The World Cup crowds have cleared out of Exhibition Place, BMO Field is back to being BMO Field, and Toronto’s real estate market spent July doing what it does best: quietly tightening, month after month, without much fanfare 🙁
This latest monthly market update covers the sixth straight month of that trend, and while sales cooled slightly from June’s post-tournament rush, there was some welcomed excitement in condo world!
The Headline Numbers
Here’s how the year has unfolded so far:
| Month | Sales | New Listings | Active Listings | Avg. Price |
|---|---|---|---|---|
| January | 3,082 | 10,774 | 17,975 | $973,289 |
| February | 3,868 | 10,705 | 19,314 | $1,008,968 |
| March | 5,039 | 14,442 | 21,596 | $1,017,796 |
| April | 5,946 | 17,097 | 25,110 | $1,051,969 |
| May | 6,583 | 17,698 | 26,927 | $1,069,700 |
| June | 6,770 | 17,282 | 27,329 | $1,058,658 |
| July | 5,995 | 14,484 | 26,098 | $1,003,956 |
Toronto and GTA realtors reported 5,995 sales in July, which was essentially flat compared to July 2025 (down just 0.9%), while new listings fell sharply, down 17.8% year-over-year. Month-over-month, sales eased 11.5% and new listings dropped 16.2%, which is a normal summer slowdown — but new listings pulled back even faster than sales did, and that’s the part worth paying attention to.
Prices: Getting Closer to Level
The average selling price came in at $1,003,956 in July, down 4.5% from a year ago. That’s a familiar gap by now, but the trend underneath it keeps improving: the MLS HPI Composite benchmark was down 4.6% year-over-year, a smaller decline than June’s 5.4%, and the smallest we’ve seen in months.
TRREB President Daniel Steinfeld put it plainly: with sales now making up a bigger share of listings, buyers have less room to negotiate than they did earlier this year, and prices could start to level off if that pattern holds. TRREB’s Chief Information Officer Jason Mercer added a more optimistic note: recent readings on economic growth and jobs have surprised to the upside, which could help nudge more buyers off the sidelines this fall, especially if prices finish stabilizing.
How Each Home Type Performed (City of Toronto)
In the City of Toronto, 2,242 homes sold in July — up 2.4% from 2,190 a year ago — at an average price of $1,010,836, down 3.3% from July 2025. New listings fell hard, down 17.2% year-over-year to 4,980.
By home type within the 416:
| Home Type | July Sales (416) | Avg. Price (416) | Sales vs. July 2025 |
|---|---|---|---|
| Detached | 691 | $1,547,928 | +2.4% |
| Semi-Detached | 233 | $1,122,326 | -7.5% |
| Townhouse | 249 | $867,635 | +7.8% |
| Condo Apartment | 1,054 | $672,807 | +2.5% |
Condos deserve their own callout this month. At $672,807, July was the segment’s second-strongest average price of the year — trailing only May’s $673,841. And with 1,054 units sold, this marks the fourth consecutive month that Toronto condo sales have topped 1,000 (April: 1,054; May: 1,009; June: 1,124; July: 1,054). For a segment that spent most of the last two years as the market’s slowest mover, four straight months of sustained demand is trend we hope to see continue into the fall market.
Rates Hold Again — Six in a Row
The Bank of Canada held its policy rate at 2.25% on July 15 — the sixth consecutive hold. The Bank’s language struck a slightly more upbeat tone than earlier in the year: growth is picking up, and inflation is expected to ease gradually, though risks tied to the Middle East conflict and U.S. trade policy remain on the radar. The next scheduled announcement is September 2.
Year-to-Date Snapshot
Through the first seven months of 2026, GTA sales sit at 37,105 — up slightly from 36,891 over the same stretch in 2025. New listings remain the bigger story: down to 102,566 from 120,911, a drop of more than 15%. Average price for the year so far is $1,032,207, down 5.1% from 2025’s YTD figure.
My Take
Six straight rate holds, a shrinking price decline, and a condo segment that’s finally showing signs of life are all trends we’re glad to be seeing. New listings falling faster than sales is exactly the kind of setup that tends to firm up prices, and if the improving economic data Mercer pointed to keeps holding, don’t be surprised if the “leveling off” TRREB has been forecasting shows up before the year is out… provided no new curve balls are delivered from our neighbours in the south.
For buyers, the message hasn’t changed much: conditions are still workable, but they won’t stay this way indefinitely. For sellers — especially in the condo space — the data suggests confidence is warranted, however pricing remains the most important element to get right!
Curious what this means for your specific neighbourhood or situation? I’m always happy to chat, reach out anytime, or sign up for monthly market updates straight to your inbox.
