05/05/2026
April 2026 Market Watch Summary for Greater Toronto Area real estate:
The GTA single-detached housing market has experienced fluctuating year-over-year price corrections, with older housing stock bearing the brunt of the decline. Richmond Hill recorded the steepest drop at -13.04% YOY, because of their lower housing starts, reflecting softer demand for aging properties, older than 20 years old. While Oakville and Milton showed comparatively modest decreases of -2.8% YOY. This divergence highlights a clear shift in buyer preferences: purchasers entering the market are increasingly targeting newer homes, particularly those built within the last 0–5 years.
A key driver of this trend is the elevated cost of renovations and construction. High material prices, labor shortages, and overall uncertainty in building expenses have made older homes—especially those requiring significant updates—less attractive. Buyers are factoring in the risk and capital required to modernize 30+ year-old properties, often opting instead for newer, move-in-ready homes that offer contemporary layouts, energy efficiency, and minimal immediate maintenance costs.
As a result, newer subdivisions and recently built detached homes are holding their value more effectively, while older segments of the market are seeing sharper price adjustments. This dynamic suggests a bifurcation within the detached housing sector, where age and condition are playing an increasingly critical role in price resilience across the GTA.
*Reference statistics from TRREB Market Watch April 2026