TORONTO – The recent gradual decline in home prices has given a “spring boost” to the resale housing market in the Greater Toronto Area (GTA): in March, year-over-year, sales increased while new listings declined. In addition, selling prices were lower than in March 2025, improving housing affordability, as highlighted in the latest report from the Toronto Regional Real Estate Board (TRREB).
“It’s encouraging to see an uptick in March home sales compared to last month and last year. This suggests that an increasing number of GTA households are looking to take advantage of improved affordability as we move into the spring market. Positive news on trade and geopolitical issues would help improve consumer confidence and home sales in the months ahead,” said Daniel Steinfeld, TRREB President, in the report.
“Buyers continued to benefit from substantial negotiating power on price across major market segments in the last month. This explains why benchmark and average selling prices were down year-over-year. 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,” added Jason Mercer, TRREB Chief Information Officer.
GTA realtors reported 5,039 home sales in March 2026, an increase of 1.7% compared to March 2025. New listings totaled 14,442, down 16.7% year-over-year. Both sales and new listings in March 2026 increased compared to February 2026, with sales rising slightly faster than new listings. The Home Price Index fell 7.4% year-over-year in March 2026, while the average selling price of $1,017,796 was down 6.7% compared to March 2025 but slightly up from February 2026.
“The GTA housing supply pipeline is in danger of running dry in the medium-to-long term. The federal and provincial governments announcements on HST and development charge relief were important affordability policy initiatives designed to spur new home sales and construction. It will be important to ensure that the right types of homes are built, namely ‘missing middle’ home types bridging the gap between condos and traditional single-family homes. This is contemplated in the recent Ontario Building Homes and Improving Transportation Infrastructure Act,” said John DiMichele, TRREB CEO.
The full report by TRREB is available here: https://trreb.ca/gta-homes-sales-up-and-selling-prices-down-in-march/
Nearly 75% of GTA Neighbourhoods Saw Homes Sold Below Asking Price in March
TORONTO – A new report finds that nearly 75% of neighbourhoods saw homes sell below asking price last month. The analysis was conducted by “Wahi”, a digital real estate platform and brokerage. To reach its conclusions, Wahi compared the differences between median asking prices and actual sale prices to determine which neighbourhoods were in overbidding or underbidding territory. Any neighbourhood with fewer than five transactions in the month was excluded.
According to the analysis, published by CTV-CP24 (here), of the 213 neighbourhoods in the region, roughly 6% were in overbidding territory. “Wahi” notes this is down from 7% of the 238 neighbourhoods in February that met the minimum sales threshold. Ninety-two percent of the remaining neighbourhoods were in underbidding territory in March, while only 2% of homes sold at the asking price. “This was the weakest month for homebuyer competition in at least the past four years,” the report states (“Wahi” began tracking over- and underbidding in July 2022). Before March, the previous low was recorded in 2025, when 20% of neighbourhoods saw prices bid up. Detached single-family homes performed far better than condos, with around 14% of the 221 neighbourhoods with at least five sales in overbid territory (compared to just 1% of the 106 neighbourhoods with five condo sales).
Regarding homes sold above the asking price, last month 23% of all homes sold exceeded the list price. This is down from roughly one-third (31%) in the same month last year. Meanwhile, nearly 75% of homes sold below asking price. For example, Durham Region recorded the highest share of above-asking sales in March, at 31%, while Halton Region had the lowest at 15%.
Looking at specific areas, Runnymede was the most active neighbourhood with a median sale price of $1,272,500 and a median overbid of $196,500. Bloor West Village (west Toronto) and Riverdale (east Toronto) ranked second and third with average overbids of $107,000 and $99,000, respectively. Only one neighbourhood outside Toronto made the top list: Rouge Woods in Richmond Hill, with a median overbid of $91,000. Trinity Bellwoods (west Toronto) closed the list with overbids of around $87,100.
As for neighbourhoods with the highest underbids, three centrally located Toronto neighbourhoods made the top five: Rosedale (1st), Forest Hill (3rd), and Summerhill (5th). Although homes in Rosedale were listed at roughly $2.3 million, the median underbid was -$177,459.
Here are the GTA neighbourhoods with the largest underbids in March: Rosedale, Toronto – median underbid: -$177,459; Mineola, Mississauga – median underbid: -$143,500; Forest Hill, Toronto – median underbid: -$142,500; King Township – median underbid: -$140,000; Summerhill, Toronto – median underbid: -$138,000.
Photo by Tierra Mallorca on Unsplash
