Cost- GTA benchmark prices are down approximately 6.6% year over year as of the latest data available in 2026.
- Condos have underperformed detached homes specifically, driven by a wave of completing pre-construction investor supply.
- Months of inventory has risen compared to a year ago, generally favouring buyers relative to the tighter conditions seen in 2021-2022.
Where prices stand
Toronto-area benchmark home prices are running roughly 6.6% below where they stood a year earlier, continuing a softening trend that's been building since the higher-rate years of 2022-2023. This isn't a sudden 2026 development so much as a continuation of a longer adjustment, though the pace and the specific segments affected have shifted over that period.
The condo-specific story
Toronto's condo segment has weakened more than detached and semi-detached homes, largely because a substantial volume of pre-construction condo units bought years ago by investors are now completing and reaching the market simultaneously — both as resale listings and as new rental supply. That supply wave has landed at the same time investor demand for new pre-construction has cooled considerably, given the combination of higher carrying costs on investment properties and softer rent growth than these investors originally underwrote. See our explainer on occupancy fees if you're navigating a pre-construction closing in this environment.
Is it a buyer's market right now?
Months of inventory — how long it would take to sell the current listing supply at the recent sales pace — has risen compared to the tight conditions of 2021-2022, generally shifting negotiating leverage toward buyers, particularly in the condo segment specifically. That doesn't mean every listing sits or every seller is desperate; well-priced, well-located detached homes in strong school catchments continue to see competitive interest. The shift is real but uneven across price points and property types, which is exactly why a single "buyer's market" or "seller's market" label applied to the whole city misses the more useful, granular picture.
Working through your own numbers for a Toronto purchase? Start with the mortgage payment calculator and the closing cost calculator, which includes Toronto's municipal land transfer tax.
- Canadian Real Estate Association (CREA) — accessed September 2026