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After a slow start to the spring season, Toronto's housing market is beginning to show some early signs of renewed activity, although prices still remain under pressure. According to the Royal LePage House Price Survey and Market Forecast released on Thursday, data suggests that there has been a cautious shift in momentum as buyers across the country have slowly returned to the market, but overall confidence still continues to lag thanks to economic uncertainties. In the first quarter of 2026, the aggregate price of a home in Canada decreased by two per cent year-over-year to $812,900, while remaining largely flat on a quarterly basis. "In a typical spring, Canada's housing market would already be gaining momentum, but persistently low consumer confidence remains a drag on activity – especially in our most expensive markets," said Phil Soper, president and CEO, Royal LePage. Looking at specific property types, the national median price of a single-family detached home fell by 1.3 per cent year-over-year to $857,300, and condo prices decreased 3.4 per cent to $577,600. In the GTA, the aggregate price of a home decreased by 4.7 per cent year over year to $1,091,900. However, on a quarterly basis, the aggregate price of a home in the GTA increased slightly by 0.7 per cent. In the region, the median price of a single-family detached home decreased 4.5 per cent year over year to $1,382,300 in the first quarter of 2026, and the median price of a condo decreased by 6.5 per cent to $658,000. "The spring market is quietly building momentum, with home sales in Toronto rising modestly year over year at the end of the first quarter. Price growth, however, remains flat from one month to the next as elevated supply levels keep conditions balanced," said Shawn Zigelstein, broker and leader of Team Zold, Royal LePage Signature Realty. "The condo segment has seen a slight uptick in activity, driven largely by interest from first-time buyers and downsizers. At the same time, inventory throughout the city has been trending downward, as many sellers are choosing to relist at a later date rather than accept lower offers." Specifically in the city of Toronto, the aggregate price of a home dropped by 4.8 per cent year over year to $1,070,600 in the first quarter of this year, while the median price of a single-family detached home decreased 9.7 per cent year over year to $1,528,900, and the median price of a condo dropped by 3.8 per cent to $660,600. "Three factors figure prominently in today's sluggish market: hesitant first-time buyers, a return to sell-before-buy behaviour, and limited inventory in several key markets," Soper said. "First-time buyers are the engine of the housing market, and when they pause, it ripples through every segment. Move-up buyers are also taking a more measured approach, often choosing to sell before committing to their next purchase; a behaviour we haven't seen in years. In some regions, however, the issue isn't demand – it's supply." Royal LePage is forecasting that the average price of a home in the GTA will drop by 4.5 per cent in the fourth quarter of 2026, but will increase by one per cent nationally.
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