Toronto’s average home price has slipped just below $1 million, now hovering around $993,000—about 3% less than this time last year. This slight dip has made home ownership a bit more attainable for many buyers. At the same time, new listings have dropped by roughly 14% to around 12,100, tightening inventory and limiting options for buyers. In the latest period, just over 5,000 homes changed hands, a 2% decrease from last year. With fewer choices on the market, competition among buyers may intensify, which could help maintain price stability. Ongoing steady mortgage rates and a generally positive economic outlook have supported affordability, though concerns about trade, inflation, and borrowing costs are making some households cautious. If inventory continues to shrink and prices start to climb, we could see buyers making quicker decisions—while sellers may find conditions more favorable and be encouraged to list. As your dedicated partner in real estate and home inspection, I keep a close eye on these shifts to help you navigate every turn in the Toronto market.