The latest GTA numbers contain a headline buyers will notice: the average selling price fell to $993,410 in August 2026. That was 2.7% lower than a year earlier, while TRREB’s benchmark home price was down 4.5% year over year. For buyers who felt priced out of the GTA over the last few years, that makes today’s market worth another look.
But there is an interesting catch. While prices are lower, new listings fell 14.1% compared with last August. Only 12,075 new listings came onto the market, while 5,057 homes sold. In other words, prices are still softer, but buyers are also starting to have fewer homes to choose from.
That creates a very unusual opportunity. Buyers may still be able to negotiate on price today, but if inventory keeps shrinking, that negotiating advantage may not last. Someone waiting for prices to fall another few percent could eventually find that the homes they actually want are harder to find or attracting more competition.
For sellers, the story is also improving. A homeowner still needs to price realistically, but fewer competing listings can help a good property stand out. Sellers who postponed listing because they believed there were “too many homes for sale” may want to check what inventory actually looks like in their neighbourhood now.
The simple takeaway: GTA prices are still below last year, but supply is tightening. For financially prepared buyers, that combination could create one of the more interesting buying windows of 2026. For sellers, the balance may also be slowly beginning to shift.
Source: Toronto Regional Real Estate Board (TRREB), August 2026 Market Watch, released September 3, 2026.