GTA Housing Market Update – June 2026
You may have seen some headlines recently about rebounding home sales in the Toronto area. Sales were indeed up in June; detached home sales rose 8% over last year, and condo sales were up 9%. But before anyone declares a recovery, it's worth putting these numbers into their proper historical context.
A Rebound Off a 25-Year Low
Last month, the GTA saw 3,256 detached home sales. That's an 8% increase over June of last year, but here's the context that matters: detached sales in June have been stuck in the 3,000 to 3,300 range every year since 2022. Before 2022, the last time June detached home sales came in below 3,300 was in 2000.
In other words, the GTA has been in an unbelievably soft market, with home sales at 25-year lows, for five years in a row. Any increase today is coming off a very low base. An 8% bump in sales from a historically depressed level is not a rebound.
The Suburbs Are Still the Weak Spot for Low-Rise Homes
The headline sales numbers for low-rise homes don't tell the entire story either. While sales of low-rise homes were up over last year in the City of Toronto and across all suburban regions, the suburbs remain the slowest markets in the GTA, and the areas where we continue to see downward pressure on home prices.
Average home prices in the City of Toronto were flat over last year, while across the GTA as a whole the average price of a house was down 3% and the median price down 5%.
One Trend Worth Watching: Fewer New Listings
Aside from the slight uptick in sales, the other noteworthy trend over the past few months is that the volume of new listings coming on the market has been trending down over last year — new listings for houses were down 11% in June.
Why does this matter? Home prices soften when supply outpaces demand. If fewer sellers continue to bring their homes to market while sales hold steady or improve, the balance between supply and demand begins to shift. If this trend continues, we may begin to see a bit more stability in home prices six or more months from now.
The Condo Market Remains Very Sluggish
The condo market, on the other hand, remains very sluggish across the GTA. And despite rising condo sales in Peel, Toronto and York, prices continue to trend down in every region; average condo prices across the GTA were down 8% over last year.
While condo sales volumes are not quite as low from a historical perspective as they are for houses, the volume of active listings on the market is quite high. In fact, the past three years have all set records for the highest number of active condo listings in June. That overhang of supply is what continues to weigh on condo prices.
What Lies Ahead
The market will likely remain sluggish in the months ahead as buyers wait for prices to hit the bottom. The decline in new listings is the trend to watch: if it persists, it may lay the groundwork for more price stability later this year or into next. Until then, expect more of the same.
June at a Glance:
Houses
Sales were up 8% over last year.
New listings were down 11%.
Active listings were down 12%.
Months of Inventory increased to 3.8.
Average price: $1,269,899, down 3%.
Median price: $1,076,000, down 5%.
Condos
Sales were up 9% over last year.
New listings were down 15%.
Active listings were down 15%.
Months of Inventory decreased to 5.4.
Average price: $658,209, down 8%.
Median price: $579,000, down 8%.
Monthly Statistics
House Statistics
House sales (low-rise freehold detached, semi-detached, townhouse, etc.) in the Greater Toronto Area (GTA) in June 2026 were up 8% compared to the same month last year.
New house listings in June were down 11% compared to last year.
The number of houses available for sale (“active listings”) was down 12% in June compared to the same month last year.
The Months of Inventory ratio (MOI) looks at the number of homes available for sale in a given month divided by the number of homes sold in that month. It answers the following question: If no more homes came on the market for sale, how long would it take for all the existing homes on the market to sell, given the current level of demand? The higher the MOI, the cooler the market is. A balanced market (a market where prices are neither rising nor falling) is one where MOI is between four to six months. The lower the MOI, the more rapidly we would expect prices to rise.
While the current level of MOI gives us clues into how competitive the market is on-the-ground today, the direction it is moving in also gives us some clues into where the market in June is heading.
The MOI for houses increaesd to 3.8 in June.
The share of houses selling for more than the owner’s list price was unchanged at 26% in June.
The average price for a house in June 2026, $1,269,899, was down 3% from the same month last year.
The median house price in June was $1,076,000, down 5% over last year.
The median is calculated by ordering all the sale prices in a given month and then selecting the price at the midpoint of that list such that half of all home sales are above that price and half are below that price. Economists often prefer the median price over the average because it is less sensitive to big increases in the sale of high-end or low-end homes in a given month, which can skew the average price.
Condo (condominiums, including condo apartments, condo townhouses, etc.) sales in the Toronto area in June 2026 were up 9% compared to the same month last year.
New condo listings were down 15% in June over last year.
The number of condos available for sale at the end of the month, or active listings, was down 15% over last year.
Condo months of inventory decreased to 5.4 MOI in June.
The share of condos selling for over the asking price decreased to 14% in June.
The average price of a condo in June was $658,209, down 8% from last year. The median price was $579,000, down 8% from last year.
John Pasalis is President of Realosophy Realty. A specialist in real estate data analysis, John’s research focuses on unlocking micro trends in the Greater Toronto Area real estate market. His research has been utilized by the Bank of Canada, the Canadian Mortgage and Housing Corporation (CMHC) and the International Monetary Fund (IMF).
Have questions about your own moves in the Toronto area as a buyer, seller, investor or renter? Book a no-obligation consult with John and his team at a Realosophy here: https://www.movesmartly.com/meetjohn