What is it?
When the news reports a "Toronto home price", it is usually one of three numbers. The average price adds up the prices of every home sold that month and divides by the number of sales. The median price is the middle sale when all sale prices are lined up from lowest to highest. The benchmark price is the price of a "typical" home as defined by the MLS® Home Price Index (MLS® HPI) using a statistical model.
In the same month the three numbers can differ by hundreds of thousands of dollars. None of them is wrong; they measure different things.
The GTA numbers for October 2026
From TRREB Market Watch, October 2026 (released November 4, 2026), all TRREB areas, all home types.
| October 2026 | Year over year | |
|---|---|---|
| Average price | $1,024,108 | −2.7% |
| Median price | $860,000 | — |
| MLS® HPI Composite benchmark | $916,400 | −4.3% |
| Sales | 5,603 | −7.9% |
The average is $164,108 above the median because a few expensive homes pull the average up. The HPI Composite index value was 290.6 (an index is a number for comparing price changes, not a price).
Why does the average swing so much?
The average depends on which homes sold. If more $3,000,000 detached homes and fewer condos sell in a month, the average rises even if no home gained value. In a month with many condo sales, the average falls. This is called the "mix" effect.
The median is less affected by a few very expensive homes, so it is steadier than the average. But it still moves with the types of homes that sold.
| Made-up example: 5 sales in one area | This month | Next month |
|---|---|---|
| Sale prices | $600k, $700k, $800k, $900k, $1,000k | $600k, $700k, $800k, $900k, $3,000k |
| Average | $800,000 | $1,200,000 (+50%) |
| Median | $800,000 | $800,000 (no change) |
What makes the benchmark different?
The MLS® Home Price Index (HPI) is built by the Canadian Real Estate Association (CREA). Using more than 15 years of MLS® sales data, a statistical model works out the value buyers place on the different features of a home, defines a "typical" home for each area and home type, and tracks that home’s price, the benchmark, every month. CREA explains that averages and medians can change a lot from month to month and give a misleading picture of price levels and trends.
So when you want to know whether prices are rising or falling, the benchmark’s year-over-year change is the most accurate guide. In October 2026 the GTA Composite benchmark was down 4.3% from a year earlier, and the average price was down 2.7%.
By home type (October 2026, all TRREB areas)
| Home type | Average | Median | HPI benchmark |
|---|---|---|---|
| Detached | $1,310,627 | $1,110,000 | $1,194,200 (Single Family Detached) |
| Semi-detached | $1,024,907 | $907,000 | $914,300 (Single Family Attached) |
| Townhouse (freehold) | $905,385 | $830,000 | $662,200 (Townhouse) |
| Condo townhouse | $683,728 | $648,000 | — |
| Condo apartment | $621,400 | $528,000 | $521,600 (Apartment) |
TRREB’s home-type groups and the HPI’s groups have different names and boundaries (for example, HPI "Single Family Attached" and "Townhouse" are not exactly TRREB’s semi-detached and townhouse groups). The rows are placed side by side for reading, not as a one-to-one comparison.
Which number do you use when pricing a home?
- Your own home’s price: none of them. The basis is a comparative market analysis (CMA) of recent sales of the same type of home in the same neighbourhood. The average is a number for the area as a whole.
- The market trend (up or down): the HPI benchmark’s year-over-year and month-over-month change.
- "What does a typical home cost": the median is closer to real life than the average.
- Budget planning: look at the median and benchmark for the home type and area you are buying in. The GTA-wide average includes many detached homes and looks high to a condo buyer.
- Headlines: when you read "average price down X%", check which number, which area and compared with which month. In the same month the average can fall while the benchmark rises.
What to watch out for
- TRREB’s average and median count only firm deals entered into the MLS® System between the first and last day of that month.
- Figures are revised every month. Note the report month and release date.
- At the neighbourhood level there are fewer sales, so the average swings even more. Do not put much weight on the average in an area with only a handful of sales in a month.
- The index value itself (for example 290.6) is not a price. Look at the percentage change and the benchmark price.
Example
The news says "GTA average home price down 5.1% year over year". A Markham condo owner thinking of selling worries that their home has also lost 5%.
Their agent shows them the same month’s report. The GTA average is heavy with detached homes; the condo apartment benchmark was down 6.7% on its own; and the three most recent sales in their building were down a little less than that from a year earlier. They set the listing price from the building’s recent sales, not from the headline. This is a made-up example.
What the law and official sources say
Quotes are copied word for word. The "In plain words" lines are our explanation, not an official translation.
Sales, dollar volume, average sale prices and median sale prices are based on firm transactions entered into the TRREB MLS® System between the first and last day of the month/period being reported.In plain wordsTRREB’s sales, average and median prices count only deals entered into the MLS® System as firm between the first and last day of the month.
Source: trreb.ca/wp-content/files/market-stats/market-watch/mw2610.pdf · checked Nov 6, 2026
The MLS® Home Price Index (MLS® HPI) Composite benchmark was down by 4.3 per cent year-over-year in October … 2026. The average selling price, at $1,024,108 was down by 2.7 per cent.In plain wordsIn October 2026 the GTA HPI Composite benchmark was down 4.3% from a year earlier, and the average selling price of $1,024,108 was down 2.7%.
Source: trreb.ca/wp-content/files/market-stats/market-watch/mw2610.pdf · checked Nov 6, 2026
Average or median prices can change a lot from one month to the next and paint an inaccurate or even unhelpful picture of price values and trends.In plain wordsCREA explains that average and median prices can change a lot month to month and can give a misleading picture of price levels and trends.
Source: crea.ca/housing-market-stats/mls-home-price-index/ · checked Oct 30, 2026
Each month, the MLS® HPI uses more than 15 years of MLS® System data and sophisticated statistical models to define a “typical” home based on the features of homes that have been bought and sold. These benchmark homes are tracked across Canadian neighbourhoods and different types of houses.In plain wordsThe HPI uses more than 15 years of MLS® data and statistical models to define a "typical" home from the features of homes that sold, and tracks that benchmark home’s price by neighbourhood and home type every month.
Source: crea.ca/housing-market-stats/mls-home-price-index/ · checked Oct 30, 2026
A REALTOR® can get you the information needed to make an informed decision: comparable prices, neighborhood trends, housing market conditions and more.In plain wordsA REALTOR® can give you comparable prices, neighbourhood trends and market conditions. Ask for actual sales in your area rather than relying on a report’s average.
Source: crea.ca/who-we-are/the-realtor-difference/ · checked Oct 30, 2026
Common questions
What is the average home price in Toronto?
In October 2026 the average selling price across all TRREB areas was $1,024,108, the median was $860,000 and the HPI Composite benchmark was $916,400 (released November 4, 2026). It changes monthly and differs a lot by home type, so check the latest Market Watch.
Which is the "real" price, the average or the benchmark?
Both are real, but they are used differently. The average swings with the mix of homes sold that month; the benchmark follows the price of the same "typical" home over time. Use the benchmark for the trend and the average with the sales count for the size of that month’s market.
Why is the average usually higher than the median?
Home prices have a floor but no ceiling, so a few very expensive sales often pull the average up. The median is the middle sale and is less affected. In October 2026, across all TRREB areas, the average was $164,108 above the median. But when you narrow it down by area and home type, the median is sometimes higher. That month, freehold townhouses in Oshawa (11 sales) had an average of $596,227 and a median of $622,500.
Can I price my home from the benchmark?
No. The benchmark is the area’s "typical" home, not yours. Price your home with a comparative market analysis (CMA) of recent sales of the same type of home in the same neighbourhood.
What does an HPI index of 290.6 mean?
It shows how the benchmark home’s price has changed compared with a base period; it is not a price. Check CREA for the base period. It is easier to look at the benchmark price and the percentage change (month over month, year over year) than at the index itself.
Guides that use this term
Sources checked
- TRREB Market Watch, October 2026 (mw2610, released November 4, 2026) · checked Nov 6, 2026
- CREA, MLS® Home Price Index · checked Oct 30, 2026
- CREA, The REALTOR® Difference · checked Oct 30, 2026