August 2026 brought a shift in the GTA real estate landscape as the average home price dipped below $1 million for the second time this year. We saw a 2.1% decrease in sales and a 2.7% drop in prices. For context, detached homes averaged $1.29M, semis $932K, townhouses $787K, and condos $618K. Meanwhile, new listings were down by 14.1%. After more than 20 years guiding families, first-time buyers, and investors through these market cycles in Greater Toronto, I know how important it is to interpret these numbers in the context of your real estate goals. Shifts like this can open opportunities for some and pose challenges for others—experience and local knowledge make all the difference in navigating what comes next.
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