Toronto housing market tightens as GTA home sales climb again in May
The Toronto Regional Real Estate Board reported a 6.3% year-over-year increase in home sales across the Greater Toronto Area in May 2026, with 6,583 homes sold, despite a 4.6% drop in average selling prices to $1,069,700. Market conditions tightened as new listings fell 18.9% year-over-year, while detached homes saw a 9% sales increase compared to May 2025.
The Greater Toronto Area (GTA) housing market saw a third consecutive month of rising home sales in May, according to the Toronto Regional Real Estate Board (TRREB). A total of 6,583 homes were sold last month, a 6.3% increase from May 2025, while sales also climbed 10% from April on a seasonally adjusted basis. Despite stronger sales activity, the average selling price dropped 4.6% year-over-year to $1,069,700, with the benchmark home price falling 6.7%. TRREB president Daniel Steinfeld attributed the improved spring sales to better affordability due to lower selling prices and borrowing costs. The market tightened in May as new listings declined 18.9% compared to the previous year, and active inventory fell 13.3%. Some real estate agents reported a return of bidding wars in certain neighborhoods. Detached homes led sales growth, rising 9% year-over-year, while townhouse and condominium sales also increased across the GTA. The data highlights a shift in the Toronto housing market, with rising demand meeting reduced supply, pushing competition back into some areas despite overall price declines.
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