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.

First, the good news.  March saw the third month in a row of increased level of sales, as well as a small increase in the average price in Toronto.  Now, the bad news.  Our sales this year have been quite low, with January 2026 starting us off with the lowest level of sales of any month in more than two years.  Even with the increased levels in February and now March, this month is still well below historic levels, as is the year to date.  Our number of new listings is up considerably at the same time, so downward pressure on prices is growing.

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 March, we saw the number of sales rise to around 1,900 for the month.

What’s it mean?

When we review the number of sales in Toronto, we see that there were about 25% more sales in March than February. In actual number of transactions, we went from 1,537 sales up to 1,919, which means on a month over month basis, there were about 380 more sales in Toronto.  In March 2024, we had 2,425 sales and last year (March 2025) we had 1,981, so we’re still below what we have seen in March the past couple of years.  January was our lowest level of sales in Toronto in more than two years and despite a couple months of increasing numbers of sales, we’re still thousands of sales fewer than is typical by this time of year.

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

If we look just at the condo segment of the market in Toronto, there were about 27% more sales in March than February. We went from 725 condo apartment sales up to 919, which means on a month over month basis, there were about 190 more sales of condo units in Toronto.  Just like the market as a whole, condo sales in January 2026 hit a more than two year low, with just 593 sales in the city.  Our current level of 919 sales is lower than March 2025 and March 2024, and our year to date number of sales is also the lowest in a few years.  Put plainly, the condo market is not very active, but neither is the market as a whole.

In terms of prices, March saw the average price for a home in Toronto rise to approximately $1,032,000.

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 March? In February the average price was approximately $1,024,000 and March saw that go up by 0.8% to about $1,032,000. That works out to a difference of around $8,000 when compared to last month.  February saw a huge jump up from January’s average price, which was the lowest in more than two years.  We saw this consecutive price increase in March of about $8K, but that’s not a significant change.  In 2024, February to March was about a $19K increase and in 2025, February to March saw a $9K average price decrease, so this time of year isn’t exactly consistent.  We’re down about $65,000 compared to this time a year ago, when the average price in March 2025 in Toronto was $1.097M.

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

For the condo market, this is what we saw happen to the average price for a unit. In February the average price for a condo apartment was approximately $664,000 and in March we saw that go down by 3.3% to about $643,000. In dollars, that works out to about $22,000 different than last month.  This is a different direction than the market as a whole, which went up a little bit.  This tells us that the freehold market did considerably better than the condo market in terms of sale prices, as despite our 3.3% drop in condo prices, the overall market still went up.  The current average price for a condo is over $80,000 less than the average price a year ago, when it was $724,000.

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 March we saw that number go up, with 5,545 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 March, we see that we had 5,545 new listings, compared to 4,210 new listings in February. That’s approximately 32% more new listings, on a month over month basis.  March typically sees an increase in new listings and our current levels are not too unusual.  We’ve got more new listings this March than we did in March 2024, when we had 5,200 new listings, but fewer than a year ago (March 2025) when we had over 6,700 new listings.  We will point out that a sizeable increase in new listings with only a slight increase in sales means we’ll see active listings rise, which can cause prices to stagnate or start dropping.

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

In terms of the the number of new condo apartment listings that came onto the market in Toronto in March, we had 2,903 new listings, compared to 2,244 new listings in February. That’s about 29% more new condo listings, on a month over month basis.  Those are relatively typical levels of new listings for March, pretty much the same as what we saw in March 2024 and a bit lower than our levels of new inventory in March 2025.  It is clear that condo sellers are getting the message that listing a condo for sale right now is not necessarily the best idea.

March felt a bit faced paced and more competitive than we’ve seen so far this year.  We started off the year with longest average days on Market in the city in more than two years, at 46 days on average, then dropped to 36 DOM in February.  We’re now at 31 days on average, so it continues to feel like a quicker moving market.  Our sales to list price ratio rose by almost half a percent to 99.4%, so sellers are getting closer to their list price than we’ve seen in a number of months, which means it felt more competitive as well.

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 March we saw the length of time that it took for homes to sell go down to 31 days on average.

How did it feel?

One of the clearest indicators of how it felt to be buying or selling in Toronto in March is how long it took for a home to sell. The average days on market in Toronto in March was 31 days, which is down four days from February, when it was 36 days. That means the length of time it took to sell went down by about 12%. The last time our DOM was at this level was back in June 2025, so it absolutely feels like a faster paced market these days.  A year ago (March 2025), we had an average DOM of 27 days and back in March 2024 it was 23 days, so despite the relative speed of our current market compared to recent months, we’re still quite slow from a historic standpoint.

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

In the condo market, the average days on market in Toronto in March was 38 days, which is down 5 days from February, when it was 43 days. This means the time it took condo apartment units to sell went down by about 12%. Just like the market as a whole, our recent speeding up – while welcome – still puts us at a historically slow market.  In March 2025, condos took 33 days on average to sell (compared to our current 38 days) and back in March 2024 it took a condo unit 28 days to sell on average.  So, while it felt quicker paced in March if you were buying or selling a condo, it’s still not exactly speedy!

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 March, the average sale to list price ratio in the city increased to 99%.

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 March was 99.4%, which is up from February when it was 99.0%. While this stat is influenced by sellers listing below market value with an offer date, the fact that we saw almost half a percent increase in the sale to list price ratio means the market felt more competitive.  The last time our ratio was this high was back in June 2025, so it is certainly more competitive now than it has been for the last nine months.  That being said, in March 2025 our sale to list price ratio was 100.9% and in March 2024 it was 102.9%, which is the highest in the past two years.  Despite our gains in this ratio over the last number of months, sellers are still getting between 1% to 2% less on the list price than is typical for this time of year.

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

In the condo segment of the market, the average sale to list price ratio in Toronto in March was 97.2%, which is up from February when it was 97.1%. That’s a very minor increase and it wouldn’t have felt any different in terms of competition if you were buying or selling a condo in the city in March.  In March 2025, the condo sale to list price ratio was 98.7% and in March 2024 it was 99.8%, so we’re still well below what is typical for this time of year.

Our predictive stats paint a pretty clear picture of what’s coming next month.  With a sale to new listing ratio inching further into buyer’s market territory, another jump in the level of active listings on the market and still elevated months of inventory, prices should drop in Toronto in April.

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) tells us how many of the sales we saw this month were new listings in the month versus existing listings that had been on the market from previous months.  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%, 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 outpacing 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 the 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 March, we saw the SNLR in Toronto decrease to 35%, which means we’re in 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 list ratio (or SNLR) which decreased in March, going down by 2% to 35%, which is effectively a 5% decrease in one month. While that isn’t a significant drop, we’re very much in a strong buyer’s market according to this stat.  In March 2025, our SNLR was even lower (29%) and back in March 2024 it was 47%, which is closer to a balanced market.  A reminder that a SNLR of 35% means that was had about 3X the number of new properties come on the market as those that sold during the month.  This puts significant pressure on prices to drop, as we have not enough buyers for the increasing number of sellers looking to sell a home.  As such, this stat says prices should drop in Toronto in April.

How will the condo market do?

The SNLR for the condo market decreased in March, going down by 1% to 32%, so the condo segment of the market is also very much a buyer’s market.  We had 919 sales in March and saw 2,903 new listings come on the market, so any new buyers of condos are seeing tons of options in their search.  This stat definitely predicts that condo prices should drop in Toronto in April.

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.

March saw the number of active listings in Toronto increase, going up to 8,636 options for buyers as of the end of the month.

What does this predict?

The second predictive stat is the number of active listings in Toronto. We had 8,636 active listings on the market as of the end of March, which is approximately a 9% increase compared to February when we had 7,929 listings on the market at the end of the month. The higher our active listings level goes, the more pressure it puts on prices to drop, particularly if the level of sales doesn’t increase at the same pace.  Our current level of about 8,600 active listings isn’t as high as this time last year (March 2025) when we had 9,880 properties for sale, but it is considerably higher than March 2024, when we had about 6,500 properties on the market.  At the end of the day, we saw the number of active listings go up month over month by 9% and we’re at a pretty high level of inventory, which means prices should drop in Toronto in April.

How will the condo market do?

We had 4,891 active condo unit listings on the market as of the end of March, which is approximately a 7% increase over February, when we had 4,571 listings on the market at the end of the month. Just like the market as a whole, this March has more active inventory than two years ago, and less than March 2025.  The fact that there are lots of options for relatively few condo buyers – and that the number of options are increasing – means that we are predicting that condo prices in the city should drop in Toronto in April.

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 almost always significantly below that level.

March saw Toronto’s months of inventory drop, and it is now at 4.5 months.

What does this predict?

Let’s look at what our current months of inventory for Toronto predict what will happen to prices next month. The MOI as of the end of March was 4.5 months, which means that the Toronto market remains in a buyer’s market as of right now. In general, if the MOI is going up, it is an indicator that prices will drop as there are fewer buyers than sellers in the market. Similarly, if the MOI is going down, we typically expect prices to rise as as more buyers enter the market. While we saw the MOI drop in March compared to February, 4.5 months is still a high number for this stat and it means we’ve got a lot more places for sale than buyers actually buying.  In March 2025, our MOI was 5 months on the nose, so we’re a bit better than a year ago, but two years ago (March 2024) was our two-year low of 2.7 months of inventory, which meant it was a slight seller’s market!  Our current MOI means that we should see prices either drop in April, or stay mostly flat.

How will the condo market do?

The MOI for the condo segment of the market as of the end of March was 5.3 months, which means that the Toronto condo market is a buyer’s market as of right now. It did drop significantly compared to February, when it was 6.3 months.  While a drop of a full month is a very good sign for the health of the condo market, we’re still at elevated levels of inventory, with not many buyers looking for condo units.  This stat predicts that the condo market should stay flat or see a price decrease in April.

There is a lot of information in the above charts and analysis and it’s worth taking a step back to summarize what happened and to understand what it all means.

March saw a solid rebound in sales, a very small increase in the average price, and a sizeable jump in new listings.

• March was a better month than February in terms of activity, but sales are still lower than what we typically see for this time of year.
• Sales rose 25% month-over-month (1,537 to 1,919, about 380 more), but that’s still below March 2025 (1,981) and well below March 2024 (2,425). Condo sales rose 27% (725 to 919, about 190 more), but are also still below the last two March markets.
• The average sale price rose 0.8% ($1.024M to $1.032M, about $8,000 higher), which is an increase, but not a significant one. Condo prices actually went the other way, falling 3.3% ($664,000 to $643,000, about $22,000 lower), which shows the condo segment continues to underperform the market as a whole.
• New listings jumped 32% (4,210 to 5,545), which is a much bigger increase than we saw in sales. Condo new listings rose 29% (2,244 to 2,903). That matters because a large increase in supply with only a moderate increase in demand tends to put downward pressure on prices.

The market felt quicker paced and a bit more competitive than February, but it still didn’t feel especially strong for this time of year.

• March felt faster and somewhat more competitive for both buyers and sellers compared to the first two months of the year.
• Average days on market fell to 31 days overall (from 36, down 5 days or about 12%), and to 38 days for condos (from 43, down 5 days or about 12%), which is a meaningful improvement in pace.
• Even with that improvement, we’re still slower than the last two March markets: 27 days in March 2025 and 23 days in March 2024 overall, and 33 days in March 2025 and 28 days in March 2024 for condos.
• Sale-to-list improved overall to 99.4% (up from 99.0%), which means the market did feel more competitive. Condos were basically flat at 97.2% (up from 97.1%), so the condo segment still didn’t feel meaningfully more competitive despite the faster pace.

April prices are most likely going to drop in Toronto, with condos facing the clearest downward pressure.

• Even though March was a better month than February in terms of activity, the forward-looking indicators still point pretty clearly to a buyer’s market.
• SNLR fell to 35% overall and 32% for condos, which keeps both segments firmly in buyer’s market territory. That means new inventory is continuing to come onto the market much faster than homes are actually selling.
• Active listings rose to 8,636 overall (+9%) and 4,891 for condos (+7%), which means buyers have more choice and sellers are facing more competition. That tends to limit pricing power, particularly when sales are still historically weak.
• Months of inventory did improve to 4.5 overall and 5.3 for condos, but both numbers are still elevated enough to keep the market buyer-leaning. Taken together, the predictive stats suggest prices should drop in April in Toronto overall, and that condo prices are even more likely to weaken.