Jun 2026
Average Price
$877,941
Home sales crossed the 10,000 mark in certain months during the pandemic and hit a peak of 16,568 units. Currently, sales are averaging between 3,500 and 6,500 units, which is about 60-80% lower than the peak pandemic levels. Active listings have increased to roughly 40,000 to 60,000 units, up from about 26,000 listings seen between late 2022 and early 2023. Meanwhile, new listings continue to follow seasonal trends, typically rising in spring and summer. Listings reached around 21,809 units in May 2025 and have now fallen to 10,559 units.
Sales increased steadily throughout this period, consistently ranging between 9,000 and 13,000 transactions. Meanwhile, active listings remained relatively low at around 28,000 to 45,000 units.
Following the introduction of the mortgage stress test and tighter lending policies, sales moved lower to the 4,000-8,000 range. At the same time, active listings increased sharply, exceeding 50,000 units during certain months.
Sales saw a modest uptick, rising above 8,000 transactions in certain months. Active listings also increased, exceeding 50,000 units during some periods. However, during late 2019 and early 2020, both sales and inventory were on a downward trend.
After a brief dip in early 2020, sales increased sharply and reached a peak of 16,568 transactions in March 2021, the highest level recorded in the decade. Inventory, on the other hand, remained relatively tight.
Starting mid-2022, home sales began trending lower, generally ranging between 3,000 and 7,000 transactions. Inventory levels were extremely tight in the initial phase, particularly in December 2022 at 26,965 units, marking the lowest supply conditions of the decade. However, over time, active listings increased steadily, reaching a decade high of 61,255 units in June 2025.
The absorption rate, also known as the sales-to-new listings ratio, is used to track market activity in the GTA housing market. When the ratio is above 60%, it signals a seller’s market, where demand is strong, inventory remains limited, and prices typically rise. When the ratio falls between 40% and 60%, it reflects a balanced market, where buyers and sellers have similar negotiating power. If the ratio drops below 40%, it points to a buyer’s market, where buyers have more options, less competition, and greater flexibility to negotiate price and other terms.
Absorption rates remained elevated throughout this period, generally ranging between 60% and 80%, clearly reflecting a strong seller’s market.
With policy tightening and the introduction of the mortgage stress test, the housing market became more balanced while still giving sellers some leverage. In most months, the market’s absorption rate remained between 40% and 60%. Toward the end of 2019, however, the absorption rate moved above 80%.
Ultra-low interest rates during the pandemic steadily pushed absorption rates higher over time. Absorption rates increased sharply, often reaching between 75% and 88% in certain months, clearly indicating strong seller dominance.
From early 2022 onward, absorption rates have remained between 40% and 65%, reflecting a cooling market with a better balance between buyers and sellers. By 2025, conditions had largely shifted in favour of buyers. Currently, the absorption rate in the GTA stands at 37%.
Source: Based on analysis of historical information made available from respective real estate boards.
The GTA housing market includes a diverse range of property types, such as detached homes, semi-detached homes, townhouses, and condo apartments. Each of these options appeals to buyers looking for different levels of space, affordability, and convenience.
Detached homes account for the largest share of sales in the GTA housing market, with 399,398 units sold over the past decade. The average price for detached houses in the GTA stands at $1.2M.
82,840 transactions were recorded for semi-detached homes, with an average sold price of $861K.
Freehold townhouses recorded 82,846 transactions, with an average price of $855K. These houses are often preferred for offering a mix of affordability, space, and a more traditional home layout.
A total of 69,321 condo townhouses were sold in a decade in the GTA, with an average price of $664K.
Condo apartments ranked as the second most sold property type, with 247,827 units sold. With an average price of $551K, they continue to be the most affordable property choice for buyers in the GTA market.
Following the rapid pandemic surge, the GTA real estate market has now moved into a phase of correction and gradual rebalancing. Rising interest rates, along with persistent inflation, have slowed the overall pace of market activity and pushed prices lower. Home prices in the GTA are currently down 6.07% year over year. At the same time, days on market have increased, pointing to a shift toward more balanced conditions. However, when you step back and look at the bigger picture, the GTA real estate market continues to demonstrate strong resilience, supported by steady population growth and an ongoing shortage of housing supply. Over the past decade, property prices across the GTA have climbed by 66.85%.
During this period, the GTA housing market saw rapid price growth, driven by strong demand, favourable economic conditions and historically low interest rates. Home prices moved up steadily, increasing from around $560K to nearly $780K.
Prices rose to $782K in April 2017, followed by a phase where home values adjusted and stayed largely between $670K and $720K. Price growth slowed after the introduction of the mortgage stress test, stricter lending rules, and government housing policies aimed at cooling the market.
Home prices gradually increased from around $700K to approximately $790K, reflecting a modest but consistent upward trend.
Property prices increased sharply from around $805K to $1.2M in February 2022 - the highest home price recorded over the past 10 years. Ultra-low interest rates, remote work trends, higher savings, and increased housing demand drove this rapid price growth.
Following early 2022, rising interest rates and persistent inflation triggered a market correction. From that point onward, prices have generally remained within the $900K - $1M range. This shift has led to a noticeable improvement in affordability across the GTA, especially when compared to the peak levels seen during the pandemic. Homes are also sitting on the market longer, offering buyers a clear window of opportunity.
Rental prices are currently down 3.93% compared to last year and 1.55% year-to-date, reflecting recent market adjustments. That said, over the longer term, the market continues to show solid momentum, driven by steady demand. Over the past ten years, rental prices have increased by 48.54%, with a 12.39% gain in the last five years alone.
In this phase, the GTA rental market saw a steady increase in both rental prices and leasing activity, supported by population growth and tightening vacancy rates. Average monthly rents were around $1,804 in February 2016 and gradually reached about $2,026 by July 2017. At the same time, leasing activity increased consistently from 3,350 units to around 5,850 units.
Between 2018 and 2019, rental prices continued to increase in the GTA at a moderate pace, ranging from $2,000 to $2,300. Leasing activity remained within the 5,000 to 7,000 unit range.
Leasing activity dropped to 2,635 units in April 2020 due to lockdown and reduced mobility. Later, activity picked up, reaching 9,749 units by July 2021. Rental prices remained modest, ranging from $2,300 to $2,600.
From early 2022 onward, the GTA rental market saw strong momentum, driven by immigration, return-to-office trends, and limited rental supply. Rental prices climbed from around $2,531 in February 2022 to a decade-high of $3,013 in October 2023, before easing slightly through 2024 and 2025. Leasing activity also picked up significantly, reaching a peak of 13,206 units in July 2025.