A lot of buyers are sitting on the sidelines right now waiting for the market to bottom. The problem is you never know the bottom until it is already behind you. What you can do is look at the leading indicators, the ones that move before prices do, and ask whether the conditions for a floor are forming. In April 2026, several of those indicators moved in the right direction at the same time.
Sales rose 7% year over year. New listings dropped 9.3%. Active listings fell 6.4%. The Sales-to-New-Listings Ratio climbed from 30% to 35%. Every single segment improved. That does not happen by accident. It is the kind of broad, consistent shift that tends to show up a few months before prices stop falling. Prices are always the last thing to move. Supply tightens first. Sales speed improves second. Prices follow. We are in the second phase right now.
The average price across TRREB is $1,051,969. That is down 5% from April 2025 and roughly back to mid-2020 levels. The market is not recovering yet. But the data suggests it is stabilising. For investors who have been waiting, the question is no longer whether to wait. It is whether you can afford to keep waiting once the leading indicators confirm what the April numbers are already hinting at.
Market Overview
| Metric | April 2025 | April 2026 | Change |
|---|---|---|---|
| Average Price | $1,107,463 | $1,051,969 | -5.0% |
| Sales | 5,601 | 5,946 | +7.0% |
| New Listings | 18,836 | 17,097 | -9.3% |
| Active Listings | 26,813 | 25,110 | -6.4% |
| SNLR | 30% | 35% | +5 pts |
| Avg. Days on Market | 25 | 29 | +16% |
Sales are 30% below the 10-year April average of 8,493. That context matters. This is not a hot market and nobody is saying it is. But the gap between supply and demand is narrowing. A year ago the SNLR was 30%. That is deep buyer’s territory. Today it is 35% and climbing. The direction of that number is the most important thing to track month to month.
Days on market is still rising, up 16% to 29 days. That tells you sellers are not in control yet. Homes are sitting longer and buyers still have time to negotiate, add conditions, and walk away from deals that do not work. For investors who have been waiting for the right environment to buy carefully, this is still that environment. But the data is telling you it may not last another 12 months.
What is SNLR (Sales to New Listings Ratio) and Why It Matters
The Sales-to-New-Listings Ratio is the single most useful number in the monthly TRREB data for understanding where prices are headed. It does not tell you where prices are today. It tells you where they are likely going. That is why investors who understand this number have an edge over buyers who only look at price.
The math is simple. Take the number of sales and divide by new listings. If 100 homes hit the market and 55 sold, the SNLR is 55%. Above 60% is a seller’s market and prices rise. Between 40% and 60% is balanced. Below 40% is a buyer’s market and prices fall or hold flat. The critical thing to understand is that prices respond to this ratio with a lag of several months. By the time you see prices moving up in the data, the SNLR has usually already been above 55% for a while. If you wait for price confirmation you are already late.
| Segment | Apr 2024 SNLR | Apr 2025 SNLR | Apr 2026 SNLR | Market Type |
|---|---|---|---|---|
| All TRREB | 42% | 30% | 35% | Buyer's |
| 416 Detached | 44% | 36% | 40% | Buyer's |
| 416 Semi-Detached | 55% | 43% | 51% | Balanced |
| 416 Condo | 34% | 25% | 35% | Buyer's |
| 905 Detached | 42% | 28% | 33% | Buyer's |
Look at the direction across every single segment. Every one of them improved from April 2025 to April 2026. Not one went sideways or got worse. That kind of uniform improvement across the whole market is meaningful. It tells you this is not a one-segment story or a statistical quirk. The underlying supply and demand balance is shifting across the board.
The 10-year April average SNLR is 52%. We are at 35% today. There is still a real gap to close before prices start rising. But the gap was 22 points a year ago when the SNLR was 30%. Today it is 17 points. The market is moving in one direction. Investors who understand that prices lag this ratio by several months are the ones who buy before the price confirmation shows up.
416 vs. 905: What the Data Shows
If you are buying a detached home as an investment, the 416 and the 905 are not the same market right now. The 905 has given back more price and is still under more supply pressure. The 416 is holding up better. Understanding why that gap exists matters for how you underwrite a deal and what you can expect from rental demand once you own the property.
| Metric | 416 Detached | 905 Detached |
|---|---|---|
| Apr 2026 Avg. Price | $1,668,973 | $1,257,987 |
| Price Change YoY | -1.9% | -5.0% |
| Sales Change YoY | +6.6% | +10.3% |
| New Listings Change YoY | -4.1% | -6.0% |
| SNLR Apr 2026 | 40% | 33% |
| Approx. Price Era | Mid-2021 | Early 2021 |
The 905 detached SNLR is 33%, which is lower than the 416 at 40%. That means more supply relative to demand in the suburbs and more downside price risk. The 905 is also losing price at nearly three times the rate of the 416, down 5% versus -1.9%. If you are price-sensitive and willing to manage a property further from the core, there are deals in the 905. But you need to underwrite carefully. Use current market rents, not peak 2022 rents, when you run your numbers. Rental demand in the suburbs is shallower and vacancy risk is higher than in the city.
The 416 holds up better for one fundamental reason. You cannot build more land inside the city. Rental demand is deep and consistent because of transit access, employment density, and population. Toronto’s updated zoning rules mean a detached lot in the 416 can now legally support up to four units without a rezoning application. That income potential is not yet fully reflected in sale prices. The gap between what a property costs today and what it can earn as a multiplex is where the investor opportunity sits right now. You can model that gap using our total return calculator before you make an offer.
Both markets are still in buyer’s territory. Both offer negotiating room and time to do proper due diligence. The difference is where the stabilisation is happening faster and where the rental fundamentals are stronger. On both counts, the 416 has the edge for multiplex investors.
416 Detached, Semi, and Condo: How Each Segment Performed
The 416 is where most multiplex investment activity happens. Ground-oriented properties in the city have stronger rental demand, more zoning flexibility under Toronto’s updated multiplex rules, and better long-term fundamentals than the condo market or the suburbs. Here is what each segment did in April 2026 and what it means for investors.
The 416 detached market is showing exactly the kind of early stabilisation signals investors should be watching for. Price is nearly flat at -1.9% year over year. That is a significant slowdown in the rate of decline compared to where we were 12 to 18 months ago. Sales are up 6.6% and listings are coming down. The SNLR moved from 36% to 40%. At $1,668,973 average, prices are back to roughly mid-2021 levels. Sellers who need to move are motivated. That means conditions, negotiating room, and time to do proper due diligence are all available right now in a way they were not in 2021 or 2022. That combination does not last forever.
Semi-detached homes in the 416 have structurally limited supply. There are only so many of them and very few new ones get built. In April 2026, listings dropped 21.4% year over year. When supply pulls back that sharply in a segment with constrained inventory, the SNLR responds quickly. It moved from 43% to 51%, putting semis in balanced market territory. Price is up 1.5%. The semi market is the furthest along in its stabilisation. If you are considering a semi for a two-unit conversion or a garden suite addition, the data is telling you this segment is tightening faster than the others.
The 416 condo market is a different story and investors need to be clear-eyed about it. Sales jumped 14.4% but price fell 6.4%. More buyers at lower prices is not a demand surge. It is buyers taking advantage of a segment that has given back significant value. The average condo in the 416 is now $665,507. The cash flow math on condos is very difficult right now. Maintenance fees, mortgage costs, and competition from a large wave of preconstruction completions flowing through 2027 make it hard to get to positive cash flow. For multiplex investors, the focus should be on ground-oriented properties where the income potential and zoning flexibility are much stronger.
| Segment | Apr 2025 Price | Apr 2026 Price | Price Change | Sales Change | New Listings Change |
|---|---|---|---|---|---|
| 416 Detached | $1,700,710 | $1,668,973 | -1.9% | +6.6% | -4.1% |
| 416 Semi-Detached | $1,266,322 | $1,286,166 | +1.5% | -6.0% | -21.4% |
| 416 Condo | $710,724 | $665,507 | -6.4% | +14.4% | -17.7% |
What Could Accelerate the Stabilisation
The April data shows the market moving in the right direction. These are the factors that could push that stabilisation further and faster over the next six to twelve months. For investors, understanding what is coming before it shows up in the price data is the whole point.
The most significant financing development on the horizon is the potential expansion of mortgage insurance to triplexes and fourplexes. Right now, CMHC insured financing with as little as 5% down is only available on properties up to two units. If that extends to three and four unit properties it changes the investor math significantly. More buyers would be able to access these deals with less capital upfront. That increases demand for multiplexes specifically, tightens available supply, and supports prices in that segment. Investors who purchase before that policy takes effect may be buying at better prices than those who wait for confirmation. This has not been finalized yet but it is being discussed at the federal level. We will cover it in detail the moment it is confirmed.
On the risk side, the condo completion wave is the one supply factor that does not show up cleanly in monthly data. A large volume of units sold preconstruction in 2020 and 2021 are closing now and through 2027. Some of those investors are holding and renting. Others are listing on closing day. That steady flow of new supply is a headwind for condo prices and for rents in neighbourhoods with heavy condo concentration. If you are buying a multiplex near a condo-heavy corridor, factor current rental competition into your underwriting. Do not use 2022 rents as your baseline.
The broader opportunity that still has not been fully priced in is what Toronto’s zoning changes actually allow. As-of-right permissions for up to four units on most residential lots, plus garden suites and laneway suites in most areas, means detached lots in the 416 have more income potential than their current sale prices reflect. The market reprices slowly. The investors who understand what they can build before the broader market catches up are the ones who capture that upside. If you want to understand the full scope of what is permitted, our guide to Toronto multiplex rules covers it in detail.
If You Have Been Waiting, the Data Is Worth a Second Look
The April 2026 numbers are not a signal to rush. They are a signal to stop assuming the bottom is still far away. Every leading indicator moved in the right direction this month. Supply is tightening. Sales are rising. The SNLR is climbing. Prices lag all of those signals by several months. Investors who wait for price confirmation are the ones who end up paying more.
If you are looking at a Toronto investment property and want a second set of eyes on the numbers, send us the deal and we will take a look. This is still a market where you can negotiate, add conditions, and take your time. That window is narrowing.
Our brokerage specializes in Toronto multiplexes. We’ll help you find deals, crunch the numbers, and guide you through renovations and management. If you want full support in Toronto multiplex investing, our team can help you:
- Find high-potential properties
- Crunch the numbers so you know exactly where you stand
- Coach you through renovations to maximize returns
- Lock in great tenants
- Provide full property management so your investment runs smoothly
Book a strategy session with us here and let’s map out the smartest move for your portfolio.
