In September, 24% of Greater Toronto Area homes sold above asking, up from 18% in August, though only 6% of neighborhoods saw overbidding, near multi-year lows. Single-family homes had more competition than condos, with 28% selling above asking. The City of Toronto led with 28% of homes above asking. The increase is attributed to seasonal buyer interest rather than a market shift. Most homes still sold below list price.
GTA home sales in September dropped by 9% to 5,040, while new listings fell 14.4%, improving the sales-to-new-listings ratio despite declining sales. Average prices decreased 5.1% year over year, with the benchmark index down 4.7%. Active listings fell 9.3%, maintaining about 5.2 months of inventory. Average days on market rose slightly, and regional inventory varied, with Durham lowest at 3.5 months. Pricing should consider current competition and recent sales.
Home sales in the Greater Toronto Area fell 9% year-over-year in September, totaling 5,040, while the average selling price dropped to $1,006,409 from $1,060,036. The composite benchmark price declined 4.7%. Economic uncertainty, inflation, borrowing costs, and geopolitical tensions have dampened buyer activity. New listings also decreased by 14.4% to 16,500. Upcoming municipal elections may impact housing policies and market confidence.
Ontario’s housing push faces a structural hurdle: fragmented zoning and code rules add cost, delay approvals, and make standardized building designs harder across municipalities.
The proposed fix centers on provincewide standards, as-of-right townhouses and multiplexes, tighter limits on parking and setbacks, and code reviews that could streamline projects.
Even with immediate reforms, Ontario municipalities would still need years to update plans, amend bylaws, align infrastructure, and process applications before supply meaningfully improves.
A current opening remains: eligible new-home buyers can access temporary HST relief through March 31, 2027, but builder track record still matters before signing.
Because new supply likely will not reshape affordability before 2031, buyers should plan around current prices, financing power, timelines, and the risks they can carry.
Canada’s 6-mo housing-starts trend ↓~1% MoM in Mid-Q3 to ~244K annualized units, while the monthly annualized pace stayed essentially flat near 229K.
In larger Canadian centres, actual starts totaled 17.7K in Mid-Q3, ↓~2% yearly, bringing the current year’s first eight months to 149.5K, ↓~4%.
Homes under construction in Canadian centres above 50K population edged ↓<1% MoM to 371.7K units, showing a still-large pipeline despite slight cooling.
Completions softened faster, ↓~11% MoM to 17.6K units, while approved permits not yet started ↑<1% to 142.4K, signaling future projects remained queued.
The national housing outlook said starts were still elevated versus recent years, but the downward trend was expected to continue as construction moderated toward year-end.
Looking for a fun family activity in Vaughan this Halloween season? Brick or Treat – Minifigure Monsters runs from October 1 through October 31, 2026, at LEGOLAND Discovery Centre Toronto, located at 1 Bass Pro Mills Drive. It is a colourful way to celebrate the season together without leaving the community.
Families can enjoy themed LEGO builds, glow-in-the-dark activities and a 4D monster movie designed to bring plenty of playful Halloween excitement. Because the experience is included with admission, it is easy to add the event to a weekend outing or school-break plan.
As a local real estate professional, I love highlighting experiences that help families enjoy Vaughan and the surrounding community. Whether you are new to the area or looking for something different to do close to home, Brick or Treat offers an engaging activity for LEGO fans of all ages.
Save the dates, review the event details at https://visitvaughan.ca/calendar/event/brick-or-treat-minifigure-monsters/ and share this post with a local family looking for monster-sized fun this October.
Recent numbers show that Canadian home sales dropped about 1% month-over-month and nearly 7% year-over-year by mid-Q3, reflecting the ongoing impact of economic uncertainty and elevated mortgage costs. The national price index held steady compared to the previous month but was down around 3% from last year. Meanwhile, we saw a roughly 3% rebound in new property listings after several months of decline—a signal that some sellers are re-entering the market. The sales-to-new listings ratio slipped to approximately 49%, below the long-term Canadian average of 55%, suggesting a more balanced landscape between buyers and sellers. According to economists, higher inflation risks and concerns over recent growth have shifted the overall outlook, while rising bond yields are pushing fixed mortgage rates up. At this point, markets were anticipating about a 60% chance of a rate hike in early Q4, and more than a full percentage point of tightening by 2027. As someone who has helped clients navigate both busy and challenging markets in the GTA, I understand how shifts like these can affect your plans, and I'm committed to providing the informed, high-level representation you deserve.
The Ontario condo market has seen some surprising challenges lately, especially for buyers approaching closing. Many purchasers are finding themselves owing up to 30% more than the current market value of their units, as values have shifted below the original contract prices. The long wait between signing and actual closing—often caused by pre-sales, lengthy approvals, permits, contractor arrangements, and labor shortages—has left buyers vulnerable to these market fluctuations. Banks, in turn, are only advancing mortgages based on the present appraised value, which can result in a shortfall in closing funds when contract prices are higher than appraisals. In previous seller’s markets, developers occasionally canceled deals due to escalating costs, drawing attention from the province and sparking proposed penalties and calls for independent oversight. Buyers have often faced complex contracts with few options to exit—typically just a 10-day cooling-off period or the rare chance to walk away if the occupancy date is missed. In my experience working with clients throughout the GTA, navigating these complexities underscores the value of having the right guidance and representation during every step of the process.
The perfect opportunity to embrace your inner "foodie" and unbutton your pants at the dinner table!In Canada, post-Thanksgiving is all about creative cranberry sauce solutions. Cranberry sauce pancakes, anyone?It's that time when multiple ovens are a blessing. Turkey, pies, casseroles – less stress!
The Ontario HST rebate continues to play a pivotal role in supporting new home sales across our region. In the GTA, we saw single-family home sales reach 692 units—an impressive 47% above the 10-year average. Overall, new home sales totaled 907. Yet, despite this activity, the benchmark price has dropped 14.6% year-over-year, highlighting shifting market dynamics. Notably, condo sales lagged significantly, falling 78% below average, largely because of the current limits on tax incentives. Drawing on my experience representing buyers and sellers in the GTA, I know how important it is to stay informed about these trends and to navigate the complexities of incentives and pricing in order to achieve the best results.
