Toronto home sales and prices fall in October as economic uncertainty persists
The average selling price in the GTA was $1,024,108, down 2.7 percent from October 2025.
TORONTO · Home sales in the Greater Toronto Area fell in October compared to a year ago as economic uncertainty kept many potential buyers on the sidelines. The Toronto Regional Real Estate Board said 5,603 homes changed hands last month, down 7.9 percent year over year. The average selling price was $1,024,108, down 2.7 percent from October 2025, while the composite benchmark price fell 4.3 percent. Sales activity, however, rose 1.2 percent from September on a seasonally adjusted basis, marking the first monthly increase after two straight months of declines.
New listings on the market in October totalled 14,173, down 11.9 percent from last year. Active listings fell 10 percent from October 2025, with total inventory across the GTA standing at 25,098 homes for sale. TRREB president Daniel Steinfeld said residents are closely watching Canada-U.S. trade negotiations and conflict in the Middle East, hoping for developments that could ease concerns about inflation and economic uncertainty before making a move in the home ownership market. “If a Canada-U.S. trade deal is reached, GTA residents could gain a clearer picture of the economic outlook,” Steinfeld said in a news release. “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 home ownership as we move into 2027.”
Within the City of Toronto, there were 2,184 sales last month, down 6.3 percent from October 2025. Across the rest of the GTA, home sales decreased 8.9 percent to 3,419. All housing types saw lower sales year over year, led by an 11 percent decline in townhouse sales, followed by a 10.4 percent decrease in condo sales. Semi-detached house sales fell 8.1 percent, while the detached market saw a 4.4 percent drop. TRREB chief information officer Jason Mercer said lower selling prices have helped offset the impact of higher borrowing costs. “GTA homebuyers continued to benefit from substantial negotiating power on price over the past year,” Mercer said. “While borrowing costs have increased on the back of higher inflation, the impact on monthly mortgage payments has been mitigated by lower selling prices, helping keep affordability in check.”
The board's home price index, after seasonal adjustment, was up 0.1 percent month over month to $928,800. On a year-over-year basis, the home price index was down 4.3 percent. The Bank of Canada raised its benchmark interest rate by a quarter of a percentage point to 2.50 percent last week, its first hike in three years, to prevent soaring energy costs from driving broader inflation. The national housing market has also been cooling, as Your Space Hamilton reported in October that home sales and prices fell in September as buyers faced higher mortgage rates.
With files from The Canadian Press, Canadian Mortgage Trends and CityNews