks the new, resale, rental and proposed condominium apartment markets in the Greater Toronto Area. Urbanation also actively conducts site specific market feasibility studies and produces customized market intelligence reports for its clients.

 Caveat The analysis and insights contained herein have been prepared on the information and assumptions set forth in this report. However, this report relies on information from secondary sources and Urbanation cannot guarantee the accuracy of this data. Moreover, it is not possible to fully document all factors or account for all changes that may occur in the future. This report has been prepared solely for the purposes outlined in an agreement between Urbanation Inc and Royal LePage Signature Realty, and is not to be used for any other purposes, or by any other party without the prior written authorization from Urbanation and Royal LePage Signature Realty. Urbanation and Royal LePage Signature Realty assume no responsibly for losses sustained as a result of implementing any actions based on information set forth in this report. This report is intended for internal uses only