October 2026
The Greater Toronto Area housing market continued to face uncertainty in October 2026, as concerns surrounding inflation, borrowing costs, and the broader economy kept many prospective buyers on the sidelines. While affordability remains a challenge for some households, monthly mortgage payments on an average-priced home are still considerably lower than the levels seen in 2023 and 2024.
According to the latest data from TRREB’s MLS® System, GTA REALTORS® reported 5,603 home sales in October 2026, representing a 7.9 per cent decrease compared to October 2025. New listings also declined, with 14,173 properties entering the market, down 11.9 per cent year-over-year.
Despite the annual slowdown, there were some encouraging signs on a month-over-month basis. Seasonally adjusted figures showed that both home sales and new listings increased compared to September 2026, suggesting that market activity may be gradually gaining momentum heading into the final months of the year.
Looking ahead, broader economic developments could play an important role in shaping the GTA housing market as we approach 2027. TRREB President Daniel Steinfeld noted that a potential Canada-U.S. trade agreement, alongside a resolution to the conflict in the Middle East, could help provide greater economic clarity. Improved confidence surrounding inflation and the economic outlook may encourage more households to reconsider homeownership.
Home prices continued to trend below last year's levels, although the pace of annual declines showed signs of moderating. The MLS® Home Price Index (MLS® HPI) Composite benchmark was down 4.3 per cent year-over-year in October, while the average selling price reached $1,024,108, representing a 2.7 per cent decrease compared to October 2025.
On a seasonally adjusted basis, both the MLS® HPI Composite benchmark and average selling price edged higher compared to September 2026, providing further signs of potential price stabilization.
Overall, October's market data points to a GTA housing market that remains cautious but is showing early signs of improvement. While economic uncertainty continues to weigh on buyer confidence, improving affordability relative to previous years and modest month-over-month price gains could help support renewed activity. As the market moves toward 2027, greater economic certainty may prove to be the key factor in determining whether buyer demand begins to strengthen.
Sources & Notes
i - Statistics Canada, Quarter-over-quarter growth, annualized.
ii - Statistics Canada, Year-over-year growth for the most recently reported month.
iii - Bank of Canada, Rate from most recent Bank of Canada announcement.
iv - Bank of Canada, Rates for most recently completed month.
v - Information supplied by TRREB
