September is usually when the fall market wakes up. This year buyers mostly waited. TRREB described them as being "in a holding pattern", held back by uncertainty about the economy, inflation and borrowing costs. Sellers held back too, and that's the part of the story that matters most for where prices go next.
Fewer buyers, and even fewer new sellers
GTA REALTORS® reported 5,040 sales through TRREB's MLS® System in September 2026, down 9 per cent from 5,540 a year earlier. New listings fell further, to 16,500, down 14.4 per cent. That's the third month in a row that new supply has dropped faster than sales. The number of homes for sale at month end was 26,131, down 9.3 per cent from a year ago.
On a seasonally adjusted basis, TRREB reported that both sales and new listings were down from August. Homes took an average of 34 days to sell, about the same as a year ago (33), and sold for an average of 98 per cent of asking.
"We know there is substantial pent-up demand in the GTA, with many households fully intending on purchasing a home in the months ahead."— Jason Mercer, TRREB Chief Information Officer
Prices: lower than last year, and a little lower than August
The average selling price was $1,006,409, down 5.1 per cent from $1,060,036 a year earlier. Averages move with whichever homes happen to sell, so the better guide is the MLS® Home Price Index, which prices a typical home the same way every month. Its composite benchmark was $917,600, down 4.7 per cent year over year and about 15 per cent below where it was three years ago. TRREB said that on a seasonally adjusted basis both the benchmark and the average price edged lower from August. After two flat months over the summer, prices haven't turned up yet.
What sold, and for how much
Average prices across the TRREB area in September, with the change from a year earlier:
Semi-detached homes held their value almost exactly, and in the City of Toronto their average was up 2.1 per cent. Condo apartments fell the most, especially outside the city: the average 905-region condo was down 12 per cent from a year ago, against 6.1 per cent in Toronto.
Region by region
| Region | Sales | Median price | Benchmark · YoY | Months of supply |
|---|---|---|---|---|
| Durham | 552 | $770,000 | $805,600 · −5.2% | 3.5 |
| City of Toronto | 1,937 | $810,000 | $908,200 · −3.8% | 4.6 |
| Halton | 502 | $982,500 | $953,100 · −3.4% | 4.2 |
| Peel | 936 | $855,000 | $864,300 · −4.8% | 4.9 |
| York | 893 | $1,043,000 | $1,080,400 · −6.5% | 5.0 |
Sales, median price and months of supply (TRREB's trend measure) from TRREB's September 2026 Market Watch. Benchmark is the September 2026 MLS® HPI composite and its change from September 2025.
Of the five big regions, Durham is the tightest, with 3.5 months of supply. York has the most homes to choose from and the biggest price drop. Halton has held its value best. Toronto's east end is the busiest part of the GTA: homes there sold for 101 per cent of asking on average.
What it means for you this fall
If you're a buyer, prices are below last year's and you have time to look: the average home took over a month to sell. TRREB's point about pent-up demand is the risk in waiting. Many buyers are on the sidelines rather than gone, and listings are thin. If confidence returns, it can return quickly.
If you're a seller, you have less competition than a year ago, because fewer homes are being listed. But buyers are cautious and the benchmark is still slipping. Price to this month's comparables, not to last spring's.
If you're an investor, condo apartments are where prices have fallen furthest, down 7.7 per cent on average and 12 per cent in the 905. Run the numbers on today's prices and today's rents, not on a rebound.
"Governments must make homeownership more attainable by reducing barriers such as Toronto's Municipal Land Transfer Tax and opposing its expansion across the GTA and Simcoe County."— John DiMichele, TRREB CEO
Figures are aggregate market statistics from TRREB's September 2026 Market Watch (released 6 October 2026) and the TRREB/Altus MLS® Home Price Index, covering all home types in the TRREB market area. This article is general market information, not financial, mortgage or investment advice. Please consult a licensed professional about your situation.
