People look out across Lake Ontario and the Toronto Skyline from the Toronto Harbour in Toronto on Tuesday, Aug. 25, 2026. THE CANADIAN PRESS/Keito Newman – The Canadian Press TORONTO – Home sales in the Greater Toronto Area saw a drop in August compared to last year, with prices also continuing to decline. The Toronto Regional Real Estate Board reports that 5,057 homes were sold last month, which is down 2.1 per cent year-over-year. Additionally, sales fell by 1.3 per cent from July when adjusted for seasonality. The average selling price was $993,410, reflecting a decrease of 2.7 per cent from a year ago, while the composite benchmark price, intended to represent the typical home value, dropped by 4.5 per cent. This marks the second instance this year where the average selling price has fallen below $1 million; January was the first time this occurred in five years. A total of 12,075 new listings came onto the market in August, which is down by 14.1 per cent from last year. TRREB president Daniel Steinfeld notes that if inventory tightens and home prices begin to rise again, some buyers might find themselves deciding between waiting for more economic stability or buying before prices increase further. This report by The Canadian Press was first Sept. 3, 2026. Sammy Hudes, The Canadian Press
Source link
