New TRREB data shows GTA condo prices fell year-over-year in July, as sales held steady
The Greater Toronto Area's condominium apartment market ended July still firmly in buyer territory, with prices lower than a year ago and inventory running well above levels that would support a meaningful recovery, according to data released by the Toronto Regional Real Estate Board (TRREB).
GTA Realtors recorded 1,564 condo apartment sales through TRREB's MLS System in July, virtually unchanged from July 2025 on a year-over-year basis, with a fractional decline of 0.1%.
That near-flat reading, however, masks the deeper stress still visible in pricing. The average selling price for a condo apartment across the GTA came in at $636,323 in July, down 2.3% from a year earlier.
The MLS Home Price Index (HPI) Apartment benchmark fell by 7.35% year-over-year to $535,200, a steeper decline than the 4.6% drop recorded across all home types in the TRREB area during the same period.
Terry Dowle, former president of the Appraisal Institute of Canada, says falling condo values and appraisal gaps are creating ongoing challenges, particularly for buyers closing on preconstruction units purchased during the market peak.https://t.co/wlLT7LZZ8I
— Canadian Mortgage Professional Magazine (@CMPmagazine) July 29, 2026
Buyers negotiate from a position of strength
With active listings in the condo segment remaining elevated and new listings still arriving faster than transactions clear, buyers continue to hold the upper hand at the negotiating table.
The average sale-to-list price ratio for condo apartments across the TRREB area came in at 97% for the month, while average days on market — a reliable gauge of how quickly units are moving — stretched to 40 days region-wide.
The divergence between the City of Toronto's 416 area code and the broader 905 suburbs is also notable. Condo apartments in the 416 averaged $672,807 in July, while 905-area units averaged $560,923.
The price softness, particularly in the 905, is consistent with a dynamic that mortgage professionals have flagged throughout 2026.
Micky Khaneka of MKG Mortgages in Toronto has noted the persistent challenges weighing on the sector — excessive supply, appraisal problems, and weak investor demand — as factors that have kept GTA condo activity muted through the year.
That broker-flagged pressure is reflected in the July numbers: new condo listings entered into the MLS System in the TRREB area came in at 4,190 for the month, more than 2.6 times the volume of completed sales.
GTA Condo Apartment Market — July 2026
Source: Toronto Regional Real Estate Board (TRREB) MLS® System | Data released August 6, 2026
| Market / Region | Sales (July 2026) | YoY Change | Avg. Selling Price | YoY Change | Avg. Days on Market | Avg. Sale-to-List |
|---|---|---|---|---|---|---|
| All TRREB Areas | ||||||
| All TRREB Areas | 1,564 | -0.1% | $636,323 | -2.3% | 40 | 97% |
| MLS® HPI Apartment Benchmark | ||||||
| All TRREB Areas | Index: 269.9 | $535,200 | -7.35% | — | ||
| City of Toronto | Index: 267.4 | $551,900 | -7.09% | — | ||
| City of Toronto (416) | ||||||
| City of Toronto — Total | 1,054 | — | $672,807 | -1.6% | 41 | 97% |
| Toronto West | 199 | — | $616,629 | — | 37 | 97% |
| Toronto Central | 726 | — | $716,768 | — | 41 | 97% |
| Toronto East | 129 | — | $512,062 | — | 41 | 97% |
| 905 Region | ||||||
| 905 Region — Total | 510 | — | $560,923 | -5.0% | 40 | 97% |
| Halton Region | 108 | — | $625,223 | — | 58 | 97% |
| Peel Region | 146 | — | $494,725 | — | 49 | 98% |
| York Region | 86 | — | $607,573 | — | 44 | 97% |
| Durham Region | 154 | — | $399,331 | — | 41 | 98% |
Data: Toronto Regional Real Estate Board (TRREB), July 2026 MLS® Market Watch, released August 6, 2026. YoY = year-over-year. HPI = MLS® Home Price Index. Avg. Sale-to-List = average ratio of selling price to listing price for firm transactions. — = not separately reported in source data. Figures are for resale condo apartments only and exclude new construction.
What July data means for brokers
For brokers working with condo buyers or clients managing existing condo-backed mortgages, the July figures reinforce a market dynamic that has held for several quarters.
Prices have not bottomed, but the pace of annual decline has moderated compared with earlier in 2026, a pattern consistent with TRREB's evolving supply picture heading into the fall.
Doug Porter, chief economist at Bank of Montreal (BMO), previously told Canadian Mortgage Professional that the condo segment remains under sustained pressure.
"We don't see a quick turnaround on that front," he said. "That's probably the last area that will turn just because of the amount of supply that's now hitting the market."
The July data does little to challenge that assessment. Active condo listings across the TRREB area at month-end stood at 8,352, a supply load that, at the current pace of sales, represents months of inventory.
The detached and semi-detached segments, by contrast, have seen tighter conditions emerge as new listings contracted sharply across the GTA. Total new listings across all home types in the TRREB area fell 17.8% year-over-year in July to 14,484, narrowing supply in segments where buyer interest is more robust.
TRREB President Daniel Steinfeld noted that with sales accounting for a larger share of listings across the broader market, buyers may find less room to negotiate going forward.
TRREB Chief Information Officer Jason Mercer indicated that positive economic readings on growth and employment could help lift consumer confidence in the months ahead, particularly if price stabilization takes hold before year-end.
For the condo segment specifically, that stabilization remains a work in progress.
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