Key Takeaways
GTA residential land dollar volume reached about $793 million in Q3 2026, close to the revised second quarter and up 79 percent from a year earlier.
The GTA deal count rose to 61 from 40; the ten largest deals made up about 58 percent of GTA dollars.
Distress sales made up about 24 percent of volume, roughly half the second-quarter share.
Vaughan alone accounted for about $288 million, including the quarter's two largest deals.
Altus recorded 366 pre-construction apartment sales in the GTA, down 47 percent from the revised second quarter.
The low-rise benchmark price fell 13.3 percent year over year to about $1.25 million.
Market Overview
GTA residential land held its ground in the third quarter, and activity broadened, although volume stayed concentrated: the ten largest deals made up about 58 percent of GTA dollars. Dollar volume reached about $793 million, close to the revised second quarter and up 79 percent from a year earlier. The deal count rose to 61 from 40. Distress sales made up about 24 percent of volume, roughly half the second-quarter share, and developers accounted for about two-thirds of the dollars.
Land Market Activity
Low-rise and medium-density land in York Region led the quarter. Vaughan alone accounted for about $288 million, including the quarter's two largest deals, and a single builder took six sites worth about $226 million. High-density land made up half of all GTA transactions, but most were smaller infill or distress-related assemblies. Distress sales still included three of the ten largest deals. GGH land volume rose to about $85 million across 21 deals, up from the second quarter but still below a year earlier. Altus recorded 855 GGH low-rise new-home sales in the quarter, more than double a year earlier.
Notable Transactions
The largest GTA deals were 271 Valley Vista Drive in Vaughan at $98.3 million for 39.9 acres of medium-density land, 1078 Major Mackenzie Drive West in Vaughan at $70.0 million for 40.9 acres of low-density land, and 8108 and 8134 Yonge Street in Vaughan at $64.1 million for 2.7 acres of high-density land. In the GGH, the Baker District site in Guelph sold for $10.3 million.
Low-Rise and Ground-Oriented
Low-rise new-home sales beat their 10-year average for a sixth straight month in September, which BILD credits to the HST rebate. The low-rise benchmark price fell 13.3 percent year over year to about $1.25 million. In our view, lower prices and tax relief are supporting absorption and explain the builder appetite for serviced suburban land.
Urban and High-Density
High-rise demand is still the weak spot. Altus recorded 366 pre-construction apartment sales in the GTA, down 47 percent from the revised second quarter. BILD reported a record-low September for new high-rise sales. Urbanation's GTHA new condo sales doubled from a year ago, but 85 percent were units in completed buildings and bulk buyers took 45 percent at steep discounts. Only 60 were pre-construction sales.
Condo construction is shrinking. Urbanation reports GTHA units under construction at the lowest level since 2012, and Altus shows scheduled GTA high-rise completions from projects now under construction falling from about 22,200 in 2027 to about 2,400 in 2029. If starts do not recover, supply could tighten later in the decade. Purpose-built rental remains strong, with record absorption so far this year and starts up sharply.
Policy Context
In the third quarter, Ontario's two big cost measures were working side by side. The enhanced HST relief on new homes applies to agreements signed through March 31, 2027. Development charge relief began reaching individual municipalities through the Canada-Ontario program, including Vaughan's 50 percent cut and Toronto's planned 40 to 60 percent reductions. For landowners and builders, the practical effect is stronger feasibility on serviced, execution-ready sites that can secure eligible purchase agreements by March 31, 2027, subject to the separate construction and completion deadlines. The Bank of Canada held its policy rate at 2.25 percent through the quarter; at the time of writing, it has already raised the rate to 2.50 percent (October 28).
Looking Ahead
We expect the next few quarters to favour land that can sell now: serviced low-rise parcels where buyers can sign eligible agreements within the HST relief price limits by March 31, 2027, and density sites suited to rental. Condo land is likely to stay selective until the standing inventory clears. New construction-cost tariffs add caution heading into 2027.
Frequently Asked Questions (as of Q3 2026)
How much GTA residential land sold in Q3 2026?
As of Q3 2026, about $793 million across 61 deals, close to the revised second quarter and up 79 percent from a year earlier.
Where was GTA residential land demand strongest in Q3 2026?
Low-rise and medium-density land in York Region. Vaughan alone accounted for about $288 million, including the quarter's two largest deals.
What were the largest GTA residential land sales in Q3 2026?
271 Valley Vista Drive in Vaughan at $98.3 million for 39.9 acres, 1078 Major Mackenzie Drive West in Vaughan at $70.0 million for 40.9 acres, and 8108 and 8134 Yonge Street in Vaughan at $64.1 million for 2.7 acres.
How are GTA condo pre-construction sales doing?
As of Q3 2026, Altus recorded 366 pre-construction apartment sales in the GTA for the quarter, down 47 percent from the revised second quarter.
What HST relief applies to new homes in Ontario?
As of Q3 2026, the enhanced HST relief on new homes applies to agreements signed through March 31, 2027, subject to the separate construction and completion deadlines.
What is the outlook for GTA residential land?
As of Q3 2026, we expect the next few quarters to favour land that can sell now: serviced low-rise parcels where buyers can sign eligible agreements within the HST relief price limits by March 31, 2027, and density sites suited to rental. Condo land is likely to stay selective until the standing inventory clears.
For further reading: Download the Q3 2026 Residential Land Report (PDF)
This report reflects information available at its release on November 4, 2026.
Thinking about buying or selling development land? Speak with our team.
Prepared by Arash Fatemi, Vice President, Capital Markets, and Renato (Ron) Viele, Senior Vice President, Land & Investment Group, Royal LePage Commercial.
