GTA Real Estate Market Update, July 2026: Prices Soften While New Listings Pull Back Hard

July 2026 handed us a GTA market that's easier to read than it's been in a long while. Quieter. More patient. Tilted, just slightly, toward buyers. The average home across the Greater Toronto Area sold for $1,003,956, down 4.53% from the same month last year. Prices are still sitting right on the $1-million line, but the direction is clear: a soft, gradual cool-down, nothing dramatic.

The number that jumped out at me this month isn't a price at all. It's supply. New listings fell 17.77% year-over-year to 14,484. Plenty of would-be sellers are just sitting on their hands rather than listing into a softer market. Buyer activity, meanwhile, barely moved: 5,995 homes changed hands, down a hair at 0.86%. Steady demand running into shrinking supply is exactly what's stopping prices from sliding further.

Under the average, the picture splits by property type. Detached led the declines, down 5.14% to $1,291,690. Condos were the steadiest of the bunch, off just 2.33% to $636,323. Homes are also sitting a touch longer, averaging 32 days on market, up 6.67%. Below, I'll go city by city and tell you what this means where you actually live, for buyers and sellers both.

The region, read plainly

Region-wide, this is a balanced market that leans a little toward buyers. Average price of $1,003,956, down 4.53%. That gives buyers breathing room they haven't had in years, and with homes averaging 32 days on market, you're rarely forced into a same-day yes. Been priced out of detached? The cheaper doors held up best. Condos at $636,323 and townhouses at $903,986 only slipped 2.33% and 2.75%.

Sellers, take a breath. Demand didn't disappear. Sales were basically flat, and with new listings down nearly 18%, a well-presented home still draws real interest. Price is the whole game now. You can't float an ambitious number and sit back waiting for an overbid. That era's over. The homes that sell are the ones priced to today's market. If you own detached, set your expectations against that 5.14% dip, not last year's high.

My take for the summer: this market rewards preparation over urgency. Buyers can afford to be choosy. Sellers who understand where value actually settled are still getting deals done. Honestly, I'll take this over the whiplash of the last few years.

By the numbers for Greater Toronto Area, July 2026: average selling price $1,003,956 (-4.5% year-over-year); 5,995 homes sold (-0.9%); 14,484 new listings (-17.8%); 32 average days on market. By type: Detached $1,291,690 (-5.1%), Semi-Detached $964,922 (-7.3%), Townhouse $903,986 (-2.8%), Condo $636,323 (-2.3%).

The city is holding firmer than the 905

In a few ways, yes. The average Toronto home sold for $1,010,836, down a fairly mild 3.23%, and sales actually rose 1.68%. That's one of the only markets where transactions grew year-over-year. Detached homes were remarkably steady, off just 1.58% to $1,547,928, and condos barely moved, down 1.67% to $672,807. The core is holding.

The soft spots are semis and towns. Semi-detached fell 9.66% to $1,122,326 and townhouses dropped 6.05% to $1,047,107. That's the middle of the market, where a lot of families are shopping, and it's where your leverage sits right now. Hunting for a semi or a freehold town in the city? This is a real window to push on price.

For Toronto sellers, that rising sales count is a good sign. Buyers are out there, new listings fell 17.11%, and quality product still gets looked at. Detached and condo owners are sitting pretty. Semi and town owners need to price sharp and lean hard on staging to stand out in the softer lane.

By the numbers for City of Toronto, July 2026: average selling price $1,010,836 (-3.2% year-over-year); 2,242 homes sold (+1.7%); 4,980 new listings (-17.1%); 32 average days on market. By type: Detached $1,547,928 (-1.6%), Semi-Detached $1,122,326 (-9.7%), Townhouse $1,047,107 (-6.0%), Condo $672,807 (-1.7%).

Vaughan: cheaper, but thin on choice

Vaughan is one of the friendlier stories for buyers this month. The average price dropped 8.95% to $1,144,631, and detached homes, the backbone here, fell 9.82% to $1,558,242. If Vaughan's been on your list, you're shopping well below last year across every type, condos included, which slipped 6.31% to $599,113.

Here's the wrinkle: supply cratered. New listings fell 27.22%, the sharpest pullback of any market I track this month. Owners here are clearly waiting it out. And yet sales still ticked up 1.87%, so the buyers who are active are closing. Homes just took a bit longer, averaging 34 days, up 13.33%.

So: buyers have real pricing power, but the pickings are slim because so few owners are listing. If the right Vaughan home shows up, move on it. You might not see many like it. Sellers get the flip side, hardly any competition, which is a solid reason to list now instead of waiting for the crowd to wander back.

By the numbers for Vaughan, July 2026: average selling price $1,144,631 (-8.9% year-over-year); 272 homes sold (+1.9%); 647 new listings (-27.2%); 34 average days on market. By type: Detached $1,558,242 (-9.8%), Semi-Detached $1,002,929 (-7.6%), Townhouse $1,014,970 (-6.5%), Condo $599,113 (-6.3%).

Markham: prices down, buyers back

Markham gives you an encouraging split: prices down, activity up. The average price fell 9.21% to $1,131,324, led by detached dropping 10.18% to $1,507,841. Yet sales climbed 8.27%, one of the healthiest gains in the region. Lower prices are clearly coaxing buyers off the fence.

Value's uneven by type, and that's where the opening is. Detached and condos took the biggest hits, condos down 7.66% to $637,452, while townhouses barely budged, off just 1.04% to $1,059,661, and semis held relatively firm at $1,059,315, down 2.99%. Detached buyers have the most room to negotiate. Townhouse sellers are in the driver's seat.

With new listings down a modest 8.69% and sales rising, Markham is one of the busier markets right now. Good news for sellers who price it right, because buyers are engaged and actually transacting. Detached owners should anchor to today's numbers, but the underlying demand here is genuinely encouraging.

By the numbers for Markham, July 2026: average selling price $1,131,324 (-9.2% year-over-year); 288 homes sold (+8.3%); 704 new listings (-8.7%); 32 average days on market. By type: Detached $1,507,841 (-10.2%), Semi-Detached $1,059,315 (-3.0%), Townhouse $1,059,661 (-1.0%), Condo $637,452 (-7.7%).

Richmond Hill is where you negotiate

For patient buyers, Richmond Hill might hand you the most leverage of any market this month. The average price fell 7.77% to $1,222,748, detached dropped a steep 11.22% to $1,569,133, and, unlike most of the region, sales actually fell 10.78%. Fewer buyers competing plus falling prices is a combination that puts you in charge at the table.

It's also the slowest market I track. Homes averaged 37 days on market, up 19.35% from last year. That extra time is a gift: you can view, think it over, and make measured offers without a bidding war breathing down your neck. Condos fell 10.14% to $576,467, so even entry-level buyers are seeing real discounts.

Sellers, read this carefully. This market demands patience and disciplined pricing. New listings are down 23.76%, so you've got lighter competition, but buyers are cautious and slow to commit. Selling in Richmond Hill? Price to reality from day one and plan for a longer marketing window instead of chasing the market down with cut after cut.

By the numbers for Richmond Hill, July 2026: average selling price $1,222,748 (-7.8% year-over-year); 182 homes sold (-10.8%); 523 new listings (-23.8%); 37 average days on market. By type: Detached $1,569,133 (-11.2%), Semi-Detached $1,075,486 (-5.5%), Townhouse $1,042,721 (-8.0%), Condo $576,467 (-10.1%).

Aurora broke the pattern

Aurora is the most fascinating market this month, full stop. It posted the region's biggest price drop, average down 12.11% to $1,301,811 with detached off 11.11% to $1,642,108, and then sales surged 31.91%. That's by far the biggest jump anywhere I track. Textbook case of lower prices unlocking demand.

Even more telling: homes are selling faster, not slower. Average days on market fell 17.07% to 34 days, cutting against the regional trend of homes dragging. When prices drop and speed picks up at the same time, buyers have decided the value is finally right and they're moving on it. Semis even went the other way on price entirely, up 3.04% to $998,944.

Buyers, the window is real, but it may be closing. That spike in sales says other people already clued in. Sellers, this is genuinely good news: buyers are active and homes are moving quick, so a well-priced Aurora listing can go fast. Just be realistic that the market reset to a lower level than a year ago.

By the numbers for Aurora, July 2026: average selling price $1,301,811 (-12.1% year-over-year); 62 homes sold (+31.9%); 163 new listings (-18.9%); 34 average days on market. By type: Detached $1,642,108 (-11.1%), Semi-Detached $998,944 (+3.0%), Townhouse $946,375 (-8.6%), Condo $629,071 (-4.1%).

Newmarket barely flinched

On price stability and speed, Newmarket is holding up better than just about anywhere. The average price slipped just 1.69% to $966,817, the smallest decline of any market here, and it's the most affordable of the York Region markets we cover, keeping the average under $1 million. Detached homes eased only 4.58% to $1,096,908.

It's also the fastest market in the region. Homes sold in an average of 27 days, down 15.62% from last year. Buyers need to be ready to pounce, because when the right home is priced well here, it doesn't sit. Sales did cool 9.89% and new listings fell 14.91%, so this is a tighter, quicker market than the softer, slower cities to the south.

For buyers, Newmarket means relative affordability and values that hold, but get your financing sorted and your mind made up, because homes turn over fast. For sellers, this is one of the better markets in the GTA right now. Small price erosion and quick sales are exactly the conditions that make listing worth it.

By the numbers for Newmarket, July 2026: average selling price $966,817 (-1.7% year-over-year); 82 homes sold (-9.9%); 194 new listings (-14.9%); 27 average days on market. By type: Detached $1,096,908 (-4.6%), Semi-Detached $769,733 (-14.0%), Townhouse $823,000 (-9.1%), Condo $512,000 (-11.7%).