Early Q3 has brought a noticeable shift in the Greater Toronto real estate market, with home sales reaching around 6,000—down about 1% year-over-year after several months of gains. Interestingly, activity still picked up by 3% month-over-month. The average selling price held steady at approximately $1 million, and the typical home benchmark dropped about 5% compared to last year, which means buyers continue to have some leverage in negotiations across most of the region.
When I look at the numbers by housing type, detached home sales managed a slight increase of 1% year-over-year, but semi-detached homes dipped by 6%, townhouses by 3%, and condos remained mostly unchanged. One key trend that stands out to me—especially as someone who focuses on comparative market analysis—is the tightening of supply: new listings fell to roughly 14,500 (an 18% annual decline), and active listings dropped by 12% to about 26,100. Fewer fresh options mean buyers and sellers need to be especially strategic in their decisions.
As sales take up a larger proportion of available listings, the market board notes that shrinking supply could eventually limit price negotiations and support more balanced conditions if buyer confidence picks up. With my expertise in market evaluation, I’m closely watching these shifts to help my clients make informed decisions—whether you’re looking to sell for top dollar or find your dream home in the GTA.
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