‘Buyers are not responding’ as Toronto real estate listings glut passes 30,000 units

Toronto’s housing market is facing a sharp shift. Active listings in the Greater Toronto Area have climbed to over 30,000 units—the highest level on record. Sellers are finding it harder to draw interest at traditional price points, and many listings linger unsold as buyer activity cools.

Market watchers say the glut is unusual. While typical inventory in past years hovered well below that mark, today’s numbers show supply far outstripping demand. Listings are piling up in all price ranges, but the volume is particularly high for condos and starter homes. Many prospective buyers, especially young families, are simply not engaging at asking prices.

One observer summed up the mood: buyers, especially young ones, are still interested in purchasing—but not at current prices. That’s the core issue. Buyer interest is not matching seller expectations. Homes are sitting on the market longer, and price reductions are becoming more common.

Condo softening is especially marked. Most new high‑rise units in the GTA are small one‑bedroom units, which don’t fit the needs of families. Many buyers view them as too small and too expensive once maintenance fees are factored in. This mismatch is slowing condo sales further.

At the same time, housing starts are near a 30‑year low, which means fewer new low‑rise or family‑friendly homes are being built. So the city is seeing too many of the wrong type of homes, and not enough of the kind buyers want. That mix is causing a market bottleneck.

The result is clear: buyers aren’t moving unless prices come down. Some experts expect a drop in prices by as much as 25 percent if conditions persist. Unless sellers adjust their expectations, the large inventory is likely to keep growing in the coming months.