Home sales in the Greater Toronto Area (GTA), Canada’s biggest housing market, fell 2% year-over-year in August as the average selling price dropped below $1 million.
The Toronto Regional Real Estate Board (TRREB) said 5,057 homes were sold in August, down 2.1% from a year earlier, while sales also fell 1.3% from July.
The average selling price of a home in Toronto declined 2.7% year-over-year to $993,410.
The average house price in the Greater Toronto Area hasn’t been below $1 million in the past five years.
There were 12,075 new listings on the market in August, down 14% from the same month in 2025.
Vancouver Sales Decline
Across the country, the situation wasn’t much better as home sales in Vancouver, British Columbia dropped 4.6% from a year ago, continuing a decline that began in May of this year.
Greater Vancouver Realtors said there were 1,869 homes sold in August, which was 20% below the 10-year seasonal average for this time of year.
The average price of a home sold in Vancouver was $1.08 million in August, a 5.6% decline from a year earlier and a 0.6% drop from July of this year.
There were 4,100 new listings on the market in August, down 3% year-over-year.
The inventory of houses for sale in Vancouver stood at 15,798 at the end of August, which was 26% above the long-term average for the city.
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