Market updates

Toronto real estate market update: fall 2026

GTA home prices are about 5% lower than a year ago and roughly 30% below the 2022 peak, with more choice for buyers than in years. September’s numbers, condos, rents and rates, and what they mean if you plan to buy, sell or invest.

Published October 14, 2026

In short

GTA home sales fell 9% from a year earlier in September 2026, and the benchmark price is down 4.7%, at $917,600.
The benchmark is roughly 30% below its early-2022 peak, and buyers have about 4.6 months of inventory to choose from.
New condo sales are at multi-decade lows and asking rents are still slipping, while the Bank of Canada has held its rate at 2.25% all year.

The Toronto Regional Real Estate Board (TRREB) released its September 2026 figures on October 6. Here is what they show, along with condo, rent and interest rate data from the same period, and what it means if you plan to buy, sell or invest this fall.

September 2026 at a glance

Greater Toronto Area	September 2026	Change from a year earlier
Home sales	5,040	−9.0%
New listings	16,500	−14.4%
Active listings	26,131	−9.3%
Average selling price	$1,006,409	−5.1%
MLS® HPI composite benchmark	$917,600	−4.7%
Months of inventory (trend)	4.6
Average days on market	34

Homes sold, on average, for 98% of their list price. In its release, TRREB’s chief information officer pointed to “substantial pent-up demand in the GTA” that is waiting for more confidence about jobs and borrowing costs.

Where prices stand

The composite benchmark price is roughly 30% below its early-2022 peak, and the average selling price is about a quarter below the February 2022 record of $1,334,544. Year to date, the average price is $1,025,266, down 4.9% from the first nine months of 2025, on sales that are almost flat at 47,115 (down 1.3%). New listings are down 15%, which is keeping supply from building further.

TRREB’s forecast for 2026 called for 60,000 to 70,000 sales and an average price of $1.0 million to $1.03 million. With three months left, the market is tracking toward the low end of that range on sales and inside it on price.

By type of home

GTA, September 2026	Sales	Average price	Price change
Detached	2,399	$1,292,016	−5.1%
Semi-detached	459	$1,015,202	−0.2%
Townhouse	803	$820,637	−4.6%
Condo apartment	1,316	$605,257	−7.7%

Semi-detached homes have held their value best, while condo apartments continue to lead the decline. In the City of Toronto, the average detached home sold for $1,562,966 (down 7.6%) and the average condo apartment for $640,248 (down 6.1%). Condo prices in the surrounding regions fell faster, down 12.0%.

Condos: a historic slowdown in new sales

The new condo market is where the correction is deepest. Urbanation reported only 246 new condo sales across the Greater Toronto and Hamilton Area in the first quarter of 2026, about 94% below the ten-year average for a first quarter, and no new projects launched at all. A record 4,295 completed units were unsold, and more than 11,400 planned units have been cancelled since the start of 2024, many of them converted to purpose-built rentals.

On the resale side, the City of Toronto had 5,329 condo apartments listed against 884 sales in September, roughly six months of supply. That gives buyers time and room to negotiate.

Rents are still easing

The average asking rent in Toronto was $2,554 in September 2026, down 1.4% from a year earlier and the lowest September in five years, according to Rentals.ca and Urbanation. Urbanation attributes the correction mainly to new supply. For investors, it means today’s rents, not 2022’s, belong in any cash-flow model.

Interest rates

The Bank of Canada has held its policy rate at 2.25% at every decision in 2026, most recently on September 2. Its next announcement is on October 28. In mid-October, the lowest advertised five-year fixed rates for insured mortgages were around 4.3% and variable rates around 3.4%. Borrowers still have to qualify at the higher of 5.25% or their contract rate plus two percentage points.

Want the numbers for your street? Ask for a home evaluation or start your home search. A broker will call you back within 3 hours, guaranteed.

What this means for you

If you are buying

You have more choice and more time than at any point in recent years. Price, closing dates and conditions are all negotiable again, especially for condos. Get pre-approved so you can act quickly when the right home appears.

If you are selling

Price to recent comparable sales, not to last year’s list prices. Homes that are well presented and correctly priced are still selling, on average within about five weeks and close to their asking price.

If you are investing

Buy on today’s rents and today’s rates, and favour properties whose supply is structurally limited, such as ground-related homes and buildings that can add units. Our look at whether now is a good time to invest sets out the case and the risks.

Figures are as published by the sources below and may be revised. This is general market information, not financial advice.