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Toronto Housing Market Report
- The Greater Toronto Area's benchmark home price for September 2026 was $917,600, down 4.7% year-over-year (YoY) and down 0.9% month-over-month (MoM).
- The average home sold price in the GTA decreased 5.1% year-over-year to $1,006,409 for September 2026.
- Detached home average price decreased by 4.9% year-over-year to $1.29M.
- Semi-detached home average price remained unchanged year-over-year at $1.02M.
- Freehold townhouse average price decreased by 4.2% year-over-year to $908k.
- Condo apartment average price decreased by 7.6% year-over-year to $605k.
Greater Toronto Area (GTA) Housing Market Overview
GTA Housing Market: Price Movements for September 2026
| September 2026 | 1-Month Change | 1-Year Change | |
|---|---|---|---|
Benchmark Home Price | $917,600 | -0.9% | -4.7% |
Average Home Price | $1,006,409 | +1.3% | -5.1% |
Median Home Price | $860,000 | +1.2% | -5.4% |
Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.
Current Market Conditions
MARKET BALANCE
Buyer's Market
MONTHS OF SUPPLY
5.2 months
SALES-TO-NEW-LISTINGS RATIO (SNLR)
30.5%
ACTIVE LISTINGS
26,131
Between three and five months of supply generally indicates balanced conditions. The sales-to-new-listings ratio and months of supply shown here are calculations from the reported monthly totals.
September 2026 did not deliver the typical fall rebound in demand. GTA sales totalled 5,040, virtually unchanged from August 2026 (-0.3%) and down 9.0% from September 2025. New listings jumped to 16,500, up 36.6% from August 2026 as sellers returned after the summer lull, but remained 14.4% below a year earlier. Active listings rose 6.7% month-over-month to 26,131 and were 9.3% lower year-over-year.
Because listings rebounded much faster than sales, the GTA's raw sales-to-new-listings ratio fell to 30.5% from 41.9% in August 2026, while simple months of supply rose from 4.8 to 5.2. That moved September 2026 into buyer-leaning territory on the unrevised monthly totals and reversed much of August 2026's supply-led tightening.
Seasonal adjustment tells a slightly different story but reaches a similar conclusion on demand. The Toronto Regional Real Estate Board (TRREB) reported that both sales and new listings declined month-over-month after seasonal adjustment. The large jump in listings therefore partly reflects the normal fall listing cycle; importantly, there was still no corresponding seasonally adjusted surge in buyers.
The headline average price moved back above $1 million in September 2026, rising 1.3% from August 2026 to $1,006,409. It was still 5.1% below September 2025. The median price rose 1.2% month-over-month to $860,000 but remained about 5.4% lower year-over-year.
The benchmark price moved the other way, falling 0.9% from August 2026 to $917,600 and 4.7% year-over-year. 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 September price rebound.
Buyers retained negotiating leverage. Homes sold for an average of 98% of the listing price, average listing days on market rose to 34 from 33 in September 2025, and average property days on market held at 51. More listings arrived in September 2026 without a matching increase in sales, leaving buyers with more choice than they had in August 2026.
The demand backdrop remains cautious. TRREB described homebuyers as being in a "holding pattern" as uncertainty around the economy, employment, inflation and borrowing costs continued to weigh on purchase decisions.
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City of Toronto
The City of Toronto's average price rose 5.6% from August 2026 to $1,034,320, while the median increased 5.2% to $810,000. The benchmark price, however, fell 1.1% month-over-month to $908,200 and was 4.0% below a year earlier. Compared with September 2025, the average price was about 5.1% lower, and the median was down roughly 4.7%.
City of Toronto home sales reached 1,937, up 9.6% from August 2026 but about 6.1% below September 2025. New listings surged to 6,521, up 55.3% month-over-month, while active listings increased 13.0% to 9,865. Relative to September 2025, new listings were about 9.2% lower and active listings about 7.4% lower.
Sellers therefore returned much faster than buyers in the city. The raw sales-to-new-listings ratio dropped to 29.7% from 42.1% in August 2026, and simple months of supply rose to about 5.1. Homes sold for an average of 99% of the listing price, with 33 listing days and 45 property days on market. Toronto became more buyer-friendly in September 2026 despite having less inventory than a year ago.
The city's price split is important: the average price jumped 5.6% in one month while the benchmark fell 1.1%. That is a strong sign that September 2026's average-price increase was driven by the mix of transactions, including a greater share of higher-priced sales, rather than typical Toronto homes suddenly appreciating by more than five per cent.
Property Types
September 2026 was mixed rather than uniformly soft across property types. Detached sales were unchanged from August 2026, and their average price was almost flat. Semi-detached average prices jumped on a small monthly shift, while condo apartment prices declined again. Year-over-year price declines remained widespread, with condo apartments showing the deepest decline among the major TRREB categories.
| Property Type | Average Price | Price MoM | Price YoY | Sales | Sales MoM | Sales YoY |
|---|---|---|---|---|---|---|
| Detached | $1,292,016 | +0.3% | -4.9% | 2,399 | +0.0% | -9.8% |
| Semi-detached | $1,015,202 | +9.0% | -0.0% | 459 | +4.6% | -9.3% |
| Freehold townhome | $907,849 | +2.9% | -4.2% | 448 | +2.5% | -13.3% |
| Condo apartment | $605,257 | -2.0% | -7.6% | 1,316 | -1.1% | -8.4% |
| Condo townhome | $710,579 | +4.3% | -5.0% | 355 | -10.1% | -13.0% |
Detached homes: The average price was $1,292,016, up just 0.3% from August 2026 but down 4.9% year-over-year. Sales were unchanged month-over-month at 2,399 and were 9.8% lower than September 2025. Detached activity therefore did not show the usual fall acceleration, even though monthly pricing was comparatively stable.
Semi-detached homes: The average price rose to $1,015,202, up 9.0% from August 2026 but unchanged from a year earlier. Sales increased 4.6% month-over-month to 459 and were 9.3% lower year-over-year. The sharp monthly price move is likely influenced by the mix of homes sold rather than a market-wide nine per cent monthly jump in values.
Freehold townhomes: The average price increased 2.9% from August 2026 to $907,849 but remained about 4.2% below September 2025. Sales rose 2.5% month-over-month to 448 and were roughly 13.3% lower year-over-year. This segment saw a modest September bounce, but annual demand remained weak.
Condo apartments: The average price fell 2.0% from August 2026 to $605,257 and was 7.6% lower year-over-year. Sales slipped 1.1% month-over-month to 1,316 and were 8.4% below September 2025. Condo apartments recorded the largest annual average-price decline among the major TRREB home types, keeping buyers in a comparatively strong negotiating position.
Condo townhomes: The average price rose 4.3% from August 2026 to $710,579 but remained about 5.0% below September 2025. Sales fell 10.1% month-over-month to 355 and were about 13.0% lower year-over-year. Rising average prices alongside falling sales again points to transaction mix rather than a clean improvement in demand.
Overall, September 2026 reinforced the importance of looking beyond the headline average price. Several categories posted higher monthly averages even as annual prices remained lower and transaction volumes stayed weak. The benchmark and property-type data together suggest that price discovery is continuing rather than a broad fall-market recovery taking hold.
Looking Forward
For sellers: September 2026 brought much more listing competition than August 2026. New listings jumped 36.6% month-over-month and active listings rose 6.7%, while sales were essentially flat. Sellers who need to transact are competing with more alternatives, so realistic pricing remains critical even though total inventory is still below last year.
For buyers: Selection improved to 26,131 active listings. On the raw monthly totals, the GTA had about 5.2 months of supply and a 30.5% sales-to-new-listings ratio, giving buyers more room to compare and negotiate than in August 2026. The large September 2026 listing increase is seasonal, so local competition still matters.
What to watch next: October will test whether September 2026 was simply the normal fall listing reset or the return of latent inventory from sellers who waited through the summer. If listings remain elevated while sales fail to respond, benchmark prices could face further pressure. If sellers withdraw again, active inventory could tighten quickly without any true demand recovery.
Demand backdrop: Economic and employment confidence, inflation and borrowing costs remain the main constraints on a stronger recovery. TRREB described many would-be purchasers as waiting for greater certainty before committing, which helps explain why the fall increase in available homes did not produce a comparable rise in sales.
September 2026 did not confirm a fall-market rebound. The average GTA price moved back above $1 million, but the benchmark fell again, sales were down 9.0% year-over-year, and the raw market balance loosened as listings returned faster than buyers. The clearest signal remains the benchmark: typical home values are still below last year and have not yet established a sustained upward trend.
Home Prices in Toronto
Greater Toronto Area Housing Market Statistics for All Property Types
Average Sold Price and MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Market Overview for Detached Homes
Average Sold Price
Transactions
Market Overview for Semi-Detached Homes
Average Sold Price
Transactions
Market Overview for Freehold Townhouses
Average Sold Price
Transactions
Market Overview for Condo Apartments
Average Sold Price
Transactions
Glossary and Definitions
MLS® Home Price Index (HPI): Developed by the Canadian Real Estate Association (CREA), the MLS® HPI is the most advanced tool for tracking price trends in the Canadian housing market. Rather than using simple average prices, which can be skewed by the mix of homes sold in a given month, the HPI tracks the value of a "Benchmark Home"—a property with typical attributes for its specific neighborhood. This allows for an accurate "apples-to-apples" comparison of home values across different regions and time periods, independent of a property's specific features or seasonal volatility. To ensure the index remains relevant, CREA performs an annual review every May to account for evolving market dynamics.
MLS® HPI Benchmark Price: This is the dollar value assigned to a "typical" home in a specific neighborhood. While the HPI itself is an index number used to track trends, the Benchmark Price translates that data into a real-world dollar figure, representing what a standard home with average features (like square footage, rooms, and lot size) would likely sell for in today's market.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owners of the buildings have leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
Disclaimer:
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- The calculators and content on this page are for general information only. WOWA® does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.