Cost- CREA downgraded its 2026 national price forecast in April 2026.
- Greater Toronto Area benchmark prices are down roughly 6.6% year over year, with condos weaker than detached homes specifically.
- The regional picture is uneven — Prairie and Atlantic markets have generally held up better than Ontario and BC through the same period.
The national picture
CREA revised its 2026 national home price forecast downward in April 2026, reflecting softer-than-expected sales activity and price growth through the first part of the year. National averages, though, obscure more than they reveal in a market this regionally divided — a national figure blending a declining GTA with steadier Prairie markets tells you less than looking at each region on its own.
What's happening in the Greater Toronto Area
GTA benchmark prices are running roughly 6.6% below year-ago levels, with the condo segment notably weaker than detached homes — a divergence tied partly to a wave of investor-owned condo supply, much of it from pre-construction units completed in recent years, arriving on the resale and rental market at the same time demand has cooled. Detached homes have held up comparatively better, though still softer than a year ago. See our dedicated Toronto market update for the full picture by property type.
Why the regional split is so pronounced this year
Ontario and BC — the two provinces with the highest average prices and the greatest exposure to investor and pre-construction activity — have seen the softest conditions in 2026. The Prairies and Atlantic Canada, coming from a lower price base and with less pre-construction investor supply working through the system, have generally been more stable over the same period. This isn't a new pattern exactly, but the gap between the two groups has widened noticeably this year. See how specific cities compare in our Calgary and Vancouver market updates.
Curious what current prices mean for your own numbers? Check the affordability calculator or see today's closing costs on the closing cost calculator.
- Canadian Real Estate Association (CREA) — accessed September 2026
- Statistics Canada — accessed September 2026