After 5 years, Toronto home prices fall under $1M! What changed?

Описание: GTA real estate market update for January 2026 is in, and the numbers are telling a new story. Average home prices across the Greater Toronto Area have fallen below one million dollars for the first time since 2021. #torontorealestate

Average home prices across the Greater Toronto Area came in at $973,289, down 6.5% from last year. That officially puts prices below the one-million-dollar mark for the first time since January 2021.

Sales activity slowed, with 3,082 homes sold in January, a 19.3% drop year over year. At the same time, active listings climbed to nearly 18,000 homes, up just over 8%. More inventory plus fewer sales means buyers are gaining leverage, especially in the condo market.

Looking at property types, detached homes averaged about $1.28 million, down 7.4%, while condos saw the biggest adjustment, averaging around $605,000, nearly a 10% decline from last year.

Looking ahead, market conditions are expected to stay soft in the first half of 2026. Stabilization could happen later in the year if confidence improves, and TRREB is forecasting average prices for 2026 to land between one million and $1.03 million.

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