The Greater Toronto real estate market is showing signs of a gradual cooldown as we move into Early-Q3. Home sales reached approximately 6,000—a slight decrease of around 1% year-over-year after several months of annual growth—yet market activity still posted a modest month-over-month gain of about 3%. The average selling price remained near $1 million, while the benchmark for a typical home dropped about 5% compared to last year, signaling that buyers continued to have leverage in pricing negotiations throughout much of the region.
Breaking it down by housing type: detached home sales inched up by roughly 1% year-over-year, while semi-detached sales declined by about 6%, townhouses slipped 3%, and condo apartments were nearly unchanged. Notably, supply tightened further—new listings fell to about 14,500 (down 18% year-over-year), and active listings dipped to roughly 26,100 (a 12% decrease), meaning fewer fresh choices for buyers across Greater Toronto.
With sales accounting for a larger share of available listings, we could see price negotiations become more balanced if consumer confidence rebounds. My experience in both residential and commercial sectors gives me a comprehensive perspective on these shifts—helping clients make informed decisions as the market landscape evolves.
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