August 2026 | Market Report
August 2026 | Market Report
Fewer homes for sale. Steady demand. The price correction is narrowing, and the advantage buyers have held is beginning to shift.
Supply is contracting nearly seven times faster than demand. The GTA market is tightening from the listing side, and the price correction is narrowing with it.
The Greater Toronto Area Real Estate Market Report: August 2026
August 2026 was defined by what did not come to market. GTA REALTORS® reported 5,057 home sales through the TRREB MLS® System, a modest 2.1 per cent below August 2025, while new listings fell 14.1 per cent to 12,075 and active listings declined 11.3 per cent to 24,482. The average selling price was $993,410, down 2.7 per cent year-over-year, which is the narrowest annual decline recorded in any month of 2026. Demand softened at the margin. Supply withdrew decisively.
Drawing on the Toronto Regional Real Estate Board (TRREB) Market Watch for August 2026, released on September 3, 2026, this report examines sales and listing conditions, pricing by home type, regional performance across the City of Toronto, York, Halton, Peel and Durham, the macroeconomic backdrop, and the outlook for the fall market.
At a Glance — August 2026
- Sales: 5,057 — down 2.1% YoY
- New Listings: 12,075 — down 14.1% YoY
- Active Listings: 24,482 — down 11.3% YoY
- Average Selling Price: $993,410 — down 2.7% YoY
- Median Selling Price: $850,000
- MLS® HPI Composite Benchmark: $925,900 — down 4.5% YoY
- Average Days on Market (LDOM): 35 days, versus 33 days in August 2025
- Average Property Days on Market (PDOM): 51 days, versus 49 days in August 2025
- Sales-to-New-Listings Ratio (12-month trend): 37.5%
- Months of Inventory (12-month trend): 4.6
TRREB MLS® System
GTA Monthly Home Sales: 2026 vs. 2025
Residential transactions, all TRREB areas. 2025 figures as revised by TRREB.
View the data
| Month | 2025 | 2026 | Change |
|---|---|---|---|
| January | 3,819 | 3,044 | −20.3% |
| February | 4,127 | 3,834 | −7.1% |
| March | 4,956 | 4,992 | +0.7% |
| April | 5,556 | 5,918 | +6.5% |
| May | 6,195 | 6,550 | +5.7% |
| June | 6,191 | 6,745 | +8.9% |
| July | 6,046 | 5,980 | −1.1% |
| August | 5,168 | 5,057 | −2.1% |
| September | 5,540 | — | — |
| October | 6,083 | — | — |
| November | 4,963 | — | — |
| December | 3,668 | — | — |
Source: Toronto Regional Real Estate Board · residencestoronto.com
Market Conditions: Supply Withdraws Faster Than Demand
Home sales across the GTA totalled 5,057 in August 2026, compared with 5,168 in August 2025. On a seasonally adjusted basis, sales were down slightly from July. TRREB attributes part of the softness to supply itself: with fewer homes available in some neighbourhoods, the number of transactions was arguably constrained by a lack of choice rather than by a lack of interest.
The listing side moved far more sharply. New listings fell to 12,075 from 14,052 a year earlier, and active listings at month-end stood at 24,482, which is 3,112 fewer homes than were available at the end of August 2025. New listings declined nearly seven times faster than sales. One qualification is warranted: on a seasonally adjusted basis, new listings rose month-over-month, so the year-over-year contraction should not be read as a market that has stopped replenishing.
The effect on market balance is measurable. Sales represented 41.9 per cent of new listings in August 2026, up from 36.8 per cent in August 2025 (our calculation from TRREB's monthly totals). TRREB's 12-month trend measures, which move more slowly, show a sales-to-new-listings ratio of 37.5 per cent and 4.6 months of inventory. Homes are not yet selling faster. The average listing spent 35 days on market, two more than a year ago, and sold for 97 per cent of its list price. The tightening is visible in the inventory data before it is visible in buyer urgency.
TRREB MLS® System
Supply and Demand: August 2026 vs. August 2025
Sales, new listings and month-end active listings, all TRREB areas.
View the data
| Measure | August 2025 | August 2026 | Change |
|---|---|---|---|
| Sales | 5,168 | 5,057 | −2.1% |
| New Listings | 14,052 | 12,075 | −14.1% |
| Active Listings | 27,594 | 24,482 | −11.3% |
Source: Toronto Regional Real Estate Board · residencestoronto.com
Pricing Trends: The Correction Narrows
The average selling price of $993,410 was 2.7 per cent below the $1,021,300 recorded in August 2025. The MLS® Home Price Index Composite benchmark, which adjusts for the mix of homes sold, was $925,900, down 4.5 per cent year-over-year. Month-over-month, on a seasonally adjusted basis, the composite benchmark was essentially flat and the average selling price edged higher.
The direction of travel matters more than the level. Measured against TRREB's revised monthly series, the year-over-year decline in the average price was 7.0 per cent in January, 4.9 per cent in April, 3.9 per cent in June and 2.7 per cent in August. Prices remain below last year, but the gap has closed by more than half since the winter. The sub-$1 million average is also partly seasonal: in 2025 the average price eased from a May peak of $1,120,716 to $1,021,300 by August, a pattern that 2026 has repeated.
TRREB MLS® System
GTA Average Selling Price: 2026 vs. 2025
Average selling price, all home types, all TRREB areas.
View the data
| Month | 2025 | 2026 | Change |
|---|---|---|---|
| January | $1,041,187 | $968,468 | −7.0% |
| February | $1,086,586 | $1,007,392 | −7.3% |
| March | $1,090,372 | $1,015,058 | −6.9% |
| April | $1,106,505 | $1,051,810 | −4.9% |
| May | $1,120,716 | $1,069,621 | −4.6% |
| June | $1,101,854 | $1,059,183 | −3.9% |
| July | $1,050,529 | $1,003,763 | −4.5% |
| August | $1,021,300 | $993,410 | −2.7% |
| September | $1,060,036 | — | — |
| October | $1,052,539 | — | — |
| November | $1,039,575 | — | — |
| December | $1,006,603 | — | — |
Source: Toronto Regional Real Estate Board · residencestoronto.com
Segment-Level Pricing — August 2026 (All TRREB Areas)
| Home Type | Sales | Sales YoY | Average Price | Price YoY |
|---|---|---|---|---|
| Detached | 2,399 | +0.5% | $1,288,669 | -1.8% |
| Semi-Detached | 439 | +0.9% | $931,665 | -5.0% |
| Townhouse (Att./Row/Condo) | 832 | -9.5% | $786,817 | -8.6% |
| Condo Apartment | 1,330 | -2.6% | $617,593 | -3.6% |
Detached homes were the most resilient segment. Sales rose 0.5 per cent and the average price slipped only 1.8 per cent. In the City of Toronto (416), detached sales increased 3.6 per cent and the average price of $1,525,749 was effectively unchanged, down 0.1 per cent. Townhouses were the weakest segment, with sales down 9.5 per cent and the average price down 8.6 per cent.
The condominium market continues to divide along the 416 and 905 boundary. City of Toronto condo apartment sales were nearly flat at 885, down 0.2 per cent, with an average price of $651,648, down 2.1 per cent. In the 905, condo sales fell 6.9 per cent and the average price declined 7.6 per cent to $549,868.
TRREB MLS® System
Average Price by Home Type: Toronto (416) vs. 905
Average selling price by major home type, August 2026.
View the data
| Home type | City of Toronto (416) | 905 Region |
|---|---|---|
| Detached | $1,525,749 | $1,218,148 |
| Semi-Detached | $1,110,639 | $830,033 |
| Townhouse | $797,856 | $784,086 |
| Condo Apartment | $651,648 | $549,868 |
Source: Toronto Regional Real Estate Board · residencestoronto.com
MLS® HPI Benchmark Prices — August 2026 (All TRREB Areas)
| Benchmark | Price | YoY Change |
|---|---|---|
| Composite | $925,900 | -4.5% |
| Single Family Detached | $1,209,600 | -4.5% |
| Single Family Attached | $919,000 | -4.4% |
| Townhouse | $666,500 | -6.2% |
| Apartment | $531,200 | -7.1% |
By price band, 3,302 of August's 5,057 sales, or 65.3 per cent, closed below $1 million. A further 1,489 sales closed between $1 million and $2 million. There were 266 sales at $2 million and above, representing 5.3 per cent of all transactions, and 237 of those were detached homes.
TRREB MLS® System
GTA Home Sales by Price Range
All home types, August 2026. TRREB price bands widen above $1 million.
View the data
| Price range | Sales |
|---|---|
| Under $300K | 17 |
| $300K to $399K | 191 |
| $400K to $499K | 400 |
| $500K to $599K | 498 |
| $600K to $699K | 535 |
| $700K to $799K | 570 |
| $800K to $899K | 602 |
| $900K to $999K | 489 |
| $1M to $1.25M | 706 |
| $1.25M to $1.5M | 438 |
| $1.5M to $1.75M | 209 |
| $1.75M to $2M | 136 |
| $2M and above | 266 |
Source: Toronto Regional Real Estate Board · residencestoronto.com
Buyer Sentiment: The Cost of Waiting Is Being Repriced
TRREB President Daniel Steinfeld framed the month as a developing trade-off. If inventory continues to tighten and prices begin to rise, some buyers will have to weigh the comfort of waiting for greater economic certainty against the cost of purchasing after prices have moved. He also noted the counterweight: improving conditions for sellers could draw more listings to market, which would restore choice.
TRREB Chief Information Officer Jason Mercer observed that ownership housing has remained relatively affordable over the past year, with average prices lower and mortgage rates broadly flat, and that recent news on the economy and job creation has been positive. The principal restraint on households, in his assessment, is concern about trade with the United States and the possibility of higher inflation and borrowing costs. The actionable signal for buyers is that the restraint is confidence, not affordability. Confidence can return faster than inventory can.
Regional Performance: August 2026 Sales by Area
City of Toronto. The City recorded 1,767 sales, or 34.9 per cent of all TRREB transactions, at an average price of $979,684 and a median of $770,000. Active listings stood at 8,727, with 4.6 months of inventory on a trend basis. Conditions varied by district. Toronto East was the tightest, with 3.6 months of inventory and homes selling for 99 per cent of list price on average. Toronto Central, where condominium supply is concentrated, carried 5.1 months of inventory and an average price of $1,051,186. At the upper end, district C03, which includes Forest Hill South, averaged $2,290,894, and district C12, which includes the Bridle Path and St. Andrew-Windfields, averaged $2,134,400 with 9.0 months of inventory.
York Region. York recorded 971 sales at an average price of $1,179,938, the highest of any TRREB region, with a median of $1,041,800. Active listings totalled 4,919 and months of inventory stood at 5.0. Vaughan averaged $1,234,758 on 242 sales, Markham $1,208,692 on 282 sales, and Richmond Hill $1,205,777 on 161 sales. Markham was the tightest of the three, at 4.1 months of inventory against 5.6 in Richmond Hill. King, a low-volume estate market, averaged $1,851,310 with 11.4 months of inventory.
Halton Region. Halton recorded 571 sales at an average price of $1,110,436 and a median of $957,000, with 4.2 months of inventory. Oakville led on price at $1,324,472 across 203 sales. Burlington was the region's tightest market, with a sales-to-new-listings ratio of 45.6 per cent and 3.6 months of inventory.
Peel Region. Peel recorded 940 sales at an average price of $908,415 and a median of $850,000. Its sales-to-new-listings ratio of 34.8 per cent was the lowest of the five major regions, and months of inventory stood at 4.9. Brampton posted 440 sales at $886,865 and Mississauga 435 sales at $898,510.
Durham Region. Durham remained the tightest major market in the GTA, with 3.4 months of inventory, a sales-to-new-listings ratio of 41.3 per cent and an average of 31 days on market. The region recorded 602 sales at an average price of $819,569. Ajax and Whitby each carried only 2.9 months of inventory, and both sold at 99 per cent of list price on average.
TRREB MLS® System
Average Selling Price by Region
All home types, August 2026. GTA-wide average shown in grey.
View the data
| Region | Average price |
|---|---|
| York Region | $1,179,938 |
| Halton Region | $1,110,436 |
| All TRREB Areas | $993,410 |
| City of Toronto | $979,684 |
| Peel Region | $908,415 |
| Durham Region | $819,569 |
| Simcoe County | $810,904 |
| Dufferin County | $755,759 |
Source: Toronto Regional Real Estate Board · residencestoronto.com
TRREB MLS® System
Months of Inventory by Region
12-month trend, August 2026. Lower values indicate tighter conditions. GTA-wide figure shown in grey.
View the data
| Region | Months of inventory |
|---|---|
| Durham Region | 3.4 |
| Halton Region | 4.2 |
| Dufferin County | 4.5 |
| City of Toronto | 4.6 |
| All TRREB Areas | 4.6 |
| Peel Region | 4.9 |
| York Region | 5.0 |
| Simcoe County | 6.0 |
Source: Toronto Regional Real Estate Board · residencestoronto.com
Regional Summary — August 2026
| Region | Sales | Average Price | Median Price | New Listings | Active Listings | Months of Inventory (Trend) |
|---|---|---|---|---|---|---|
| All TRREB Areas | 5,057 | $993,410 | $850,000 | 12,075 | 24,482 | 4.6 |
| City of Toronto | 1,767 | $979,684 | $770,000 | 4,200 | 8,727 | 4.6 |
| York Region | 971 | $1,179,938 | $1,041,800 | 2,389 | 4,919 | 5.0 |
| Peel Region | 940 | $908,415 | $850,000 | 2,298 | 4,706 | 4.9 |
| Durham Region | 602 | $819,569 | $766,000 | 1,423 | 2,467 | 3.4 |
| Halton Region | 571 | $1,110,436 | $957,000 | 1,201 | 2,413 | 4.2 |
| Simcoe County | 178 | $810,904 | $780,000 | 505 | 1,107 | 6.0 |
| Dufferin County | 28 | $755,759 | $755,378 | 59 | 143 | 4.5 |
Macroeconomic Context: Firm Employment, Persistent Inflation
- Bank of Canada Overnight Rate: 2.3% (August 2026)
- Prime Rate: 4.5% (August 2026)
- Toronto Unemployment Rate (SA): 6.8% (July 2026)
- Toronto Employment Growth: 1.5% year-over-year (July 2026)
- Inflation (CPI Yr./Yr.): 3.0% (July 2026)
- Real GDP Growth: -0.1% (Q1 2026, quarter-over-quarter, annualised)
- Mortgage Rates: 1-year 5.49%, 3-year 6.05%, 5-year 6.09%
The indicators, as published in TRREB's Market Watch, describe an economy that is adding jobs without generating much growth. Employment in the Toronto area is expanding, which supports household formation and housing demand. Inflation at 3.0 per cent sits at the upper limit of the Bank of Canada's 1 to 3 per cent control range, which reduces the scope for further rate relief and explains why borrowing costs feature so prominently in buyer hesitation. Mortgage rates have been broadly stable, and stability, more than any single rate cut, is what allows buyers to plan.
Supply Pipeline & Policy: Balance Is Not the Same as Supply
TRREB CEO John DiMichele described a more balanced resale market as a positive development, while cautioning that it does nothing to resolve Ontario's longer-term housing supply and affordability challenges. He called on governments to use the present period to remove barriers to attainable housing, citing restrictive zoning, high taxes and development charges, and lengthy approval processes.
The emphasis on municipalities is notable. Local governments determine how much housing is built, how quickly projects advance and what it costs to deliver them. For the resale market the implication is direct: if new supply remains constrained while resale inventory contracts, the current balance is unlikely to last through a recovery in demand.
Year-to-Date 2026: Flat Volume, Lower Prices
| Month | Sales | Average Price |
|---|---|---|
| January 2026 | 3,044 | $968,468 |
| February 2026 | 3,834 | $1,007,392 |
| March 2026 | 4,992 | $1,015,058 |
| April 2026 | 5,918 | $1,051,810 |
| May 2026 | 6,550 | $1,069,621 |
| June 2026 | 6,745 | $1,059,183 |
| July 2026 | 5,980 | $1,003,763 |
| August 2026 | 5,057 | $993,410 |
| Year to Date | 42,120 | $1,027,505 |
Through the first eight months of 2026, the GTA recorded 42,120 sales at an average price of $1,027,505. Volume is almost exactly level with the same period of 2025, which totalled 42,058 sales on TRREB's revised figures, a difference of 0.1 per cent. The year-to-date average price is approximately 4.8 per cent lower than in the first eight months of 2025 (our calculation from TRREB's monthly data).
The shape of the year is instructive. A weak winter gave way to four consecutive months of year-over-year sales growth from March through June, followed by modest declines in July and August as listings thinned. The market has absorbed a price adjustment without losing transaction volume.
Outlook: The Fall Market Will Test the Tightening
Supply is the variable to watch. Active listings are 11.3 per cent below last year. If new listings do not recover in the fall, buyers will compete for a smaller pool of homes, and TRREB has noted that this could lead to renewed price growth in the months ahead.
Demand is restrained, not absent. Sales are level with 2025 on a year-to-date basis despite trade uncertainty. Employment growth provides a foundation. A clearer outlook on tariffs, inflation and borrowing costs would likely release demand that is currently deferred.
Price declines are narrowing toward zero. The year-over-year change in the average price has improved from -7.0 per cent in January to -2.7 per cent in August. On present trends, annual price comparisons could turn flat before the end of the year. That is a projection based on the trend, not a certainty.
Detached homes are leading. Detached sales are rising and prices are close to last year's level, particularly in the City of Toronto. This segment is likely to be the first to record year-over-year price growth.
Condominiums and townhouses remain the value segments. Apartment benchmark prices are down 7.1 per cent and townhouse benchmarks 6.2 per cent. Buyers in these segments retain more negotiating room, especially in the 905.
Inflation is the principal macro risk. With CPI growth at 3.0 per cent, the path for interest rates is less certain than it was earlier in the year. Higher borrowing costs would slow the tightening now under way.
Closing Assessment
August 2026 did not deliver a rebound in sales. What it delivered, clearly and in the data, was a market with 11 per cent fewer homes for sale than a year ago, sales that have held level with 2025, and a price decline that has narrowed from 7 per cent to under 3 per cent in eight months.
For buyers, negotiating room remains, with homes selling for 97 per cent of list price on average, but the inventory that created that room is contracting. For sellers, fewer competing listings improve positioning, although 35 days on market and a 97 per cent sale-to-list ratio indicate that accurate pricing still determines outcomes. For investors, the widest discounts are in condominium apartments and townhouses, where benchmark prices are 6 to 7 per cent below last year.
The balance of evidence points to a market that is stabilising from the supply side. Whether the fall confirms that signal will depend on how many sellers choose to list, and on whether confidence returns before inventory does.
Frequently Asked Questions: Toronto Real Estate in August 2026
What was the average home price in the Greater Toronto Area in August 2026?
The average selling price across all TRREB areas was $993,410 in August 2026, down 2.7 per cent from $1,021,300 in August 2025. The median selling price was $850,000 and the MLS® HPI Composite benchmark was $925,900, down 4.5 per cent year-over-year.
How many homes sold in the GTA in August 2026?
GTA REALTORS® reported 5,057 home sales through the TRREB MLS® System in August 2026, down 2.1 per cent from 5,168 sales in August 2025. Year-to-date sales to the end of August totalled 42,120.
Are Toronto home prices rising or falling?
Prices were lower than a year earlier but the decline is narrowing. The average price was down 2.7 per cent year-over-year in August 2026, compared with a 7.0 per cent decline in January 2026. On a seasonally adjusted month-over-month basis, the MLS® HPI Composite was essentially flat and the average price edged higher.
Is the GTA a buyer's market or a seller's market in August 2026?
The market is balanced to buyer-leaning, and tightening. TRREB's 12-month trend shows a sales-to-new-listings ratio of 37.5 per cent and 4.6 months of inventory. Active listings fell 11.3 per cent year-over-year to 24,482, which is reducing buyer choice. Durham Region is the tightest major market at 3.4 months of inventory.
What is the average condo price in Toronto in August 2026?
The average condo apartment price in the City of Toronto (416) was $651,648, down 2.1 per cent year-over-year, on 885 sales. Across all TRREB areas the average condo apartment price was $617,593, down 3.6 per cent, on 1,330 sales.
What is the average price of a detached home in Toronto in August 2026?
The average detached home price was $1,525,749 in the City of Toronto (416), down 0.1 per cent year-over-year, and $1,288,669 across all TRREB areas, down 1.8 per cent.
Which GTA region had the highest average home price in August 2026?
York Region had the highest regional average at $1,179,938, followed by Halton Region at $1,110,436, the City of Toronto at $979,684, Peel Region at $908,415 and Durham Region at $819,569.
What are the average home prices in Richmond Hill, Vaughan and Markham?
In August 2026 the average selling price was $1,234,758 in Vaughan, $1,208,692 in Markham and $1,205,777 in Richmond Hill. York Region as a whole recorded 971 sales.
How many homes sold for more than $2 million in the GTA in August 2026?
There were 266 sales at $2 million and above in August 2026, equal to 5.3 per cent of all transactions. Of these, 237 were detached homes.
How long does it take to sell a home in the GTA?
The average listing days on market (LDOM) was 35 days in August 2026, compared with 33 days in August 2025. The average property days on market (PDOM), which includes re-listings, was 51 days.
Previous reports: July 2026 Market Report · June 2026 Market Report · May 2026 Market Report · 2026 Mid-Year Luxury Outlook
Explore by area: Richmond Hill · Vaughan · Markham · Yorkville · Forest Hill · The Bridle Path
For a confidential assessment of what these conditions mean for a specific property or purchase, contact The Residences Group.
Data sourced from the Toronto Regional Real Estate Board (TRREB) MLS® Market Watch, August 2026. All statistics are based on firm transactions entered into the TRREB MLS® System. Average prices are intended for trend analysis only and do not reflect the value of any specific property. Figures identified as calculations are derived by The Residences Group from TRREB's published totals. This report is general market commentary and is not financial or investment advice. Past performance is not indicative of future results.
The Residences Group at Sotheby's International Realty Canada | residencestoronto.com
