Toronto Market Analysis

We know your market and here’s where we prove it.

Below you’ll find the latest statistics on what’s going on in the Toronto area and our take on what it means.  We do that by answering three questions for you.

Let’s get started.

July saw all of the important stats drop compared to the month before, as well as to the year before!  That sort of consistency is rare in real estate and it’s definitely unusual to see in Toronto.  We had fewer sales, a lower average price, fewer new listings and fewer active listings.  Dog days of summer indeed!

Let’s look at the specifics for what was going on in Toronto in our three big categories.

If we begin by looking at the number of sales that happened in July, we saw the number of sales drop to around 2,100 for the month.

What’s it mean?

When we review the number of sales in Toronto, we see that there were 2,136 sales in July, compared to 2,451 sales in June. That was a meaningful decrease, with sales down about 13% from June, or 315 sales lower month over month. Compared to July of last year, sales were down about 3%, or 67 sales lower.   We started off 2026 with just 1,115 sales in the city, which was (and remains) a two-year low for sales.  We’re currently at just over 14,000 sales for the year to date in the city and if we continue at that level, we’ll see a slower year than last year for sales.

If that’s the market as a whole, what happened in the condo market?

Looking specifically at condo apartment sales in Toronto, there were 954 sales in July, compared to 1,122 sales in June. That was a meaningful decrease, with condo sales down about 15% from June, or 168 sales lower month over month. Compared to July of last year, condo sales were down about 6%, or 64 sales lower.  Condo sales really fell off a cliff this month and it is the slowest July in a number of years for condo sales.

In terms of prices, July saw the average price for a home in Toronto drop to approximately $1,013,000.

What’s it mean? 

While how many sales took place is important, the big question is what happened to the average sale price in Toronto in July? In June, the average price was approximately $1,080,000, and in July, it was about $1,013,000. That was a meaningful decrease, with the average price down about 6% from June, or $67,000 lower month over month. Compared to July of last year, the average price was down about 2%, or roughly $24,000.  We started off the year with a two-year low in average price in the city (about $942K) and with this month’s drop, we’re getting close to being below the $1M level again.

Tale of two markets – what’s going on with condos?

Condo prices can move differently than the broader market, so it is worth looking at them separately. In Toronto in July, the average condo sale price was about $672,000, more or less unchanged from June.  Compared to July of last year, the average condo price was down about $1,000, so not much different.

Our final source for what’s been happening this month in the Toronto real estate market is the number of new listings that came on the market. In July we saw that number go down, with 5,168 new listings in the city.

What’s it mean? 

Turning to the supply side, when we review the number of new listings that came onto the market in Toronto in July, we see that there were 5,168 new listings, compared to 6,335 new listings in June. That was a big decrease, with new listings down about 18% from June, or 1,167 new listings lower month over month. Compared to July of last year, new listings were down about 17%, or 1,023 new listings lower.  When we see fewer new listings, we’re always looking at the level of sales to see if an imbalance is being created – or growing – but that isn’t the case here.  We had fewer sales and fewer new listings, which means we’re not seeing an influx of new sellers at the same time as buyers slow their activity.

Tale of two markets – what’s going on with condos?

On the supply side of the condo market, July brought 2,681 new listings to market in Toronto, compared to 2,915 new listings in June. That was a meaningful decrease, with new condo listings down about 8% from June, or 234 new listings lower month over month. Compared to July of last year, new condo listings were down about 20%, or 651 new listings lower.  The condo segment is also moving in lockstep with the market as a whole, with fewer sales and fewer new listings, so that market is also remaining consistent.

To understand how it felt to buy or sell in Toronto in July, we can look at how quickly homes were selling and how close sellers were getting to their list price. It took about four days longer on average to sell real estate in the city in July (compared to June), so it would have felt noticeably slower.  On the competition side of things, the average sale to list price ratio dropped by more than half a percent.  This means sellers were taking considerably less than their list price this month compared to last month, and it would have felt less competitive if you were buying or selling in the city.

Let’s look in detail at the two specific stats that tell us how it felt to buy and sell in Toronto this month.

One of the best indicators of how a market feels is how long homes remain on the market.  The quicker they fly off the market, the more frantic and stressful it can be for both sides.  While it may seem like that is always positive for sellers, make no mistake, it can be stressful when sellers receive lots of attention or offers quickly.  The fear of making a mistake and pressure to decide quickly is hard on both buyers and sellers.

In July we saw the length of time that it took for homes to sell go up to 35 days on average.

How did it feel?

One of the clearest indicators of how it felt to be buying or selling in Toronto in July is how long it took for a home to sell. The average days on market in Toronto in July was 35 days, compared to 31 days in June. That was a modest increase, with average days on market up about 13% from June, or 4 days higher month over month. In practical terms, the market would have felt somewhat slower. Compared to July of last year, average days on market was up about 9%, or 3 days higher.  We hit our two year high of 46 days on average back in January 2026, so while we’re still below that, we’re at our slowest rate since the first couple months of the year.

Tale of two markets – how did it feel if you were buying or selling condos?

Speed matters in the condo market because it shapes how much urgency buyers and sellers feel. In Toronto in July, the average condo apartment took 39 days to sell, unchanged from June. In practical terms, the pace of the condo market would have felt the same. Compared to July of last year, average condo days on market was up about 3%, or just one day higher.

The other statistic that gives us a good idea of how it feels to buy and sell in this month’s market is the sale to list price ratio.  This is a percentage that tells us how close to the price the sellers wanted they actually received from buyers.  If the sale to list price ratio is 100%, it means buyers paid exactly what the sellers were asking for the property.  If it’s under 100%, then the buyers negotiated a discount and if it’s over 100%, then the sellers got even more than they were asking for as a sale price.

In July, the average sale to list price ratio in the city decreased to 98%.

How did it feel?

The average sale-to-list price ratio (how much of their list price sellers are actually getting when they sell) in Toronto in July was 98.4%, compared to 99.1% in June. That was a pretty substantial decrease, with the ratio down 0.7 percentage points from June. While this stat is influenced by sellers listing below market value and setting offer dates, in practical terms, the market would have felt somewhat less competitive. Compared to July of last year, the sale-to-list price ratio was down 0.4 percentage points.

Tale of two markets – how did it feel if you were buying or selling condos?

For condos, the sale to list price ratio gives us another read on how much leverage sellers had when deals were actually coming together. In Toronto in July, the average condo sale to list price ratio was 97.4%, compared to 97.1% in June. That was a very small increase, with the ratio up 0.3 percentage points from June. This number can be influenced by underpricing strategies and offer dates, so it should not be read too literally on its own. In terms of the level of competition, the condo market probably would not have felt much more competitive. Compared to July of last year, the condo sale to list price ratio was down 0.3 percentage points.

It’s always risky to predict what’s coming next for prices, but we’re nothing if not brave!  We looked at three predictive stats: the sale-to-new-listing ratio, active listings, and months of inventory, and together, they suggest some level of downward pressure on average prices in August. Our prediction is that the average price in Toronto in August will fall by about 1% to 2%. In dollar terms, using the midpoint of that range, that would mean a drop of somewhere around $15,000 from July’s average price. That would put the August average price in Toronto at about $998,000.  If that happens, it will be the first time below the $1M since the start of the year.

Let’s take a more detailed look at the three predictive stats we have for what comes next in the Toronto market.

Let’s start with an acronym!  The Sales to New Listing Ratio (SNLR) compares the number of properties that sold during the month with the number of new listings that came on the market during the same period.  It’s considered a strong predictor of what happens in the next month because it tells us if inventory is sticking around or selling quickly.

• If the SNLR is around 50% (in the 40% to 60% range), we have a balanced market, with sales equal to half the number of new listings coming on the market. A good amount of sales and a good amount of new options means reasonable price increases.
• Over 50% is heading towards a seller’s market, as we have sales absorbing a greater share of the new inventory coming on the market. In extreme cases, we can have an SNLR of over 100%, which means we saw more sales in a month than inventory came on the market, meaning next month is very likely to see a price increase.
• Under 50% tells us that we are headed towards a buyer’s market. The lower the SNLR, the more of a net increase in properties available the following month.  This means prices typically drop as buyers react to having lots of choices by pushing down the price they are willing to pay.

In July, we saw the SNLR in Toronto increase to 41%, which means we’re in a bit of a buyer’s market right now in the city.

What does this predict?

The first of our three predictive stats is the sales-to-new-listings ratio, or SNLR, which compares the number of sales to the number of new listings coming onto the market. In July, Toronto’s SNLR was 41%, up 2 percentage points from 39% in June. That puts Toronto (barely) into a balanced market, where supply and demand are relatively balanced. We’re at the bottom of that scale, so prices should still drop in August based on this stat.

How will the condo market do?

For the condo market, the sales-to-new-listings ratio gives us a useful read on whether buyers or sellers had more leverage. In Toronto in July, the condo SNLR was 36%, down 2 percentage points from 38% in June. That puts condos in a buyer’s market, where there were far more new listings than sales. On its own, this points to some downward pressure on condo prices heading into August.

As we turn to active listings, we need to be clear about what that means.  The number used for active listings is the number of actual, currently for sale properties at the end of the month.  This number is therefore comprised of the older listings already on the market at the start of the month, plus any new listings that didn’t sell in the month, less any older or new listings that did sell before the end of the month.

July saw the number of active listings in Toronto down, going down to 9,963 options for buyers as of the end of the month.

What does this predict?

The second predictive stat is active listings, which tells us how many properties buyers had to choose from at the start of August. In Toronto at the end of July, there were 9,963 active listings, compared to 10,761 at the end of June. That was a modest change, with active listings down about 7% from June, or 798 listings lower month over month. Compared to July of last year, active listings were down about 14%, or 1,580 listings lower. Looking at the last two years, the current level of active listings is normal. Overall, the number of active listings predicts that prices should drop in August.

How will the condo market do?

For condos, active listings tell us how much choice buyers had as we moved into August. In Toronto at the end of July, there were 5,266 active condo listings, compared to 5,528 at the end of June. That was a modest change, with active condo listings down about 5% from June, or 262 listings lower month over month. Compared to July of last year, active condo listings were down about 19%, or 1,200 listings lower. Compared with the last two years, the current level of active condo listings is normal. Overall, the active listing count points to lower average condo prices in August.

Finally, let’s look at the Months of Inventory in Toronto.

This statistic tracks how long it would take for all properties on the market in Toronto to sell if we stopped having any new listings.  The higher the MOI, the more of a buyer’s market, the lower the MOI, the more of a seller’s market.  Somewhere between three to four months is considered a balanced market, but Toronto is often below that level when our market is normal, or close to normal!

July saw Toronto’s months of inventory rise, and it is now at 4.7 months.

What does this predict?

The third predictive stat is months of inventory, which tells us how long it would take to sell through the available listings at the current pace of sales and, as a result, gives us a useful read on whether buyers are gaining or losing leverage. In Toronto at the end of July, there were 4.7 months of inventory, which was up about 7% from June, or 0.3 months higher month over month. This July’s level was lower than July of last year by 0.5 months, or about 10%. Compared with the last two July levels, July 2024 was at 5.0 months and July 2025 was at 5.2 months. Even with that historical context, current supply conditions are elevated. Broadly speaking, with 4.7 months of inventory available for buyers, that still leaves enough supply relative to sales that prices should drop in August.  Put bluntly, more choices, lower prices.

How will the condo market do?

For condos, months of inventory helps us understand how much choice buyers had relative to the pace of sales. In Toronto at the end of July, there were 5.5 months of condo inventory, which was up about 12% from June, or 0.6 months higher month over month. This July’s level was lower than July of last year by 0.9 months, or about 14%. Compared with the last two July levels, July 2024 was at 6.2 months and July 2025 was at 6.4 months. Even with that historical context, current condo supply conditions remain quite high and prices should drop in the condo market in the city in August.

The charts and analysis above cover a lot of ground, so it is worth stepping back to summarize what happened and what it means.

July saw weaker sales, lower prices, and fewer new listings.  In a word, down.

Overall, July was a slower month than June in terms of activity, although sales are still above what we saw two years ago. Sales fell 13% month-over-month (2,451 to 2,136, about 315 fewer), which is below July 2025 (2,203) and above July 2024 (2,021). In the condo segment, sales fell 15% (1,122 to 954, about 168 fewer).

The average sale price fell 6.2% ($1.08M to $1.01M, about $70,000 lower). In the condo segment, the average price remained essentially unchanged ($672,000 to $672,000, a negligible difference).

New listings fell 18% overall (6,335 to 5,168). Condo new listings fell 8% (2,915 to 2,681). Within the condo segment, the balance is less favourable because sales fell faster than new listings did.

Toronto felt somewhat slower-paced, but a bit less competitive.

Overall, July was slower than June. Average days on market rose to 35 days from 31 (up 4 days or about 13%).

That points to a slower pace. Compared with the last two July levels, the overall market is slower than July 2025, when homes took 32 days on average to sell, and slower than July 2024, when homes took 26 days on average to sell. In the condo segment, days on market were effectively flat at 39 days, compared to 39 days in June. Compared with the last two July levels, that is slower than July 2025, when condo apartments took 38 days on average to sell, and slower than July 2024, when they took 30 days on average to sell.

Sale-to-list tells a different story in the overall market and condo segment. Across the overall market, the ratio fell to 98.4% (from 99.1%). In the condo segment, the sale-to-list ratio rose to 97.4% (from 97.1%). Taken together, this does not suggest a meaningfully more competitive market.

Prices will drop in August, particularly in the condo market.  Sorry.

The supporting indicators show the SNLR rose to 41% from 39%, active listings fell to 9,963 (down 7%), and months of inventory stood at 4.7 months. Taken together, the indicators aren’t unanimous, but they point to moderate downward pressure on average prices in August. Our prediction is that the average price in Toronto in August will fall by about 1% to 2%. In dollar terms, using the midpoint of that range, that would mean a drop of somewhere around $15,000 from July’s average price. That would put the August average price in Toronto at about $998,000.

In the condo segment, conditions are weaker. Supporting that view, the SNLR was 36%, active listings stood at 5,266 (down 5%), and months of inventory stood at 5.5 months. Taken together, the condo indicators are pointing pretty clearly in one direction, with strong downward pressure on average condo prices. Based on that, our prediction is that the average condo price in Toronto will fall by about 2% to 4% in August. In dollar terms, using the midpoint of that range, that would mean a drop of somewhere around $20,000 from July’s average condo price, putting the August average at about $652,000.

We hope this review and analysis of Toronto was helpful. Check back near the start of next month for the latest update on what is happening in Toronto!