August 2026 Toronto Real Estate: Everyone Was Out of Office. Especially Sellers.
Buyers went to the cottage. Sellers apparently went with them.
August in Toronto has a very specific energy. Half the city is at a cottage, the other half is answering emails with “limited access,” and nobody wants to make a major life decision until after Labour Day. The GTA real estate market understood the assignment.
Only 5,057 homes sold across the Greater Toronto Area in August 2026, down 2.1% from last year. That sounds like another slow month, and technically, it was. But the more important number was new listings. Only 12,075 homes came to market, a 14.1% drop compared with August 2025.
Buyers were quieter, but sellers were considerably quieter. The result was fewer homes for sale, less choice and the possibility that competition could return more quickly than expected once everyone turns off their out-of-office reply.
According to the Toronto Regional Real Estate Board’s August 2026 market report, the average GTA sale price was $993,410, down 2.7% from last August.
Yes, the average price slipped below $1 million again. No, this does not mean every home in Toronto is suddenly affordable. Let us all remain calm.
The more interesting detail is that the average price edged higher on a seasonally adjusted month-over-month basis. Prices remain below last year, but they are no longer falling at the same pace seen earlier in 2026.
At the same time, inventory is tightening. That combination does not guarantee a market rebound, but it does suggest that Toronto real estate may be getting closer to a turning point.
August's Market in One Sentence
Buyers took a summer pause. Sellers took the entire month off.
According to the Toronto Regional Real Estate Board’s August 2026 Market Watch, 5,057 homes sold across the GTA in August, down 2.1% from August 2025.
New listings fell much faster, dropping 14.1% to 12,075. Active listings declined to 24,482, down 11.3% from last year.
That left the GTA with approximately 4.84 months of inventory, firmly within balanced-market territory, but with considerably less choice than buyers had one year ago.
The average sale price was $993,410, down 2.7% year over year. The MLS Home Price Index benchmark declined 4.5%.
That sounds like more bad news for prices, but the direction matters. July’s average price was down 4.5% year over year. August narrowed that decline to 2.7%. On a seasonally adjusted basis, the average price also edged higher from July.
Nobody needs to order the champagne fountain. Still, the market appears to be moving away from rapid decline and closer to price stability.
Year-to-date sales are now almost exactly where they were at this point in 2025, while the average year-to-date price remains 4.8% lower. Buyers have returned gradually, but they have returned with calculators, comparable sales and very little patience for nonsense.
The next question is whether sellers return in September. If they do, the market could remain balanced. If they do not, buyers may find themselves competing over a much smaller pile of good listings.
Condo Buyers Were Also Out of Office
The GTA condo market did not escape the August slowdown. A total of 1,330 condo apartments sold across the GTA, down 2.6% from last year. The average condo price fell 3.6% to $617,593.
Inside the City of Toronto, condo sales were nearly unchanged. There were 885 transactions, down just 0.2%, while the average price declined 2.1% to $651,648.
That is not a booming condo recovery, but it is also not a fresh collapse. Sales activity held surprisingly steady despite the usual August slowdown, while the annual price decline remained relatively contained.
Buyers still have leverage, particularly where several similar units are competing in the same building. Maintenance fees, layouts, parking and building reputation matter more than ever. So does whether the “one plus den” contains a den, or simply a slightly ambitious corner.
The strongest Toronto condos are selling. The generic, overpriced and functionally confusing ones are still spending plenty of quality time online.
📍 GTA-Wide Scoreboard: Supply Set to Auto-Reply
August’s 2.1% sales decline looks very different beside a 14.1% drop in new listings and an 11.3% decline in active inventory.
Demand softened slightly. Supply packed a suitcase.
Average Sale Price (Aug): $993,410 (▼2.7% YoY)
Average Price (YTD): $1,027,505 (▼4.8% YoY)
Sales (Aug): 5,057 (▼2.1% YoY)
Active Listings: 24,482 (▼11.3% YoY)
MOI: 4.84 → Balanced
Average Days on Market (YTD): 32 (▲14.3% YoY)
Condo Sales (Aug): 1,330 (▼2.6% YoY)
Condo Avg. Price (Aug): $617,593 (▼3.6% YoY)
What this means: Buyers still have negotiating power across much of the GTA, but they have fewer options than they did last summer. Well-priced homes can attract attention because there is less fresh competition. Overpriced homes can still sit, because fewer listings do not automatically make buyers less observant.
Balanced does not mean every buyer and seller receives an equal participation trophy. It means the outcome depends heavily on the actual property.
📍 Toronto Snapshot:Quiet, But Hardly Gone
Toronto was one of the steadiest markets in August. Sales were almost unchanged from last year, falling just 0.2%, while active listings dropped 9.8%. The average price declined a modest 1.1% to $979,684.
Toronto had 4.94 months of inventory, which remains balanced, but the gap between sales and inventory tells the more important story. Nearly the same number of homes sold from a noticeably smaller pool of available properties.
Average Sale Price (Aug): $979,684 (▼1.1% YoY)
Average Price (YTD): $1,042,120 (▼4.3% YoY)
Sales (Aug): 1,767 (▼0.2% YoY)
Active Listings: 8,727 (▼9.8% YoY)
MOI: 4.94 → Balanced
Average Days on Market (YTD): 32 (▲10.3% YoY)
Condo Sales (Aug): 885 (▼0.2% YoY)
Condo Avg. Price (Aug): $651,648 (▼2.1% YoY)
What this means: Toronto buyers still had room to negotiate in August, but desirable listings were not necessarily waiting around for them. Condo activity held close to last year’s pace, and the overall price decline was smaller than in most surrounding markets. Price and competition can vary dramatically across the city, particularly in the best Toronto neighbourhoods for first-time buyers. Toronto is not back to bidding-war chaos. It is simply becoming less forgiving of buyers who assume every seller is desperate and every listing will still be available next Thursday.
📍 Mississauga Snapshot: More Buyer, Lower Prices
Mississauga produced one of August’s more complicated report cards. Sales increased 2.8%, and active listings fell 8.5%. That should normally support firmer pricing. Instead, the average sale price declined 7.2%, while the average condo price dropped 10%. More homes sold from a smaller pool of inventory, but buyers continued to dictate value.
Average Sale Price (Aug): $898,510 (▼7.2% YoY)
Average Price (YTD): $956,219 (▼5.9% YoY)
Sales (Aug): 435 (▲2.8% YoY)
Active Listings: 2,361 (▼8.5% YoY)
MOI: 5.43 → Balanced, Buyer-Leaning
Average Days on Market (YTD): 34 (▲17.2% YoY)
Condo Sales (Aug): 109 (▼6.0% YoY)
Condo Avg. Price (Aug): $495,052 (▼10.0% YoY)
What this means: Mississauga buyers are active, but they are extremely price-sensitive. The increase in sales is encouraging, yet the 7.2% price decline shows that transactions are happening where buyers see value. The condo market remains the softer spot. Buyers have options, and they are comparing buildings, maintenance fees and recent sales with the focus of someone reviewing a suspicious restaurant bill.
📍 Brampton Snapshot: Buyers Are Moving, Inventory Shirking
Brampton did not fully participate in the August slowdown. Sales increased 7.3%, while active listings plunged 22.2%. That was one of the sharpest inventory declines among the major markets in this report. Despite that tightening, the average sale price remained 3.6% below last year. More buyers were active, but they were not chasing prices upward.
Average Sale Price (Aug): $886,865 (▼3.6% YoY)
Average Price (YTD): $885,907 (▼6.2% YoY)
Sales (Aug): 440 (▲7.3% YoY)
Active Listings: 1,904 (▼22.2% YoY)
MOI: 4.33 → Balanced, Tightening
Average Days on Market (YTD): 31 (▲14.8% YoY)
Condo Sales (Aug): 21 (▼16.0% YoY)
Condo Avg. Price (Aug): $434,457 (▼7.4% YoY)
What this means: Brampton is showing some of the clearest signs of tightening. More homes sold while substantially fewer were available, a combination that could support stronger prices if it continues into the fall. The condo statistics look weaker, but only 21 units sold. That is a tiny sample with a very large flair for drama. It deserves attention, not a citywide identity crisis.
📍 Oakville Snapshot: Two Stories One Market
Oakville’s August numbers tell two different stories. The year-to-date average price remained 1.2% higher than last year, but the August average fell 6.3%. Year-to-date sales were also up 3.7%, even though monthly sales slipped 3.3%.
This is exactly why one month of average-price data needs context, especially in a higher-priced market. A small change in the number of luxury properties sold can move the average considerably. What is harder to ignore is the 23% drop in active listings, which has made Oakville noticeably tighter than it was last August.
Average Sale Price (Aug): $1,324,472 (▼6.3% YoY)
Average Price (YTD): $1,446,958 (▲1.2% YoY)
Sales (Aug): 203 (▼3.3% YoY)
Sales (YTD): 1,750 (▲3.7% YoY)
Active Listings: 957 (▼23.0% YoY)
MOI: 4.71 → Balanced, Significantly Tighter YoY
Average Days on Market (YTD): 34 (▲9.7% YoY)
Condo Sales (Aug): 35 (▼18.6% YoY)
Condo Avg. Price (Aug): $705,448 (▼8.1% YoY)
What This Means: Oakville buyers have fewer homes to choose from, but they are not bidding indiscriminately. The strongest properties can still command attention, while homes with pricing, condition or location concerns may sit. Sellers should not allow the positive year-to-date average to create false confidence about an individual property. Buyers should also be careful not to interpret the lower August average as a universal discount. In Oakville, the property mix matters enormously.
📍 York Region Snapshot: Quietly Stable, Still Negotiating
York Region came closer than most areas to price stability in August. The average selling price was down only 0.4% year over year, despite monthly sales declining 2%. Active listings fell 8.9%, bringing the region to 5.07 months of inventory.
The year-to-date picture shows more movement beneath the surface. Sales were up 5.7%, but the average price remained 6.5% below last year. Condo activity was weaker in August, with sales down 6.6% and prices down 4.7%.
Average Sale Price (Aug): $1,179,938 (▼0.4% YoY)
Average Price (YTD): $1,155,499 (▼6.5% YoY)
Sales (Aug): 971 (▼2.0% YoY)
Sales (YTD): 7,599 (▲5.7% YoY)
Active Listings: 4,919 (▼8.9% YoY)
MOI: 5.07 → Balanced, Buyer-Friendly and Slightly Tighter YoY
Average Days on Market (YTD): 33 (▲13.8% YoY)
Condo Sales (Aug): 170 (▼6.6% YoY)
Condo Avg. Price (Aug): $601,251 (▼4.7% YoY)
What This Means: York Region remains balanced, but conditions vary substantially by municipality and property type. The near-flat August average suggests prices are finding firmer ground, while the year-to-date decline shows that sellers are still working within a market that has corrected. Buyers have room to negotiate, especially on condos and properties that need updating. Sellers with desirable freehold homes may face less competition, but success still depends on positioning the property correctly from the beginning.
📍 Durham Region Snapshot: Value is Moving, Carefully
Durham was one of the softer regional markets in August. Sales fell 9.5% year over year, while the average selling price declined 4.4%. Active listings were also lower, but not quite enough to offset the decline in transactions. Months of inventory remained close to last year at 4.10.
The condo numbers provided one bright spot. Condo sales increased 15%, while the average price slipped only 1.4%. With an average condo price below $480,000, Durham continues to offer one of the more accessible entry points in the GTA.
Average Sale Price (Aug): $819,569 (▼4.4% YoY)
Average Price (YTD): $839,500 (▼6.2% YoY)
Sales (Aug): 602 (▼9.5% YoY)
Sales (YTD): 5,170 (▼8.4% YoY)
Active Listings: 2,467 (▼8.7% YoY)
MOI: 4.10 → Balanced, Essentially Flat YoY
Average Days on Market (YTD): 26 (▲18.2% YoY)
Condo Sales (Aug): 46 (▲15.0% YoY)
Condo Avg. Price (Aug): $479,311 (▼1.4% YoY)
What This Means: Durham buyers continue to have options, but the best value may be found by looking beyond detached homes. The increase in condo sales suggests that affordability is directing more activity toward lower-priced property types. Sellers need to recognize that buyers are active, but selective. Homes that are properly priced can sell, while those anchored to peak-market expectations may spend much longer waiting for an offer.
The Forecast: Fewer Listings, Higher Stakes
August did not deliver a surge in demand. It delivered a faster decline in supply.
GTA sales fell 2.1% year over year, but active listings dropped 11.3% and new listings declined 14.1%. Prices remained below last year, yet buyers entered the fall market with considerably fewer homes to choose from. That does not make this a seller’s market. It does make the good listings more important.
The regional results were anything but uniform. Brampton sales increased while inventory fell sharply. Toronto was remarkably steady. Mississauga recorded more sales but lower prices. Oakville’s year-to-date average remained positive even as its August numbers softened. York Region hovered close to price stability, while Durham continued to offer some of the GTA’s most accessible options.
The condo market remained softer. GTA condo prices fell 3.6%, with larger declines in Mississauga, Brampton and Oakville. Toronto condos held up better, while Durham condo sales actually increased. Once again, “the condo market” proved to be several different markets wearing one very broad label.
That unevenness matters. There is no single GTA market right now. There are neighbourhoods, buildings and property types moving at completely different speeds. Some homes are attracting immediate attention. Others are sitting long enough to watch summer quietly become fall.
📉 The buyer game plan: You still have leverage, particularly on stale listings, condos with direct competition and properties that need work. But falling inventory means you should not assume the right home will still be available after a week of deliberation. Know your numbers, understand the comparable sales and be prepared to move when real value appears.
📈 The seller game plan: You have fewer competing listings than you did last August, which is genuinely helpful. It is not permission to price for a market that no longer exists. Buyers remain selective, informed and deeply suspicious of wishful thinking. The sellers who succeed this fall will be the ones who price accurately, present properly and understand exactly what buyers are comparing their home against.
The fall market does not need a flood of new buyers to feel more competitive. If listings remain low, even modest demand could create more pressure around the homes everyone wants.
September will tell us whether August was simply the last slow month of summer or the first warning that buyers may have less choice this fall.
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