GTA home prices remain down more than 30 percent from 2022 peak
Average selling prices in Oshawa and Brampton are still down more than 34 percent from their peaks five years ago.
TORONTO · Home prices in several Greater Toronto Area communities remain more than 30 percent below their peak from early 2022, according to a new market report. The Toronto Region Real Estate Board said average selling prices in some markets have not recovered nearly five years after a period of extreme volatility. The board's October Market Watch report shows Oshawa and Brampton have seen the steepest declines from their February 2022 highs. Oshawa's average selling price in October was $698,078, a drop of 36.52 percent from $1,099,735 in February 2022. Brampton's average price fell 34.94 percent to $875,916 from $1,346,278 over the same period. TRREB president Daniel Steinfield said uncertainty around inflation, borrowing costs and the economy kept many buyers on the sidelines last month.
"Uncertainty around inflation, borrowing costs and the economy kept many GTA home buyers on the sidelines in October," Steinfield said. He noted that while monthly mortgage payments for an average priced home have edged up compared to a year ago, they are still much more affordable than they were two and three years ago. Other Durham Region communities also feature significant declines. Whitby's average price is down 33.56 percent to $908,312 from $1,367,026. Ajax prices fell 31.95 percent to $871,313 from $1,273,349, and Pickering dropped 28.99 percent to $911,108 from $1,283,045. Milton, Burlington and Mississauga also experienced large drops, with average selling prices in Mississauga and Milton still under $1 million.
The board reported 5,603 home sales through its MLS system in October 2026, down 7.9 percent from October 2025. New listings were down almost 12 percent year-over-year. The average selling price across the GTA was $1,024,108, a decrease of 2.7 percent. Your Space Hamilton reported earlier this month on the October price and sales decline.
Steinfield suggested external factors could influence the market's direction. "If a Canada-U.S. trade deal is reached, GTA residents could gain a clearer picture of the economic outlook," he said. "Combined with a resolution to the conflict in the Middle East, this could help ease concerns about inflation and economic uncertainty, strengthen consumer confidence and renew interest in homeownership as we move into 2027." TRREB CEO John DiMichele emphasized the need for long-term planning despite short-term market swings. "While we continue to experience shorter-term volatility in the ownership housing market, we can’t lose track of the fact that the permanent population will continue to grow in our region," DiMichele said. He added that policy announcements, including HST rebates and development charge reductions, should help bring a greater diversity of ownership and rental supply online in the medium-term to ensure new families are properly and affordably housed.