We’re seeing a 10% drop in Toronto housing starts compared to last year, signaling a slowdown in construction activity across our urban market. As someone who’s closely watched Toronto’s real estate landscape for years, I know these numbers only tell part of the story. Right now, 37 building permits are tied to 6,600 condo apartment units that haven’t broken ground yet—a reminder that what’s in the pipeline doesn’t always show up in current stats. Many of these projects likely secured pre-sales well before the recent dip in sales activity, so some could still move forward. It’s important to remember that housing start data often lags behind what’s really happening, since large Toronto developments go through lengthy planning, pre-sale, and permitting phases before any construction even begins. So, while the headline numbers might look subdued, the true level of activity often emerges as these projects progress. My role as a top producer since 2003 has given me a front-row seat to how these cycles play out and why reading between the lines is so critical for buyers and investors alike.
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GTA Market Cools as Prices and Sales Ease
Greater Toronto’s housing market is showing some signs of cooling in Early-Q3, with home sales hovering around 6,000—down just about 1% from last year, marking the first slowdown after four months of steady annual gains. Month-over-month, though, activity still ticked up by roughly 3%. The average selling price remains close to $1M, but the typical-home benchmark has dipped about 5% from last year, meaning buyers continue to have negotiating power across much of the GTA. Detached homes saw a slight 1% uptick in sales, while semi-detached, townhouses, and condos were either down or flat. Inventory is also shifting: new listings dropped to 14,500 (an 18% annual decrease), and active listings landed near 26,100—down 12%—so fresh options are becoming scarcer for buyers. With sales accounting for a greater share of listings, the board is noting that tighter supply could eventually reduce price flexibility and foster more balanced conditions if buyer confidence returns. As someone who’s been a consistent top producer since 2003, I keep a close eye on these shifts and what they mean for clients navigating this evolving market.
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Is August a good time to buy a home in the GTA?
Every August, I take a close look at what’s happening in the GTA market to help my clients make smart moves. Right now, we’re seeing increased sales and plenty of inventory across the region, which means buyers have more negotiating leverage—condos in particular stand out for opportunities. With interest rates holding steady, it’s a good time to focus on your mortgage planning and weigh your options carefully. As someone who’s been a top producer in real estate since 2003, I always remind clients to look beyond the numbers: prioritize affordability, consider the right location and property type, and think about how your next move fits into your long-term plans.
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New report suggests HST rebate continues to boost single-family new home sales across GTA
Impressive momentum in the GTA’s new home market: In July, new single-family home sales soared, tripling to 781 units—a boost many are attributing to the continued impact of the HST rebate. Notably, single-family home prices eased by 8.5% to $1.36M, creating opportunities for buyers who have been waiting for the right moment. Condo sales also saw a modest uptick, though activity remains subdued; prices edged up 2.5% to $1.05M. With inventory at 18,546 units, it’s clear the landscape is shifting. As someone who’s consistently been a TOP PRODUCER since 2003, I keep a close watch on these numbers to help my clients make informed decisions in a dynamic market.
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HST rebate continues to boost sales of new single-family homes in GTA but condo segment remains sluggish: report
New home sales in Ontario surged 130% year-over-year in Q2 2026, reaching 8,410 sales, driven by an enhanced HST rebate offering up to $130,000 to buyers. This boost helped protect 17,300 construction jobs, preserve $2.8 billion in GDP, and maintain $1.4 billion in government revenues. Most sales were single-family homes, while condo sales remained below the 10-year average. Further economic gains are expected from upcoming cost reductions for builders.
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Happy Labour Day!
Labour Day in Canada marks a well-earned break celebrating workers and the unofficial end of summer, when everyone suddenly remembers all the things they meant to do in August.
It’s the last big excuse for barbecues, lake trips, and squeezing in one more summer adventure before routines and school schedules take over again.
Stores and sidewalks feel a little calmer, while patios and parks get their final big rush of summer energy and “just one more weekend” vibes.
Happy Labour Day! Wishing you a relaxed, fun-filled long weekend with good food, no alarms, and maximum enjoyment before fall shows up uninvited.
