Spring showed up right on schedule this year… and so, it turns out, did buyers!
According to TRREB’s April 2026 market report, realtors reported 5,946 home sales through the MLS System in April, up seven per cent compared to a year earlier. New listings, meanwhile, pulled back 9.3 per cent over the same stretch to 17,097. Put those two numbers side by side and the takeaway is clear: the market’s quietly tightening, even as prices continue to soften. Not the fireworks some were expecting this spring — but a trend worth paying attention to all the same.
A Quick Scorecard: April 2026 by the Numbers
Here’s the top-line read from our ongoing market update series:
- Sales: 5,946 (+7% year-over-year)
- New listings: 17,097 (‑9.3% year-over-year)
- Average price: $1,051,969 (‑4.9% year-over-year)
- MLS® HPI Composite: ‑6.6% year-over-year, but flat month-over-month
That last point matters. Prices are still down compared to a year ago, but they’ve stopped sliding on a monthly basis — which could indicate the market is finding its footing.
Tighter Conditions, Softer Prices
Active listings climbed to 25,110 in April, up over 16 per cent from March, and the average property took 43 days to sell — down from 47 the month before. So even with more homes to choose from, they’re moving a little faster. That’s the kind of push-pull that defines a market in transition: buyers still have plenty of choice, but the days of endless negotiating room might be numbered.
It’s a different picture than what we saw last fall, when the market was just beginning to stir. This spring, the stirring has turned into something closer to a steady walk.
The Rate Backdrop: Why the Bank of Canada Is Staying Put
Interest rates are, as always, part of this story. The Bank of Canada held its policy rate steady at 2.25 per cent at its April 29 announcement — the third hold of the year — as it weighs geopolitical uncertainty and rising energy prices against an otherwise steady economic picture. Inflation has been ticking up on gas prices specifically, and the Bank has signalled it’s watching closely rather than committing to a clear direction.
For anyone with a fixed-rate mortgage, remember that pricing tracks the bond market more than the BoC’s overnight rate — so “hold” doesn’t always mean “no change” on renewal. Compare that to the surge we tracked after 2024’s rate cuts, and it’s clear how sensitive this market remains to borrowing costs.
Segment Snapshot: Condos Lead, Detached Holds Steady
Not every segment moved the same way. Condo apartment sales in the City of Toronto jumped 14.4 per cent year-over-year — the strongest gain of any housing type — while detached sales rose a healthy 9.2 per cent across the GTA. It’s a notable shift for a condo market that’s had its share of headwinds over the past couple of years, and it’s a trend worth watching as spring rolls on.
What This Means If You’re Buying or Selling Right Now
For buyers: With active listings up sharply and rates on hold, you’re still working with some negotiating power — but that window may be narrowing as sales activity picks up. If you’ve been waiting on the sidelines, this could be the moment to start exploring your options.
For sellers: Pricing realistically is more important than ever with over 25,000 active listings competing for buyer attention. Homes that are priced to the current market — not last year’s market — are the ones moving in 43 days instead of sitting. If you’re weighing a listing this season, let’s talk about your strategy.
Looking Ahead
The Bank of Canada’s next rate decision lands June 10, and TRREB continues to push its “Removing Roadblocks” policy report aimed at cutting red tape on new housing supply. Will easing municipal barriers translate into more homes — and more affordability — by summer? That’s the question worth keeping an eye on.
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