Home sales in the Greater Toronto Area were down year-over-year in October, while new listings were up. Market conditions continued to favour buyers, as average selling prices were negotiated down alongside lower mortgage rates. Buyers who are confident in their employment situation and ability to make their mortgage payments over the long term are benefitting from affordable housing market conditions relative to the past few years. However, many prospective homebuyers remain on the sidelines due to uncertainty about their economic future. The average selling price in October was 1.054 million, down 7.2 per cent compared to October 2024. While the glut of shoebox-size condos on the market and cancelled new projects have made headlines lately, October sales show a large drop in price for detached homes across the Toronto region from the 2022 peak. Average detached home prices have fallen about 25 per cent since February 2022. In comparison, condos are down about 18 per cent in the region from the February 2022 peak. As we move into 2026, if we see more certainty around the direction of the overall economy, we’re going to see a greater number of households that are willing to come off the sidelines and move back into the marketplace to take advantage of a much more affordable housing market over the last 12 months.