GTA Home Sales Fall 2% in August as Average Price Drops Below $1 Million
TORONTO — The Greater Toronto Area housing market remained soft in August, with both sales and home prices declining compared with last year.
According to the Toronto Regional Real Estate Board (TRREB), 5,057 properties were sold during the month—a 2.1% decrease from August 2025. Seasonally adjusted sales were also down 1.3% compared with July.
The average GTA home sold for $993,410, representing a 2.7% annual decline. The benchmark price, which reflects the value of a typical home, fell 4.5%. This marked the second time in 2026 that the average selling price dropped below $1 million.
Toronto broker Cailey Heaps described the summer market as quieter than expected. However, she believes lower prices and current mortgage rates may create better opportunities for buyers who have been waiting to enter the market.
Economic uncertainty, including ongoing Canada–U.S. trade tensions and concerns about inflation and borrowing costs, continues to affect buyer confidence. Employment stability may also play an important role in determining housing demand.
New listings fell 14.1% year-over-year to 12,075, while active listings declined 11.3% to 24,482. TRREB noted that tightening inventory could eventually put upward pressure on prices, although improved conditions for sellers may encourage more homeowners to list their properties.
Within Toronto, 1,767 homes were sold, down slightly by 0.2%. Sales throughout the rest of the GTA declined 3.1% to 3,290.
Townhouses recorded the largest annual sales decrease at 9.5%, while condominium sales fell 2.6%. In contrast, semi-detached and detached home sales increased slightly by 0.9% and 0.5%, respectively.
