04/14/2026
The housing market across the Greater Toronto Area began to warm up in March compared to last year. With sales up ⬆️ lower prices helped affordability moving into the spring market. 🌱We now hope for positive news on trade and geopolitical issues which would help improve consumer confidence.
Chief Information Officer Jason Mercer reported that buyers continued to benefit from substantial negotiating power on price across major market segments last month. This explains why average selling prices decreased year-over-year 📉 However, if market conditions continue to tighten, as they have in March, selling prices could start levelling off as we move through the remainder of 2026.
As the GTA’s new housing supply of all home types continues to decrease drastically to well below average delivery levels the federal and provincial governments made a historical announcement 📣 regarding HST and development charge relief. This relief includes important affordability policy initiatives designed to spur new home sales and construction 🏗️ Beginning April 1st and ending March 31st, 2027, the Ontario government, in partnership with the federal government 🤝 will offer a full HST rebate (up to $130,000) on new homes valued up to $1 million. Homes valued between $1 million and $1.5 million receive the flat maximum rebate of $130,000. Homes valued between $1.5 million and $1.85 million will receive a proportionally declining rebate and any new home valued over $1.85 million will continue to receive only the provincial rebate of $24,000. Eligibility applies to all buyers, including investors and repeat buyers. Details surrounding the municipal development charge relief are still being finalized.
Many developers are heavily promoting their remaining new home inventory, as the HST rebate 💰 creates very attractive price points for buyers. Together, these measures are expected to re-energize buyer demand, support new construction activity, and play a critical role in addressing the GTA’s ongoing housing supply shortage🏡
