Serving the Greater Toronto Area
GTA Housing Market Update:
Spring Momentum Is Building
A plain-language breakdown of the latest TRREB data — what it means for you
What's Happening in the Market Right Now?
In March 2026, GTA REALTORS® reported 5,039 home sales — a 1.7% increase compared to March 2025. At the same time, new listings fell by 16.7% to 14,442. When more people are buying and fewer homes are being listed, competition for available properties starts to increase. That's the direction the market is heading.
The average selling price came in at $1,017,796, which is 6.7% lower than a year ago. While prices are still down year-over-year, the month-over-month trend is stabilizing — prices barely moved between February and March 2026. That suggests the price correction from the past two years may be nearing its end.
"It's encouraging to see an uptick in March home sales compared to last month and last year. This suggests that an increasing number of GTA households are looking to take advantage of improved affordability as we move into the spring market."
— Daniel Steinfeld, TRREB President
How Have Prices Changed by Home Type?
Not all home types are performing the same way. Detached homes saw the biggest jump in sales activity — up 5.2% — while condos and semi-detached homes saw slight sales declines. However, all home types recorded lower average prices compared to last year, meaning buyers have more negotiating power across the board.
"Buyers continued to benefit from substantial negotiating power on price across major market segments in the last month. However, if market conditions continue to tighten, as they did in March, selling prices could start levelling off as we move through the remainder of 2026."
— Jason Mercer, TRREB Chief Information Officer
How Are Different Areas of the GTA Performing?
The GTA covers a wide range of communities, and prices vary significantly depending on where you're looking. York Region — which includes cities like Vaughan, Markham, Richmond Hill, and Newmarket — continues to command some of the highest average prices outside of Toronto proper. Durham Region remains one of the most affordable areas for buyers seeking more space.
The Economic Picture
Understanding the broader economy helps explain why the housing market is moving the way it is. Here are the key numbers to know:
The Bank of Canada's overnight rate sits at 2.3% — significantly lower than its peak. This has helped bring mortgage rates down from their 2023 highs, improving affordability for many buyers. Inflation has also cooled to 1.8%, well within the Bank of Canada's target range, which suggests further rate pressure is unlikely in the short term.
Historical Context: Where Do We Stand?
To understand March 2026, it helps to look back. The GTA market peaked in 2022 with average prices above $1.3 million, before a significant correction through 2023 and 2024. The current average of just over $1 million represents a meaningful recovery from recent lows, while still offering a significant discount from the peak years.
What Does This Mean for You?
If You're Thinking About Buying:
- Prices are 6–7% lower than a year ago — your purchasing power is better than it was in 2025.
- Homes are spending an average of 31 days on market — you have time to make a thoughtful decision.
- New listings are falling fast, which means the inventory advantage buyers have enjoyed may not last long.
- Financing conditions and inspection clauses are still realistic to negotiate in most deals.
- Condo apartments ($620,479 avg.) offer the most accessible entry point in the GTA.
If You're Thinking About Selling:
- New listings dropped 16.7% year-over-year — there's less competition from other sellers right now.
- Sales are up, meaning more active buyers are in the market this spring.
- Prices have stabilized month-over-month — the market appears to have found a floor.
- Well-priced, well-presented homes are still attracting strong buyer interest.
- Spring is historically the strongest season for selling — the timing is favourable.
"The GTA housing supply pipeline is in danger of running dry in the medium-to-long term. It will be important to ensure that the right types of homes are built — namely 'missing middle' home types bridging the gap between condos and traditional single-family homes."
— John DiMichele, TRREB CEO
The Bottom Line
March 2026 is a market in transition. The steep price declines of 2023–2024 appear to be over. Sales are rising, listings are falling, and prices have stabilized on a month-to-month basis. Whether you're a first-time buyer, a move-up buyer, or a seller looking to maximize your return, the current environment offers real opportunities — but the window may be narrowing as spring competition picks up.
If you have questions about what these numbers mean for your specific situation, I'd love to help you think it through.
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Whether you're buying, selling, or just keeping an eye on the market — I'm here to give you straight answers and expert guidance.