GTA Housing Market Shows Diverging Trends
The GTA housing market is fragmenting, with select suburbs bucking the downtrend. Average home prices in Burlington jumped 3.7% y/y to $1.07M in February, while Pickering fell 3.1% y/y to $906,407 and Halton Hills dropped 2% y/y to $1.01M.
While some areas in the GTA saw price increases, overall sales in February 2026 were down 6.3% compared to the previous year, with 3,868 homes sold. New listings also dropped significantly, falling 17.7% year-over-year to 10,705. This tightening supply, combined with steady inflation at 2.3% and a paused overnight interest rate by the Bank of Canada at 2.25%, creates a unique dynamic where buyers have less negotiating power than expected. The detached home segment experienced the biggest price drop, with average prices in the GTA falling 8.2% year-over-year to $1,325,654. Toronto's detached market saw an even sharper adjustment, with prices declining 11.4% to $1,568,543. Condo apartments remained the weakest segment, with sales down 12% and average prices down 8.8% to $626,650. Despite the overall cooling trend, some experts believe pent-up demand could lead to a resurgence in the latter half of 2026. TRREB estimates over 100,000 potential buyers are waiting for prices to stabilize and for positive economic news before entering the market. TRREB President Daniel Steinfeld suggests that if new listings remain low, increased competition among buyers could support home prices.
