The Toronto Regional Real Estate Board announced that home sales in the Greater Toronto Area fell by 8.9% in December compared to a year earlier, while the average selling price declined by 5.1% to $1,006,735. The composite benchmark price also recorded a year-on-year decrease of 6.3%.
Despite the decline, many people are still not ready to buy homes by 2026. In a poll conducted by INsauga.com, 53.4% of respondents said prices are too high for them, while 31.7% said that lower prices could encourage them to buy, and 14.9% indicated that a drop in interest rates could be an influencing factor.
The real estate board expects the market to recover in 2026 as affordability improves due to lower borrowing costs. Board President Daniel Steinfield said that an economic and labor-market recovery could encourage buyers in the near future. The poll reflects the opinions of participants only and does not represent the population of Ontario as a whole.
