Greater Toronto Area in July 2026
The GTA recorded 5,057 home sales in August 2026 — down 2.1% year-over-year, with the decline driven more by thin inventory than weak demand. New listings fell 14.1% to 12,075, outpacing the drop in sales and tightening choice in several neighbourhoods. With 4.6 months of supply and a sales-to-new-listings ratio of 37.5%, the market is closer to balanced than the headline sales figure suggests. The average selling price was $993,410, down 2.7% year-over-year, and the MLS® HPI composite benchmark fell 4.5%.
TRREB president Daniel Steinfeld noted that "buyers may find there is less room to negotiate moving forward" as tightening supply shifts negotiating leverage incrementally toward sellers, even as benchmark prices remain 4.6% below last year.
Average Sold Prices — July 2026
Detached homes remain well above the $1M mark at $1.29M average, while condo apartments at $636K are the most accessible GTA entry point. Semi-detached posted the steepest year-over-year price decline. Median detached sold price was $1,102,000. All figures from TRREB Market Watch, August 2026.
| Property Type | Avg. Price | Median Price | Avg Price YoY | Sales | Sales YoY |
|---|---|---|---|---|---|
| Detached | $1,291,690 | $1,102,000 | ▼ 5.9% | 2,789 | ▼ 5.2% |
| Semi-Detached | $964,922 | — | ▼ 5.9% | 557 | ▼ 7.4% |
| Freehold Townhouse | $903,986 | — | ▼ 3.9% | 567 | ▼ 4.9% |
| Condo Apartment | $636,323 | — | ▼ 2.3% | 1,564 | ▼ 2.3% |
| Condo Townhouse | $704,367 | — | ▼ 5.3% | 436 | ▼ 3.3% |
Source: Toronto Regional Real Estate Board (TRREB), August 2026 Market Watch.
Supply and Demand Breakdown
The most striking supply-side signal is the 17.8% drop in new listings — the steepest decline in recent months. Sellers are pulling back, possibly waiting for rates to fall further or prices to recover before listing. Active listings are down 10.2% year-over-year (to 26,098 from 29,070), and with inventory shrinking faster than demand, the SNLR trend sits at 37.1% — just below the balanced threshold. Homes are selling at 97% of asking price with an average of 32 days on market.
What's Driving the GTA Market
Interest rates: BoC held at 2.25% through August 2026 with 5-year fixed rates near 4.29–4.69%. GDP contracted 0.1% in Q1 2026, Toronto unemployment reached 7.2% in June, and CPI inflation was 2.8% — economic headwinds that have dampened buyer urgency despite relatively stable rates.
New listings pullback: The 17.8% year-over-year decline in new listings is the defining dynamic of July. Active inventory fell 10.2% to 26,098 — fewer sellers means less choice for buyers, but also less downward pressure on prices. Watch this metric — a sustained listing pullback into fall typically precedes a price floor.
Condo entry point: With the average condo apartment at $636K and median GTA price at $850,000, the condo market remains the primary first-rung entry point for GTA buyers. Condo sales (1,564) are the second-largest segment by volume after detached (2,789).
City vs. suburbs: City of Toronto (416) posted 2,242 sales in July, with an average price of $1,010,836 and median of $800,000. The 416 is showing relative resilience versus the broader 905, with return-to-office pressures and commute fatigue drawing buyers back to the core.
Toronto Rents — July 2026
Toronto was the standout rental market in July 2026 — average asking rents for apartments and condos hit $2,577/month, posting a 1.6% month-over-month gain (the largest among Canada's six largest markets) while recording only a 0.6% year-over-year decline — the smallest annual drop nationally. One-bedroom units were listed at a median of $2,150/month and two-bedrooms at $2,600/month.
Source: Rentals.ca August 2026 National Rent Report. View full Canadian rent report →