GTA Housing Market Update – April 2026
Toronto's housing market remained largely in a holding pattern in April 2026, with prices continuing to slide and homes sitting on the market for extended periods. But beneath the surface, a couple of trends are worth watching.
Prices still falling
Average and median prices declined across both houses and condos compared to a year ago, with condos feeling the sharper sting — median condo prices dropped 10% year over year, while house median prices fell 6%. House average prices were down a more modest 4%. The condo segment continues to bear the brunt of the correction that's been underway for several years now.
Sales ticking up — but from rock bottom.
Home sales rose for the second consecutive month, up 5% for houses and 7% for condos compared to April 2025. That sounds encouraging until you remember the baseline: last year's sales volumes were at 20-year lows. We're seeing a modest recovery off the floor, not a surge in demand.
The supply side is tightening.
Perhaps the more interesting development is what's happening with supply. New listings fell 7% for houses and a notable 14% for condos, while active inventory also pulled back — down 8% for houses and 13% for condos. Fewer sellers are entering the market, and the backlog of unsold homes is starting to shrink.
What it means.
If you extend these two trends forward — sales gradually climbing while new listings decline — you can sketch a path toward a more balanced market. A sustained tightening in supply alongside even modest demand growth would eventually shift conditions away from the strong buyer's market we've been in. But I wouldn't bet on that happening in 2026.
The price declines alone tell you that buyers are still firmly in the driver's seat, and the broader economic uncertainty that's been weighing on confidence isn't going away anytime soon. For now, the market remains stuck, just with a few more signs of life than it had six months ago.
April at a Glance
Houses:
Sales were up 5% over last year.
New listings were down 7%.
Active listings were down 8%.
Months of Inventory decreased to 3.8 .
Average price: $1,281,077, down 4%.
Median price: $1,080,000, down 6%.
Condos:
Sales were up 7% over last year.
New listings were down 14%.
Active listings were down 13%.
Months of Inventory decreased to 5.6.
Average price: $651,719, down 7%.
Median price: $575,000, down 10%.
Monthly Statistics
House sales (low-rise freehold detached, semi-detached, townhouse, etc.) in the Greater Toronto Area (GTA) in April 2026 were up 5% compared to the same month last year.
New house listings in April were down 7% compared to last year.
The number of houses available for sale (“active listings”) was down 8% in April 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 April is heading.
The MOI for houses fell to 3.8 in April.
The share of houses selling for more than the owner’s list price was unchanged at 27% in April.
The average price for a house in April 2026, $1,281,077, was down 4% from the same month last year.
The median house price in April was $1,080,000, down 6% 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 April 2026 were up 7% compared to the same month last year.
New condo listings were down 14% in April over last year.
The number of condos available for sale at the end of the month, or active listings, was down 13% over last year.
Condo months of inventory decreased to 5.6 MOI in April.
The share of condos selling for over the asking price decreased to 14% in April.
The average price of a condo in April was $651,719, down 7% from last year. The median price was $575,000, down 10% 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