Spring arrived with more buyers but fewer listings. GTA-wide, sales were up 7% year over year in April 2026, while new listings fell 9.3%. That tightening dynamic is real, but it has not yet translated into upward price pressure. Prices are still softer than a year ago, which means buyers who have been waiting on the sidelines are finding real value right now.

For the City of Toronto specifically, 2,312 sales closed in April against 6,136 new listings. The MLS HPI Composite benchmark for the City of Toronto came in at $934,900, down 5.23% year over year. That decline is being felt most sharply in the apartment segment, where the benchmark sits at $556,700, down 8.23% year over year. Detached and attached product are holding comparatively better, though both are still off from last year.

The market is tightening directionally, but buyers are not yet feeling competitive pressure across the board. The sales-to-new-listings ratio for Toronto sits in buyer-leaning territory. Homes are taking longer to sell than they did a year ago, with average listing days on market up 16% to 29 days. That extra time is a tool for prepared buyers who know how to use it.

For sellers, the message is precision. Listings that are priced correctly and presented well are still moving. Properties that are not are sitting, and the data confirms it. The spread between listing days on market (29 days) and property days on market (43 days) tells you that re-listings are common — a sign that overpriced homes are getting punished.