Toronto Real Estate Market Update: April 2026
What the numbers say about Toronto's market
Here are the headline figures from the April Market Watch report, released by TRREB on May 5:
Sales: 5,946, up 7% from April 2025
New listings: 17,097, down 9.3% year over year
Active listings: 25,110, down 6.4%
Average selling price: $1,051,969, down 4.9%
Average days on market: 43
On a month-over-month seasonally adjusted basis, sales rose faster than new listings, the average price ticked up, and the HPI held flat. Plain English: buyers are coming back a little faster than sellers are listing, and that's putting a floor under prices for the first time in a while.
The GTA is technically still a buyer's market by the sales-to-new-listings ratio. But the direction of travel matters. We're moving toward balance, not deeper into oversupply.
What's driving the shift
A few things are pulling in the same direction:
Lower prices are pulling buyers off the sidelines. Average GTA prices are roughly 5% below last April, and benchmark prices are about 6.6% lower. For first-timers and move-up buyers who've been waiting, the math finally works for more people.
Borrowing costs are lower than a year ago, but are probably bottoming. The Bank of Canada held its rate at 2.25% on April 29, the fourth straight hold. The bigger signal was the Bank's warning that if inflation from the oil price shock sticks, a rate hike is back on the table. Five-year fixed rates have already been creeping up. The "rates only go down from here" assumption is on shaky ground. (Not mortgage advice. Talk to a broker about your specific situation.)
New listings are drying up. Down 9.3% year over year, below historical norms. Some sellers are pulling back, waiting for better conditions. That's tightening supply faster than demand is rising.
Policy is starting to push on supply. Ontario's new HST rebate on new homes under $1 million (in effect April 2026 through March 2027), the federal-Ontario development charges deal, and the City of Vaughan cutting its residential DCs to zero in late April are all aimed at new construction. They take time to filter into resale data, but they're real.
Where the segments are diverging
The interesting story this month sits underneath the headline. Not every part of the market is moving at the same pace.
416 detached: Average price down only 1.9% year over year to $1.67M. Sales up 6.6%. The clearest sign of stabilization in any segment.
416 semis: Average price up 1.5% year over year, with new listings down 21%. The furthest along in tightening.
Freehold townhouses: Prices still soft, down about 6.6% year over year. Sales basically flat.
Condos: Sales up about 9% across the GTA, but prices still under pressure (down roughly 6% on average, and closer to 10% by median). Condos have the most inventory hanging over them, especially downtown.
Family-sized 416 properties are stabilizing first. Condos are still the softest part of the market. If you're looking at one and not the other, your market looks pretty different right now.
What this means if you're buying
For first-time buyers, this is a more workable market than it's been in years. Prices are down. There's room to negotiate. Inventory is still healthy enough that you can take time finding the right place without getting stuck in bidding wars on most homes. If you're new to the process, my Toronto Home Buyer Guide walks through it step by step.
For move-up buyers, your equity position is softer than two years ago. But the home you're moving into has come down further in dollar terms than your current place. The trade is more favourable than the headlines suggest, especially if you're moving from a condo into a freehold.
A few practical things to keep in mind right now:
Lock down financing early. If rates do creep up later this year, you want a rate hold in place.
Don't wait for one news cycle to confirm "the bottom." Nobody can call it cleanly. Base the decision on whether the move works for your situation over five-plus years.
Honest pricing analysis matters more than ever. Comparables from six months ago are stale in some neighbourhoods. Get a real read on where prices are today, not where the listing agent wishes they were.
If you're a seller, two months of stronger sales and tightening supply are good news. But pricing strategy still matters. Well-prepared, accurately priced homes are moving. Aggressive list prices are still sitting.
Looking ahead
Two months of positive year-over-year sales is real, and we haven't seen this pattern in a while. Worth acknowledging.
It's also two months. Before I'd call this a recovery, I'd want to see it keep going through the rest of spring and into summer. Prices stabilizing, not just sales picking up. Listings staying tight. Buyer confidence holding through whatever comes next.
The bigger uncertainty isn't in the Toronto market itself, it's everything around it. US trade policy is still volatile. Oil prices tied to the Middle East could push inflation higher, which would push mortgage rates higher. Population growth has slowed. None of that is settled, and any of it can change the picture quickly.
Cautious optimism feels like the right read for April. Things are moving in the right direction. They're not there yet.
If you're thinking about buying this spring or summer and want to talk through your specific situation, reach out and we'll set up a discovery call.
Stats current as of May 2026. The market moves fast, so confirm current figures before making a decision.
