Greater Toronto average home price falls below $1-million

The Toronto Regional Real Estate Board reported January sales in the Greater Toronto Area fell 19.3% year-over-year to 3,082, and the average selling price dropped 6.5% to $973,289, falling below $1 million for the first time since January 2021.

The Toronto Regional Real Estate Board reported weaker sales and lower prices in January and said the trend is likely to continue into the first half of 2026. The board noted a drop in sales and a decline in the average selling price to below $1 million, a level not seen since January 2021. TRREB said elevated supply is contributing to downward pressure on prices. The board also cited consumer confidence as a factor that could affect market conditions later in the year. Key figures: - January sales fell 19.3% from a year earlier to 3,082. - The average selling price was $973,289, down 6.5% and below $1 million for the first time since January 2021. - Active listings rose 8.1% to 17,975 and average days on market increased to 45 (up 21.6%). - TRREB forecast a 2026 average price range of $1 million to $1.03 million and said elevated supply could weigh on prices in the first half of the year. Summary: The board said softer demand and higher supply are likely to keep downward pressure on average selling prices through the first half of 2026. It added that greater economic clarity and improved consumer confidence could support stabilization later in the year. Undetermined at this time.