GTA Homebuyers Stay on the Sidelines as Economic Uncertainty Lingers

According to the Toronto Regional Real Estate Board (TRREB), GTA realtors reported 5,040 sales through the MLS System in September 2026, down 9% from September 2025, while new listings fell 14.4% to 16,500. TRREB attributed the slowdown to economic uncertainty, inflation and borrowing costs.

• The GTA composite benchmark price was $917,600, down 4.7% YoY, and the average selling price was $1,006,409, down 5.1% YoY. Apartments fell 6.7% YoY, townhouses 6.5% and single-family homes 4.8%.
• Detached sales fell 8.7% YoY to 2,399, semi-detached sales fell 8.2% to 459, townhouse sales fell 12.8% to 803, and condo apartment sales fell 7.8% to 1,316. Seasonally adjusted, sales fell 5.2%, and new listings fell 3.8% from August.
• Calculated by nesto from TRREB’s counts, the sales-to-new-listings ratio (SNLR) was 30.5%, up from 28.7% a year earlier because new listings fell faster than sales.

TRREB executives named two local pressures. The upcoming municipal elections will shape housing policy across the GTA, and TRREB chief executive John DiMichele urged governments to reduce barriers such as the City of Toronto’s Municipal Land Transfer Tax. Chief information officer Jason Mercer said pent-up demand remains, with many households waiting for confidence in jobs and inflation before they buy.

If you plan to buy in the GTA, speak with our nesto mortgage experts about getting pre-qualified and compare mortgage rates in Toronto while prices sit below last year’s levels.

Toronto Housing Market Highlights

• The average selling price of a home in Toronto decreased by 4.65% year-over-year to $917,600 in September 2026.
• The average selling price of a single-family home in Toronto decreased by 5.00% year-over-year to $1,116,700 in September 2026.
• The average selling price of a townhouse/multiplex in Toronto decreased by 6.50% year-over-year to $668,800 in September 2026.
• The average selling price of a condo in Toronto decreased by 6.69% year-over-year to $527,200 in September 2026.
• October 29, 2026: Today’s lowest mortgage rate in Toronto is 4.59% for a 5-year fixed.

Data from the Toronto Regional Real Estate Board (TRREB) indicates that the average price of resale residential homes sold across Toronto in September 2026 was $917,600, and it decreased by 4.65% compared to a year ago.

TRREB also reported a sales-to-new-listings ratio (SNLR) of 30.5%, indicating buyers market conditions in Toronto for September 2026.

Toronto	Composite Price September 2026	Composite Price August 2026	YoY Change (%)	MoM Change (%)
Single Family Home	$1,116,700	$1,128,600	decreased by 5.00%	decreased by 1.05%
Townhouse/Multiplex	$668,800	$666,500	decreased by 6.50%	increased by 0.35%
Condo / Apartments	$527,200	$531,200	decreased by 6.69%	decreased by 0.75%
Composite	$917,600	$925,900	decreased by 4.65%	decreased by 0.90%

Toronto Home Price Changes Over The Last Decade

Composite Home Prices

Single-Family Home Prices

Townhouse and Multiplex Prices

Condo Prices

Toronto Housing Market Conditions

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Toronto Market Rents Snapshot

The average rent in Toronto was $2,556 in September 2026 and has decreased by 1.99% year over year.

The average rent for a 1-bedroom apartment in Toronto was $2,220 for September 2026 and has decreased by 2.33% year over year.

The average rent for a 2-bedroom apartment in Toronto was $2,937 for September 2026 and has increased by 0.79% year over year.

Average Rents for Cities Across Canada

Rank	City	Total Avg	1 Bed	2 Bed
1	North Vancouver	$3,028	$2,466	$3,477
2	Vancouver	$2,754	$2,373	$3,271
3	Burnaby	$2,564	$2,111	$2,785
4	Toronto	$2,556	$2,220	$2,937
5	North York	$2,528	$2,093	$2,692
6	Kanata	$2,501	$2,265	$2,691
7	Coquitlam	$2,482	$2,053	$2,608
8	Oakville	$2,460	$2,165	$2,703
9	Etobicoke	$2,431	$2,099	$2,644
10	Barrie	$2,397	$2,148	$2,552
11	Burlington	$2,379	$2,074	$2,389
12	Vaughan	$2,363	$2,114	$2,569
13	Mississauga	$2,337	$2,036	$2,423
14	Halifax	$2,324	$2,002	$2,508
15	Brampton	$2,261	$1,990	$2,334
16	Victoria	$2,253	$1,987	$2,632
17	New Westminster	$2,241	$1,881	$2,734
18	Langley	$2,239	$1,868	$2,426
19	Surrey	$2,227	$1,807	$2,251
20	Guelph	$2,225	$1,961	$2,292
21	Ajax	$2,214	$1,927	$2,294
22	Ottawa	$2,200	$1,969	$2,445
23	Scarborough	$2,178	$1,855	$2,315
24	Waterloo	$2,158	$1,884	$2,302
25	Nanaimo	$2,157	$1,897	$2,261
26	Kingston	$2,150	$1,930	$2,308
27	Laval	$2,131	$1,712	$2,364
28	Kelowna	$2,111	$1,834	$2,270
29	Brossard	$2,083	$1,790	$2,190
30	Cambridge	$2,055	$1,863	$2,143
31	East York	$2,044	$1,800	$2,355
32	Airdrie	$2,013	$1,466	$1,750
33	Oshawa	$1,993	$1,724	$2,006
34	Niagara Falls	$1,988	$1,714	$1,960
35	Greater Sudbury	$1,982	$1,745	$2,076
36	Montreal	$1,961	$1,746	$2,261
37	Kamloops	$1,957	$1,701	$2,023
38	Kitchener	$1,935	$1,709	$2,063
39	Peterborough	$1,926	$1,692	$1,964
40	Brantford	$1,923	$1,780	$2,033
41	Hamilton	$1,910	$1,657	$2,130
42	London	$1,897	$1,628	$1,998
43	Calgary	$1,883	$1,508	$1,834
44	St. Catharines	$1,830	$1,518	$1,959
45	Welland	$1,792	$1,540	$1,920
46	Gatineau	$1,769	$1,625	$1,810
47	Côte Saint-Luc	$1,655	$1,410	$1,875
48	Winnipeg	$1,653	$1,435	$1,764
49	Windsor	$1,638	$1,467	$1,843
50	Edmonton	$1,633	$1,281	$1,643
51	Quebec City	$1,620	$1,308	$1,642
52	Red Deer	$1,614	$1,338	$1,503
53	Sarnia	$1,583	$1,408	$1,642
54	Lethbridge	$1,573	$1,355	$1,558
55	Saskatoon	$1,559	$1,305	$1,536
56	Regina	$1,468	$1,305	$1,521
57	Lloydminster	$1,392	$1,108	$1,422
58	Fort McMurray	$1,386	$1,147	$1,372
59	St. John's	$1,362	$1,167	$1,328
60	Medicine Hat	$1,360	$1,232	$1,391

Average Rent by City
Source: Rentals.ca Network Data & Urbanation Inc.

Average Rent by Province

LOCATION	Total	1B	2B	3B
AB	$1,780	$1,409	$1,745	$2,177
BC	$2,231	$1,904	$2,355	$2,850
MB	$2,403	$2,045	$2,649	$3,313
ON	$1,649	$1,428	$1,751	$2,008
QC	$2,240	$1,963	$2,410	$2,902
SK	$1,933	$1,694	$2,144	$2,558
Atlantic Canada	$1,490	$1,284	$1,504	$1,993
Canada	$2,034	$1,756	$2,138	$2,489

Average Rent by Property Type Across Canada

TYPE	Total	1B	2B	3B
Apartment	$2,036	$1,799	$2,221	$2,715
Condominium	$2,052	$1,844	$2,161	$2,769
House/Townhouse	$2,016	$1,311	$1,732	$2,299
All	$2,034	$1,756	$2,138	$2,489

How Does Renting Compare With Homeownership in Toronto?

Each $100,000 in mortgage balance costs an average of $564 per month on nesto’s lowest fixed 5-year rate at 4.59%, and $517 per month on nesto’s lowest adjustable 5-year rate at 3.66%.

On the variable side, a 0.25% change in the Bank of Canada’s policy rate moves that payment by roughly $13.47 per $100,000 if rates rise, or $13.27 if they fall. Fixed payments aren’t affected the same way mid-term—a fixed rate is locked for the term and tracks bond yields, not the policy rate directly, so this sensitivity applies only to the variable side.

The interest rates used for the calculation are those offered on insured purchases with less than a 20% down payment, on a 25-year amortization, as of October 29, 2026 and are subject to change. Canada’s policy rate is 2.50%, and nesto’s prime rate is 4.70%.

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Frequently Asked Questions (FAQ) About the Toronto Housing Market in 2026

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Why Choose nesto

At nesto, our commission-free mortgage experts are salaried and regulated, with most licensed in multiple provinces. They are evaluated on client satisfaction and the quality of their advice, and they help you compare mortgage options and understand rates and qualification requirements. Once you’re ready to move forward, they work with you on a mortgage strategy that fits your situation.

nesto pairs expert advice with a 100% digital, transparent and seamless process, and a dedicated mortgage professional supports you throughout your purchase, renewal or refinance.

nesto is on a mission to offer a positive, empowering and transparent property financing experience – simplified from start to finish.

Contact our knowledgeable mortgage experts to find your best mortgage rate in Canada.

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