The Toronto Regional Real Estate Board (TRREB) has released its February housing data, and the numbers show a market that is still adjusting.
The Toronto Regional Real Estate Board (TRREB) has released its February housing data, and the numbers show a market that is still adjusting.
A total of 3,868 homes were sold through the MLS system in February, which is down 6.3% compared to the same time last year. New listings also declined, dropping 17.7% to 10,705. This trend aligns with recent surveys suggesting that fewer homeowners are planning to list their properties in 2026.
Even with fewer new listings, overall inventory remains relatively high.
There are currently 19,314 active listings across the GTA, keeping supply elevated and giving buyers more negotiating power in many parts of the market. Months of inventory now sits at about five months.
The average home price in the GTA was $1,008,968 in February, representing a 7.1% decrease year over year. The MLS Home Price Index (HPI) Composite Benchmark also declined by about 7.9% compared to February 2025 (8.1% within the City of Toronto). This suggests that price adjustments are happening across the market rather than being driven by a change in the mix of homes being sold.
Homes are also taking longer to sell. The average days on market increased to 36 days, which is about 33% longer than this time last year. The average sale-to-list price ratio came in at 97%, reflecting more negotiation between buyers and sellers.
Most of the activity continues to take place in the mid-market price range. About 79% of all transactions occurred below $1.25 million, while homes priced above $2 million represented 5.3% of total sales. Buyers in the higher price ranges remain selective, particularly when pricing does not fully reflect current market conditions.
Detached homes averaged $1,325,654 (down 8.2% year over year, but up 3.7% from January). Semi-detached homes averaged $1,027,376 (down 5.8% year over year, up 8.6% month over month).
Townhomes averaged $844,862 (down 7.2% year over year and down 3.6% month over month). Condominiums averaged $626,650 (down 13.0% year over year and down 3.6% month over month).
Detached homes represented the largest share of February sales at 43.7%, followed by condominiums at 28%, townhomes at 18%, and semi-detached homes at 8.8%. The consistent price adjustments across all property types suggest that the market is recalibrating as a whole rather than one segment weakening more than others.
Overall, the February numbers show a market that is finding its balance.
Buyers have more options and negotiating power, while sellers who price their homes realistically are still seeing successful sales.
In our view, one important point that may not be immediately obvious from the statistics is that a larger share of sales is occurring in the lower price ranges compared to higher-priced properties. This shift in the mix of homes being sold can make overall price declines appear more pronounced in the data.
In reality, this suggests that prices may not be falling as sharply across the market as the headline numbers might indicate at first glance. Instead, a greater proportion of transactions is simply taking place at the more affordable end of the market, while activity in the higher price brackets remains more selective.