September 2026 | Market Report
Homebuyers were in a holding pattern in September, as uncertainty surrounding the economy, inflation and borrowing costs weighed on Greater Toronto Area (GTA) home sales.
Market Report · September 2026 · Greater Toronto Area
Toronto Real Estate Market Report: September 2026
Buyers paused in September. Sales fell 9.0% from a year earlier, and sellers pulled back even more: new listings dropped 14.4%. Prices did not hold the progress they made over the summer. The year-over-year decline in the average price widened to 5.1%.
At a GlanceSeptember 2026 in Numbers
Buyers stayed cautious in September. GTA REALTORS® reported 5,040 sales through the TRREB MLS® System, down from 5,540 a year earlier. Sellers held back more than buyers did. New listings fell to 16,500 from 19,270, and month-end active listings fell to 26,131, which is 2,682 fewer homes on the market than at the end of September 2025.
TRREB says economic uncertainty, inflation and borrowing costs kept buyers on the sidelines. It also points to pent-up demand: many households still plan to buy, but they want to feel secure in their jobs and expect borrowing costs to stay stable before they commit. With a municipal election coming, housing policy, including Toronto's Municipal Land Transfer Tax, is also a factor for buyers.
01 · Market ConditionsFewer Listings, Not More Sales, Kept the Market in Balance
New listings fell 14.4% from a year earlier, while sales fell 9.0%. That means supply shrank about 1.6 times as fast as demand. In August, new listings fell nearly seven times as fast as sales. The gap has narrowed because sales weakened more in September, not because more sellers listed. On a seasonally adjusted basis, both sales and new listings were lower than in August.
GTA Monthly Home Sales: 2026 vs. 2025
Residential transactions, all TRREB areas
2026 year-to-date sales totalled 47,115, down 1.0% from the 47,598 recorded in January–September 2025 (our calculation from TRREB's revised monthly series). Source: TRREB Market Watch.
Supply and Demand
September 2026 vs. September 2025
Sales −9.0% · New listings −14.4% · Active listings −9.3%
Market Balance
In September, sales equalled 30.5% of new listings, up from 28.7% a year earlier (our calculation from TRREB's monthly totals). That is tighter than last year, but still a buyer-leaning market.
TRREB's 12-month trend measures show a sales-to-new-listings ratio of 37.8% and 4.6 months of inventory. Homes are not selling faster. The average sold listing took 34 days, compared with 33 a year ago, and sold for 98% of its asking price.
For now, the tight supply is helping buyers more than sellers. With fewer homes listed, prices have room to firm up once confidence returns. But demand hasn't recovered yet, so motivated buyers can still negotiate.
02 · Pricing TrendsPrices Fell Further Behind Last Year in September
The average selling price was $1,006,409, down 5.1% from $1,060,036 in September 2025. The MLS® HPI Composite benchmark, which adjusts for the mix of homes sold, was $917,600, down 4.7%. On a seasonally adjusted basis, both measures were slightly lower than in August.
This is a change from earlier in the year. Between January and August, the year-over-year price decline narrowed from 7.0% to 2.7%. In September it widened again to 5.1%. Part of the reason is that September 2025 was a strong month to compare against, when the average price rose to $1,060,036. Still, the trend toward smaller declines did not continue.
GTA Average Selling Price
All home types, all TRREB areas
The 2026 monthly figures are TRREB's revised series as published in the September Market Watch. Source: TRREB Market Watch.
Price by Home Type: City of Toronto (416) vs. the 905
Semi-detached homes held their value best. Their GTA average price was almost unchanged, down 0.2%, and in the 416 it rose 2.1%. Condo apartments saw the largest price drop, down 7.7%. The gap between the 416 and the 905 is clear. Detached sales fell 10.3% in the 905 but only 4.0% in the 416. Condo apartment prices fell 12.0% in the 905, compared with 6.1% in the 416.
Average Price by Home Type, September 2026
Average selling price
| Home Type | Sales | Avg. 416 | Avg. 905 | Average Price | Sales YoY | Price YoY |
|---|---|---|---|---|---|---|
| Detached | 2,399 | $1,562,966 | $1,193,432 | $1,292,016 | −8.7% | −5.1% |
| Semi-Detached | 459 | $1,207,884 | $851,266 | $1,015,202 | −8.2% | −0.2% |
| Townhouse | 803 | $922,445 | $789,299 | $820,637 | −12.8% | −4.6% |
| Condo Apartment | 1,316 | $640,248 | $533,654 | $605,257 | −7.8% | −7.7% |
| All Home Types | 5,040 | $1,034,320 | — | $1,006,409 | −9.0% | −5.1% |
03 · Regional PerformanceAverage Sale Price by Region
Halton Region had the highest average price in September at $1,139,025, followed closely by York Region at $1,136,650. York had the highest median, at $1,043,000. The City of Toronto's average was $1,034,320. Its median was much lower at $810,000, because Toronto sells many condos alongside its expensive detached homes. Durham was the most affordable of the five main regions, with an average of $828,141. It was also the tightest market, with only 3.5 months of inventory.
Average Sale Price by Region, September 2026
Above the GTA benchmark for the selected home type · At or below it. Fewer than 10 sales are flagged in the tooltip. Source: TRREB Market Watch.
Regional Scorecard
Click any column heading to sort. Sale-to-list ratios and months of inventory show how much negotiating room buyers have in each market.
| Region | Sales | Avg. Price | Median | New Listings | SNLR (Trend) | Mos. Inv. | SP/LP | Avg. LDOM |
|---|
SNLR and months of inventory are TRREB 12-month moving averages. SP/LP = average sale price to list price. LDOM = average listing days on market.
Toronto East was the only region where homes sold above asking on average, at 101% of list price, with 3.6 months of inventory and 29 days on market. Within it, E01 (Leslieville/South Riverdale) reached 109% and E02 (The Beaches) 105%. Detached and semi-detached homes in these east-end neighbourhoods remain hard to find. At the other end, King Township had 11.4 months of inventory and Georgina 6.5, so buyers in those markets have much more room to negotiate.
04 · Condominium MarketCondominium Prices by Region
Condo apartments made up 26.1% of GTA sales in September. There were 1,316 transactions at an average price of $605,257 (median $520,000). Sales fell 7.8% and the average price fell 7.7% from a year earlier. That was the largest price drop of any major home type. The MLS® HPI Apartment benchmark was $527,200, down 6.7%, the steepest decline among all benchmark categories.
Condo Apartment Average Price by Region
The 905 municipalities view shows only municipalities with 20 or more condo apartment sales. Averages for areas with few sales can change a lot from month to month. Dufferin and Simcoe each recorded only 2 condo apartment sales. Source: TRREB Market Watch.
| Region | Sales | Avg. Price | Median | Active Listings | SP/LP | Avg. LDOM |
|---|---|---|---|---|---|---|
| Halton Region | 66 | $638,586 | $505,000 | 533 | 96% | 45 |
| Peel Region | 157 | $482,848 | $430,000 | 1,025 | 96% | 47 |
| City of Toronto | 884 | $640,248 | $535,000 | 5,329 | 97% | 40 |
| Toronto West | 191 | $560,272 | $505,000 | 1,131 | 97% | 42 |
| Toronto Central | 593 | $683,259 | $565,000 | 3,539 | 97% | 40 |
| Toronto East | 100 | $537,948 | $461,250 | 659 | 97% | 36 |
| York Region | 167 | $564,236 | $525,000 | 1,086 | 97% | 47 |
| Durham Region | 38 | $440,829 | $427,500 | 194 | 97% | 41 |
| Dufferin County | 2 | $298,500 | $298,500 | 8 | 96% | 45 |
| Simcoe County | 2 | $504,500 | $504,500 | 51 | 97% | 41 |
| All TRREB Areas | 1,316 | $605,257 | $520,000 | 8,226 | 97% | 42 |
The condo market is concentrated in the City of Toronto. The 416 accounted for 884 of 1,316 condo apartment sales (67%). Prices there also held up better, down 6.1% compared with 12.0% in the 905. Toronto Central averaged $683,259 across 593 sales. Downtown C01 led with 196 sales at $654,366. C02 (The Annex/Yorkville) averaged $1,690,737 because of its luxury condo sales. In the 905, Mississauga was the most active market, with 122 sales averaging $500,192. Vaughan averaged $548,958 and Markham $574,612.
Condo Apartment Sales by Price Range
GTA, September 2026
52% of condo apartment sales closed between $400,000 and $599,999.
What the Condo Numbers Say
- Plenty of supply. There were 8,226 active condo apartment listings and 1,316 sales, or about 6.3 months of supply. Across all home types it was 5.2 months (our calculation).
- Buyers can choose. Condo sales equalled 29.1% of new condo listings. Units took an average of 42 days to sell, compared with 34 days across the market.
- Most sales are under $600K. 52% of condo apartment sales closed between $400,000 and $599,999, the price range where first-time buyers are most active.
- The 905 has adjusted the most. Peel ($482,848) and Durham ($440,829) are the most affordable regions. The 905's 12.0% year-over-year price decline is the sharpest repricing in any segment.
For end-user buyers, condo apartments are the most negotiable part of the GTA market right now. For sellers, pricing correctly from the start matters more than in any other segment.
05 · Price DistributionWhere Transactions Are Closing
In September, 3,218 of 5,040 sales (63.9%) closed below $1 million. Another 1,547 sales closed between $1 million and $2 million. There were 275 sales at $2 million and above, 5.5% of all transactions, and 238 of them were detached homes.
GTA Home Sales by Price Range and Home Type
September 2026 · Price ranges get wider above $1 million
Townhouse = attached/row/townhouse plus condo townhouse. Other = link, co-op, detached condo and co-ownership. Source: TRREB Market Watch.
06 · Economic BackdropInterest Rates and Inflation Are Keeping Buyers Cautious
The overnight rate is 2.3%, but posted mortgage rates are still high: 5.49% for a 1-year term, 6.05% for a 3-year and 6.09% for a 5-year. With inflation at 3.0%, buyers are not counting on further rate cuts. Toronto's unemployment rate is 6.8%, which has made buyers more cautious, even though employment grew 1.7% over the year. TRREB's Chief Information Officer, Jason Mercer, said buyers need to feel secure in their jobs and expect borrowing costs to stay stable before they commit.
07 · OutlookWhat to Watch This Fall
- New listings. New listings were down more than 14% year-over-year in both August and September. If that continues through November, the market will tighten even if demand stays flat.
- The 905 detached market. Detached sales in the 905 fell 10.3%, while prices fell only 4.4%. Sellers in suburban markets are holding firm on price, so fewer homes are selling.
- Condo apartments. Prices are still falling in the 905 and the HPI Apartment benchmark is down 6.7%. We do not expect this segment to stabilize before spring.
- Municipal policy. The municipal election and the debate over land transfer taxes could affect when buyers decide to act in the GTA and Simcoe County.
September showed that the market needs buyer confidence to recover, not just lower prices. Supply is tight, demand is waiting, and prices are still slightly lower than a year ago. Buyers who act before confidence returns face less competition. Sellers who price for the current market, not last spring's, are still selling.
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