Home prices across the Greater Toronto Area are now nearly $354,000 below their 2022 peak, as the region’s housing market continues to struggle to regain its pandemic-era highs.
The GTA’s MLS Home Price Index benchmark fell to $925,900 in August 2026, according to the latest Toronto Regional Real Estate Board data.
That’s down 4.5% compared to August 2025 and about $353,900, or 27.7%, below the market’s 2022 record high.
It also puts the price of a typical GTA home around levels last seen in early 2021.
GTA Home Prices Have Fallen Nearly $354K From The Peak
The benchmark price is designed to track the price of a typical home while accounting for differences in the types of properties being sold.
In August, the GTA benchmark came in at $925,900, down from approximately $1.28 million at the height of the market in 2022.
That works out to a decline of roughly:
- $353,900 from the 2022 peak
- 27.7% from the peak
- $43,200 compared to August 2025
- $8,700 compared to July 2026
The latest decline brought benchmark prices to their lowest level since January 2021, according to an analysis of TRREB data by Better Dwelling.
The Average GTA Home Price Is Also Back Below $1 Million
The benchmark isn’t the only major price measure sitting well below previous highs.
TRREB reported that the average GTA home sold for $993,410 in August, down 2.7% year-over-year.
That means the average selling price has once again fallen below the $1 million mark.
A benchmark price and an average selling price measure different things, so the two numbers shouldn’t be directly compared.
The benchmark tracks changes in the value of a typical home, while the average price can change depending on the mix of expensive and less-expensive properties sold during a given month.
GTA Home Sales Also Slowed In August
There were 5,057 GTA home sales in August 2026, down 2.1% compared to the same month last year, according to TRREB.
August also broke a months-long streak of improving sales activity.
On a seasonally adjusted basis, GTA home sales edged lower compared to July after rising for the previous five months.
New listings also dropped sharply year-over-year.
There were 12,075 new listings during August, down 14.1% from August 2025.
Could GTA Home Prices Start Rising Again?
Despite the large decline from the 2022 peak, TRREB says the supply side of the market is beginning to tighten.
Fewer homes coming onto the market could eventually create more competition between buyers, particularly if demand strengthens.
TRREB President Daniel Steinfeld said tighter inventory and rising prices could leave some buyers deciding between waiting for greater economic certainty or purchasing before prices move higher.
For now, however, prices remain considerably below their pandemic-era peak.
A typical GTA home that was valued at around $1.28 million at the top of the market is now valued at about $925,900, representing one of the most significant housing market corrections the region has experienced in years.
References
Toronto Regional Real Estate Board, August 2026 Market Watch
TRREB August 2026 Market Watch
Toronto Regional Real Estate Board, MLS Home Price Index
TRREB MLS Home Price Index
Better Dwelling, Toronto Home Prices See Biggest Drop of 2026, Most Inventory Since 2008
Read the Better Dwelling analysis
Reuters, Toronto Home Sales Fall In August For First Time In Six Months
Read the Reuters report
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