Toronto Luxury Condos: Q2 2026 Market Update

After a very quiet start to the year, the luxury condo market began to show signs of life again in the second quarter of 2026. Buyer activity improved, showings picked up, and more deals started to come together, particularly for high-quality suites in well-managed buildings and prime locations.

That being said, this is not a market that should be described as booming. It is healthier than it was in the first quarter, but buyers are still selective, and there is still softness in certain parts of the market. The best properties are getting attention, while listings that feel overpriced or less compelling are taking longer to sell and having to undergo multiple price adjustments.

In Q2, there were 38 luxury condo sales recorded above $2,000,000 up from just 19 in Q1. That alone tells an important part of the story. The first quarter of 2026 was one of the quietest periods we have seen in years, so Q2 felt much more active by comparison. It was a rebound from a very slow start rather than a sudden return to a hot market.

Pricing also held up better than many people may have expected. The average price per square foot was approximately $1,513 in Q2, compared with $1,311 in Q1. Some of that strength came from a few notable ultra-luxury sales, including major transactions at The Four Seasons and the luxury buildings in Yorkville. Those sales helped lift the average, but even when looking past the outliers, the broader message is that pricing remained relatively steady.

Year over year, the picture is more balanced. Sales were lower than Q2 2025, but total dollar volume was slightly higher. Fewer properties traded, but the sales that did happen were often larger, more expensive, and concentrated in the higher end of the market.

The most accurate way to describe the quarter is that confidence improved, buyers are back in the market, but they are taking their time. Average days on market remained elevated at roughly 47 days, which is longer than the faster-paced market we saw in previous years. Buyers are comparing options carefully, negotiating where they can, and focusing on properties that feel like the right long-term purchase.

One encouraging trend was that activity built throughout the quarter. April was quiet, May improved, and June was stronger again. That gradual improvement suggests that some momentum is returning heading into the second half of the year.

Overall, Q2 was a step in the right direction for Toronto’s luxury condo market. It was not a dramatic turnaround, but it was a clear improvement from Q1. The market remains selective, but quality continues to matter. Well-located suites in established buildings are still finding buyers, especially when pricing is realistic and the property presents well.

For sellers, the message is to be confident but strategic. For buyers, there is still opportunity, but the best properties are no longer sitting unnoticed.