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Toronto Housing Market Report
- The Greater Toronto Area's benchmark home price for August 2026 was $925,900, down 4.5% year-over-year (YoY) and down 0.9% month-over-month (MoM).
- The average home sold price in the GTA decreased 2.8% year-over-year to $993,410 for August 2026.
- Detached home average price decreased by 1.8% year-over-year to $1.29M.
- Semi-detached home average price decreased by 4.9% year-over-year to $932k.
- Freehold townhouse average price decreased by 6.8% year-over-year to $882k.
- Condo apartment average price decreased by 3.8% year-over-year to $618k.
Greater Toronto Area (GTA) Housing Market Overview
GTA Housing Market: Price Movements for August 2026
| August 2026 | 1-Month Change | 1-Year Change | |
|---|---|---|---|
Benchmark Home Price | $925,900 | -0.9% | -4.5% |
Average Home Price | $993,410 | -1.1% | -2.8% |
Median Home Price | $850,000 | -1.2% | -4.2% |
Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.
Current Market Conditions
MARKET BALANCE
Balanced
MONTHS OF SUPPLY
4.8 months
SALES-TO-NEW-LISTINGS RATIO (SNLR)
41.9%
ACTIVE LISTINGS
24,482
Between three and five months of supply generally indicates balanced conditions. The sales-to-new-listings ratio and months of supply shown here are calculations from the reported monthly totals.
August 2026 extended the late-summer slowdown in unadjusted activity. GTA sales totalled 5,057, down 15.6% from July 2026 and down 3% from August 2025. New listings fell to 12,075, down 16.6% month-over-month and 14% year-over-year. Active listings declined to 24,482, down 6.2% from July 2026 and down 11% from a year earlier.
Since sales and new listings fell at similar rates month-over-month, the GTA's sales-to-new-listings ratio remained relatively steady at 41.9% in August 2026 from 41.4% in July 2026. Months of supply rose from 4.4 to 4.8 months. These measures still place the GTA in balanced territory, but they show that the sharp supply-led tightening seen in July 2026 did not continue at the same pace in August.
The Toronto Regional Real Estate Board (TRREB) reported another pattern after seasonal adjustment: sales were down slightly from July 2026 while new listings increased. That suggests the steep raw monthly declines largely reflect normal late-summer seasonality, while the underlying market balance loosened modestly rather than deteriorating sharply.
Toronto home prices remained soft in August 2026. On an unadjusted basis, the average GTA sale price fell 1.1% from July 2026 to $993,410 and was 2.8% below August 2025. The median fell 1.2% monthly to $850,000 and was 4.2% below the August 2025 median home price.
The benchmark price declined 0.9% from July 2026 to $925,900 and was 4.5% lower year-over-year. The seasonally adjusted benchmark home price was flat from July 2026, indicating more stability than the raw monthly price changes suggest.
Buyers still retained negotiating leverage. Homes sold for an average of 97% of the listing price, average listing days on market increased to 35 from 33 in August 2025, and average property days on market rose to 51 from 49 in August 2025. Lower inventory is increasing competition in some neighbourhoods, but market-wide pricing power remains limited.
Borrowing conditions remain an important restraint on a faster recovery. Mortgage rates have been relatively flat, while uncertainty around U.S. trade, the inflation rate and future interest rates continues to weigh on some households.
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City of Toronto
The City of Toronto weakened more than the GTA on an unadjusted month-over-month basis in August 2026. The average price fell 3.1% from July 2026 to $979,684, the benchmark slipped 1.1% monthly to $918,400, and the median fell 3.8% monthly to $770,000. The benchmark was 3.7% below a year earlier. Compared with August 2025, the average City of Toronto home price was 1.2% lower, and the median was down 3.8% year-over-year.
City of Toronto home sales totalled 1,767, down 21.2% from July 2026 and 0.7% from August 2025. New listings fell to 4,200, down 15.7% month-over-month and 7.4% year-over-year, while active listings declined to 8,727, down 6.3% from July 2026 and 9.5% annually. With sales falling faster than new listings from July 2026, the city's sales-to-new-listings ratio dropped to 42.1% from 45.0%.
Toronto's market balance therefore loosened from July 2026. Months of supply rose from about 4.2 to 4.9, slightly higher than the GTA overall, while the city's sales-to-new-listings ratio remained slightly above the regional 41.9%. The average sale-to-list ratio was 97%, and homes took an average of 35 listing days and 46 property days to sell. Conditions remain balanced rather than seller-dominated.
The gap between the city's 3.1% monthly average price decline and its smaller 1.1% benchmark decline remains important. It suggests the mix of homes sold shifted toward lower-priced transactions in August rather than typical Toronto home values falling by the full average-price change. The benchmark home price is a cleaner signal for typical home values.
Property Types
August 2026 was softer month-over-month across every major property type. Detached homes showed the most price resilience, with their average price nearly flat from July 2026, while semi-detached, freehold townhome and condo prices fell between 2.4% and 3.4%. Sales declined from July 2026 in every category, with the largest drops in freehold and semi-detached homes.
| Property Type | Average Price | Price MoM | Price YoY | Sales | Sales MoM | Sales YoY |
|---|---|---|---|---|---|---|
| Detached | $1,288,669 | -0.2% | -1.8% | 2,399 | -14.0% | -0.5% |
| Semi-detached | $931,665 | -3.4% | -4.9% | 439 | -21.2% | -0.5% |
| Freehold townhome | $882,060 | -2.4% | -6.8% | 437 | -22.9% | -19.2% |
| Condo apartment | $617,593 | -2.9% | -3.8% | 1,330 | -15.0% | -2.8% |
| Condo townhome | $681,447 | -3.3% | -7.8% | 395 | -9.4% | +2.3% |
Detached homes: The average price was $1,288,669, down just 0.2% from July 2026 and down 1.8% year-over-year. Sales fell 14.0% month-over-month to 2,399 and were 0.5% lower than August 2025. Detached homes therefore showed the strongest price resilience in August 2026 despite the seasonal drop in transactions.
Semi-detached homes: The average price fell to $931,665, down 3.4% monthly and 4.9% annually, while sales declined 21.2% from July 2026 to 439. Sales were just 0.5% lower year-over-year, suggesting price weakness continued even as annual transaction volume held up.
Freehold townhomes: The average price was $882,060, down 2.4% from July 2026 and 6.8% from August 2025. Sales fell 22.9% month-over-month to 437 and were approximately 19.2% lower year-over-year. This was the weakest annual sales result among the property types.
Condo apartments: The average price fell 2.9% from July 2026 to $617,593 and was 3.8% lower year-over-year. Sales declined 15.0% month-over-month and 2.8% annually to 1,330. Condos remained the most affordable major category, but August 2026 did not extend July's short-lived monthly price increase.
Condo townhomes: The average price fell 3.3% from July 2026 to $681,447 and was approximately 7.8% below August 2025. Sales declined 9.4% month-over-month to 395 but were approximately 2.3% higher than August 2025. The divergence between price and sales points to continued mix and negotiation effects.
Overall, the property-type data points to broad monthly cooling rather than a uniform collapse in demand. Detached prices were comparatively stable, while townhome and condo segments saw larger price declines. Annual sales remained relatively firm for detached, semi-detached and condo apartments, but freehold townhomes were notably weaker when compared with August 2025.
Looking Forward
For sellers: August 2026 brought less listing competition than a year earlier, but it still did not support aggressive pricing. New listings were down 14% year-over-year and active listings were down 11%, yet the average sale-to-list ratio remained 97% and days on market were longer. Accurate pricing remains important, especially in segments with larger monthly price declines.
For buyers: Selection narrowed to 24,482 active listings, but the GTA still had about 4.8 months of supply and remained balanced. That leaves room to compare properties and negotiate, even with less inventory than last year. City of Toronto conditions were broadly similar to the regional average.
What to watch next: The key question is whether lower inventory persists as activity moves into the fall market. If sales stabilize while active listings continue to contract, the benchmark price decline could narrow. If new listings rise faster than sales, the sales-to-new-listings ratio could stay subdued. The benchmark home price, months of supply and the sales-to-new-listings ratio remain the clearest indicators.
Demand backdrop: Uncertainty around trade with the United States, inflation and future borrowing costs continues to weigh on mortgage affordability and buyer confidence. August 2026 therefore reflects both tighter inventory than a year ago and continued affordability caution.
August 2026 was still not a clear price recovery month. Sales were down slightly year-over-year, listings and active inventory fell more sharply, and the benchmark price remained 4.5% below August 2025. The market stayed balanced, with signs of stabilization in the seasonally adjusted benchmark home price but no broad return of seller pricing power.
Home Prices in Toronto
Greater Toronto Area Housing Market Statistics for All Property Types
Average Sold Price and MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Market Overview for Detached Homes
Average Sold Price
Transactions
Market Overview for Semi-Detached Homes
Average Sold Price
Transactions
Market Overview for Freehold Townhouses
Average Sold Price
Transactions
Market Overview for Condo Apartments
Average Sold Price
Transactions
Glossary and Definitions
MLS® Home Price Index (HPI): Developed by the Canadian Real Estate Association (CREA), the MLS® HPI is the most advanced tool for tracking price trends in the Canadian housing market. Rather than using simple average prices, which can be skewed by the mix of homes sold in a given month, the HPI tracks the value of a "Benchmark Home"—a property with typical attributes for its specific neighborhood. This allows for an accurate "apples-to-apples" comparison of home values across different regions and time periods, independent of a property's specific features or seasonal volatility. To ensure the index remains relevant, CREA performs an annual review every May to account for evolving market dynamics.
MLS® HPI Benchmark Price: This is the dollar value assigned to a "typical" home in a specific neighborhood. While the HPI itself is an index number used to track trends, the Benchmark Price translates that data into a real-world dollar figure, representing what a standard home with average features (like square footage, rooms, and lot size) would likely sell for in today's market.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owners of the buildings have leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA® does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.