The Toronto Regional Real Estate Board (TRREB) has released its September housing data. Buyers were in a holding pattern through September, as uncertainty around the economy, inflation and borrowing costs weighed on activity.
A total of 5,040 home sales were reported through the MLS, down 9.0% compared to September 2025 and the third consecutive month of year-over-year declines. New listings fell 14.4% year over year to 16,500. Active listings came in at 26,131, down 9.3% from last year. Months of inventory rose to roughly 5.2, up from 4.8 in August, as the usual fall return of listings met flat month-over-month sales. Through the first nine months of the year, 47,115 homes have changed hands at an average price of $1,025,266.
The average GTA home sold for $1,006,409, representing a 5.1% year-over-year decline, wider than the 2.7% recorded in August. The MLS Home Price Index (HPI) Composite Benchmark was down 4.7% across the GTA (-3.8% in Toronto), compared with 4.5% and 3.7% respectively in August. Listings sold in an average of 34 days on market, up 3.0% from a year ago, with final sale prices coming in at 98% of the asking price.
Average Sale Price by Property Type
Detached: $1,292,016 (↓ 5.1% year over year / ↑ 0.3% month over month)
Semi-detached: $1,015,202 (↓ 0.2% YoY / ↑ 9.0% MoM)
Townhomes: $820,637 (↓ 4.6% YoY / ↑ 4.3% MoM)
Condominiums: $605,257 (↓ 7.7% YoY / ↓ 2.0% MoM)
Detached homes accounted for the largest share of September sales (47.6%), followed by condominiums (26.1%), townhomes (15.9%), and semi-detached properties (9.1%). In every category, fewer homes sold compared with a year ago, with townhome sales down the most at 12.8% and the other three down roughly 8% to 9%. Condominiums continue to lag the rest of the market, posting the largest annual price decline of any property type.
September marks the eighth straight month of declines in new listings, yet buyers remained cautious. The Bank of Canada held its overnight rate at 2.25% on September 2, its seventh consecutive hold, with borrowing costs remaining below year-ago levels. TRREB points to substantial pent-up demand, with many households planning to buy once they feel confident about their jobs and the outlook for inflation. If confidence returns while new listings continue to decline, the balance between buyers and sellers could shift.
September's numbers reinforce why broad GTA averages only tell part of the story. Conditions can vary considerably by neighbourhood and property type, making local market intelligence essential for both buyers and sellers. A Harvey Kalles Real Estate sales representative can help you make sense of today's market and move forward with confidence, backed by experience and a strategy tailored to your goals.