GTA Housing Market Update: September 2026 Stats
GTA Housing Market Update: September 2026 Stats and What They Mean
GTA home sales slowed in September 2026. TRREB reported 5,040 sales, down 9.0% from September 2025, and the average sale price was $1,006,409, down 5.1% year over year. New listings fell even faster, down 14.4% to 16,500. On paper the GTA looks balanced at 4.6 months of inventory, but that average hides a split: condo apartments are in buyer's market territory at about 6.3 months of supply, while semi-detached homes are closer to a seller's market at about 3 months. Here is what the numbers show by property type and by region, and what they mean if you are buying or selling in the Greater Toronto Area.
All figures are from TRREB Market Watch, September 2026, unless otherwise noted.
TRREB described September as a holding pattern, with uncertainty about the economy, inflation and borrowing costs weighing on buyers. The numbers back that up. Sales were essentially flat from August (5,042 to 5,040) and down 9.0% from last September.
What keeps this from being a slide is supply. New listings dropped 14.4% year over year and active listings fell 9.3% to 26,131. When sales and listings fall together, the overall balance between buyers and sellers holds steady. At 4.6 months of inventory, the GTA as a whole sits in the middle of the range generally considered balanced (roughly 4 to 6 months). As the next section shows, that overall figure blends two very different markets.
Houses and condos are not in the same market
Months of inventory by property type tells a different story than the GTA average. Using active listings at the end of September divided by September sales:
Property type | Sales | Active listings | Months of supply | Avg. sale-to-list | Reads as |
|---|---|---|---|---|---|
Semi-detached | 459 | 1,380 | 3.0 | 102% | Seller-leaning |
Freehold townhouse | 448 | 1,854 | 4.1 | 100% | Balanced, firm end |
Detached | 2,399 | 12,321 | 5.1 | 97% | Balanced, soft end |
Condo townhouse | 355 | 2,097 | 5.9 | 98% | Edging toward buyers |
Condo apartment | 1,316 | 8,226 | 6.3 | 97% | Buyer's market |
These are single-month snapshots, which move more than TRREB's 12-month trend figure, so treat them as a read on current conditions rather than a fixed label.
Put simply, condos as a group sit at about 6.2 months of supply, while freehold homes sit at about 4.7. Semis and freehold townhouses, the entry point to owning a house in many neighbourhoods, are the tightest part of the market and still sell at or above asking on average. Condo apartments have the most supply relative to demand and the largest price decline of any type.
The gap is sharpest in the City of Toronto. Semi-detached homes there had about 2.7 months of supply and sold at 104% of list on average, and freehold townhouses about 2.9 months at 102%. Toronto condo apartments had about 6.0 months of supply, and condo townhouses about 7.7.
Detached homes are the middle ground and vary most by area. In the City of Toronto, detached supply was about 4.5 months. In York Region it was about 6.3 months and in Oakville about 7.0, so detached buyers in those areas also have real negotiating room.
For condo owners planning to move up, this split cuts both ways. Selling a condo means competing with more listings and more cautious buyers. Buying a semi or townhouse means competing with other buyers. Planning the sale and the purchase together matters more than usual right now.
GTA home prices in September 2026
The average sale price across all TRREB areas was $1,006,409, down 5.1% from $1,060,036 a year earlier. The median was $860,000. The MLS® Home Price Index composite benchmark, which tracks a typical home and smooths out shifts in what sold, was $917,600, down 4.65% year over year.
The month-to-month picture is mixed. The raw average price rose about 1.3% from August's $993,604, but TRREB notes that on a seasonally adjusted basis both the average price and the benchmark edged lower. The honest read: prices are still drifting down slowly, not rebounding.
Homes sold for an average of 98% of list price and spent 34 days on market, one day longer than last September.
Prices by property type
Property type | Sales | YoY sales | Average price | YoY price |
|---|---|---|---|---|
Detached | 2,399 | -8.7% | $1,292,016 | -5.1% |
Semi-detached | 459 | -8.2% | $1,015,202 | -0.2% |
Townhouse (all) | 803 | -12.8% | $820,637 | -4.6% |
Condo apartment | 1,316 | -7.8% | $605,257 | -7.7% |
Semi-detached homes held their value best, with prices essentially flat year over year and an average sale-to-list ratio of 102%. Condo apartments saw the largest price decline at 7.7%. There were 8,226 active condo apartment listings across the GTA at month end against 1,316 sales, which gives condo buyers the most choice and negotiating room of any segment.
Area breakdown: September 2026
Area | Sales | Average price | Median price | HPI benchmark (YoY) | Months of inventory | Avg. sale-to-list |
|---|---|---|---|---|---|---|
All TRREB areas | 5,040 | $1,006,409 | $860,000 | $917,600 (-4.65%) | 4.6 | 98% |
City of Toronto | 1,937 | $1,034,320 | $810,000 | $908,200 (-3.84%) | 4.6 | 99% |
Mississauga | 468 | $929,600 | $868,000 | $867,500 (-3.80%) | 4.8 | 97% |
Oakville | 162 | $1,365,169 | $1,211,500 | $1,128,800 (-3.03%) | 4.9 | 96% |
York Region | 893 | $1,136,650 | $1,043,000 | $1,080,400 (-6.50%) | 5.0 | 97% |
Durham Region | 552 | $828,141 | $770,000 | $805,600 (-5.20%) | 3.5 | 98% |
Months of inventory is TRREB's 12-month trend figure.
City of Toronto
Toronto recorded 1,937 sales at an average of $1,034,320, with a benchmark price down 3.84%. The city is really two markets. Toronto East is the tightest part of the GTA, with 3.6 months of inventory and homes selling at 101% of list on average. In Toronto E01 the average was 109% of list. Toronto Central, by contrast, has 5.1 months of inventory, largely because of condos: 3,539 of its 5,338 active listings are condo apartments.
Mississauga
Mississauga had 468 sales at an average of $929,600 and a median of $868,000. Its benchmark price fell 3.80%, one of the smaller declines among the areas covered here. With 4.8 months of inventory, it remains balanced.
Oakville
Oakville remains the highest-priced area in this group, with an average of $1,365,169 and a median of $1,211,500 across 162 sales. Its benchmark declined 3.03%, the smallest drop of any area in this update. Homes sold for 96% of list on average, so buyers still have room to negotiate on price.
York Region
York Region recorded 893 sales at an average of $1,136,650. It posted the largest benchmark decline in this group at 6.50%, and at 5.0 months of inventory it is the softest of the six areas. Conditions vary within the region: King sits at 11.4 months of inventory, while Markham is at 4.1.
Durham Region
Durham is the most competitive region in this group. It had 552 sales at an average of $828,141 and only 3.5 months of inventory. Whitby (2.9 months) and Ajax (3.0 months) are among the tightest markets in the GTA. Even so, Durham's benchmark price was down 5.20% year over year, so tight supply has not yet translated into rising prices.
Year-to-date: 2026 so far
Through the first nine months of 2026, GTA sales totalled 47,115 at an average price of $1,025,266. Based on TRREB's monthly figures, that sales total is about 1% behind the same period in 2025. The average price has climbed roughly 4% since January ($968,468), though it remains about 16% below the 2022 annual average of $1,193,766.
The borrowing picture
As of September, the Bank of Canada overnight rate was 2.3% and prime was 4.5%. TRREB's report lists a five-year mortgage rate of 6.09%. Inflation was 3.0% in August and Toronto's unemployment rate was 6.8%. TRREB's Chief Information Officer, Jason Mercer, pointed to substantial pent-up demand, with many households waiting for confidence in their jobs and in borrowing costs before they buy.
What this means if you are buying
It depends on what you are buying. Condo buyers are in the strongest position they have had in years: about 6.3 months of supply, prices down 7.7% and homes selling at 97% of list on average. Detached buyers in York Region and Oakville also have room to negotiate. If you are shopping for a semi or freehold townhouse, especially in Toronto, expect competition and be ready to move quickly on well-priced homes, which are selling at or above asking.
What this means if you are selling
Your position depends on your property type. Semi-detached and freehold townhouse sellers are in a strong spot, with limited supply and sales at or above asking. Condo sellers face the most competition and need to price sharply and present well from day one. Across every type, buyers are cautious and price-sensitive. Homes that are priced in line with recent sales in their immediate area are selling; homes priced on last year's numbers are sitting. Your pricing strategy matters more than your timing.
Frequently asked questions
What was the average home price in the GTA in September 2026? The average sale price across all TRREB areas was $1,006,409 in September 2026, down 5.1% from September 2025. The median price was $860,000 and the MLS® HPI composite benchmark was $917,600.
Are GTA home sales up or down in September 2026? Down. TRREB reported 5,040 sales, a 9.0% decline from 5,540 in September 2025. Sales were nearly unchanged from August 2026.
Is the GTA a buyer's or seller's market right now? It depends on the property type. The GTA overall shows 4.6 months of inventory, which is balanced, but condo apartments had about 6.3 months of supply in September 2026, which favours buyers, while semi-detached homes had about 3.0 months and sold at 102% of list, which favours sellers. Detached homes sat in between at about 5.1 months.
Is it a better time to buy a condo or a house in the GTA? Condo buyers currently have more leverage. GTA condo apartment prices were down 7.7% year over year in September 2026, with about 6.3 months of supply. Semi-detached and freehold townhouses are more competitive, with about 3 to 4 months of supply and average sales at or above asking price.
What happened to GTA condo prices in September 2026? The average condo apartment price across the GTA was $605,257, down 7.7% year over year, the largest decline of any major property type. Condo apartment sales were down 7.8%.
Which GTA area is most competitive right now? Among the areas covered here, Durham Region had the lowest months of inventory at 3.5, with Whitby at 2.9 and Ajax at 3.0. Within Toronto, the east end was the tightest, with homes in Toronto E01 selling at 109% of list price on average.
What is the GTA housing market outlook for fall 2026? TRREB points to pent-up demand from households waiting for more certainty around jobs, inflation and borrowing costs. If that confidence returns while new listings stay low, conditions could firm up. Until then, buyers have more negotiating room than they have had in several years.
Source: TRREB Market Watch, September 2026. This content is for informational purposes only and is not intended to solicit those already under contract with another brokerage. For a market analysis specific to your home or neighbourhood, contact Quynh Tran at Q Real Estate Group, 416-897-0778 or [email protected].
