GTA housing market at a glance, August 2026:
| Metric | August 2026 | Year-over-year |
|---|---|---|
| Home sales | 5,057 | down 2.1% |
| Average selling price | $993,410 | down 2.7% |
| MLS® HPI benchmark price | $925,900 | down 4.46% |
| New listings | 12,075 | down 14.1% |
| Active listings | 24,482 | down 11.3% |
| Average days on market | 35 | up 6.1% |
Source: Toronto Regional Real Estate Board (TRREB) Market Watch, August 2026.
GTA REALTORS® reported 5,057 home sales in August, down 2.1 per cent from a year ago. The average selling price came in at $993,410, down 2.7 per cent. That headline is true, but it is not the steadiest read on the market, since an average moves with whatever mix of homes happened to sell that month. A condo-heavy month pulls the average down without any individual home losing that much value.
The steadier number is the MLS® HPI benchmark, which compares like-for-like homes rather than whatever sold. GTA-wide, the composite benchmark is down 4.46 per cent year over year. Detached homes are down 4.50 per cent, and apartments are down 7.08 per cent, the steepest pullback of any home type. If you already own, the benchmark for your community and property type is the figure that actually reflects what your home is doing, not the average.
Supply is the other part of the story. New listings fell 14.1 per cent to 12,075, and active listings dropped 11.3 per cent to 24,482, both faster than sales pulled back. The sales-to-new-listings ratio sits at 37.5 per cent, with 4.6 months of inventory GTA-wide, still balanced territory but tightening. Homes sold at an average of 97 per cent of asking, taking 35 days on market. TRREB President Daniel Steinfeld noted that tightening inventory could bring renewed price growth, while improving conditions could also draw more sellers back into the market.
If you are staying put
Your home is worth less on paper than it was a year ago, and there is no useful way to dress that up. The GTA benchmark is down 4.46 per cent, with detached homes down 4.50 per cent and apartments down 7.08 per cent. If you are not moving, that is a number on a page rather than a number in your pocket, and whatever you would buy next has repriced too.
If you are moving down
Both sides of a downsizing move repriced together. Using this month's actual benchmark levels, selling a detached home to buy a condo today nets roughly $678,400, about $16,600 less than the same move would have netted a year ago. That is a shift of roughly 2 per cent on a decision most people put off for years. If moving down was already the plan, this market has not meaningfully changed the arithmetic. The one caution is on the sell side: price to what is happening now, not to what a neighbour got in the spring.
If you are buying your first home
Prices eased across every home type this month, and mortgage rates held essentially flat (5-year posted at 6.09 per cent). Affordability improved on both sides at once rather than trading one problem for another. The trade-off is choice, since new listings fell 14.1 per cent and there is less to compare before deciding.
None of this points to a dramatic swing. It points to a market where the headline number and the real number have quietly started saying different things.
Frequently Asked Questions
Is the GTA a buyer's or seller's market right now (August 2026)? Neither. At 4.6 months of inventory and a 37.5 per cent sales-to-new-listings ratio, the GTA remains in balanced market territory. It is tightening, since listings are falling faster than sales, but it has not crossed into seller's market conditions yet.
What is the difference between average price and the MLS® HPI benchmark price? Average price is the simple average of everything that sold in a month, so it shifts with the mix of homes sold. The MLS® HPI benchmark tracks a fixed, typical home over time, making it the more reliable measure of whether home values are actually rising or falling.
Are GTA home prices going up or down in 2026? As of August 2026, GTA home prices are down year over year on both measures: the average selling price fell 2.7 per cent and the MLS® HPI benchmark fell 4.46 per cent. Apartment values fell the most, down 7.08 per cent on the benchmark.
Ali Khalil is a registered Real Estate Salesperson with Royal LePage Terrequity Realty Brokerage, independently owned and operated. Data source: Toronto Regional Real Estate Board (TRREB) Market Watch, August 2026. Market conditions vary by neighbourhood and property type; this is general information and not a valuation of any specific property.
