Toronto area home prices dip below $1 million for second time this year

The average selling price of a home in the GTA fell below the $1 million mark for the second time this year, improving affordability and putting dreams of homeownership within reach for many prospective buyers. 

According to the Toronto Regional Real Estate Board's (TRREB) August 2026 Market Watch report, the number of homes available for sale last month was down compared to the same time last year in the GTA. 

However, the report notes that less choice and more competition between buyers could drive up home prices across the region for the rest of the year. Overall, GTA realtors reported just over 5,000 home sales last month, representing a 2.1 per cent decline compared to August 2025. 

Source: TRREB.

Last month's average selling price of $993,410 was also down by 2.7 per cent compared to August 2025, when the average price was $1,021,300.

"Ownership housing in the GTA has remained relatively affordable over the past year, with average prices dipping and mortgage rates remaining somewhat flat. Recent news on the overall economy and job creation has been positive," said TRREB's Chief Information Officer Jason Mercer.

"The main hold-back for many households has been concerns around trade with the United States and the potential for higher inflation and borrowing costs in the future." 

Source: TRREB. 

In August, the average price for a detached home in the GTA was $1,288,669, while the average semi-detached property sold for $931,665. Prices for townhouses were down 8.6 per cent to $786,817, while condos were down 3.6 per cent to $617,593.

Year-to-date, the average price for a detached GTA home is $1,332,194 (down 4.6 per cent), semi-detached is $1,009,619 (down 5.8 per cent), townhouse is $831,569 (down 6.4 per cent), and condo apartment is $627,735 (down 6.7 per cent).

The last time the average selling price in the GTA was this low was back in January, when prices dipped below the seven-figure mark for the first time in five years to $973,289. 

The average selling price continued to rise above $1 million in the following months of February ($1,008,968), March ($1,017,796), April ($1,051,969), May ($1,069,700), June ($1,058,658), and July ($1,003,956). 

"If inventory tightens and home prices begin to rise, some buyers may face a trade-off between waiting for greater economic certainty and purchasing before prices move higher," added TRREB President Daniel Steinfeld.

"At the same time, improving market conditions for sellers could bring more listings to market, providing buyers with additional choice." 

Along with prices, new listings also dropped significantly last month to 12,075, representing a decline of 14.1 per cent year-over-year.