Get Better Acquainted with Toronto Central
Lower-Priced 416 Condo Apartments Are Driving More Market Activity
According to the TRREB data released today, the average price of a 416 condo apartment, which reached $672,807 in July, suggests that Toronto buyers are becoming more confident about affordable homeownership, resulting in a 3.3% year-over-year increase in July sales.
Detached properties in the 416 also experienced a 2.8% year-over-year increase in sales, driven by continued—albeit slowing—price compression. However, in the higher-priced $2 million-plus segment, GTA sales across all home types are down 14.7% year over year and 8.7% year-to-date (YTD). This likely reflects broader economic uncertainty and, perhaps, the stronger returns many affluent buyers continue to see in equity markets.
Now that we are past the halfway point of the year, it remains unclear how the balance of 2026 will unfold. However, with both interest rates and mortgage rates remaining relatively stable, and no meaningful positive economic developments emerging from south of the border, it appears increasingly likely that total sales will finish close to—or slightly ahead of—last year's results, despite 2025 being one of the weakest years for GTA housing sales in decades.
The market had an exceptionally slow start in the first quarter before strengthening considerably through the second quarter. July GTA sales, down just 0.9% year over year, came close to matching last year's performance, despite July 2025 being the fourth-strongest sales month of the year—a result that was unusual from a seasonality perspective. That is an encouraging sign that sales momentum, particularly in the 416, could carry into the fall market.
$2.7B Feds-City Deal To Bring 5,600 New Rental Homes To Toronto
16 Interior Design Trends 2026: Must-Have Looks You’ll Love
Coastal Chic: 4 Cinematic Homes Along the French Riviera
