What did GTA home prices do in September 2026?

By Cliff Rego  ·  CEO, Founder and Broker Owner

The Toronto Regional Real Estate Board published its September figures on October 6, and they describe a market that is still easing gently.

Prices came down again. The board’s September 2026 Market Watch puts the MLS Home Price Index composite benchmark for all TRREB areas at $917,600. That is 4.65 per cent below September 2025. A benchmark tracks a typical home rather than whatever happened to sell.

Sales were slower as well. Agents across the region reported 5,040 sales through the board’s system in September 2026. That is 9 per cent fewer than a year earlier.

Below we go through what sold, what it sold for, how much choice buyers had, and how long homes sat before selling.

What does the benchmark price tell you about the GTA right now?

It says a typical home is worth a little less than it was last autumn, and that the slide has been orderly.

The composite benchmark covers every home type across all TRREB areas. At $917,600 in September 2026, it sits 4.65 per cent below the same month last year. The board also reported that it edged lower from August.

The softness sits unevenly across home types. The apartment benchmark for all TRREB areas was $527,200 in September 2026, down 6.7 per cent from last September.

Detached homes held their value better. Their benchmark came in at $1,196,400, a drop of 4.8 per cent over the same year. Townhouses sat between the two.

A benchmark is the board’s estimate of what a typical home in a group is worth. It is built to strip out the mix of what happened to sell. That makes it the right number for comparing one year with the next.

A note on geography. All TRREB areas covers the City of Toronto plus Halton, Peel, York, Durham, Dufferin and Simcoe. We quote that whole region unless we say otherwise.

A price from one area and a percentage change from another do not belong in the same sentence. So we name the geography every time.

How many homes sold, and what did they actually sell for?

Fewer homes changed hands, and the average cheque was smaller than last year.

The average selling price across all TRREB areas was $1,006,409 in September 2026. That is 5.1 per cent below September 2025. An average is the total of the sale prices divided by the number of sales.

Averages move with the mix of homes that sell. A heavy month for detached houses pulls the average up even when values are flat. So we read the benchmark for the trend and the average for what cheques looked like.

The gap between home types shows up here too. Detached homes across all TRREB areas sold for an average of $1,292,016 in September 2026. Condominium apartments averaged $605,257.

Did buyers have more choice in September?

They had less choice than a year ago, because sellers pulled back harder than buyers did.

New listings across all TRREB areas came to 16,500 in September 2026. That is 14.4 per cent fewer than the September before.

The shelf was thinner at month end as well. Active listings stood at 26,131, which is 9.3 per cent below last September.

Months of inventory puts those two numbers together. It estimates how long it would take to sell everything listed at the current pace of sales. The board works it out as a trend across the past twelve months.

All TRREB areas sat at 4.6 months of inventory in September 2026. The common industry rule of thumb reads under about three months as favouring sellers and over about six as favouring buyers. That leaves the region balanced, with room for a buyer to ask questions.

Thinner listings change what a seller should expect. There is less competition on the street than there was last autumn. There are also fewer buyers out walking through homes, so the two effects partly offset each other.

How long are homes taking to sell?

About five weeks, and barely longer than last autumn.

Homes that sold across all TRREB areas spent an average of 34 days on the market in September 2026. The same figure was 33 days a year earlier. That is a regional average, so your street may look different.

Sellers also held close to their asking prices. The average sale price came in at 98 per cent of the average list price. Well priced homes are still trading near the number on the sign.

One figure runs longer. Properties were on the market an average of 51 days before selling, counting earlier listings of the same home. A house that is relisted after a quiet first run shows up in that number.

Held offer dates are worth a thought in a market like this. A date only works when the asking price brings people through the door. We would rather set a price we are content to accept and let buyers answer it.

What would we do with these numbers this autumn?

Price to the benchmark for your home type, and give the sale enough runway.

For sellers, the condominium figures deserve the most attention. Apartment values have given up more ground than houses over the past year. Pricing a unit against what the building fetched last spring usually ends in a price cut.

For buyers, the picture is friendlier than it was. Lower benchmarks and a balanced market give you time to read a status certificate and book an inspection. Conditions are easier to keep in an offer when a home has been sitting.

On the wider outlook, we leave forecasting to the people who publish it. TRREB Chief Information Officer Jason Mercer said in the September release that there is “substantial pent-up demand in the GTA”. He added that those buyers “need to be confident that their employment situation will remain solid”.

For anyone moving within the region, the softer year applies at both ends. A home worth less than last autumn is usually being traded for another one in the same position. The gap between the two is what decides whether a move works.

Borrowing costs are the other half of the picture. The Bank of Canada has held its policy interest rate at 2.25 per cent. Its next scheduled announcement is October 28, 2026.

Quick Questions

Is the GTA a buyer’s market right now? It reads as balanced rather than a buyer’s market. All TRREB areas sat at 4.6 months of inventory in September 2026, and the common rule of thumb treats over about six months as favouring buyers. Buyers do have more room than they had two years ago.

What is the difference between a benchmark price and an average price? A benchmark estimates what a typical home in a group is worth, so it is built for comparing one year with another. An average divides total sale prices by the number of sales, so it moves with the mix of homes that sold. TRREB publishes both every month.

How long does it take to sell a home in the GTA? Homes that sold across all TRREB areas took an average of 34 days in September 2026. Counting earlier listings of the same property, the average was 51 days. Your own timeline depends on price, home type and neighbourhood.

Did GTA condo prices fall further than house prices? Over the past year, yes. The apartment benchmark for all TRREB areas was down 6.7 per cent in September 2026. The composite benchmark for all home types was down 4.65 per cent, and detached homes gave up 4.8 per cent.

Wondering where your own home sits against these numbers? Our brokers will walk you through the figures for your neighbourhood and your home type. You can book a home evaluation with our team or talk to a Corcoran Horizon broker.

Corcoran Horizon Realty

This article is general information, not financial, legal or tax advice. Market figures are from the Toronto Regional Real Estate Board and the Bank of Canada. They reflect the periods shown and are current as of October 16, 2026.