TRREB Reports January GTA Home Sales and Prices Decline with Future Challenges
The Greater Toronto Area (GTA) is experiencing a notable decline in home sales and prices as reported by the Toronto Regional Real Estate Board (TRREB). This trend is expected to continue through at least the first half of 2026.
January Home Sales and Price Trends
In January 2026, the GTA recorded 3,082 home sales, marking a significant decrease of 19.3% compared to the same month in the previous year. The average selling price for homes fell by 6.5%, bringing it down to $973,289. This decline marks the first time since January 2021 that prices have slipped below the $1 million threshold.
Market Inventory Insights
While new home listings decreased when compared to last year, active listings rose by 8.1%, reaching a total of 17,975. Moreover, properties remained on the market longer, with average listing days increasing by 21.6% to 45 days.
Future Market Outlook
TRREB emphasizes that the current elevated supply of homes may continue to drive average selling prices down in the first half of 2026. However, if consumer confidence improves, prices could stabilize later in the year. Daniel Steinfeld, the board president, noted that clearer economic conditions could help restore trust and stimulate demand that has been stagnant for years.
Declining Homebuying Intentions
According to an Ipsos survey conducted by TRREB, the intention to purchase homes in the Greater Toronto Area has dropped by five percentage points from last year, now at 22%. This trend highlights the cautious sentiment among potential buyers as interest rates remain high and are not expected to decrease significantly.
Average Home Prices in January
Statistics indicate that the average price of detached homes in the GTA has decreased by 7.4% in January, now standing at $1,277,915. Similarly, average condominium prices fell by 9.8%, arriving at $604,759.
Forecast for 2026
TRREB forecasts that average home prices for the GTA in 2026 will range between $1 million and $1.03 million. This projection reflects the ongoing adjustments in the real estate market as buyers and sellers navigate current economic challenges.
- Home Sales (January 2026): 3,082 (down 19.3%)
- Average Selling Price: $973,289 (down 6.5%)
- Active Listings: 17,975 (up 8.1%)
- Average Listing Days: 45 days (up 21.6%)
- Detached Home Price: $1,277,915 (down 7.4%)
- Condominium Price: $604,759 (down 9.8%)
- Homebuying Intentions for 2026: 22%
In conclusion, the Greater Toronto Area is facing a dynamic real estate market characterized by declining sales and prices. Stakeholders should remain vigilant as shifts in consumer sentiment and economic conditions may alter the landscape in the months to come.
