Toronto Real Estate Market Forecast 2027
What CREA, TRREB and CMHC expect for Toronto housing in 2027, what the latest numbers show, and what it means if you're buying, selling or moving up.
Updated October 2026 · Written by Candice Schott, Broker, Schott & Co., Royal LePage Signature Realty, Brokerage
Most forecasters expect a slow, uneven recovery for Toronto real estate in 2027, not a boom or a crash. The Canadian Real Estate Association (CREA) forecasts national home sales up 4.4% and prices up 1.2% in 2027, but expects Ontario prices to lag because supply is still high. In Toronto, condos remain a buyer's market while well-priced houses in low-inventory neighbourhoods keep selling at or above asking.
This page from Candice Schott, Broker and co-founder of Schott & Co., sums up the official forecasts, the latest numbers and what they mean for you. We update it as new data comes out.
The short version
- National forecasts call for modest growth in 2027.
- Ontario and Toronto prices are expected to lag.
- Condos: plenty of supply, room to negotiate.
- Freehold houses in tight areas: still competitive.
What are the experts forecasting for 2027?
| Forecaster | What they expect |
|---|---|
| CREA (Oct 2026) | Canada: 2027 sales up 4.4% to 464,235; average price up 1.2% to $689,909. Looser supply expected to drag on Ontario prices. |
| TRREB (Feb 2026) | GTA 2026: 60,000 to 70,000 sales; average price $1 million to $1.03 million, easing early in the year, then stabilizing. |
| CMHC (Feb 2026) | Toronto: sales up in 2026 but below historical averages; new housing starts low as condo starts slow. |
Forecasts change. CREA has revised its outlook several times in 2026, so treat any single number as a direction, not a promise.
What is the Toronto market doing right now?
Prices are down from a year ago, but not everywhere. In September 2026, the GTA average sale price was $1,006,409, down 5.1% year over year, and sales were down 9.0%, according to TRREB. The City of Toronto averaged $1,034,320 with 4.6 months of inventory. Condo apartments sold for 97% of asking after 40 days, while semi-detached homes sold for 104% in 21 days. In Leslieville and Riverdale, homes sold for 109% of asking. See our latest monthly market report.
What will affect Toronto home prices in 2027?
- Interest rates. The Bank of Canada raised its policy rate to 2.5% on October 28, 2026, its first increase since 2023. Higher borrowing costs weigh most on condo buyers and investors. What the rate hike means for you.
- Condo supply. Toronto had 5,329 active condo apartment listings in September 2026 against 884 sales, according to TRREB. That supply keeps condo prices in check.
- Fewer new condo completions. Construction starts have slowed sharply, which could tighten supply later in the decade. See Urbanation's warning on condo completions.
- The economy and jobs. Buyer confidence follows employment and trade uncertainty.
What do we expect for Toronto in 2027?
Prediction: We expect the two-speed market to continue into 2027. Condo prices likely stay soft through at least the first half of the year, because there are still many more condos for sale than buyers. Well-priced semis and detached homes in low-inventory areas like Leslieville, Riverdale, The Beach and the west end are likely to keep selling at or above asking. If rates rise further, expect more buyers to stay on the sidelines. If rates ease and the economy steadies, spring 2027 could be busier than spring 2026.
That's our read of the data, not a guarantee. We'll update this page as new numbers come in.
"A soft market is where upsizers get room to move up." — Candice Schott
What does the forecast mean for buyers, sellers and upsizers?
Buyers
- Condos: time and room to negotiate
- Houses: still competitive in tight areas
- Get pre-approved before you shop
Sellers
- Price for today, not 2022
- Preparation matters more than ever
- Strategy depends on your area and type
Upsizers can benefit most. If you sell a condo and buy a house in a softer market, the savings on the bigger purchase usually outweigh the loss on the smaller sale. Our upsizing guide explains how to time it.
Common questions about the Toronto market in 2027
Will Toronto house prices go down in 2027?
Forecasters expect modest national price growth in 2027, but CREA expects Ontario prices to lag because supply is still high. Results will vary by home type and area: condos are softer, while freehold homes in low-inventory neighbourhoods remain competitive.
Is 2027 a good time to buy in Toronto?
For condo buyers, conditions favour buyers, with more choice and room to negotiate. For freehold homes in tight areas, expect competition. The best time to buy is when your finances, job and plans are ready.
Should I wait to sell my home until 2027?
It depends on your home type, area and next move. Waiting only helps if your home's value rises faster than the costs of waiting. If you're moving up, a softer market can work in your favour.
Will interest rates go down in 2027?
No one knows for certain. The Bank of Canada raised its policy rate to 2.5% on October 28, 2026. Watch its scheduled announcements and talk to your lender about fixed versus variable.
Who is Candice Schott?
Candice Schott is a Broker with Royal LePage Signature Realty, Brokerage, who co-leads Schott & Co. with Jason Schott, Sales Representative. Since 2005 they've sold more than 500 Toronto homes.
Want the forecast for your street?
We'll show you what's selling near you and what it means for your plans. Get in touch with Candice and Jason →
Sources: CREA forecast via MoneySense, October 2026 · TRREB 2026 outlook · CMHC Housing Market Outlook 2026 · TRREB Market Watch, September 2026 · Bank of Canada, policy interest rate
Forecasts and predictions are opinions, not guarantees. General information only, not financial advice. Not intended to solicit buyers or sellers currently under contract.