GTA housing supply is tightening, but that doesn’t mean inventory is scarce.

New listings fell 14.1% year-over-year in August, marking the eighth consecutive month of annual declines.

One factor highlighted by Urbanation: some owners who purchased near the market peak are now reaching mortgage renewal with lower property values and higher borrowing costs, making a move-up more difficult.

At the same time, active inventory remains well above its 10-year average. The difference is that fewer new listings are entering the market, helping push the sales-to-new-listings ratio to 42% — its highest level of 2026 and back into balanced territory.

Tap through for a closer look at GTA housing supply, and reach out to understand what’s happening in your local market.