Canada Housing Market

The average price of a home in the Greater Toronto Area has slipped below the $1 million mark again, as the region’s housing market continues to look very different from its pandemic-era highs.

The average GTA home sold for $993,410 in August 2026, according to the latest data from the Toronto Regional Real Estate Board.

That’s down 2.7% compared to August 2025.

It’s also only the second time this year that the GTA’s average selling price has fallen below $1 million.

GTA Home Prices Fell Below $1 Million In August

The average selling price across the GTA came in at $993,410 last month.

That means the average home sold for roughly $27,000 less than it did a year earlier, when prices were above $1 million.

The last time prices fell below the million-dollar mark was in January 2026.

January was particularly notable because it marked the first time in five years that the average GTA home price had dropped below $1 million.

Prices climbed back above that level in the months that followed before slipping underneath it once again in August.

The Benchmark Price Is Falling Too

Average selling prices can fluctuate depending on the types of homes changing hands during a particular month.

For example, a month with more detached-home sales can push the average higher, while more condo sales can pull it lower.

That’s why it’s also worth looking at the MLS Home Price Index benchmark, which is designed to track the value of a typical home more consistently.

In August, the GTA’s composite benchmark price was down 4.5% year over year, an even larger decline than the 2.7% drop in the average selling price.

The GTA benchmark price was approximately $925,900 in August.

GTA Home Sales Also Slowed

Prices weren’t the only part of the market that weakened.

There were 5,057 home sales across the GTA in August, down 2.1% from August 2025.

On a seasonally adjusted basis, sales also edged lower compared with July.

That ended a stretch of several months in which monthly sales activity had been improving.

Within the City of Toronto, 1,767 homes were sold, down just 0.2% compared with last year.

Across the rest of the GTA, sales fell 3.1% to 3,290 transactions.

There Are Fewer Homes Hitting The Market

One of the more interesting parts of the August report is what happened with listings.

There were 12,075 new listings added across the GTA in August, down a significant 14.1% year over year.

Total active listings also fell 11.3%, leaving approximately 24,482 homes available for sale at the end of the month.

That drop in inventory could become important if buyer demand starts strengthening again.

TRREB says fewer homes for sale could eventually create more competition between buyers and put renewed upward pressure on prices.

Could GTA Home Prices Start Rising Again?

Despite August’s lower prices, TRREB has been pointing to signs that the resale market is becoming more balanced.

The number of new listings has been falling faster than home sales, which means buyers could have less selection if the trend continues.

TRREB President Daniel Steinfeld said buyers could eventually face a choice between waiting for greater economic certainty or buying before prices begin moving higher.

However, there are still several factors keeping some potential buyers on the sidelines.

TRREB has pointed to uncertainty surrounding trade with the United States, inflation and the possibility of higher borrowing costs as concerns for households.

What Does This Mean For GTA Buyers?

For buyers, an average selling price below $1 million is a notable psychological milestone.

But it doesn’t mean every home in Toronto or the surrounding GTA suddenly costs less than $1 million.

Prices vary significantly depending on the municipality, neighbourhood and property type.

Still, both the average selling price and benchmark price remain lower than they were a year ago, giving some buyers more negotiating power than they had during the height of the market.

The bigger question is how long those conditions will last.

If listings continue falling and buyers return to the market, competition could increase again.

For now, though, the GTA has crossed the $1 million mark in the opposite direction for only the second time this year.

References

Toronto Regional Real Estate Board, August 2026 Market Watch
TRREB Market Watch

Toronto Regional Real Estate Board, August 2026 Market Release
A Noticeable Dip in GTA Home Sales and Listings, Pointing to Renewed Price Growth

Canadian Mortgage Trends, September 2026
GTA Home Sales Down 2% in August, Prices Dip Below $1 Million

Reuters, September 3, 2026
Toronto Home Sales Fall in August for First Time in Six Months