August followed the same pattern as July, a little more strongly. Fewer people bought than a year ago, but far fewer people listed. When the supply of homes falls faster than demand, buyers have less to choose from, and that usually shows up in prices a few months later.
Listings fell almost seven times faster than sales
GTA REALTORS® reported 5,057 sales through TRREB's MLS® System in August 2026, down 2.1 per cent from August 2025. New listings dropped much further: 12,075 homes came to market, down 14.1 per cent. That is the second month in a row where new supply fell far faster than sales (July's gap was −0.9% against −17.8%).
On a seasonally adjusted basis, TRREB reported that sales were down slightly from July while new listings were up. So the tightening is gradual rather than sudden. Buyers still have plenty of choice, just less than they had a year ago.
"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."— Daniel Steinfeld, TRREB President
Prices: lower than last year, flat since July
The average selling price was $993,410, down 2.7 per cent from a year earlier and back under the $1 million mark (July's average was $1,003,956). The median was $850,000. The average moves with whichever homes happened to sell, so the better guide is the MLS® Home Price Index Composite benchmark, which prices a typical home the same way every month. It was down 4.5 per cent year over year, and TRREB described it as essentially flat compared with July on a seasonally adjusted basis. The seasonally adjusted average price edged up.
Put simply, prices are still below last year, but the monthly decline has paused. Two flat months don't make a turn, but it's the first time in a while that the numbers have pointed that way.
"Ownership housing in the GTA has remained relatively affordable over the past year, with average prices dipping and mortgage rates remaining somewhat flat."— Jason Mercer, TRREB Chief Information Officer
What sold, and for how much
Detached homes made up 47.4 per cent of August sales and condo apartments 26.3 per cent. Average prices across the TRREB area:
The gap between the city and the suburbs is widest for condos. A condo apartment averaged about $651,600 in the City of Toronto, against roughly $549,900 in the 905 regions around it.
What it means for you this fall
If you're a buyer, you are shopping at prices still below last year's, with borrowing costs that have been steady for months. The trade-off TRREB describes is real: waiting for more certainty may mean competing for fewer homes if listings stay this thin through the fall.
If you're a seller, fewer listings means less competition for your home. But a flat benchmark doesn't mean buyers will pay last year's prices. The homes selling quickly are priced to this month's comparables, not to what the house down the street got in 2024.
These are GTA-wide averages. They can't tell you what a specific street or house type is doing, and that's the number that decides whether a particular listing is priced right. For a closer look at the regions, see our August snapshots for Durham, Peel and Halton.
"A more balanced resale market is a positive development, but it does not address Ontario's ongoing housing supply and affordability challenges."— John DiMichele, TRREB CEO
Figures are aggregate market statistics from TRREB's August 2026 Market Watch and news release (3 September 2026) and the TRREB/Altus MLS® Home Price Index, covering all home types in the TRREB market area. This article is general market information, not financial, mortgage or investment advice. Please consult a licensed professional about your situation.