Is Toronto a Buyer’s or Seller’s Market Right Now? (November 2026)

The Greater Toronto Area is in a buyer-leaning balanced market right now. TRREB’s latest numbers, for October 2026, show about 40 sales for every 100 new listings, right on the line where a buyer’s market begins, with 4.6 months of inventory and homes selling at about 97% of asking on average. Buyers have real negotiating power, but well-priced homes in the right neighbourhoods are still selling.

The short answer: buyer-leaning, close to balanced

Two of the main measures point in slightly different directions. The sales-to-new-listings ratio says buyer’s market. Months of inventory says balanced. Put together with homes selling below asking and prices still lower than a year ago, the most accurate description is a buyer-leaning balanced market. It is not a seller’s market, and it is not a crash. If you are new to these terms, start with our guides to a buyer’s market, a seller’s market and a balanced market.

The GTA numbers at a glance (October 2026)

TRREB released its October 2026 Market Watch on November 4, 2026.

Measure	October 2026	Change vs. Oct. 2025
Home sales	5,603	Down 7.9%
New listings	14,173	Down 11.9%
Active listings (end of month)	25,098	Down 10.0%
Sales-to-new-listings ratio	About 39.5%	Calculated from TRREB data
Months of inventory (trend)	4.6	Balanced range
Average selling price	$1,024,108	Down 2.7%
Median selling price	$860,000
MLS® HPI composite benchmark	$916,400	Down 4.3%
Average sale price vs. list price	97%
Average days on market	31 days (49 including relists)

Seasonally adjusted, TRREB said sales and new listings both rose from September, and the benchmark price and average price edged up slightly. One month does not make a trend, but it is an early sign of steadier footing after a slow summer and early fall.

It depends on what you’re buying

The GTA average hides big differences between home types and areas.

Home type	Oct. 2026 sales	Average price	Price vs. a year ago
Detached (all GTA)	2,693 (down 4.4%)	$1,310,627	Down 3.2%
Detached, City of Toronto	741 (up 0.5%)	$1,603,886	Down 1.2%
Detached, rest of GTA	1,952 (down 6.2%)	$1,199,303	Down 4.7%
Semi-detached	546 (down 8.1%)	$1,024,907	Down 0.8%
Condo apartment	1,385 (down 10.4%)	$621,400	Down 5.8%

• Condo apartments lean most clearly toward buyers, with one of the biggest price declines and falling sales.
• Detached homes in the City of Toronto are the firmest segment. Sales actually ticked up from last year, and prices dipped only slightly.
• Detached homes in the 905 regions sit in between, with more choice and more room to negotiate than in the city.

What it means for bungalow buyers and sellers

Bungalows are a small slice of the detached market, and good ones on decent lots remain scarce in much of the GTA. In a buyer-leaning market, that usually means two things at once: dated or overpriced bungalows sit and take price cuts, while updated bungalows in popular neighbourhoods can still draw competition. Our live Toronto bungalow market report and Ontario bungalow market report track sold prices, days on market and sale-to-list ratios for bungalows specifically, updated through the month.

If you’re buying

• Negotiate from recent sold prices, and keep your financing and inspection conditions.
• Look at homes that have been listed for a few weeks. Those sellers are often the most flexible.
• Don’t wait for a perfect bottom. TRREB notes that monthly payments on an average-priced home are still well below 2023 and 2024 levels, even though they rose slightly over the past year.

If you’re selling

• Price close to recent comparable sales from day one. Overpriced homes are the ones sitting longest.
• Present the home well and fix obvious issues before listing. Buyers have choices.
• If you are buying too, remember the same soft conditions will help you on the purchase.

What could change the market next

TRREB says inflation, borrowing costs and economic uncertainty kept many buyers on the sidelines in October, and that buyers continue to have substantial negotiating power on price. The board points to a Canada-U.S. trade agreement and a resolution to the Middle East conflict as possible triggers for renewed demand into 2027, and expects population growth and new policy measures, such as HST rebates and development charge cuts, to support supply over the medium term. Watch the next Bank of Canada decisions and TRREB’s November figures, due in early December.

Frequently asked questions

Is Toronto a buyer’s market right now?

Mostly, yes. As of October 2026, the GTA’s sales-to-new-listings ratio was about 39.5%, the edge of buyer’s market territory, and homes sold at about 97% of asking on average. Months of inventory, at 4.6, sit in the balanced range, so it is best described as buyer-leaning rather than a deep buyer’s market.

Are house prices going down in Toronto?

Year over year, yes. The GTA average price was down 2.7% and the MLS® HPI composite benchmark was down 4.3% in October 2026. Seasonally adjusted prices edged up slightly from September, so the decline appears to be slowing.

Is now a good time to buy a house in the GTA?

For buyers with stable income and a solid pre-approval, current conditions offer more choice and negotiating room than in recent years. Whether it is right for you depends on your budget, how long you plan to stay and whether the payment fits comfortably. Our guide Buy a Bungalow Now or Wait for Spring 2027? walks through the decision.

When will the Toronto housing market recover?

No one can say for sure. TRREB links a clearer outlook to trade certainty and steadier economic conditions, which it says could help renew buyer interest into 2027. Recoveries usually show up first as a rising sales-to-new-listings ratio and shorter days on market.

What is the average house price in Toronto right now?

In October 2026, the average selling price for all home types across the GTA was $1,024,108. Detached homes averaged $1,310,627 across the GTA and $1,603,886 in the City of Toronto.

See the market for yourself

Numbers change every month, but real listings tell you what is available today. Browse bungalows for sale across Ontario, check what similar homes sold for on the sold feed, and save a search to get new listings and price drops by email. When you find the one, one of our preferred realtors who are bungalow experts can help you negotiate, and eligible buyers can get up to $10,000 cash back.

This article is general information based on TRREB’s October 2026 Market Watch (released November 4, 2026) and CREA data, not legal, tax or mortgage advice. We will update it as new monthly figures are released. Confirm the details for your situation with a licensed professional.