Toronto’s condo correction deepened as prices slid again despite tighter market conditions
Condo owners in Toronto took another step back in March, with prices falling much faster than the wider market even as sales inched higher.
New figures from the Toronto Regional Real Estate Board (TRREB) showed the average condo apartment price across the Greater Toronto Area dropped to $620,479 in March 2026, down 9.1% from a year earlier.
In the City of Toronto, condos averaged $648,287, a 9.6% annual decline, while units in the 905 region fell 8.3% to $564,332.
Condo sales ticked up 1.7% year over year to 1,422 deals, including 951 transactions in the 416 and 471 in the 905.
Across all housing types, GTA home sales rose 1.7% year over year, while new listings fell 16.7%, tightening conditions but not enough to arrest falling values.
The overall average selling price across the region slid 6.7% to $1,017,796, and TRREB’s MLS Home Price Index composite benchmark declined 7.4% from March 2025.
March data from the Toronto Regional Real Estate Board shows sales ticking higher as inventory fell sharply and prices eased, helping buyers re‑enter the market with borrowing costs holding steady.https://t.co/erRqxwbsGc
— Canadian Mortgage Professional Magazine (@CMPmagazine) April 7, 2026
“It’s encouraging to see an uptick in March home sales compared to last month and last year,” TRREB president Daniel Steinfeld said.
“This suggests that an increasing number of GTA households are looking to take advantage of improved affordability as we move into the spring market.”
“Buyers continued to benefit from substantial negotiating power on price across major market segments in the last month,” TRREB chief information officer Jason Mercer said.
“However, if market conditions continue to tighten, as they did in March, selling prices could start levelling off as we move through the remainder of 2026.”
The latest numbers extended a trend that started well before spring.
In February 2026, TRREB data showed 1,088 condo apartment sales at an average price of $626,650, already down roughly 8% year over year.
Meanwhile, Micky Khaneka, a Toronto-based mortgage broker, told Canadian Mortgage Professional affordability remained a “huge concern” for buyers even in a much cooler market.
“People are starting to pick up resales or newbuilds that are being built for closing at a much, much lower price than what they were initially sold for,” he said.
“But the clients who bought at those prices are still in a little bit of limbo because unless there are blanket [appraisals] from the banks, it’s very challenging for them to get appraisals on them.
For many buyers and brokers, the downturn echoes earlier warnings.
In October 2025, Canada Mortgage and Housing Corporation (CMHC) deputy chief economist Tania Bourassa‑Ochoa described a wave of project cancellations and said “a lot of projects are being put on ice” in Toronto’s condo sector, raising longer‑term supply concerns even as prices fell.
At the same time, softer prices have not erased the ownership gap between condos and low‑rise homes.
Mortgage broker Leah Zlatkin said that “even with a 15% down payment on a condo and 20% on a detached home, the affordability gap in Toronto remains significant,” underscoring why many first‑time buyers still gravitated to the condo segment.
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