Toronto condo sales fell 5.5% in the city centre and 12.4% across the wider 905 region in September 2026, according to new data from the Toronto Regional Real Estate Board. Average prices dropped 6.1% in the city centre and 12% in the 905, bringing the GTA-wide average condo price to $605,257. That figure is 24.3% below the February 2022 peak, just before interest rates began rising and the market started its correction.
Rising fixed rates are adding pressure from the other direction. Bond market concern over the inflation outlook has pushed fixed mortgage rates higher in recent weeks, while market expectations for a Bank of Canada rate hike at the October 28 decision have also grown. Both forces are working against a near-term recovery in condo demand.
CMHC has flagged the sharp decline in new condo construction starts as a longer-term affordability concern. With investor appetite weak and new builds stalled, the supply pipeline for the next three to four years is shrinking at a time when population growth continues.
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