GTA house sales down by 2.1% in August: Average price below $1M
· Toronto Sun
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The number of GTA homes available for sale last month was 12,075, with listings down 14.1% compared to the same time last year, says the Toronto Regional Real Estate Board (TRREB).
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Home sales of 5,057 also edged lower by 2.1% year over year, as the number of transactions was arguably limited by less choice in some neighbourhoods.
But TRREB says less choice and more competition between buyers could ultimately result in renewed price growth in the months ahead.
On a seasonally adjusted basis, August 2026 home sales in the GTA were down slightly month-over-month by 1.3% compared to July 2026 , while new listings were up.
Trade-off between better economy or buying before prices increase could occur
“If inventory tightens and home prices begin to rise, some buyers may face a trade-off between waiting for greater economic certainty and purchasing before prices move higher,” said TRREB President Daniel Steinfeld in a statement.
“At the same time, improving market conditions for sellers could bring more listings to market, providing buyers with additional choice.”
The MLS Home Price Index Composite benchmark, meant to represent the typical home, was down by 4.5% year-over-year in August 2026, while the average selling price, at $993,410, was down by 2.7%.
On a month-over-month seasonally adjusted basis, MLS HPI Composite was essentially flat compared to July 2026 and the average selling price edged up over the previous month.
“Ownership housing in the GTA has remained relatively affordable over the past year, with average prices dipping and mortgage rates remaining somewhat flat,” said TRREB’s Chief Information Officer Jason Mercer in a statement.
“Recent news on the overall economy and job creation has been positive. The main hold-back for many households has been concerns around trade with the United States and the potential for higher inflation and borrowing costs in the future.”
Ultimately, TRREB says an affordable housing supply remains an issue in Ontario.
“A more balanced resale market is a positive development, but it does not address Ontario’s ongoing housing supply and affordability challenges,” said TRREB CEO John DiMichele in a statement.
“Governments should take advantage of this opportunity to eliminate barriers to attainable housing, including restrictive zoning policies, high taxes and development charges, and lengthy approval processes. Municipalities, in particular, play a significant role in determining how much housing is built, how quickly projects move forward, and the overall cost of delivering homes.”