Your Next Move Starts Here

At a glance: In October 2026, GTA home sales came in at 5,603, down 7.9% from a year ago, and the average price was $1,024,108, down 2.7%. New listings fell 11.9%, and City of Toronto homes sold in about 30 days on average. Buyers had fewer choices, but condo buyers still had plenty of room to negotiate.

If I had to pick one number from October, it would be 11.9%. That is how much new listings dropped across the GTA compared to last October. As the leaves came down, a lot of homeowners who were thinking of selling decided to wait, and it shows in the data.

The number that stood out

There were 14,173 new listings in October, down 11.9% year over year, and active listings were down 10%. Sales slipped too, to 5,603 (down 7.9%), as many buyers stayed on the sidelines while they watched inflation and borrowing costs. On a seasonally adjusted basis, both sales and new listings were up from September.

Where prices landed

GTA average: $1,024,108, down 2.7% from a year ago. The MLS® HPI Composite benchmark was down 4.3%.

Toronto houses held up better than condos: In the City of Toronto, detached homes averaged $1,603,886, down just 1.2%. Condo apartments averaged $659,214, down 5.6%.

Toronto East stood out: Homes there sold for 101% of asking on average, in about 26 days, with 3.7 months of inventory. Across the City of Toronto as a whole, homes sold for 98% of asking with 4.6 months of inventory.

What this means for you

Buying? Condos are where you have the most room to negotiate right now. Take your time, compare carefully, and base your offer on what similar homes have actually sold for.

Selling? With fewer listings out there, a home that is well prepared and priced right gets noticed. In pockets like Toronto East, buyers are still competing for the right home.

Every street moves a little differently. If you would like a free snapshot of what is happening on yours, just reach out. I reply within 24 hours.

Get my free home evaluation  |  Contact Tyler

Source: TRREB Market Watch, October 2026.

Updated October 14, 2026

What Happens When You Sell a House with a Mortgage in Canada

There are many reasons you might sell before your mortgage term is up: a new job in another city, a growing family, children moving out, or simply a home that no longer fits your life. In each case, selling usually means breaking your mortgage contract, so it pays to understand the costs before you list.

The Costs of Breaking the Mortgage Contract

What it costs to break your mortgage depends mostly on one thing: whether you have an open or a closed mortgage.

Open Mortgages

With an open mortgage, you can sell, pay off, refinance or make extra payments at any time without a prepayment penalty. The tradeoff is a higher interest rate, because the lender is charging for that flexibility. Open mortgages suit people who expect to sell soon or pay their mortgage down quickly.

Closed Mortgages

Most Canadians have a closed mortgage, chosen for its lower rate. Closed mortgages usually allow some prepayment each year (often 10% to 20% of the original balance), but paying off the whole mortgage before the term ends triggers a prepayment penalty.

On top of the penalty, you may pay administration, appraisal or reinvestment fees and a discharge fee to remove the mortgage from your title. If you received cash back when you took the mortgage, you may have to repay some or all of it.

Options That Can Reduce or Avoid the Penalty

• Port your mortgage. Many lenders let you move your existing mortgage, rate and term to your new home. If you're buying again, this is often the simplest way to avoid a penalty. Timing rules apply, so ask your lender how long you have between closings.

• Blend and extend. Some lenders will blend your current rate with today's rate on a new, longer term instead of charging a penalty. You may still pay administration fees.

• Use your prepayment privileges first. Paying down the most your contract allows before you sell can shrink the balance the penalty is calculated on.

• Have the buyer assume the mortgage. Less common, but some mortgages can be taken over by a qualified buyer.

How Mortgage Penalties Are Calculated

• Variable rate (closed): usually three months' interest.

• Fixed rate (closed): the greater of three months' interest or the Interest Rate Differential (IRD).

The IRD compares your rate with the lender's current rate for a term close to the time you have left. Rates rose sharply in 2022 and 2023 and have eased since, so many people who locked in at those higher rates now face a large IRD. Big banks often calculate the IRD using posted rates, which can make it larger than you'd expect, so always ask your lender for an exact payout statement.

Example: What a Penalty Could Look Like

These rates are examples only. Your lender will give you your exact penalty.

Say you locked in a five year fixed rate of 5.79% in 2023. You have 24 months left, you owe $300,000, and your lender's current rate for a two year term is 4.29%.

Three months' interest
$300,000 x 5.79% = $17,370 a year
$17,370 / 12 = $1,447.50 a month
$1,447.50 x 3 = $4,342.50

Interest Rate Differential
5.79% minus 4.29% = 1.50%
$300,000 x 1.50% = $4,500 a year
$4,500 / 12 = $375 a month
$375 x 24 months = $9,000

Because the IRD is the greater amount, the penalty in this example is $9,000.

Pros and Cons of Selling Before Your Term Ends

• Pro: You may get a lower rate on your next mortgage, and if you keep your payments the same, you could pay it off faster.

• Con: The penalty and fees can outweigh the interest you save. Your mortgage advisor can run the numbers for you.

• Pro: The move may simply be the right one for your life, and a penalty is often a small price for the right home.

• Con: You'll need to qualify again for a new mortgage, including the stress test, unless you port your current one.

Before You Decide

1. Ask for a payout statement. Your lender will tell you your exact penalty and the total needed to discharge the mortgage.

2. Know your equity. If your home has gained value since you bought it, your equity may easily cover the penalty and still leave you well ahead.

When Do Your Mortgage Payments Stop?

Your mortgage is paid off on closing day. Your lawyer uses the sale proceeds to pay the remaining balance, any penalty and fees, and the mortgage is discharged. Keep making your regular payments until then.

Selling Within a Year: The Anti Flipping Rule

Since January 1, 2023, if you sell a home you've owned for less than 365 days, the profit is generally taxed as business income, fully taxable, and the principal residence exemption doesn't apply. This applies to your own home as well as investment properties. There are exceptions for certain life events, such as a new job, a death, a divorce or separation, a birth, or a serious illness or disability.

For properties owned longer that aren't your principal residence, such as a rental or cottage, the profit is generally a capital gain, with 50% of the gain taxable. Speak with an accountant about your situation before you list.

Gather All the Information

Before selling, make sure you understand the cost of breaking your mortgage. A mortgage advisor can walk you through your options, and I'm happy to connect you with brokers I trust.

Finally, talk to me before you make a final decision. I'll help you weigh the timing, the costs and your options so you have all your bases covered.

This article is general information, not legal, tax or mortgage advice. Please speak with the appropriate professional about your situation.

At a glance: The average GTA home sold for $1,006,409 in September 2026, down 5.1% from a year ago. Toronto homes sold for 99% of asking in about 33 days, with 4.6 months of supply. Buyers had more choice and time, while well priced homes still sold quickly.

September always feels like a fresh start. The kids are back in school, summer plans wind down, and a lot of people start thinking seriously about their next move. This fall, the numbers point to something buyers haven't had in a while: breathing room.

Prices have eased. The average GTA home sold for $1,006,409 in September, down 5.1% from a year ago. In Toronto, detached homes averaged $1,562,966 (down 7.6%) and condos averaged $640,248 (down 6.1%).

But the right homes still move. Toronto homes sold for 99% of their asking price on average. In Toronto East it was 101%, so plenty of homes there sold over asking. Lower prices don't mean sellers are giving homes away.

There's time to think it over. Toronto has 4.6 months of supply, and homes took about 33 days to sell. That gives you room to compare, ask questions and negotiate without rushing into a decision.

So what does this mean for you?

Buying? This is a window worth paying attention to. You have more choice, more time, and sellers who are more open to conditions like financing and a home inspection. As a Real Estate Negotiation Expert (RENE), I can tell you this is the kind of market where a good negotiation strategy really matters.

Selling? Price it right from day one. My time as an Estate Manager taught me that the details matter, and right now they matter more than ever. Homes that are priced well and presented well are still selling quickly, while overpriced ones sit.

Averages only tell part of the story, and every street is different. If you're curious what's happening on yours, send me a note and I'll put together a quick snapshot for you, with no obligation. I reply within 24 hours.

Get my free home evaluation  |  Contact Tyler

Source: TRREB Market Watch, September 2026.

At a glance: 5,057 homes sold across the GTA in August 2026, down 2.1% from a year ago, and the average price was $993,410, down 2.7%. New listings fell 14.1%, and Toronto detached prices were almost unchanged from last August. The gap with last year kept narrowing heading into fall.

The end of summer is when I start hearing from people planning their fall move. August set the stage, with fewer homes for sale and prices getting closer to last year's.

Fewer homes for sale. 12,075 new listings came on the market, down 14.1% from a year ago. Active listings were down 11.3%.

Prices are levelling out. The average GTA price was $993,410, down 2.7%. Toronto detached homes averaged $1,525,749, almost the same as last August (down 0.1%).

Sales were steady. 5,057 homes sold across the GTA, down 2.1%. Toronto homes took about 35 days to sell and sold for 97% of asking on average.

So what does this mean for you?

Buying? The gap between this year's prices and last year's is getting smaller. If you've been waiting, the fall is a good time to plan your next step. Ask me about off market, office exclusive listings at my brokerage that you won't find online.

Selling? The fall market is a great time to list. Use the next few weeks to get your home ready, so it's on the market when buyers return after Labour Day.

Want a clear plan for the fall? Get your free home evaluation and let's talk about the best timing for you.

Get my free home evaluation  |  Contact Tyler

Source: TRREB Market Watch, August 2026.

At a glance: 5,995 homes sold across the GTA in July 2026, almost the same as a year ago, and the average price was $1,003,956, down 4.5%. New listings fell 17.8%, and Toronto homes took about 32 days to sell. Prices moved closer to last summer's levels.

July is cottage season, and the market took a breather. Fewer homes were listed, and the prices of many homes moved closer to where they were last summer.

Sales were steady. 5,995 homes sold across the GTA, almost the same as last July (down 0.9%). The average price was $1,003,956, down 4.5%.

The gap with last year narrowed. Toronto detached homes averaged $1,547,928, down only 1.5%. Toronto condos averaged $672,807, down 1.6%.

There were fewer new listings. New listings were down 17.8% from last July. Homes took about 32 days to sell in Toronto, and in Toronto East they sold for 101% of asking on average.

So what does this mean for you?

Buying? With fewer homes coming on the market, there's less room to negotiate than earlier this year. If you find the right home, a fair, well prepared offer will go a long way.

Selling? Summer buyers are fewer, but they're serious. Fresh listings stand out when there isn't much new on the market, so it's a good time to get ready for the fall.

Thinking about a fall move? A summer plan makes September much easier. Reach out and let's get started.

Get my free home evaluation  |  Contact Tyler

Source: TRREB Market Watch, July 2026.

At a glance: 6,770 homes sold across the GTA in June 2026, up 9.4% from a year ago. Toronto detached homes averaged $1,648,440, up 0.3% and the first increase of the year, while Toronto condos averaged $665,760, down 9.0%. The first half of 2026 finished stronger than it started.

We're halfway through 2026, so it's a good time to look back. The year started slowly, but the first half finished stronger than it began.

June sales were up. 6,770 homes sold across the GTA, up 9.4% from last June. Over the first six months, sales finished slightly ahead of the same period last year.

Detached prices are holding. Toronto detached homes averaged $1,648,440, up 0.3% from a year ago. That's the first increase we've seen this year. The average GTA price was $1,058,658, down 3.9%.

Condo sales are active. Toronto condo sales were up 14.3%. Condo prices averaged $665,760, down 9.0%, which is good news for first time buyers.

So what does this mean for you?

Buying? If you're a first time buyer, condo prices are still well below last year. This is a good moment to get serious about your search.

Selling? If you own a detached home, prices are holding steady compared to last year. Summer buyers are out, and a home that is ready to show can attract strong interest.

Wondering where your home fits in the second half of the year? Let's chat. I'll give you an honest, no pressure opinion.

Get my free home evaluation  |  Contact Tyler

Source: TRREB Market Watch, June 2026.

At a glance: 6,583 homes sold across the GTA in May 2026, up 6.3% from a year ago, making it the busiest month of the year so far. The average price was $1,069,700, down 4.6%, while active listings fell 13.3%. Toronto homes sold in about 26 days.

May was the busiest month of the year so far. More homes sold, and buyers worked through a lot of what was on the market.

More homes sold. 6,583 homes sold across the GTA in May, up 6.3% from a year ago. The average price was $1,069,700, down 4.6%.

There were fewer homes to choose from. Active listings were down 13.3% from last May. New listings were down 18.9%.

Homes sold faster. Toronto homes sold in about 26 days. In Toronto East it was about 20 days, and homes sold for 103% of asking on average.

So what does this mean for you?

Buying? With fewer listings, the homes that are priced right are getting attention quickly. Ask me about off market, office exclusive listings at my brokerage. These homes aren't advertised on MLS® or public listing sites, so they can give you a head start.

Selling? This is a strong time to be on the market. Buyers are active, competition for good homes is up, and the right preparation can make a real difference to your final result.

Every neighbourhood moves at its own pace. Send me a note and I'll tell you what's happening on your street.

Get my free home evaluation  |  Contact Tyler

Source: TRREB Market Watch, May 2026.

At a glance: 5,946 homes sold across the GTA in April 2026, up 7.0% from a year ago, with Toronto condo sales up 14.4%. The average price was $1,051,969, down 4.9%, and Toronto homes sold for 99% of asking in about 29 days. The spring market picked up speed and some areas became competitive.

April is when the spring market usually hits its stride, and this year was no different. More buyers were out, and in some neighbourhoods they were competing for the same homes.

Sales kept climbing. 5,946 homes sold across the GTA, up 7.0% from last April. Toronto condo sales jumped 14.4%.

Price declines got smaller. The average GTA home sold for $1,051,969, down 4.9% from a year ago. Toronto detached homes averaged $1,668,973, down only 1.9%.

Some areas got competitive. Toronto homes sold for 99% of asking on average, and Toronto East homes sold for 102%. Homes took about 29 days to sell.

So what does this mean for you?

Buying? If you're looking at a condo in Toronto, you have more company. Be prepared with your financing and a clear plan before you book showings. As a Real Estate Negotiation Expert (RENE), I'll help you write an offer that is strong without overpaying.

Selling? Momentum is on your side this spring. As a Seller Representative Specialist (SRS), I focus on pricing, presentation and marketing that bring in serious buyers.

Curious what spring buyers would pay for your home? Request your free home evaluation and I'll send it to you within 24 hours.

Get my free home evaluation  |  Contact Tyler

Source: TRREB Market Watch, April 2026.

At a glance: 5,039 homes sold across the GTA in March 2026, up 1.7% from a year ago and the first increase of the year. The average price was $1,017,796, down 6.7%, and Toronto homes sold for 99% of asking in about 31 days. Buyers still had room to negotiate, but the best homes moved quickly.

The snow melted and buyers started coming back. March brought the first increase in home sales compared to last year, and that's worth talking about.

Sales are up. 5,039 homes sold across the GTA, up 1.7% from last March. It's a small increase, but it's the first one this year.

Buyers still have room to negotiate. The average price was $1,017,796, down 6.7% from a year ago. Toronto condos averaged $648,287, down 9.6%.

Good homes are selling close to asking. Toronto homes sold for 99% of their asking price, and in Toronto East it was 102%. Homes took about 31 days to sell.

So what does this mean for you?

Buying? You have more negotiating power than buyers had a few years ago, but the best homes won't wait. Know your budget, know your must haves, and be ready to act when the right one comes up.

Selling? Spring buyers are out, and they're comparing everything. My background as an Estate Manager taught me that presentation matters, from the front door to the closets. A clean, bright, well kept home makes a strong first impression.

Planning a spring move? Let's talk about timing, pricing and how to make your home stand out.

Get my free home evaluation  |  Contact Tyler

Source: TRREB Market Watch, March 2026.

At a glance: New listings across the GTA fell 17.7% in February 2026 while sales fell only 6.3%, to 3,868 homes. The average price was $1,008,968, down 7.1% from a year ago, and Toronto homes sold in about 36 days. Fewer listings started to shift the balance toward sellers ahead of spring.

February is a short month, but it told us a lot. New listings fell much faster than sales did, so the balance started to shift.

New listings dropped. 10,705 new listings came on the market across the GTA, down 17.7% from a year ago. Sales were down only 6.3%, to 3,868 homes.

Prices were still lower than last year. The average GTA home sold for $1,008,968, down 7.1%. In Toronto, detached homes averaged $1,568,543 and condos $663,984.

Homes started moving faster. Toronto homes sold in about 36 days, down from 45 in January. In Toronto East, homes sold for 102% of asking on average.

TRREB also pointed out that many buyers are still sitting on the sidelines, waiting for the right moment. When they come back, they'll be competing for fewer homes.

So what does this mean for you?

Buying? Prices are lower than a year ago, and you still have time to look around. If you've been waiting, now is a good time to get your mortgage approval in place so you're ready to act.

Selling? With fewer homes for sale, a home that is priced right and looks its best really stands out. Getting ready before the spring rush can work in your favour.

Want to know what your home could sell for this spring? Ask me for a free home evaluation and I'll walk you through it.

Get my free home evaluation  |  Contact Tyler

Source: TRREB Market Watch, February 2026.

At a glance: 3,082 homes sold across the GTA in January 2026, down 19.3% from a year ago, and the average price was $973,289, down 6.5%. Buyers had 8.1% more homes to choose from, and Toronto homes took about 45 days to sell. It was a quiet month that favoured prepared buyers.

January is when most people are still recovering from the holidays, and the market felt it too. Fewer people were out shopping for homes this month. For anyone who was, that quiet worked in their favour.

Sales slowed right down. 3,082 homes sold across the GTA in January, down 19.3% from a year ago. The average price was $973,289, down 6.5%.

Buyers had more to choose from. There were 8.1% more homes on the market than last January. In Toronto, homes took about 45 days to sell and sold for 97% of their asking price on average.

Not every neighbourhood felt the same. Toronto East had only 3.7 months of supply, and homes there sold right at asking. Toronto Central had 6.0 months, so buyers there had much more room to negotiate.

So what does this mean for you?

Buying? Winter buyers face less competition and sellers who are serious about moving. If you're ready, this is a good time to make a confident offer with your conditions included.

Selling? Buyers who shop in January are motivated. Make sure your home shows warm and bright, and price it for today's market, not last spring's.

Thinking about a move this year? A quick conversation now can save you a lot of guesswork in the spring. Reach out anytime and I'll reply within 24 hours.

Get my free home evaluation  |  Contact Tyler

Source: TRREB Market Watch, January 2026.

Allow me to shed some light on mortgages.

A general rule of thumb is that a mortgage is the cheapest form of debt. Some clients want to pay off their mortgage as soon as possible and become mortgage free while others want to acquire more properties to receive rental income and have their tenants pay down their mortgage debt.

A pre-approved mortgage means a lender has made a commitment to loan you money based on your overall financial status at no obligation BUT subject to conditions. This is NOT an approval.

To obtain a pre-approval, you will need to fill out an application and provide documents that confirm your employment, income, credit etc.

Try my mortgage calculator to estimate your payments. It’s a planning tool, not a pre-approval.

Mortgage pre-approvals will protect you against interest rate increases for usually 90 to 120 days while shopping. Your mortgage broker will explain the various mortgage options:

• fixed vs. variable rate

• varying interest terms

• payment options

• amortization

• down payment required

• conventional vs high ratio etc..

The lender will approve the mortgage only upon verifying the supporting documents and the appraised value vs. the purchase price before advancing the loan.

To qualify, buyers must pass the mortgage “stress test”: you need to show you could afford your payments at the higher of 5.25% or your contract rate plus 2%.

• Many millennials overwhelmed with the idea of a down payment should know there are several creative ways to leverage money to make home ownership tangible.

• Utilize home equity lines of credit (HELOC)

• Rent out rooms or the basement for money to go toward the mortgage

• Co-sign with a parent or trusted family member

The down payment required is usually between 5% and 20% of the purchase price of the property:

• In Canada, you must put down a minimum of 5% as a down payment for homes less than $500,000

• For homes priced between $500,000 and $1.5 million, you’ll need 5% on the first $500,000 and 10% on the portion above $500,000. Since December 15, 2024, this applies to all buyers, not only first time buyers.

• For houses over $1.5 million, the minimum down payment is 20%

If your down payment is coming from the sale of your home, you will have to provide a firm agreement of purchase and sale and the current mortgage statement.

If all, or part of your down payment is coming from a gift, a letter must be provided to the lender.

Mortgage insurance protects against default and is required if you are putting less than 20% down, but this can either be paid up front or added to the amount you borrow. 

• Mortgage default insurance, also sometimes known as CMHC Insurance (although CMHC is just one of three mortgage default insurance providers in Canada), may seem like a strange concept, but it’s relatively straightforward.

• If you have a down payment of less than 20% of the home’s value, you must purchase mortgage default insurance. But this doesn’t act as insurance for you. Rather, it protects your lender in case you don’t make your mortgage payments. It’s designed to make financial institutions comfortable with lending to individuals who don’t have a large down payment.

• Mortgage insurance is calculated as a percentage of the value of the mortgage amount, and , as of December 15, 2024, also depends on the length of your amortization. 

It’s recommended to have 1.5% of the purchase price available to cover closing costs on top of Land Transfer Tax. Try this land transfer tax calculator to estimate yours.

• With the federal government’s Home Buyers’ Plan, you can now use up to $60,000 in RRSP savings ($120,000 for a couple) to help pay for your down payment on your first home.

• The funds must have been in the account for 90 days. You then have 15 years to repay your RRSP.

Want help building your budget? I can connect you with mortgage brokers I trust.

This info is not to be construed as expert legal advice, tax advice, advice on zoning changes, engineering or environmental advice. Please seek independent professional advice on any of the above matters and concerns.