Toronto Home Prices Down 4.3% in October 2026 as Sales Fall 7.9% and Listings Shrink

Toronto home prices fell again in October. The Toronto Regional Real Estate Board reported 5,603 sales across the Greater Toronto Area, down 7.9% from a year earlier, with the composite benchmark price down 4.3%.

The average selling price was $1,024,108, down 2.7%. All figures here are in Canadian dollars unless stated. The detail that changes the picture: new listings fell 11.9%, faster than sales, and the monthly numbers turned slightly positive.

Toronto home prices: the numbers

TRREB published its October market report on November 4:

• Sales: 5,603, down 7.9% year over year. Seasonally adjusted, up 1.2% from September.

• New listings: 14,173, down 11.9%.

• MLS composite benchmark: down 4.3% year over year, edging up month over month on a seasonally adjusted basis.

• Average selling price: $1,024,108, down 2.7% year over year, also edging up month over month.

• Homes for sale: 25,098 in total inventory, with active listings down 10% from October 2025, according to Global News.

• By area: 2,184 sales in the City of Toronto, down 6.3%; 3,419 in the rest of the GTA, down 8.9%.

• By type: townhouses down 11%, condos down 10.4%, semi-detached down 8.1%, detached down 4.4%.

TRREB chief information officer Jason Mercer said buyers "continued to benefit from substantial negotiating power on price over the past year." Board president Daniel Steinfeld pointed to the Canada-US trade file: a deal, he said, could give residents a clearer picture of the economic outlook.

Why it matters

Most of October's data predates the Bank of Canada's move. The bank raised its policy rate a quarter point to 2.5% on October 28, its first hike in more than three years, and major lenders lifted prime from 4.45% to 4.70%. One Toronto broker told Global News the increase adds less than $100 to a typical monthly payment. It is not a shock, but it removes the argument that cheaper money is on the way.

For a Canadian owner considering a home in the sun, three numbers interact.

The first is equity. A Toronto seller today accepts a lower price than a year ago, and condos remain the weakest part of the market by sales. Anyone who bought at the 2022 peak should run the real net figure, after commissions and mortgage penalties, before planning anything else.

The second is the currency. The US dollar closed near 1.3979 Canadian on November 5, per Knightsbridge Foreign Exchange, which puts the loonie at about 71.5 US cents. At that rate, October's average GTA sale of $1,024,108 converts to about US$733,000.

The third is the price in the place you are buying. Dutch-side property is quoted in US dollars. A US$500,000 condo in Simpson Bay or Cole Bay costs about C$699,000 at that rate, before closing costs commonly near 5% of the price, or about C$35,000 more. French-side property is priced in euros, so the loonie-euro rate decides that sum instead.

Our read

We would not read one month of seasonally adjusted gains as a turn. Sales fell about 9% year over year in September and nearly 8% in October, and the first rate hike has only just landed. What did change is supply: sellers are pulling back. If that lasts, Toronto owners may find buyers less able to push them down in spring than they could this fall.

For our Canadian clients, the practical point is timing. A Toronto sale and a Caribbean purchase are two transactions in two currencies, and they rarely line up on their own. Those who plan the order, and who know their net proceeds in US dollars before they make an offer, make better decisions. This is not financial advice; a currency specialist and your accountant should see the numbers.

You can compare what those proceeds buy on our current listings, or talk to our team on either side of the island.

Sources: Toronto Regional Real Estate Board, Market Watch, November 4, 2026; Global News and The Canadian Press, November 4, 2026; Knightsbridge Foreign Exchange, November 5, 2026.