Toronto-area average home price falls below $1 million for first time since 2021

Toronto-area average selling price fell to $973,289 in January, below $1 million for the first time since 2021, and sales volumes were lower year‑over‑year.

Housing activity in Canada’s largest markets weakened in January, and regional real estate boards say the first half of 2026 is likely to remain subdued. The average selling price in the Greater Toronto Area fell below $1 million to $973,289, a 6.5 per cent drop from January 2025. Greater Vancouver also recorded lower prices and fewer transactions in January. Analysts and board officials pointed to low buyer confidence and economic concerns as factors behind the slowdown. Key figures: - GTA average selling price: $973,289 in January, down 6.5% year‑over‑year. - GTA detached home average: $1,277,915, down 7.4% year‑over‑year. - GTA sales volume: 3,082 transactions in January, down 19% year‑over‑year. - Metro Vancouver home price index: about $1.1 million, down 5.7% year‑over‑year, with residential sales at 1,107 in January (down 28%). Summary: Real estate boards expect weak activity through the first half of 2026, and official forecasts for annual prices differ. Whether buyer activity will return in 2026 is undetermined at this time.