Is now a good time to buy a home in Toronto? It’s the question I get almost every day. From people who have been watching the market for two years without moving. From buyers who just got pre-approved and are wondering if they’re stepping into something they’ll regret. From families quietly hoping the timing might finally work in their favour.
For most of the past decade, the answer people expected — and often got — was some version of “it’s always a good time to buy in Toronto.” That framing was lazy. But it was also, in a narrow way, true, because the market kept climbing and eventually rewarded almost every decision.
2026 is a different conversation. And for the right buyer, it might actually be more encouraging than you’d expect.
What the Numbers Say About Buying a Home in Toronto Right Now
The GTA’s sales-to-new-listings ratio is currently sitting at approximately 36 percent. Anything below 40 percent places the market firmly in buyer’s territory. Toronto hasn’t been here in years.
Let’s put those numbers in plain terms. Homes are selling at around 97 to 98 percent of asking price on average. That sounds like a small gap until you compare it to the years when homes were routinely selling 10, 15, sometimes 20 percent over asking — often with no conditions, no inspection, and barely enough time to read the disclosure.
That dynamic has shifted considerably. Average days on market are now running between 47 and 54 days across most property types. That means you actually have time to see a home twice. Time to talk to your mortgage broker. Time to get a proper inspection done. Time to think — without someone calling you at 9pm telling you there are six competing offers dropping tonight.
Conditions are back in offers. Buyers are asking questions. Sellers are listening.
The 100,000 Buyers Still Sitting on the Sidelines
Here’s the part of this story that doesn’t get enough attention.
TRREB has estimated that over 100,000 potential buyers are currently sitting on the sidelines. People who want to buy. People who have been saving, watching, and waiting — but haven’t moved yet.
That number matters because it tells you something about what happens when market sentiment shifts. It won’t all come back at once. But when confidence starts returning, even gradually, that pent-up demand begins compressing the breathing room buyers have right now.
This window exists because of a specific set of conditions. Those conditions are not permanent — and understanding that changes how you think about timing.
This isn’t a reason to panic into a decision you’re not ready for. It’s context. Acting before that demand re-enters the market is a meaningful consideration for buyers who are financially prepared.
A Buyer’s Market Doesn’t Mean Every Home Is a Deal
The biggest shift in 2026 isn’t really the price data. It’s the psychology. And that matters when you’re asking whether is now a good time to buy a home in Toronto.
For years, buyers were making some of the largest financial decisions of their lives in 48-hour windows, under enormous pressure, often waiving protections they genuinely needed just to compete. That pressure has come down substantially.
But a buyer’s market doesn’t come with a guarantee attached. Overpriced listings still sit. Some sellers still have expectations that haven’t caught up with where the market actually is. Some properties have issues that nobody noticed in 2021 because everything was selling regardless of condition.
The buyers doing well right now are the ones who understand the market clearly enough to know the difference between a genuinely good opportunity and a home that’s been sitting for 65 days because it has a problem nobody wants to pay to fix.
Strategy still matters in a buyer’s market. In some ways, it matters more — because for the first time in years, the decision is actually yours to make.
So, Is Now a Good Time to Buy a Home in Toronto?
If your finances are in order, your timeline is real, and you’re clear on what you’re looking for — yes. The current market offers conditions that were essentially unavailable to buyers two or three years ago.
The honest answer to whether is now a good time to buy a home in Toronto isn’t “always buy” and it isn’t “wait until prices bottom out.” It’s that right now, the balance has shifted meaningfully in buyers’ favour, and what you do with that depends on your specific situation.
If you want to talk through what this actually looks like for your circumstances — what you can realistically get, in which areas, and at what kind of number — I’m happy to have that conversation.
Frequently Asked Questions
Is Toronto still in a buyer’s market in 2026?
Yes. With a sales-to-new-listings ratio of approximately 36 percent, Toronto is firmly in buyer’s territory. Buyers have more negotiating room, more time for due diligence, and more leverage than they have had in years. Any ratio below 40 percent signals a buyer’s market — the GTA is currently well within that range.
Do buyers have real negotiating power in Toronto right now?
More than they have in a long time. Homes are selling at around 97 to 98 percent of asking price on average. Conditions — inspection clauses, financing conditions, reasonable closing dates — are coming back into offers. Sellers are generally more open to negotiation than they were during the peak market years.
What is the best property type to buy in Toronto right now?
That depends on your goals, budget, and timeline. Condos have seen the steepest price corrections and offer the most buyer leverage right now. Semi-detached freehold homes in the 416 are showing early signs of stabilizing. The right answer depends on your life stage, location priorities, and financial situation — not a universal rule.
Should I wait for Toronto home prices to drop further before buying?
That’s a personal decision based on your finances and timeline. What’s worth understanding is that over 100,000 potential buyers are currently on the sidelines. When that demand starts returning — even gradually — the negotiating room and time that buyers have right now will begin to compress. Waiting for perfection in a market that’s already shifted in your favour carries its own risk.
How long does it take to buy a home in Toronto in 2026?
With average days on market running between 47 and 54 days across most property types, buyers have considerably more time than in previous years. A realistic timeline from beginning your search to closing typically runs two to four months depending on your criteria, financing situation, and how focused your search is.
What is the minimum down payment required in Toronto?
For homes priced above $1 million, a minimum 20 percent down payment is required. For first-time buyers purchasing new construction up to $1.5 million, recent federal policy changes introduced access to CMHC-insured mortgages with as little as 5 percent down and 30-year amortization. A mortgage professional can walk you through exactly what applies to your situation.
Sales Representative · Zolo Realty Brokerage · Licensed in Ontario (RECO #5035461)
Toronto real estate agent specializing in first-time buyers and families across the GTA. 80+ five-star reviews · 100+ clients · $25M+ in completed transactions.