Toronto area home prices have recently dipped below the $1 million mark, with the average sale price now around $993,000—about 3% lower than this time last year. This shift is improving affordability for many buyers, yet the picture is more nuanced: new listings have dropped by roughly 14%, leaving about 12,100 properties on the market and giving buyers fewer options to choose from. Sales also edged down by about 2%, totaling just over 5,000 transactions in the current period.
As someone who closely tracks these trends, I’ve noticed that flat mortgage conditions and encouraging economic signals are helping to keep affordability within reach. However, concerns about trade, inflation, and potential changes to borrowing costs are still weighing on some households’ decisions. If inventory continues to tighten and prices begin to rise, we could see buyers moving more quickly to secure homes, while improved conditions for sellers may encourage more listings to come forward. Navigating these shifts requires a strategic approach—one I’m dedicated to providing for every client looking to make confident, informed moves in our market.
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