TRREB released its July 2026 figures on August 6, and the headline number, average prices down 4.5% year-over-year, tells you close to the opposite of what the underlying data says. Here is what actually happened across the four markets we work in most, and why the direction of travel matters more right now than the price line.
The GTA Picture
Across the Greater Toronto Area in July 2026:
- 5,995 sales, down just 0.9% from July 2025
- 14,484 new listings, down 17.8%
- 26,098 active listings, down 12.1%
- $1,003,956 average price, down 4.5%
- MLS® Home Price Index benchmark down 4.6%
- 32 days on the current listing, 45 days counting relistings
Those numbers need to be read together rather than one at a time. Demand held essentially flat while supply fell by nearly a fifth. That is a market tightening, not loosening, even though prices remain below last summer.
The Four Markets Side by Side
| Market | Sales | Avg Price | Median | Active | Mos Inv | SP/LP |
|---|---|---|---|---|---|---|
| Richmond Hill | 182 | $1,222,748 | $1,150,000 | 972 | 5.6 | 99% |
| Markham | 288 | $1,131,324 | $1,062,500 | 1,168 | 4.2 | 99% |
| Vaughan | 272 | $1,144,631 | $1,065,000 | 1,277 | 4.9 | 97% |
| North York (7 districts) | 470 | ~$1,059,550 | — | 2,190 | ~4.7 | — |
| York Region | 1,063 | $1,146,307 | $1,060,000 | 5,179 | 5.0 | 98% |
| City of Toronto | 2,242 | $1,010,836 | $800,000 | 9,310 | 4.6 | 97% |
The North York row is our own calculation from TRREB district data covering C06, C07, C12, C13, C14, C15 and W05. TRREB does not publish a North York total, because North York is part of the City of Toronto and its numbers are reported by MLS® district.
What Stands Out
Markham is the tightest market of the four. At 4.2 months of inventory and 99% of asking, with homes selling in 32 days, Markham gives buyers the least leverage in York Region right now. If you are shopping there expecting a soft market, the data does not support it.
Richmond Hill is the most expensive and the slowest. At $1,222,748 average and 5.6 months of inventory, it has the deepest supply of the three York Region cities. Sellers there are still achieving 99% of asking, so the softness shows up as time on market rather than price cutting.
Vaughan sits between them at 4.9 months, but with the widest gap between listing days (34) and property days (54) of any of the four. That twenty-day spread is the cost of pricing wrong the first time.
North York cannot be read as one market at all. Within it, district C12 (Bridle Path, York Mills) averaged $3,403,938 while W05 (Downsview, York University Heights) averaged $790,781, in the same month. Any single North York figure, including ours, hides more than it reveals.
By Home Type
Across the GTA, the damage was not evenly distributed:
- Detached, 2,789 sales at $1,291,690, price down 5.1% year-over-year
- Semi-detached, 557 sales at $964,922, down 7.4%, the weakest segment
- Townhouse, 1,003 sales at $817,213, down 3.9%
- Condo apartment, 1,564 sales at $636,323, down 2.3%, the most resilient on price
Condos held up best on price this month, which runs against the narrative of a condo glut. Semi-detached took the hardest hit.
The Rate Backdrop
The Bank of Canada overnight rate sat at 2.3% in July with prime at 4.5%. Posted mortgage rates were 5.49% for one year, 6.05% for three, and 6.09% for five. Inflation was running at 2.8% and Toronto unemployment at 7.2%.
The relevant point for buyers is that shorter terms are currently cheaper than longer ones, which is the market pricing in rate cuts rather than increases. That has real implications for whether you lock in for five years right now, and it is worth a conversation with a mortgage broker before you commit.
If You Are Buying
The window where you had abundant choice is closing. Active listings are down 12.1% year-over-year and new supply is down 17.8%. You still have more negotiating room than in 2021, but less than you had in spring, and the trend is against you. If you have been waiting for prices to fall further, understand that you are also waiting for your selection to shrink.
If You Are Selling
Fewer competing listings is genuinely good news, and the 97-99% sale-to-list ratios across these markets say that correctly priced homes are still achieving close to asking. The risk is not the market, it is your list price. The gap between 32 days and 45 days across the GTA is almost entirely made up of homes that launched too high and had to come back.
Frequently Asked Questions
Are GTA home prices going up or down?
Down year-over-year, by 4.5% on average price and 4.6% on the MLS® HPI benchmark in July 2026. But sales held steady while new listings fell 17.8%, which points to tightening conditions ahead rather than further declines.
Which York Region city is cheapest right now?
Of the three, Markham had the lowest average price in July 2026 at $1,131,324, just under Vaughan at $1,144,631, with Richmond Hill highest at $1,222,748. But Markham also has the least inventory, so the lowest average price does not mean the easiest purchase.
What is months of inventory and why does it matter?
It estimates how long the current supply would take to sell at the current pace. Under roughly four months usually favours sellers, over six favours buyers. Markham at 4.2 and Richmond Hill at 5.6 are meaningfully different markets despite being neighbours.
Is now a good time to buy in the GTA?
It depends entirely on your timeline and which market you are in. Data can tell you conditions are tightening; it cannot tell you whether that fits your situation. That is a conversation, not a statistic.
Want to know what these numbers mean for your specific street or building rather than your city? Reach out and we can go through the comparable sales that actually apply to you.
Source: Toronto Regional Real Estate Board, Market Watch, July 2026. Figures are for all home types unless stated. North York aggregate is our own calculation from TRREB district data.