More Transactions, Lower Prices — Here's Why (Toronto Market Update)

Toronto Real Estate April 2026: Sales Up, Prices Down — 905 Hit Harder Than 416 April 2026 TREB data looks bullish on the surface, with sales just under 6,000 (+7% YoY) and new listings around 17,000 (-9.3% YoY), but prices are still falling and the market remains slow. Average price was $1.05M (down nearly 5% YoY) and the MLS benchmark fell 6.6%, while days on market rose (average 29 vs 25 last year; median 43 vs 37) and the average sale-to-list ratio stayed below 100% (~98%), indicating most homes sell under asking. All major home types saw YoY price declines, with the 905 experiencing larger drops than the 416, especially for semis and townhouses. Inventory remains very high (about 25,000 active listings), months of inventory is elevated (4.9), and the sales-to-new-listings ratio (~34.6%) is buyer-friendly; the speaker discusses seasonality, cautious buyer behavior, and a hypothesis that GST/HST relief on new builds may be pulling demand from 905 resale markets, with brief additional commentary on Niagara trends. 00:00 April Report Overview 00:56 Headline Numbers Breakdown 01:41 Sales Up Prices Down 02:33 Home Types And 905 Weakness 04:08 Supply Shift From Tax Relief 05:15 Seasonality Not A Rebound 06:09 Buyer Psychology And Demand 08:04 Why Transactions Dont Lift Prices 08:41 Precon Pulling From Resale 12:23 Slow Market Signals 13:16 Inventory Overhang Explained 14:47 New Listings And MOI 16:21 Neighborhood Pockets Still Hot 17:08 Key Takeaways And Outlook 19:43 Q And A Plus Niagara Bonus 22:08 Closing Thoughts