Toronto Area Home Prices Dip Below $1 Million | Watch Today’s Real Estate Updates & Tips

Toronto home prices have dipped below the $1 million mark, with the average sale now around $993,000—about 3% lower than this time last year. As a real estate agent who’s helped clients navigate both upswings and cooldowns in the GTA for nearly two decades, I see this adjustment as a window of opportunity for many buyers seeking improved affordability. That said, inventory has also tightened: new listings are down roughly 14% year-over-year to just over 12,100, which means less choice and potential for increased competition among buyers. With just over 5,000 homes sold in this period (about 2% fewer than last year), we’re seeing the classic push-pull of supply and demand. Stable mortgage rates and positive economic headlines have supported affordability, but concerns about future inflation and borrowing costs are still on buyers’ minds. If inventory keeps tightening and prices climb, we could see buyers act more quickly—and, in turn, more sellers may be tempted to list. As always, staying ahead of these shifts is key whether you’re buying, selling, or considering your next investment in the Greater Toronto Area.