The average home price in Toronto is a key indicator of the city's real estate market health and affordability. As of late 2026, the average price has shown significant monthly and yearly variation, reflecting broader economic conditions. Understanding these figures, from the city-specific average to the Greater Toronto Area composite, is crucial for buyers, sellers, and investors. This guide provides the latest data and explains the factors influencing Toronto's housing prices.
Understanding Toronto's Key Price Metrics
Several distinct metrics are used to describe home prices in Toronto, each providing a different perspective. The average price is the total dollar volume of all homes sold divided by the number of sales. The median price is the midpoint where half of homes sold for more and half sold for less, which can be less skewed by extremely high or low sales. The benchmark price represents the value of a typical home in the area, adjusted for size and quality. For the City of Toronto in September 2026, the average price was $1,034,320 while the median was $810,000. The benchmark price for the same period was $908,200. The Greater Toronto Area average price in September 2026 was $1,006,409, with a median of $860,000. These figures show that the average is typically higher than the median, indicating a market where some high-value sales pull the average upward. The gap between a monthly higher average price and a lower benchmark points to a change in the mix of homes sold rather than a broad price rebound.
Recent Price Trends and Monthly Changes
The Toronto housing market experienced notable shifts through 2026. From August to September 2026, the City of Toronto's average price rose 5.6% to $1,034,320 while the median increased 5.2% to $810,000. In contrast, the GTA average price increased 1.3% month-over-month to $1,006,409 in September 2026. However, the benchmark price for the GTA fell 0.9% in the same month to $917,600 and was 4.7% lower year-over-year. This divergence between a rising average and a falling benchmark points to a change in the mix of homes sold rather than a broad price increase. On a year-over-year basis, the GTA average price in September 2026 was 5.1% lower than in September 2025. The median price was about 5.4% lower year-over-year. The average selling price in Toronto for August 2026 was $925,900, which represented a 0.93% decrease from July and a 4.46% decrease from August 2025. The average price moved back above $1 million in September 2026 but remained below the previous year's levels.
Price Variations by Housing Type
Average and median home prices in Toronto vary significantly by property type. In the third quarter of 2026, the median sale price for a single detached home was $1,100,000, which was down 6 percent from the same period a year earlier. The median price for a semi detached home was $882,000, reflecting a 5.9 percent year over year decline. For condominium townhouse units, the median price was $655,000, a decrease of 7.1 percent from the third quarter of 2025. The median sale price for a condominium apartment unit was $530,000, down 7 percent on a year over year basis. These figures are reported by the Canadian Real Estate Association in cooperation with the Toronto Regional Real Estate Board.
| Property Type | Median Price (Q3 2026) | Year-Over-Year Change |
|---|---|---|
| Single Detached Home | $1,100,000 | -6% |
| Semi-Detached Home | $882,000 | -5.9% |
| Condominium Townhouse | $655,000 | -7.1% |
| Condominium Apartment | $530,000 | -7% |
Average prices from August 2026 tell a similar story of variation. The average selling price for a single-family home was $1,128,600, which decreased 1.09% month-over-month and 4.73% year-over-year. The average for a townhouse was $666,500, down 1.00% month-over-month and 6.18% year-over-year. For a condo apartment it was $531,200, down 0.75% month-over-month and 7.07% year-over-year. All categories showed year-over-year declines, with condos seeing the largest drop. This data highlights how the overall market average is a composite of these distinct segments. The price split between property types is an important factor in understanding monthly average price movements.
Market Dynamics and Inventory Levels
Market conditions in late 2026 were characterized by shifting supply and demand. The sales-to-new-listings ratio is a key indicator, where below 40% indicates a buyer's market, 40-60% a balanced market, and over 60% a seller's market. In August 2026, the GTA's ratio was 41.9%, indicating balanced conditions. By September 2026, the ratio fell to 30.5%, moving the market into buyer-leaning territory. This shift occurred because new listings surged while sales did not keep pace. In the City of Toronto, new listings jumped 55.3% month-over-month in September 2026 to 6,521. Sales only increased 9.6% to 1,937, causing the sales-to-new-listings ratio to drop to 29.7%. Active listings in the GTA rose to 26,131 in September 2026, up 6.7% from August. The Toronto Regional Real Estate Board described homebuyers as being in a holding pattern due to economic uncertainty. Homes sold for an average of 98% of the listing price in the GTA, with average listing days on market rising to 34 from 33 in September 2025.
Several key metrics define the market's temperature and buyer leverage. The number of sales in the GTA for September 2026 was 5,040, virtually unchanged from August and down 9.0% from September 2025. New listings in the GTA jumped to 16,500 in September, up 36.6% from August but still 14.4% below a year earlier. Simple months of supply in the GTA rose from 4.8 in August to 5.2 in September. Between three and five months of supply generally indicates balanced conditions, so the September figure moved into buyer-leaning territory. In the City of Toronto, active listings increased 13.0% month-over-month to 9,865 in September but were about 7.4% lower than September 2025. The window where soft prices meet ample choice was closing in the fall of 2026 as inventory thinned relative to demand.
Historical Context and Long-Term Trends
Toronto's housing market has undergone dramatic changes over the past two decades. Historical data shows the average price in 2003 was $294,747 with 82,434 sales. The market experienced a significant surge during the pandemic, with Ontario's housing market rising by an unprecedented 64% over two years. Prices across most cities in Canada peaked in Spring 2022, spurred on by a home buying spree during the pandemic. As of May 2025, the average home price in the Greater Toronto Area was $1,120,879. The average residential sale price in the GTA decreased by 5.1% between 2025 and 2026, declining from $1,088,166 to $1,032,207. The number of sales increased by approximately 0.2% over the same period, rising from 37,025 to 37,105. Meanwhile, the number of listings decreased by 14.5%, from 119,828 to 102,482. Despite recent declines, current home prices remain substantially higher than historical norms from the early 2000s.
The most severe home price declines from the all-time high have been in Hamilton and Toronto, with prices roughly 15-20% lower than the peak. The average residential sale price in the Greater Toronto Area decreased by 5.1 per cent between 2025 and 2026. Looking ahead, average 2026 sale prices are expected to decline by approximately 5.5 per cent compared with 2025 levels, while the number of sales is projected to decline by approximately 0.5 per cent. The market's recovery and stabilization followed the post-pandemic volatility that characterized 2022 and 2023. This long-term context shows that while prices have corrected from their peak, they are still multiples of what they were two decades ago.
Factors Influencing Toronto Home Prices
Several interconnected factors drive changes in Toronto's average home price. Affordability relative to buyers' incomes is cited as the biggest barrier for first-time buyers entering the market. Higher inflation and interest rates, along with increased economic uncertainty, continue to weigh on market conditions. The Bank of Canada maintained the policy rate at 2.25% as of the latest update. Government policies have also played a role, such as the mortgage stress test and the foreign buyer ban. The foreign buyer ban has reduced new construction development activity while improving affordability. The GST/HST rebate has supported new home sales, particularly for new detached homes, semi-detached homes, and townhomes priced up to $1 million. The rebate has created greater consideration of new homes as an alternative to resale properties but has not meaningfully changed the path to homeownership.
Supply constraints are a persistent issue, with the number of listings in the GTA decreasing by 14.5% between 2025 and 2026. Demand fundamentals like immigration rates and net population growth also contribute to long-term price trends. Buyers are least willing to compromise on location but have shown a greater willingness to purchase smaller homes located closer to work. The Toronto Regional Real Estate Board framed the coming months as a trade-off for buyers between waiting for economic certainty and buying before prices rise. External pressures, global capital flow, immigration rates, and supply bottlenecks are all shaping demand far beyond local investor behavior. Inflation, interest rates, and economic uncertainty are expected to remain key factors influencing the fall market and continue into 2027.
Common Mistakes When Interpreting Average Prices
When reviewing Toronto housing data, several common errors can lead to misinterpretation. Relying solely on the average price without considering the median can be misleading, as the average can be skewed by a few ultra-high sales. Failing to account for the mix of properties sold in a given month can distort understanding of true price movement, as seen when the average rose but the benchmark fell. Confusing city-specific data with broader GTA figures is another mistake, as the City of Toronto average is often different from the GTA average. Overlooking the distinction between average selling price and benchmark price misses the nuance of quality-adjusted value. Assuming a single month's data defines a long-term trend is risky in a volatile market. Ignoring inventory levels and the sales-to-new-listings ratio means missing key context about buyer and seller leverage.
Another mistake is not recognizing the difference between month-over-month and year-over-year comparisons, as prices can be up for the month but down significantly for the year. Treating all housing types as a single market ignores the fact that detached homes, condos, and townhouses follow different price trajectories. Forgetting that the average rent is a separate metric, which was $2,571 in Toronto for August 2026, can confuse investment analysis. Assuming that a price decline automatically means a buyer's market overlooks the role of inventory, as a market can have lower prices but also very low supply. Not considering the impact of government policies like the Fair Housing Plan or the mortgage stress test can lead to a misunderstanding of what drives price changes. Finally, extrapolating short-term trends too far into the future is a common error, as the market is influenced by many unpredictable economic factors.
Rental Market Context and Affordability
The rental market provides important context for the overall housing landscape in Toronto. The average rent in Toronto was $2,571 in August 2026 and decreased by 1.80% year over year. The average rent for a one-bedroom apartment was $2,221 for August 2026, down 3.01% year over year. The average rent for a two-bedroom apartment was $2,939, which increased by 0.65% year over year. Toronto ranked fourth among Canadian cities for total average rent in August 2026, behind North Vancouver, Vancouver, and Oakville. These rental figures are relevant for potential buyers weighing the cost of owning versus renting. High rental costs can pressure some households to consider purchasing, while declining rents may reduce that urgency. The rental market's performance is another indicator of housing demand and overall economic conditions in the city.
Frequently asked questions
What is the average home price in Toronto right now?
As of September 2026, the average home price in the City of Toronto was $1,034,320. For the broader Greater Toronto Area in the same month, the average price was $1,006,409. These figures represent a monthly increase but remain lower than prices from a year earlier. The average selling price in Toronto for August 2026 was $925,900.
How much has the Toronto average home price changed over the past year?
The average residential sale price in the Greater Toronto Area decreased by 5.1% between 2025 and 2026, falling from $1,088,166 to $1,032,207. On a year-over-year basis for September 2026, the GTA average price was 5.1% lower than in September 2025. The City of Toronto average price was about 5.1% lower compared to September 2025. The median price in the city was down roughly 4.7% year-over-year.
What is the difference between average price and median price in Toronto?
The average price is the total sales volume divided by the number of sales, which can be influenced by extremely high-value transactions. The median price is the middle point where half of homes sold for more and half for less. In September 2026, the City of Toronto average was $1,034,320 while the median was $810,000, showing the average is often higher due to a skewed distribution. The GTA average was $1,006,409 with a median of $860,000 for the same month.
Is Toronto a buyer's or seller's market?
Market conditions shifted through 2026. In August, the sales-to-new-listings ratio of 41.9% indicated a balanced market. By September, the ratio fell to 30.5% in the GTA, moving into buyer-leaning territory as new listings surged faster than sales. The Toronto Regional Real Estate Board noted buyers retained negotiating leverage with homes selling for an average of 98% of the listing price. Simple months of supply rose to 5.2 in September, which is in the buyer-leaning range.
What is the average price of a condo in Toronto?
The average selling price of a condo in Toronto was $531,200 for the month of August 2026. This price represented a decrease of 0.75 percent compared to the previous month. On a year over year basis, the price of a condo in Toronto decreased by 7.07 percent. Separately, the median sale price for condominium apartment units was $530,000 in the third quarter of 2026, which was down 7 percent from a year earlier.
What are the predictions for Toronto home prices in 2026?
Average 2026 sale prices for the Greater Toronto Area are expected to decline by approximately 5.5% compared with 2025 levels. The number of sales is projected to decline by approximately 0.5%. Higher inflation, interest rates, and economic uncertainty are expected to continue influencing the market into 2027. The Greater Toronto Area remains a buyer's market, with affordability relative to incomes being the biggest factor preventing more first-time buyers from entering.
Sources and further reading
- Toronto Housing Market: Oct. 6th, 2026 Update wowa.ca
- Toronto Median Price | CREA Statistics creastats.crea.ca
- Toronto Housing Market | 2026 Home Prices nesto.ca
- Toronto Real Estate Prices Housing Report (1967 to 2026) precondo.ca
- Toronto Housing Market Outlook (Fall 2026) blog.remax.ca
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