Sales Are Rising — Quietly

GTA REALTORS® reported 5,039 home sales through TRREB's MLS® System in March 2026, a 1.7% increase from the same month last year. While modest, this uptick — combined with a month-over-month improvement on a seasonally adjusted basis — signals that buyers who have been sitting on the sidelines are starting to move.

Detached homes led the way with 2,235 sales across the GTA, followed by condo apartments at 1,422, townhouses at 876, and semi-detached at 442.

New Listings Drop Sharply

New listings totalled 14,442 in March 2026 — a significant 16.7% decline from the 17,340 recorded in March 2025. Active listings across the GTA also fell, sitting at 21,596 compared to 23,483 a year earlier.

Fewer listings hitting the market, while sales tick upward, is a recipe for tightening conditions. The sales-to-new-listings ratio climbed to 35% from 29% a year ago — a meaningful shift that gives sellers more ground than they had last spring.

Prices by Home Type

Average selling prices remained lower across all home categories compared to March 2025, with the MLS® Home Price Index Composite benchmark down 7.4% year-over-year to $941,800. On a month-over-month basis, however, prices were essentially flat — a potential sign the correction is stabilizing.

Economic Backdrop

The broader economic environment continues to shape buyer sentiment. The Bank of Canada's overnight rate holds at 2.3%, with the prime rate at 4.5%. Current mortgage rates sit at 5.49% for a 1-year fixed and 6.09% for a 5-year fixed — relatively elevated, but inflation has cooled to 1.8% year-over-year.

Toronto's unemployment rate ticked up slightly to 8.1% in February — a figure that, alongside ongoing trade and geopolitical uncertainty, remains a restraining factor on consumer confidence and housing demand.

What This Means for Buyers & Sellers

For buyers: Prices are still meaningfully below their 2025 peaks, and negotiating power remains on your side — for now. With new listings declining and sales picking up, competition will increase as spring progresses. If you've been watching and waiting, acting sooner may work in your favour.

For sellers: The market is moving in your direction. Tighter supply and rising sales-to-listings ratios mean your home will face fewer competing listings than it would have a year ago. Pricing strategically remains key — buyers are informed and value-sensitive.

Looking ahead, TRREB noted that the GTA housing supply pipeline risks running low in the medium-to-long term. Federal and provincial initiatives around HST relief and development charges are designed to spur new construction — but the right housing mix, including the "missing middle" between condos and single-family homes, will be critical.