TorontoReverseMortgage.ca sums up Toronto home prices in August 2026 and what they mean for a homeowner 55 or older who is looking at a reverse mortgage. The figures come from the Toronto Regional Real Estate Board (TRREB) Market Watch report for August, published September 3, 2026.
Prices in the City of Toronto were lower than a year earlier for every type of home. The 1,767 homes sold in the city in August went for an average of $979,684, and half of them sold for less than $770,000 (TRREB Market Watch, August 2026).
Toronto prices by type of home, August 2026
TRREB reports two kinds of price. An average adds up every sale and divides by the number of sales, so it moves with the mix of homes that happened to sell. A benchmark is TRREB’s price for a typical home with standard features, and it doesn’t swing with that mix.
| City of Toronto | Average price | Average, change in a year | Benchmark price | Benchmark, change in a year |
|---|---|---|---|---|
| Detached | $1,525,749 | down 0.1% | $1,437,900 | down 4.33% |
| Semi-detached | $1,110,639 | down 1.8% | $1,127,200 | down 4.07% |
| Townhouse | $797,856 | down 12.9% | $717,200 | down 5.62% |
| Condo apartment | $651,648 | down 2.1% | $547,400 | down 6.88% |
| All home types | $979,684 | not shown | $918,400 | down 3.73% |
The semi-detached benchmark is TRREB’s figure for single-family attached homes. The townhouse average fell 12.9% while the townhouse benchmark fell 5.62%, which shows how far an average can move with the homes that happened to sell.
For the first eight months of 2026, the City of Toronto average was $1,042,120 across 15,548 sales. For the wider Greater Toronto Area, TRREB described its benchmark price as “essentially flat” from July to August, after adjusting for the season (TRREB news release, August 2026).
Where prices were lowest and highest
TRREB divides the City of Toronto into 35 districts. The lowest detached benchmark in August was $862,900, in district W10, the Rexdale area of Etobicoke. The highest was $3,485,900, in district C09, Rosedale-Moore Park in Old Toronto.
Condo apartment benchmarks went from $399,600 in district E11, the Malvern area of Scarborough, to $1,105,200 in district C12 in North York. Condo apartments qualify with every Canadian reverse mortgage lender, and the building is reviewed along with the unit (reverse mortgages on Toronto condos).
Scarborough had the lowest average of the six former cities. Adding up TRREB’s Scarborough districts, homes of all types sold for an average of $778,289 there in August.
| Former city | Detached benchmarks | Condo apartment benchmarks |
|---|---|---|
| Scarborough | $878,000 to $1,093,600 | $399,600 to $561,400 |
| York | $924,100 to $1,016,500 | $480,900 to $506,700 |
| Etobicoke | $862,900 to $1,639,400 | $432,400 to $602,700 |
| North York | $1,036,500 to $3,143,000 | $473,200 to $1,105,200 |
| East York | $1,173,200 to $2,227,300 | $428,300 to $474,600 |
| Old Toronto | $1,434,400 to $3,485,900 | $499,900 to $790,900 |
Each range goes from the lowest to the highest TRREB district benchmark in that former city, for August 2026. TRREB’s districts don’t follow the old city borders exactly, so the ranges are close rather than exact.
What lower prices mean for a reverse mortgage
The most a reverse mortgage can provide is a percentage of your home’s appraised value. That dollar amount falls when prices fall, and rises when they rise.
Your age sets the percentage: up to about 50.5% of the home’s value at 65, about 53% at 70 (what a 70-year-old can borrow in Toronto), about 58% at 75 and about 60% at 80. For a couple, some lenders use the younger spouse’s age and others a combined age.
For example, a townhouse worth $717,200, the August townhouse benchmark, could provide up to about $363,000 at 65 or about $414,000 at 75. Each $10,000 change in value moves the most you could borrow by about $5,000 at 65, or about $5,800 at 75.
Your own home’s appraised value is the number that counts, not a TRREB average or benchmark. A professional appraiser values the home after you apply, and the amount available adjusts to that value. The Toronto reverse mortgage calculator shows the math for your age and your home.
You don’t have to take the full amount. Interest is charged only on the money you take.
You can never owe more than the home is worth, which is typically called the no negative equity guarantee. You never owe more than the home’s fair market value on the day the mortgage comes due, as long as property taxes, insurance and upkeep are kept up. The guarantee comes with all four Canadian reverse mortgage lenders.
Interest adds to the balance over time. Home price growth often offsets some or all of it, and Canadian borrowers keep about half their equity on average.
Advertised 5-year fixed reverse mortgage rates ranged from 6.23% to 6.94%, as advertised by the lenders and checked September 17, 2026. Rates are the same across Ontario, because no lender sets its rates by city. The rate is one part of what a reverse mortgage costs in Toronto.
Prices and the choice to stay or sell
Some homeowners weigh these prices against selling. Selling and buying again has its own costs in Toronto, set out in what downsizing in Toronto costs.
Richard Hopkins, Mortgage Broker, compares every reverse mortgage lender in Canada. The brokerage also arranges lines of credit and regular mortgages, so you get a recommendation based on your situation, even if it’s not a reverse mortgage.