Toronto Housing Market Report

Greater Toronto Area (GTA) Housing Market Overview

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Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.

October 2026 brought buyers back to the GTA market, but not in numbers that signal a broad recovery. The Greater Toronto Area (GTA) housing market reported 5,603 sales, up 11.3% from September 2026 and down 7.9% from a year earlier. New listings fell to 14,173, down 14.1% month-over-month and 11.9% year-over-year, while active listings declined to 25,098, down 4.0% on the month and 10.0% year-over-year.

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The combination of more sales and fewer new listings monthly pushed the GTA sales-to-new-listings ratio (SNLR) from 30.5% in September 2026 to 39.5% in October 2026. Months of supply narrowed from 5.2 to 4.5 months. This is a meaningful improvement in the balance between buyers and sellers and puts the market in balanced territory, although the market remains buyer-leaning rather than clearly seller-favourable.

October normally brings a seasonal reduction in fresh supply. The stronger sales figure is encouraging, but the drop in raw listings should not be mistaken entirely for a sudden abnormal retreat by sellers.

Average selling prices rose 1.7% from September 2026 to $1,024,108, but remained 2.7% below October 2025. The median held at $860,000 month-over-month and was 4.4% lower annually. Meanwhile, the MLS HPI Composite benchmark price edged down just 0.1% to $916,400, putting typical home values 4.3% below a year earlier.

The distinction between the average and the benchmark is central to interpreting October 2026's housing market. A higher average can reflect a greater number of expensive properties changing hands, not higher prices for otherwise comparable homes. The near-flat benchmark suggests price declines moderated in October 2026, but it is not yet evidence of a sustained rebound. For buyers and sellers, the benchmark is the better test of whether the underlying market has turned.

Buyers still had negotiating room: sold homes achieved an average of 97% of their final asking price, compared with 98% in September 2026. Average listing days on market eased to 31 from 34, while average property days on market slipped to 49 from 51. Homes are moving somewhat faster, yet pricing discipline remains important and market-wide averages conceal substantial differences by neighbourhood and property type.

In our assessment, October 2026 was a shift toward balance, not a change of market regime. Inventory was 10.0% below last year, but so were new listings and sales, which remained nearly 8% lower. The economic backdrop is still demanding: the October 2026 Bank of Canada overnight rate was 2.50%, and September inflation was 3.1%. Geographically, the divergence is striking: York Region's benchmark was down 6.8% annually, compared with only 1.1% in Halton. A single GTA average cannot capture such different conditions.

Terms and conditions apply. Rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. See WealthONE's website for current rates and applicable balance tiers. Highest rate in Canada for RRSP HISA accounts, as confirmed by WOWA as of July 24 2026

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Terms and conditions apply. Rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. See WealthONE's website for current rates and applicable balance tiers. Highest rate in Canada for RRSP HISA accounts, as confirmed by WOWA as of July 24 2026

City of Toronto

The City of Toronto recorded an average selling price of $1,075,627 in October 2026, up 4.0% from September 2026 and up 0.5% from October 2025. The median rose 3.1% to $835,000, but was still 1.2% below last year. In contrast, the city's benchmark was effectively unchanged on the month at $908,800 (up 0.1%) and declined 3.5% annually. The average-price increase therefore needs to be treated with caution.

City home sales rose to 2,184, a 12.8% increase over September 2026, though still 7.1% below October 2025. New listings fell 16.4% from September 2026 to 5,451, and active listings eased 3.4% to 9,526. Compared with last October, new listings were about 9.0% lower and active listings about 8.0% lower.

Toronto's raw sales-to-new-listings ratio rebounded to 40.1% from 29.7% in September 2026, while months of supply narrowed from roughly 5.1 to 4.4. Homes sold at an average of 98% of their last asking price, and average listing days on market fell to 30. The city has moved closer to balance, but it would be premature to say sellers have regained broad pricing power.

Toronto's headline price increase was also uneven across its neighbourhoods. Toronto Central averaged $1,185,407, versus $948,682 in Toronto East; the distribution of higher-value sales can materially change the citywide average. At the same time, Toronto East homes sold for an average of 101% of their last listing price, against 96% in Toronto Central. That contrast helps explain why some well-positioned properties remain competitive even as the citywide benchmark is lower than a year ago.

October activity improved across all five major home types compared with September 2026, but every segment still had fewer sales than a year earlier. Average prices were mixed: detached and condo apartment prices rose month-over-month, while freehold and condo townhomes softened. The central tension remains the same: turnover is improving faster than underlying home values.

Detached homes: The GTA average was $1,310,627, up 1.4% in October but down 3.3% from a year ago. Sales rose 12.3% to 2,693 while remaining 5.7% below October 2025. Detached homes accounted for nearly half of all transactions; their comparatively resilient sales still do not amount to a meaningful price breakout.

Semi-detached homes: At $1,024,907, the average price rose 1.0% month-over-month and was only 0.9% lower annually. Sales climbed 19.0% to 546, but were down 8.2% year-over-year. Prices held up better here than in most other home types, although monthly averages can be affected by the mix of relatively few transactions.

Freehold townhomes: The average slipped 0.3% to $905,385 and was 3.2% below last year. Sales improved 13.4% to 508, yet remained 13.0% below October 2025, the steepest annual sales decline among these five segments. This suggests that some move-up buyers are still slow to re-enter the market.

Condo apartments: The average sale price increased 2.7% from September to $621,400, but remained 5.9% below October 2025. Sales rose only 5.2% to 1,385, and were still 11.1% lower annually. More importantly, TRREB's apartment benchmark was down 7.3% year-over-year. The condo market continues to look more vulnerable than the average-price increase alone implies.

Condo townhomes: Average prices fell 3.8% to $683,728, the largest monthly decline among the five categories, and were 7.0% lower than last year. Sales jumped 19.7% month-over-month to 425 but were 9.2% lower annually. More transactions at a lower average price may indicate better price discovery, but it should not be confused with values rising across comparable homes.

Taken together, October's property-type results show a market starting to clear more transactions without a corresponding broad price recovery. Condo-oriented segments remain especially price-sensitive, while the relative stability of detached and semi-detached averages partly reflects which homes sold. The next test is whether stronger sales can be sustained without relying on falling inventory or unusually favourable transaction mix.

For sellers: October brought some relief: a smaller pool of competing listings coincided with higher sales. But the 97% average sale-to-list-price ratio and a benchmark still 4.3% below last year argue against assuming buyers will bid up every property. Sellers who price against recent comparable sales, rather than the 2022 peak or the headline average, are better positioned to transact.

For buyers: With 25,098 active GTA listings and roughly 4.5 months of supply, meaningful choice remains, even though the market tightened from September. Negotiating power is not uniform: condo apartments and some York Region markets look softer than sought-after low-rise pockets. Assess monthly carrying costs, condo fees where relevant, and the property's recent comparables before deciding whether an asking-price discount is attractive.

What to watch next: November will show whether October's absorption improvement lasts after the seasonal listing slowdown. Watch seasonally adjusted sales, the raw sales-to-new-listings ratio, active inventory and, above all, the MLS HPI benchmark price. If sales hold up without a further drop in listings and the benchmark begins to rise consistently, the case for stabilization strengthens. If sales fade again, October may prove a temporary improvement.

Demand backdrop: The October policy-rate increase to 2.50%, sticky inflation and uncertainty around employment and economic growth complicate a quick rebound. Borrowing costs and confidence influence whether potential buyers act on available listings. Policymakers and developers also face a trade-off: weak resale demand may ease prices now, but prolonged new-home construction weakness can tighten future housing supply.

October 2026 was not the return of a seller's market. It was the first clearer improvement in the GTA's near-term balance after September's weak absorption, with more sales, fewer unsold listings and a nearly flat monthly benchmark. Our view is that the market is moving from distinctly buyer-favourable toward more balanced conditions, but a durable price recovery still needs sustained demand rather than simply a seasonal reduction in homes for sale.

Home Prices in Toronto

Greater Toronto Area Housing Market Statistics for All Property Types

Market Overview for Detached Homes

Market Overview for Semi-Detached Homes

Market Overview for Condo Apartments