GTA medical building sales slowed to two recorded trades totaling approximately $5.0 million in Q2 2026, while occupancy held near 96% — a market short of product, not of demand. Trailing twelve-month volume reached $38.5 million across eleven trades, down roughly 69% from $124.7 million over the prior twelve months. The existing tracked stock of 478 buildings and 14.6 MSF is approximately 96.2% leased, with availability of 4.7%; York is effectively full at 99.6% leased. Q2 pricing evidence rests on 720 Sheppard Avenue, Pickering — 10,100 SF, fully leased, sold June 26 at roughly $315 PSF. Supply response is limited: about 193,000 SF under construction and 126,000 SF proposed, under 2.2% of inventory combined, against a stock with a median vintage of 1984 [CoStar, July 2026]. The lease-up of 77 Wade Avenue and the emergence of a credible cap rate marker — absent from this quarter's transactional record — are the data points that should shape a Q4 allocation.