Home prices across the Toronto area have dipped just below the $1 million mark, with the average sale price landing around $993K—about 3% lower than this time last year. For many buyers, this shift has nudged affordability in a welcome direction. However, it’s not just prices that have changed. New listings are down by roughly 14%, leaving just over 12,100 homes available, so choices are a bit more limited. REALTORS® reported a little over 5,000 sales in this period, a slight 2% drop from last year. With fewer homes on the market, competition among buyers may heat up, which can help support prices going forward.
While steady mortgage rates and positive economic updates are making homeownership more attainable, there are still some headwinds—trade concerns and the possibility of higher inflation and borrowing costs have made some households more cautious. If inventory continues to tighten and prices begin to rise, buyers might feel encouraged to make decisions sooner, and improved conditions for sellers could bring more homes to market.
As someone who believes real estate should be simple, transparent, and stress-free, I keep a close eye on these market shifts. Whether you’re buying, selling, or investing, understanding what’s happening right now can make all the difference when planning your next move.
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