Greater Toronto Area — Home sales across the Greater Toronto Area dropped to levels lower than those seen during the 2008 financial crisis, according to a new housing market report, highlighting continued weakness in the region’s real estate sector.
Data released by HouseSigma shows that 4,896 resale homes were sold across the GTA in March 2026. That is just over half of the 10-year March average of 9,003 sales and marks the weakest March in the platform’s records dating back to 2003.
At the same time, new listings surged by 35 per cent from February to March, reaching 14,401 properties as sellers entered the spring market. However, buyer demand has not kept pace, creating a more balanced market after years of intense competition.
The slowdown is also placing downward pressure on prices. The median sale price for all home types in the GTA was $875,000 in March, slightly below February’s $878,500 and down 7.4 per cent compared with the same month last year.
Prices declined across all major housing categories. Detached homes had a median price of $1.2 million, down 7.7 per cent year-over-year. Attached homes fell to $850,000, down 8.1 per cent, while condominium apartments dropped to $548,000, a decline of 9.4 per cent.
Market observers say the shift reflects a long-needed correction, particularly in high-priced areas such as Toronto, where affordability challenges had pushed many buyers to the sidelines.
According to the report, some communities are still attracting strong attention, with four of the five most-viewed neighbourhoods in March located in Durham Region, suggesting buyers may be focusing on more affordable suburban options.
The latest numbers point to a market where sellers face more competition, buyers have more choice, and pricing power has shifted significantly compared with previous years.