If January felt frozen solid, the Toronto real estate market matched the mood.

Between record-breaking snowfall, frigid temperatures, and buyers staying put, the market opened 2026 at its quietest pace in years. Fewer people were house hunting, fewer listings moved, and the data reflects it clearly. This was not hesitation. This was hibernation.

Compared to January 2025, activity slowed meaningfully, inventory climbed, and prices softened. At the same time, interest rates held steady and buyer conditions quietly improved beneath the snowdrifts. January did not signal weakness. It signalled a reset.

What This Means Heading Into 2026

The story of January is not fear. It is timing. The Bank of Canada held rates steady, prices adjusted downward, and inventory gave buyers room to breathe. According to TRREB’s Chief Information Officer Jason Mercer, current inventory levels should help keep prices in check in the near term, while a busier second half of 2026 is expected as affordability improves and confidence returns. In plain terms, winter paused the market.

📍 GTA-Wide Snapshot: Frozen Streets, Softer Momentum

January delivered exactly what the weather promised. Heavy snowfall, brutal cold, and a market that barely moved. Buyer activity slowed sharply, sellers kept listing, and inventory quietly built up across the GTA. This was not panic or collapse. It was hesitation. After a choppy 2025, buyers started 2026 cautious, watching rates, prices, and headlines before committing.

Average Price: $973,289 (▼6.5% YoY)
Sales: 3,082 (▼19.3% YoY)
New Listings: 5,083 (▼6.6% YoY)
Active Listings: 17,975 (▲8.1% YoY)
MOI: 5.83 → Buyer-Leaning Market
Average Days on Market: 45 (▲21.6% YoY)
Condo Sales: 856 (▼26.3% YoY)
Condo Avg Price: $604,759 (▼9.8% YoY)

What this means: This market is offering leverage, but only to prepared buyers. With nearly six months of inventory, price negotiations, conditional offers, and thoughtful decision-making are back. Buyers who are pre-approved and realistic about value have real opportunity right now. Sellers need to understand that traffic alone will not save an overpriced listing. Homes that are priced right and presented well will sell. The rest will sit.

📍 Toronto Snapshot: Choice Over Competition

Toronto felt the January freeze more than most. Sales dropped sharply while inventory stayed elevated, especially in the condo segment. Buyers were selective and slower to act, which stretched days on market and applied pressure to pricing across most housing types.

Average Price: $948,698 (▼3.8% YoY)
Sales: 1,074 (▼21.8% YoY)
New Listings: 1,911 (▼10.7% YoY)
Active Listings: 6,968 (▲0.7% YoY)
MOI: 6.49 → Buyer-Leaning
Average Days on Market: 45 (▲15.4% YoY)
Condo Sales: 568 (▼24.0% YoY)
Condo Avg Price: $631,932 (▼8.6% YoY)

What this means: Toronto buyers are in control, especially condo buyers. Inventory gives them options, and pricing mistakes are being punished quickly. Sellers cannot rely on location alone anymore. Strategy matters. Buyers who understand neighbourhood-level pricing and are willing to negotiate are finding value that did not exist a year ago.

📍 Mississauga Snapshot: Prices Adjust, Buyers Re-Emerge

Mississauga continued its price adjustment in January. Sales slowed, inventory grew modestly, and buyers remained cautious. The region is actively recalibrating after years of rapid appreciation, particularly in family-oriented neighbourhoods and the condo segment.

Average Price: $943,607 (▼9.7% YoY)
Sales: 300 (▼13.0% YoY)
New Listings: 431 (▼5.1% YoY)
Active Listings: 1,610 (▲5.0% YoY)
MOI: 5.37 → Buyer-Leaning
Average Days on Market: 44 (▲7.3% YoY)
Condo Sales: 85 (▼21.3% YoY)
Condo Avg Price: $534,289 (▼11.1% YoY)

What this means: Mississauga is becoming increasingly attractive for buyers who were previously priced out. Sellers need to meet the market early or risk longer listing periods. Buyers who focus on fundamentals, not last year’s prices, are finding value. This is a market where preparation and patience pay off.

📍 Brampton Snapshot: Slower Pace, Longer Timelines

Brampton saw one of the sharpest slowdowns across the GTA. Sales fell significantly, days on market jumped, and inventory continued to climb. Buyers were cautious, particularly for higher-priced homes, and decision-making slowed across all housing types.

Average Price: $882,710 (▼10.3% YoY)
Sales: 266 (▼23.3% YoY)
New Listings: 401 (▲3.8% YoY)
Active Listings: 1,544 (▲10.8% YoY)
MOI: 5.80 → Buyer-Leaning
Average Days on Market: 44 (▲41.9% YoY)
Condo Sales: 18 (▼33.3% YoY)
Condo Avg Price: $487,272 (▼1.2% YoY)

What this means: Brampton is firmly a buyer’s market right now. Negotiation is expected, not optional. Sellers must be realistic on price and timing. Buyers who have been waiting for leverage finally have it, but only if they stay disciplined and avoid overpaying in a softening environment.

📍 Oakville Snapshot: Luxury Waits for Clarity

Oakville’s luxury market slowed noticeably in January. Higher price points, longer decision timelines, and cautious buyers pushed months of inventory well into buyer-favourable territory. This is a typical response in higher-end markets during periods of uncertainty.

Average Price: $1,330,082 (▼1.3% YoY)
Sales: 105 (▼24.5% YoY)
New Listings: 174 (▲2.4% YoY)
Active Listings: 791 (▼1.6% YoY)
MOI: 7.53 → Buyer Advantage
Average Days on Market: 43 (▲22.9% YoY)
Condo Sales: 24 (▼20.0% YoY)
Condo Avg Price: $625,321 (▼20.8% YoY)

What this means: Luxury buyers are selective, informed, and patient. Sellers must compete aggressively on price, condition, and presentation. Overpricing leads to stagnation quickly in this segment. Buyers who understand replacement cost and long-term value are quietly negotiating favourable deals.

📍 York Region Snapshot: Inventory Builds, Pressure Shifts

York Region entered 2026 with rising inventory and slowing sales. While price declines have been more measured, the shift toward a buyer-leaning market is clear.

Average Price: $1,110,582 (▼8.6% YoY)
Sales: 554 (▼10.1% YoY)
New Listings: 815 (▲4.7% YoY)
Active Listings: 3,458 (▲11.8% YoY)
MOI: 6.24 → Buyer-Leaning
Average Days on Market: 47 (▲23.7% YoY)
Condo Sales: 109 (▼23.8% YoY)
Condo Avg Price: $561,628 (▼15.2% YoY)

What this means: Buyers finally have time and leverage in York Region. Sellers must be proactive and strategic to avoid long listing periods. Well-prepared homes are still selling, but the margin for error is shrinking quickly.

📍 Durham Region Snapshot: Balanced, But Cooling

Durham remained one of the more balanced regions in January, though the slowdown was still evident. Sales dipped, inventory increased modestly, and pricing continued to soften.

Average Price: $818,694 (▼8.7% YoY)
Sales: 412 (▼14.9% YoY)
New Listings: 587 (▲6.1% YoY)
Active Listings: 1,499 (▲5.6% YoY)
MOI: 3.64 → Balanced Market
Average Days on Market: 39 (▲34.5% YoY)
Condo Sales: 25 (▼24.2% YoY)
Condo Avg Price: $455,810 (▼18.3% YoY)

What this means: Durham continues to offer relative affordability and balance. Buyers have more choice without extreme competition. Sellers who price correctly are still finding success, but patience is required on both sides.

What Does This Mean for 2026 Buyers and Sellers?

Let’s be honest. January did not come in hot. Sales were down sharply, inventory climbed, and buyers stayed cautious after a long, snowy start to the year. But this slowdown is not a red flag. It is a reset. The data is showing a market that is recalibrating, not collapsing. And that matters heading into the rest of 2026.

📉 For buyers: this is still your early-mover window. Prices are down year over year, inventory is sitting near six months, and sellers are far more open to negotiation than they were a year ago. You have time to compare, ask questions, and walk away if the numbers do not make sense. Buyers who are prepared now will have the advantage before confidence returns and competition picks up later in the year.

📈 For sellers: the market is no longer forgiving, but it is fair. Buyers are active when homes are priced correctly and presented properly. Strategy matters more than timing headlines. If you plan to sell in 2026, preparation is everything. Homes that are positioned well are still moving. Homes that are not are sitting. This is a market that rewards realism, not wishful thinking.

Thinking about making a move this year? Let’s talk through your 2026 goals. Whether you are buying, selling, or quietly watching for the right moment, I will help you understand where the real opportunities are and when to act on them.

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January 2026 Toronto Real Estate Market Update: Snowed In, Slowed Down, Still Standing