The Greater Toronto Area (GTA) real estate market remained cautious in September, with inflation, lending costs, and economic uncertainty continuing to weigh heavily on buyer confidence. Home sales were down compared to September 2025, while New Listings declined even more significantly year over year, suggesting that both buyers and sellers remain hesitant to make a move.
Prices also remained below last year’s levels, with the average GTA selling price down 5.1 percent. While pent-up buyer demand may remain, stronger confidence in employment, inflation, and borrowing costs will likely be needed before more buyers return to the market.
Here are the detailed statistics from September:
GTA
Average Sales Price
August 2026 to September 2026: $993,410 to $1,006,409 (+1.3%).
September 2025 to September 2026: $1,060,036 to $1,006,409 (-5.1%).
The Average GTA Sales Price increased by a tiny 1.3 percent from August to September 2026, compared with the average increase of 4.3 percent for this month-to-month period. Looking at September 2025, however, prices were down 5.1 percent, giving buyers greater affordability than in the same period last year.
Total Sales
August 2026 to September 2026: 5,057 to 5,040 (-0.3%).
September 2025 to September 2026: 5,540 to 5,040 (-9.0%).
GTA home sales were essentially flat from August to September 2026, with a slight 0.3 percent decline despite the start of the fall market. Compared to September 2025, sales were down 9.0 percent, reflecting continued buyer caution amid broader economic and borrowing-cost uncertainty.
New Listings
August 2026 to September 2026: 12,075 to 16,500 (+36.6%).
September 2025 to September 2026: 19,270 to 16,500 (-14.4%).
Active Listings
August 2026 to September 2026: 24,482 to 26,131 (+6.7%).
September 2025 to September 2026: 28,813 to 26,131 (-9.3%).
New Listings increased substantially from August to September as sellers returned following the summer, but remained 14.4 percent below September 2025. Active Listings also increased 6.7 percent month over month, but remained 9.3 percent lower year over year, meaning buyers have more choice than in August, but less overall inventory than at the same time last year.
Toronto
Average Sales Price
August 2026 to September 2026: $979,684 to $1,034,320 (+5.6%).
September 2025 to September 2026: $1,089,918 to $1,034,320 (-5.1%).
Average selling prices in the City of Toronto increased by 5.6 percent from August to September 2026 as the fall market began. Despite the month-over-month increase, prices remained 5.1 percent below September 2025, offering buyers better affordability in the City than last year.
Total Sales
August 2026 to September 2026: 1,767 to 1,937 (+9.6%).
September 2025 to September 2026: 2,063 to 1,937 (-6.1%).
Total Sales in the City of Toronto increased by 9.6 percent from August to September 2026, showing a stronger beginning of the fall market than the GTA overall. Year over year, however, sales were down 6.1 percent, as buyer activity remains well below last September’s level.
New Listings
August 2026 to September 2026: 4,200 to 6,521 (+55.3%).
September 2025 to September 2026: 7,182 to 6,521 (-9.2%).
Active Listings
August 2026 to September 2026: 8,727 to 9,865 (+13.0 %).
September 2025 to September 2026: 10,653 to 9,865 (-7.4%).
New Listings in the City of Toronto increased by 55.3 percent from August to September, reflecting the typical return of sellers following the quieter summer market. Active Listings also rose 13.0 percent month over month, though both measures remained below September 2025 levels, giving buyers more options than in August, but less inventory than a year ago.
SNLR – Sales to New Listings Ratio (August to September) – The number of Total Sales that occur (supply coming off the market) to New Listings coming on (supply coming onto the market).
GTA: 37.5% to 37.8%
City of Toronto: 38.3% to 38.5%
= Buyer’s Territory
A Sales-to-New-Listings Ratio between 40 and 60 percent generally indicates a balanced market, while under 40 percent is buyer’s market territory. Both the GTA and the City of Toronto remain just below the balanced range, meaning buyers still have negotiating opportunities despite having less overall inventory than a year ago.
Outlook
September did not bring a significant fall rebound across the GTA, with buyers continuing to take a cautious approach despite lower prices than last year. While fewer homes are available than in September 2025, buyer confidence remains a key factor in where the market goes next.
If economic and borrowing-cost uncertainty eases, pent-up demand could bring more buyers back into the market. Still, for now, conditions continue to offer opportunities for buyers ready to make a move.
Thinking of moving to the next stage? Let’s chat. Send me an email (hillary@hillarylane.ca) or text/phone (416-882-4707).
