October, 2026: Toronto & GTA MLS® home sales: The Trend Continues…

Greater Toronto, Ontario - Wednesday, November 4th, 2026 - The Toronto Regional Real Estate Board [TRREB] today released the monthly MLS® statistical summary, “MarketWatch”, outlining October’s residential market activity for the Board’s geographic trading area - namely Toronto, The Greater Toronto Area, and some surrounding areas of South-Central Ontario.

The report confirmed what most knew: a continued softening / "stumbling" trend in home inventory and sales due largely to a lack of confidence in the immediate future of the economy, interest rates, the Canada-USA-Mexico trade agreement [“CUSMA] and the political situation in general.

Chalk one up for the Buyer side. Though affordability - while improved - remains a huge hurdle for many and the sentiment among many younger would-be Buyers is clear: “We’ll never be able to afford a home like the one we grew up in.”

Overall…

…meaning all home Classes [e.g. Freehold, Condominium, LandLease,etc], Types [e.g. Detached, Semi-Detached, Attached, etc] and Styles [e.g. Bungalow, 2-Storey, Split-Level, etc] across all of TRREB’s market area Board members confirmed 5,603 homes went under firm contract in October representing a 7.9% drop compared to last October. From a home seller’s perspective there were really no “positives” in the report and the continued softness in sales volume & prices is likely what’s causing the inventory numbers to remain subdued through the Fall market: Sellers have seen - obviously - much higher values for their asset and there can evolve a sense of denial over accepting significant;y less. This is amplified by the fact that a large part of that market element is “matures” downsizing from larger homes - usually single storey Freeholds or Condo Apartments… and in the process hoping to take some tax-free dollars off the table to pad retirement accounts.

With moderate sales volume that weakness on the inventory front no doubt helps support prices.

The overall average sale price last month was $1,024,108 - 2.7% below the figure from one year earlier. For the prior month - September ‘26 - sales volume totalled 5,040 homes averaging $1,006,409.

All figures herein are year-over-year comparisons due to the usual strong seasonality of the residential real estate market except as specifically noted otherwise.

Specific Numbers by Home Type

In “The 416” area code - Metropolitan Toronto - there were 741 Detached home sales reported, all but flat YoY at “+0.5%”, averaging $1,603,886, off a marginal 1.2%. “The 905” area code which represents the balance of TRREB’s primary market area saw 1,952 sales reported for the Detached group, up down 6.2%, at an average of $1,199,303, a 4.7% hit.

Condo Apartment sales took it on the chin once again in terms of both sales volume and average price. Metro T.O. saw 949 units go under firm contract, down 10.7%, at an average of $659,124, down 6.1%. The rest of the market area had just 436 sales, down 9.7%, averaging $539,094, off 6.1%.

Quotable… from the Report:

Daniel Steinfeld, TRREB President:
“If a Canada-U.S. trade deal is reached, GTA residents could gain a clearer picture of the economic outlook. Combined with a resolution to the conflict in the Middle East, this could help ease concerns about inflation and economic uncertainty, strengthen consumer confidence and renew interest in homeownership as we move into 2027.”

John DiMichele, TRREB CEO:
“While we continue to experience shorter-term volatility in the ownership housing market, we can’t lose track of the fact that the permanent population will continue to grow in our region. Policy announcements, including HST rebates and development charge reductions should help bring a greater diversity of ownership and rental supply online in the medium-term to ensure new families are properly and affordably housed.”

Jason Mercer, TRREB Chief Market Analyst:
“GTA homebuyers continued to benefit from substantial negotiating power on price over the past year. While borrowing costs have increased on the back of higher inflation, the impact on monthly mortgage payments has been mitigated by lower selling prices, helping keep affordability in check.”

On the Inventory Front…

As noted above there appears to be a reluctance among would-be homeowners to list their properties for sale in the face of significantly lower prices compared to a few years ago. It’s coming up five years since the market price peak of February 2022 when a Toronto Detached home was averaging $2,073,989. The rest of the local market hit $1,727,963 that month. Doesn’t seem like that long ago for some reason… Inventory at that point was 8,727 homes. And that was down 20% from the prior February.

Last month Total Active Listings [TAL] stood at 25,098. As noted above that’s a 10% drop YoY. Last month it was 26,131. "Indicated Forward Inventory" tells us how long it would take to sell all the current inventory assuming a constant rate of sales volume. That’s TAL divided by the month’s volume - or 25,098 / 5,603 - which works out to about four-and-one-half months. Because of the sales volume back in February ‘22 though the Forward Inventory then was about ¾ of a month! And by that point in time sales volume & inventory were both falling… but prices were up 27.7% YoY. Oh, my…

Our favourite home style - Bungalows - remained a strong market segment given their high demand combined with relative scarcity. While the One Storey group totalled 24.15% of overall inventory as of month-end it accounted for 27.03% of overall sales volume - just for the record - for all TRREB activity… not just “Toronto and The GTA”. Interestingly Bungalows took - on average - 28 Days on Market [DOM] to sell whereas the overall average DOM was 26.

Here’s hoping you and yours had some great Thanksgiving 🦃 family time. We’ll still get some good wether: Get out & enjoy before the flakes fly! ❄️❄️

Thanks, as always, for stopping in. Please do drop a line with your questions & comments… good, bad or ugly!

Andrew.

@JustBungalows @theBB.group
#JustBungalows #theBB.group #OntarioRealEstate #OntarioBungalows

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Nov 09, 2026