September brought a quieter start to the fall housing market across the Greater Toronto Area. Home sales declined, fewer new listings entered the market, and average selling prices remained below last year's levels.
Economic uncertainty, inflation, and concerns about future borrowing costs continued to influence buyer confidence. At the same time, lower home prices have improved affordability, creating opportunities for buyers who are financially prepared and considering a move.
Across the GTA, 5,040 homes sold in September, down 9% compared with September 2025. The average selling price was $1,006,409, a 5.1% decline year over year, while new listings totalled 16,500, down 14.4% from the same month last year.
TRREB also reported that sales and new listings declined from August on a seasonally adjusted basis. The MLS Home Price Index, which measures price changes using comparable property characteristics, was 4.7% lower than September 2025.
These numbers reflect a market where buyers continue to weigh economic conditions carefully before making significant financial commitments.
How Different Property Types Performed in September
The September results varied across the major housing categories, with some property types showing considerably more price stability than others.
Detached homes recorded 2,399 sales across the GTA, with an average selling price of $1,292,016, down 5.1% year over year. Detached properties continued to account for the largest share of monthly transactions, although pricing remained below last September's levels.
Semi-detached homes showed the greatest price stability among the major housing types. The average selling price was $1,015,202, just 0.2% below September 2025, with 459 sales recorded. This is a useful distinction for buyers considering freehold housing, as the semi-detached segment experienced a much smaller average price adjustment than detached homes or condominiums.
Townhouses averaged $820,637, down 4.6% year over year, with 803 transactions. This segment continues to offer an alternative for buyers seeking additional living space at a lower average purchase price than detached or semi-detached homes.
Condo apartments recorded 1,316 sales at an average price of $605,257, a 7.7% decline compared with September 2025. Condominiums experienced the largest annual price decline among the four major property types, potentially creating opportunities for buyers looking to enter the market or move into a larger unit.
For condo buyers, the purchase price is only part of the calculation. Building maintenance, reserve funds, monthly fees, upcoming capital repairs, and overall carrying costs remain important considerations when assessing long-term value.
The Bigger Picture: Nine Months Into 2026
Looking at the year as a whole provides a more useful perspective than examining one month in isolation.
Between January and September 2026, 47,115 homes changed hands across the GTA, compared with 47,598 during the same period in 2025 — a decline of approximately 1%.
The year-to-date average selling price was $1,025,266, down approximately 4.8% from $1,077,332 during the first nine months of last year.
New listings totalled 131,158, compared with 154,233 a year earlier, representing a decline of nearly 15%.
This comparison is particularly important. Although September sales fell 9% year over year, the total number of transactions recorded during the first nine months of 2026 remained relatively close to the same period last year.
It also shows that fewer properties have been brought to market throughout 2026, even as buyers have continued to benefit from lower average selling prices.
What This Means for Buyers and Sellers
For buyers, the decline in selling prices over the past year has improved affordability. Those who have maintained financial stability and secured mortgage approval may find that properties previously outside their budget deserve another look.
However, the average GTA price does not tell us how much any particular home has declined. Buyers need to assess recent comparable sales, property condition, location, and competing listings before determining what represents fair value.
For sellers, the September figures reinforce the importance of realistic pricing and preparation. Buyers are making careful decisions and expecting pricing to reflect current market conditions.
The decline in new listings is also worth watching. Should buyer demand strengthen while fewer properties enter the market, the balance between supply and demand could shift.
Local Perspective: West Toronto and South Etobicoke
In West Toronto and South Etobicoke, understanding the local market remains essential.
A detached home in Bloor West Village, a semi-detached property in The Junction, and a waterfront condominium in Mimico attract different buyers and operate within different price ranges.
The broader GTA statistics help establish market direction, but individual property values depend on recent comparable sales, current competition, condition, and location.
A well-maintained property with a functional layout and desirable location may perform differently from another property in the same neighbourhood requiring substantial renovations or carrying higher ownership costs.
For buyers considering these neighbourhoods, the current market provides an opportunity to examine available properties carefully and compare them against actual recent sales.
For homeowners considering a sale, the first step is establishing a realistic price range based on their property's specific characteristics and the buyers currently active in that segment.
Looking Ahead
TRREB's September report highlights the continuing influence of economic uncertainty, employment security, inflation, and borrowing costs on buyer confidence.
According to TRREB Chief Information Officer Jason Mercer, there is substantial pent-up demand among households intending to purchase. Many prospective buyers are interested in taking advantage of improved affordability but want greater confidence in their employment prospects and future borrowing costs before proceeding.
As we enter the final quarter of 2026, changes in buyer activity, available inventory, and financing conditions will help determine how the market develops heading into 2027.
The important distinction is that improved affordability has already occurred, while a sustained increase in buyer demand will depend on broader economic conditions.
Final Word
September's results reinforce the importance of looking beyond regional averages when making real estate decisions.
For anyone considering buying, selling, or reviewing their property plans over the coming year, this is an appropriate time to examine current values, financing, and the practical timing of a potential move.
The people who prepare with clarity are better positioned to act with confidence when the right opportunity presents itself.
If you're considering buying, selling, or planning your next real estate move in West Toronto or South Etobicoke, let's start with a Clarity Call. We'll review your property, your financial picture, and your timing, so you understand your options and can make an informed decision that supports both your immediate needs and your longer-term plans.
Book your Clarity Call at
lubabeley.com.