The Toronto Regional Real Estate Board (TRREB) has released its July housing data. Market conditions continued to tighten, even as the streak of year-over-year sales gains came to an end. Home sales edged slightly lower compared to July 2025, but new listings fell far more sharply, leaving active buyers facing more competition for a shrinking pool of properties. Selling prices remained lower than a year ago, although the benchmark measure posted its mildest annual decline of the year to date.
A total of 5,995 home sales were reported through the MLS, down 0.9% compared to July 2025 and ending a run of four consecutive months of year-over-year gains. New listings fell 17.8% year over year to 14,484, the sixth straight month of meaningful declines. Active listings declined to 26,098, down 12.1% from last year. Months of inventory came in at roughly 4.4, up from 4.0 in June, a move that reflects the usual summer slowdown in sales rather than a build in supply. Relative to a typical July, sales activity firmed while listings continued to fall, meaning conditions tightened throughout the summer. Over the first seven months of the year, 37,105 homes have changed hands at an average price of $1,032,207.
The average GTA home sold for $1,003,956, representing a 4.5% year-over-year decline, wider than the 3.9% recorded in June and partly reflecting the seasonal shift in the mix of homes sold. The MLS Home Price Index (HPI) Composite Benchmark told a more encouraging story, down 4.6% across the GTA (-3.8% in Toronto), improving from 5.4% and 4.3%, respectively, in June and marking the smallest annual decline reported so far in 2026. Listings sold in an average of 32 days on market, up 6.7% from a year ago, with final sale prices coming in at 97% of the asking price.
Sales by Property Type
Detached: $1,291,690 (↓ 5.1% year over year / ↓ 5.3% month over month)
Semi-detached: $964,922 (↓ 7.4% YoY / ↓ 7.1% MoM)
Townhomes: $817,213 (↓ 3.9% YoY / ↓ 3.2% MoM)
Condominiums: $636,323 (↓ 2.3% YoY / ↑ 0.9% MoM)
Detached homes accounted for the largest share of July sales (46.5%), followed by condominiums (26.1%), townhomes (16.7%), and semi-detached properties (9.3%). Detached homes were the only property type to post a year-over-year gain in sales volume, while the other three segments slipped modestly. Notably, condominiums were the only property type to record a month-over-month price increase. Condos now carry the smallest annual price decline of any segment, a meaningful reversal for a category that led the market lower through much of the past year.
July marks the sixth straight month of substantial declines in new listings, and with sales accounting for a larger share of what is available, buyers may find there is less room to negotiate moving forward. The Bank of Canada held its overnight rate at 2.25% on July 15, its sixth consecutive hold, keeping borrowing costs well below what they were a year ago. Recent readings on economic growth and jobs have surprised to the upside, which could help bolster consumer confidence, though many would-be buyers continue to wait for greater clarity on tariffs, inflation, and the broader economy. If current trends continue, selling prices could level off relative to last year through the second half of 2026.
If you are planning to buy or sell in the coming months, recognizing how these conditions play out at the neighbourhood level is essential. As the market continues to evolve, a thoughtful strategy and a clear understanding of the relevant housing data will help ensure a successful outcome. A Harvey Kalles Real Estate sales representative can help you navigate these conditions with clarity, experience, and a strategy tailored to your goals.