February 2026 Real Estate Market Update: What Mississauga and Toronto West Are Really Telling Us

The February 2026 Mississauga real estate market numbers are in, and if you’ve been watching the headlines, there’s one stat that deserves far more attention than the price drops. New listings across the GTA fell 17.7 percent year-over-year. Sales were down just 6.3 percent. Sellers are pulling back nearly three times faster than buyers are. That imbalance is going to matter — probably sooner than most people expect.

Here’s what the full picture looks like.

The February Numbers: A Buyer’s Market With an Asterisk

Across the GTA, 3,868 homes sold in February 2026 — down 6.3 percent compared to last February, according to TRREB. The average selling price came in at $1,008,968, down 7.1 percent year-over-year — though as I’ve written before, the GTA average price rarely tells the full story. The MLS® HPI Composite benchmark was off 7.9 percent. On paper, it reads like a market in retreat.

But dig into the listing side and the story shifts. Only 10,705 new listings came to market — down 17.7 percent from February 2025. Total active listings sit at 19,314, which is actually down 2.4 percent from last year. In a market where “too much inventory” has been the dominant narrative, inventory is quietly shrinking.

The sales-to-new-listings ratio is tracking at 33.6 percent. That’s technically a buyer’s market. But when supply keeps tightening while demand holds relatively steady, that ratio can flip faster than people expect. We’re not there yet. But the conditions are building, and it would be a mistake to assume the current setup is permanent.

Mississauga Real Estate Market: Negotiable Now, But Don’t Mistake Patience for Permanence

In Mississauga, 345 homes sold in February at an average price of $963,747 — sitting just under the psychological million-dollar mark. The median sale price was $850,000, which gives you a cleaner read on where the mid-market is actually clearing. New listings came in at 940, with 1,748 active listings sitting in the market. The sales-to-new-listings ratio in Mississauga was 32.4 percent, and average days on market landed at 36, with total property exposure (including relists) stretching to 56 days.

The detached segment is where buyers have the most leverage right now. Mississauga detached recorded 124 sales in February at an average of $1,460,621 — and sellers are getting 94 cents on the list price dollar. That 6-percent gap between asking and selling price is real money. If you’re a buyer in the $1.2 to $1.5 million range in areas like Erin Mills, Clarkson, or Lorne Park, you have room to negotiate that didn’t exist two years ago. Use it.

Semi-detached tells a different story. Forty-two sales at an average of $921,202, with a 98 percent sale-to-list ratio and 29 days on market. Significantly tighter. Buyers who want entry into Mississauga without the full detached price tag are competing more seriously for that product — which means the negotiating window is narrower.

For sellers in Mississauga: the listings that are working right now are priced correctly on day one. Not testing the market and hoping for the best. That approach is expensive. Homes that launch with realistic pricing sell. Homes that don’t are sitting for 50-plus days and coming down anyway — only now with less buyer confidence and more stigma attached to the listing.

Toronto West Real Estate Market: Tighter, Faster, and More Competitive Than the Headlines Suggest

Toronto West tells a meaningfully different story from Mississauga, and buyers in this market need to know it.

In February 2026, 371 homes sold in Toronto West at an average price of $987,295 and a median of $839,000. Days on market averaged 35, with total property exposure at 52 days. The sales-to-new-listings ratio in Toronto West came in at 37.0 percent — higher than both the GTA average and Mississauga, pointing to relatively tighter conditions.

Detached homes in Toronto West recorded 138 sales at an average price of $1,450,689. Average days on market was just 30 — the fastest of any segment we’re looking at here. Sellers are getting 98 percent of list price. That’s not the same buyer’s leverage you find in Mississauga’s detached market. Here, pricing is tighter and the competition is more present.

The semi-detached number in Toronto West is the one that stands out most: 33 sales at an average of $971,664, with a sale-to-list ratio of 104 percent. Homes in this segment are selling over asking. If you’re looking at a semi in Bloor West Village, Swansea, Roncesvalles, or Junction Triangle, come with your best offer the first time. Multiple-offer situations are happening here in a market that otherwise looks soft at the GTA level.

What’s driving this relative strength? Toronto West has a combination of genuine walkability, transit access, strong community identity, and relative affordability compared to central Toronto. When buyers get serious about location and lifestyle, they tend to circle back to Toronto West — and the data shows it.

Days on Market: The Most Underrated Number in the Report

One of the most telling stats in February’s data isn’t the price — it’s time on market. Average days on market across the GTA hit 36 in February, up from 27 a year ago. Total property days on market reached 54, versus 42 last February. That’s a 33 percent increase in how long homes are sitting before they sell.

What this means practically is that buyers finally have time to think. They can do proper due diligence, book inspections, and make considered offers without the artificial urgency that defined 2021 and 2022. For buyers who spent years on the sideline frustrated by that pressure, this is a genuine window.

For sellers, it’s a different message. I’ve written before about why the first 14 days on market are the most critical window for any listing — that’s even more true today. Homes that are priced right are still selling. What’s sitting are the homes that came to market with wishful pricing, burning their best days while the market does the correction for them.

The Bigger Picture: Rates, Trade Uncertainty, and the 100,000 Buyers Waiting

You can’t talk about this market without acknowledging the macro environment. The Bank of Canada’s overnight rate sits at 2.3 percent heading into March, with the prime rate at 4.5 percent. Five-year fixed mortgage rates are hovering around 6.09 percent — still elevated, but the direction is clearly down, not up. Toronto’s unemployment rate came in at 7.9 percent in January 2026, and GDP growth was negative 0.6 percent in Q4 2025. These are real headwinds, and buyers are feeling them.

The Canada-U.S. trade situation is adding another layer of uncertainty. Tariff headlines are generating a wait-and-see posture across the economy, and real estate is no exception. When people are unsure about their jobs, their industry, and the broader economic direction, they hesitate on the biggest financial commitment of their life. That’s rational behavior.

But here’s the other side of that. TRREB’s Chief Information Officer flagged a number publicly this month: over 100,000 buyers across the GTA are currently holding off on a home purchase. They’re waiting for prices to stabilize and for positive news on the trade front. That demand hasn’t evaporated. It’s parked. Household formation hasn’t stopped. Immigration hasn’t stopped. The people who wanted to buy in 2024 and didn’t are still out there, still renting, still watching.

When trade clarity returns — and it will — and when the Bank of Canada continues its rate reduction path, that pent-up demand doesn’t arrive all at once. But it arrives. And in a market where new listings are already declining, the supply-demand math shifts quickly. By the time it’s obvious the turn has happened, the best opportunity window will already be closing.

Frequently Asked Questions

The Bottom Line

The Mississauga real estate market and Toronto West in February 2026 are not in freefall. They’re in a recalibration. Prices have come down. Days on market have stretched. And for the first time in years, buyers are in a position to take their time and negotiate. That’s not a crisis — it’s a market doing what markets do.

What I’m watching most closely is the listing supply side. When sellers stop showing up in volume and pent-up buyer demand starts releasing, this market doesn’t ring a bell. It just gets more competitive, quickly.

If you’re thinking about selling in Mississauga or Toronto West this spring and want to know where you actually stand — not a generic estimate, but a real look at your positioning, pricing strategy, and timing — the Strategic Listing Readiness Review is exactly that. We’ll map out what your home is worth in this specific market and build a plan that makes sense.

And if you’re a buyer trying to figure out whether now is the right time to move, let’s talk.

Data source: Toronto Regional Real Estate Board (TRREB) Market Watch, February 2026. Economic indicators: Statistics Canada, Bank of Canada.

Video Script

sales are down

prices are down and new listings just fell off a cliff

and somehow that last one

might be the most important number

in the entire February report

because what happens when fewer sellers show up

but the buyers are still circling

that’s a setup and if you’re not paying attention to it

you’re going to miss the opportunity

let’s break it down

I’m Chris Cucoch from Royal LePage Signature

and I run a real estate team in the Toronto

West and Mississauga areas

so if you are ready

and you’d like to book a quick discovery

call with me there’s a link in my bio

alright February 26 numbers just dropped from TREB

so let’s talk about what actually happened out there

3,868 sales across the GTA

that’s 6.3% down compared to last February

not a collapse and not a crisis

but clearly buyers are still hesitant

average selling price came in at 1,008,009 68

which is down 7.1% year over year

so we’re officially below $1 million on the average

if you strip out the rounding

that’s a psychological level

people notice that now here’s where it gets interesting

in new listings only 10,705 came to market

which is down 17.7% from last February

read that again sales dropped 6%

listings dropped almost 18%

sellers are pulling back faster than buyers are

and when supply tightens

while demand holds relatively steady

that changes the math

everyone’s been focused on price

our prices falling how much further will they go

and I totally get it

that’s the number that hits your net worth

but the listing number is the leading indicator

it tells you about seller psychology

and right now sellers are saying

I’m not giving it away

this is pulling backs this up

listing intentions for 2026 are down

fewer homeowners plan to sell this year

compared to last and you can see it in the data already

active listings are sitting at 19,003 14

that’s actually down 2.4% from last year

in a market where everyone keeps saying that

there’s too much inventory

inventory is actually shrinking

the sales to new listings

ratio is trending at about 33.6%

that’s still a buyer’s market by most definitions

but here’s the thing about these ratios

they move slowly and then all at once

if new listings keep declining through the spring

will buyers step off the sideline

that ratio flips much faster than people expect

let’s look at how different segments are performing

because the GTA is not one market

it’s several detached homes

1,683 sales average price million

3:00 25 which is down 8.2% year over year

detached is feeling the weight of higher mortgage rates

more than anything else

larger price points mean larger payments

and buyers are doing that math very carefully

semi detached 336 sales at 1 million 0 27 on average

down 5.8% holding up slightly better

that’s your middle ground

buyers who want space

but can’t stretch to full detached

next the townhouses

698 sales 844,800

average price down 7.2% similar story

and finally the condos

this is the one everyone’s watching

thousand and eighty eight sales at a 626,000

average price down 8.8% year over year

condos are getting hit the hardest right now

you’ve got investor sellers trying to exit

first time buyers waiting for a better deal

and new completions adding supply

it’s a triple headwind

but here’s what I’d say about condos

when sentiment turns and it always does

the entry level stuff moves first

it’s where the most pent up demand sits

we’re not there yet

but the conditions for a turn are building

average listing days on the market is about 36 days

last year it was 27 that’s a 33% increase

if you factor in relist

and total property time on the market

it’s 54 days versus 42 what does this tell you

tells you pricing matters more than ever

if you’re listing

and you’re not dialed in on your pricing strategy

you’re going to sit and when you sit

buyers read that as weakness

then you’re chasing the market down

the spread between what sellers want

and what buyers will pay is still there

but it’s narrowing and that’s actually a healthy sign

it means both sides are getting more realistic

we have to talk about this too

because it’s influencing buyer behavior right now

the trade uncertainty between Canada and the US is real

tariff headlines are creating a wait and see posture

for a lot of people and not just in real estate

across the entire economy

GDP growth in Q4 2025 came out at negative 0.6%

unemployment in Toronto is sitting at 7.9%

these are not numbers that make people feel confident

about making the biggest purchase

of their life but here’s the other side

The Bank of Canada overnight rate is at 2.3%

down significantly prime rate is 4.5%

mortgage rates are still elevated

but the direction of travel on rates is down

not up

when the tariff picture clears

and at some point it will

you’re going to have lower rates

and pent up demand releasing at the same time

that’s the setup I keep coming back to

TRREB’s chief information officer

quoted a number this month

over 100,000 buyers

holding off on a home purchase in the GTA

now do

I think there’s a neat spreadsheet somewhere

with 100,000 names on it no

that number is probably directional

but the underlying point is valid

household formation hasn’t stopped

immigration hasn’t stopped

people who wanted to buy in 2024 and 2025

didn’t just disappear they’re renting

they’re waiting

and they’re watching rates and they’re watching prices

and they’re waiting for two things

according to TREB prices to stabilize

and positive news on the trade front

once these two boxes get checked

the floodgates don’t open all at once

but the trickle becomes a current

if you’re a buyer this is a window

not because prices are going to skyrocket tomorrow

but because you have negotiating power right now

that you might not have in 6 months

days on market are up sellers are motivated

you can take your time and make smart offers

and negotiate if you’re a seller

strategy matters

more now than at any time in the last five years

pricing right on day 1 is not optional

the listings that are selling

are the ones that are positioned correctly

from the start if you overshoot

you’re burning your best days on market

if you’re an investor

the math on condos is tough right now

cash flow is tight

but if you’re buying for the medium to long term

and can get in at 8 or 9%

below where things were a year ago

future you might thank present you

and if you’re just watching

keep watching

but know that the markets don’t ring a bell

at the bottom

by the time everyone agrees it’s safe to buy

the window has usually closed

if you’re thinking about selling this spring

and you want to know where you actually stand

this is not just a generic CMA

but a real look at your positioning

your pricing and your timing

I put together something called the Strategic

Listing Readiness Review

it’s exactly what it sounds like

the link is in the description if you’re interested

and if you’re not quite there yet

but you’re starting to think about it

I’d recommend my thinking of selling

start here playlist I’ll link it right here

it walks you through everything you need to know

before you even talk to an agent

thanks for watching guys

I’ll see you in the next one