Toronto home prices are still slipping, but sellers are pulling back faster
Toronto home prices fell again in October. The benchmark price and the median sale price were both lower than a year earlier for detached houses, townhouses and condo apartments. That is the answer to the question most people are searching for.
The more useful number is on the other side of the market. Sellers are pulling back. TRREB reports that new listings across the GTA fell **11.9%** from October 2025, faster than sales, which fell **7.9%**. When fewer homes come to market, buyers lose some of the choice that has been pushing prices down.
What do the October numbers show?
Toronto Regional Real Estate Board (TRREB), Metro Toronto:
It's a balanced market in every property type, but closer to a buyer's market for condos.
Detached houses: 4.4 months of inventory (balanced), down from 4.5 a year ago.
Condo townhouses: 4.6 months of inventory (balanced), up from 4.5.
Condo apartments: 5.8 months of inventory (balanced), up from 5.7.
Detached, condo townhouse and condo apartment sales combined came to 4,503, down 7.8% from 4,882 a year earlier. Condo apartment sales fell 11.1% to 1,385. Condo townhouse sales fell 9.2% to 425. Detached sales fell 5.7% to 2,693. Active listings across the three types fell 8.9% to 21,772.
Prices fell in all three types from October 2025, whether you measure the benchmark or the median sale price:
*YoY: year-over-year change, October 2026 against October 2025. Source: TRREB Market Watch, October 2026 (MLS® HPI benchmark prices and year-over-year changes, median prices) and October 2025 (year-ago medians); median changes calculated by Properti Edge. The townhouse benchmark covers all townhouses; the townhouse median is condo townhouses. General information, not advice.
Benchmark or median: which one should you watch?
Both. The benchmark price tracks a typical home with the same features from month to month, so it is steady and slow to turn. The median is the middle sale price of the homes that actually sold, so it reacts first. In our experience the median often leads the benchmark by a month or two, which makes it an early signal of where the benchmark is heading. In October the median fell a little more than the benchmark for detached houses (4.7% against 4.4%), so the detached benchmark is more likely than not to keep edging lower in the next month or two. By "more likely than not" we mean better than even odds, not a forecast of a specific price.
Across the whole GTA, TRREB reports 5,603 sales (down 7.9%), a composite benchmark of $916,400 (down 4.3%) and a median price of $860,000.
Sources: TRREB Market Watch, October 2026; months of inventory calculated by Properti Edge (active listings divided by sales). TRREB October 2026 market release, November 4th, 2026 .
Are prices still falling?
Yes, but slowly. Over the past three months the detached benchmark fell 2.3% and the condo apartment benchmark fell 2.5%. Both are now about 30% below their peak. On a seasonally adjusted basis TRREB says the composite benchmark edged up from September, so the monthly slide may be levelling off. One month does not make a turn.
Condos remain the weak spot. In Peel Region the condo benchmark is down 9.6% from a year ago, and in Brampton 10.1%. Detached prices held up best in Halton Region (down 1.0%), and Burlington is the one area where the detached benchmark rose (up 4.0%).
Source: Properti Edge analysis of TRREB MLS® HPI benchmark prices, October 2026 (3-month, from-peak and area changes).
Why does it matter that sellers are pulling back?
Prices are set at the margin, by the homes for sale this month and the buyers looking at them. Over the past year buyers had plenty to choose from, and TRREB's chief information officer says they have had substantial negotiating power on price. Fewer new listings take some of that away. If listings keep falling faster than sales, months of inventory drops, and a balanced market leans back towards sellers.
That is a possibility, not the base case. Most October deals were agreed before the Bank of Canada raised its policy rate by 0.25% to 2½% on October 28th, so October's sales do not yet show the effect of higher borrowing costs. November's numbers will.
How does Toronto compare with Vancouver and Calgary?
Sources: TRREB Market Watch, Greater Vancouver REALTORS® and CREB monthly statistics, October 2026; months of inventory and median changes calculated by Properti Edge. Vancouver's months of inventory come from GVR's sales-to-active-listings ratio. GVR publishes median prices by area only, so Vancouver's median is for Vancouver East, which leaves out the luxury houses of Vancouver West and the luxury condos downtown. General information, not advice.
Toronto sits in the middle: balanced in both property types, while Vancouver favours buyers and Calgary detached homes still favour sellers.
What should buyers and sellers take from this?
Buyers: prices are lower than a year ago and you still have room to negotiate, especially on condos. Check what you qualify for at today's rates before you shop, because the rate hike has trimmed budgets.
Sellers: you are competing with fewer new listings than a year ago, which helps. But benchmark prices are still edging down, so price for the market you are in, not the one you remember.
Owners not moving: a lower benchmark only matters on the day you sell or renew against your home's value.
What should you watch next?
November's TRREB release (early December), the first month to show the full effect of the October 28th rate hike.
New listings against sales. If listings keep falling faster, months of inventory will drop.
Condo prices in Peel and Brampton, the weakest areas.
From Properti Edge
Check the market you are actually buying in
Metro Toronto is a big place. Ask the Properti Edge AI Advisor about your area and property type, and it gives you sales, listings, months of inventory and benchmark prices, with the month stated.
General information, not advice.
This is general information, not advice. Speak to a real estate agent or mortgage broker, depending on your situation, before acting.
