Toronto Market Analysis

We know your market and here’s where we prove it.

Below you’ll find the latest statistics on what’s going on in the Toronto area and our take on what it means.  We do that by answering three questions for you.

Let’s get started.

Toronto did pretty well in September when compared to August, but less so compared to a year ago.  Our number of sales went up by a couple of hundred transactions, the average price rebounded by about $74,000 and is now again above the $1M mark and our number of new listings went up significantly to about 6,800 new properties hitting the market.  All in all, a positive, busier month than we’ve seen in a while!

Let’s look at the specifics for what was going on in Toronto in our three big categories.

If we begin by looking at the number of sales that happened in September, we saw the number of sales rise to around 2,000 for the month.

What’s it mean?

When we review the number of sales in Toronto, we see that there were 1,982 sales in September, compared to 1,804 sales in August. That was a meaningful increase, with sales up about 10% (178 sales) on a month over month basis. Compared to September of last year, sales were down about 8%, or 172 sales lower.  So far this year, Toronto has had about 18,000 sales take place.  In the first nine months of 2025, we had similar number of sales, so despite January 2026 starting us off with the lowest level of sales in more than two years, we have done as well as last year for number of transactions.  Mind you, last year was considered a slow year, so we’re not exactly knocking it out of the park.

If that’s the market as a whole, what happened in the condo market?

Looking specifically at condo apartment sales in Toronto, there were 861 sales in September, compared to 883 sales in August. That was a modest decrease, with condo sales down about 2% from August, or 22 sales lower month over month. Compared to September of last year, condo sales were down about 10%, or 97 sales lower.

In terms of prices, September saw the average price for a home in Toronto rise to approximately $1,057,000.

What’s it mean? 

While how many sales took place is important, the big question is what happened to the average sale price in Toronto in September? In August, the average price was approximately $983,000, and in September, it was about $1,057,000. That was a meaningful increase, with the average price up about 8% from August, or $74,000 higher month over month. Compared to September of last year, the average price was down about 3%, or roughly $30,000.  In August we saw the average price go below the $1M mark for the first time since January 2026, but we had a solid rebound in September. While that is good news for home owners and sellers, the fact that we’re still down about $30K from this time a year ago shouldn’t be overlooked.

Tale of two markets – what’s going on with condos?

Condo prices can move differently than the broader market, so it is worth looking at them separately. In Toronto in September, the average condo sale price was about $646,000, compared to approximately $639,000 in August. That was a small increase, with the average condo price up about 1% from August, or $7,000 higher month over month. Compared to September of last year, the average condo price was down about 6%, or roughly $38,000.

Our final source for what’s been happening this month in the Toronto real estate market is the number of new listings that came on the market. In September, new listings rose to 6,799 in Toronto.

What’s it mean? 

Turning to the supply side, when we review the number of new listings that came onto the market in Toronto in September, there were 6,799 new listings, compared to 4,380 new listings in August. That was a big increase, with new listings up about 55% from August, or 2,419 new listings higher month over month. Compared to September of last year, new listings were down about 9%, or 676 new listings lower.  That’s also the case if we look back two years ago, when in September 2024, we had about 7,400 new listings come on the market.  It seems like sellers are eager to get on the market, but not to the same extent we saw the past two years!

Tale of two markets – what’s going on with condos?

On the supply side of the condo market, September brought 3,079 new listings to market in Toronto, compared to 2,312 new listings in August. That was a big increase, with new condo listings up about 33% from August, or 767 new listings higher month over month. Compared to September of last year, new condo listings were down about 11%, or 370 new listings lower.

September was a bit quicker paced and more competitive than August, which isn’t unusual.  Our average days on market went down by three days and our average sale to list price ratio went up a full percentage point.  It would have a little bit faster paced if you were buying or selling real estate in the city in September, but it definitely would have felt more competitive!

Let’s look in detail at the two specific stats that tell us how it felt to buy and sell in Toronto this month.

One of the best indicators of how a market feels is how long homes remain on the market.  The quicker they fly off the market, the more frantic and stressful it can be for both sides.  While it may seem like that is always positive for sellers, make no mistake, it can be stressful when sellers receive lots of attention or offers quickly.  The fear of making a mistake and pressure to decide quickly is hard on both buyers and sellers.

In September, the average time it took a home to sell fell to 34 days.

How did it feel?

One of the clearest indicators of how it felt to be buying or selling in Toronto in September is how long it took for a home to sell. The average days on market in Toronto in September was 34 days, compared to 37 days in August. That was a modest decrease, with average days on market down about 8% from August, or 3 days lower month over month. In practical terms, the market would have felt somewhat faster. Compared to September of last year, average days on market was up about 3%, or just one day higher.  We started off 2026 with our slowest moving market in more than two years, with average days on market of 46 days.  While we’re faster now, Toronto has been relatively slow paced for most of the year and the September numbers show it is still a slow paced market.

Tale of two markets – how did it feel if you were buying or selling condos?

Speed matters in the condo market because it shapes how much urgency buyers and sellers feel. In Toronto in September, the average condo apartment took 40 days to sell, compared to 41 days in August. That was only a very small change, with units taking just one day less time to sell than in August. In practical terms, the pace of the condo market would not have felt much different. Compared to September of last year, average days on market for condos was unchanged.

The other statistic that gives us a good idea of how it feels to buy and sell in this month’s market is the sale to list price ratio.  This is a percentage that tells us how close to the price the sellers wanted they actually received from buyers.  If the sale to list price ratio is 100%, it means buyers paid exactly what the sellers were asking for the property.  If it’s under 100%, then the buyers negotiated a discount and if it’s over 100%, then the sellers got even more than they were asking for as a sale price.

In September, the average sale-to-list price ratio in the city increased to 99%.

How did it feel?

The average sale-to-list price ratio (how much of their list price sellers are actually getting when they sell) in Toronto in September was 99.0%, compared to 98.0% in August. That was a meaningful increase, with the ratio up 1.1 percentage points from August. While this stat is influenced by sellers listing below market value and setting offer dates, in practical terms, the market would have felt noticeably more competitive. Compared to September of last year, the sale-to-list price ratio was down 0.2 percentage points.  July and August were less competitive with ratios in the 98% level, so this bump up in September 2026 is a good thing, but we’re still not exactly seeing a hot market.

Tale of two markets – how did it feel if you were buying or selling condos?

For condos, the sale-to-list price ratio gives us another read on how much leverage sellers had when deals were actually coming together. In Toronto in September, the average condo sale-to-list price ratio was 97.1%, compared to 97.0% in August. That was essentially unchanged from August, with a difference of just 0.1 percentage points. This number can be influenced by underpricing strategies and offer dates, so it should not be read too literally on its own. In terms of the level of competition, that month-to-month movement was too small to suggest the condo market felt noticeably different. Compared to September of last year, the condo sale-to-list price ratio was down 0.4 percentage points.

Despite getting it completely wrong last month (we predicted a mild drop in average price and instead it went up over $70,000), we’re putting on our predicting hats again!  Based on the stats we analyzed, the average price in Toronto in October will fall by about 4% to 6%. In dollar terms, using the midpoint of that range, that would mean a drop of somewhere around $53,000 from September’s average price. That would put the October average price in Toronto at about $1,005,000.  We’re probably going to be right this time.

Let’s take a more detailed look at the three predictive stats we have for what comes next in the Toronto market.

Let’s start with an acronym!  The Sales to New Listing Ratio (SNLR) compares the number of properties that sold during the month with the number of new listings that came on the market during the same period.  It’s considered a strong predictor of what happens in the next month because it tells us if inventory is sticking around or selling quickly.

• If the SNLR is around 50% (in the 40% to 60% range), we have a balanced market, with sales equal to half the number of new listings coming on the market. A good amount of sales and a good amount of new options means reasonable price increases.
• Over 50% is heading towards a seller’s market, as we have sales absorbing a greater share of the new inventory coming on the market. In extreme cases, we can have an SNLR of over 100%, which means we saw more sales in a month than inventory came on the market, meaning next month is very likely to see a price increase.
• Under 50% tells us that we are headed towards a buyer’s market. The lower the SNLR, the more of a net increase in properties available the following month.  This means prices typically drop as buyers react to having lots of choices by pushing down the price they are willing to pay.

In September, we saw the SNLR in Toronto decrease to 29%, which means we’re in a buyer’s market right now in the city.

What does this predict?

The first of our three predictive stats is the sales-to-new-listings ratio, or SNLR, which compares the number of sales to the number of new listings coming onto the market. In September, Toronto’s SNLR was 29%, down 12 percentage points from 41% in August. That puts Toronto in a buyer’s market, where new supply is outpacing demand. On its own, the SNLR is pointing to strong downward pressure on prices heading into October.  Our lowest SNLR in the past two years was back in September 2024 when it was 26% and we’re not far off that level, so no question there are more sellers than active buyers these days.

How will the condo market do?

For the condo market, the sales-to-new-listings ratio gives us a useful read on whether buyers or sellers had more leverage. In Toronto in September, the condo SNLR was 28%, down 10 percentage points from 38% in August. That puts condos in a buyer’s market, where there were far more new listings than sales. On its own, this points to strong downward pressure on condo prices heading into October.

As we turn to active listings, we need to be clear about what that means.  The number used for active listings is the number of actual, currently for sale properties at the end of the month.  This number is therefore comprised of the older listings already on the market at the start of the month, plus any new listings that didn’t sell in the month, less any older or new listings that did sell before the end of the month.

At the end of September, Toronto had 10,414 active listings, up from 9,537 at the end of August.

What does this predict?

The second predictive stat is active listings, which tells us how many properties buyers had to choose from at the start of October. In Toronto at the end of September, there were 10,414 active listings, compared to 9,537 at the end of August. That was a meaningful change, with active listings up about 9% from August, or 877 listings higher month over month. Compared to September of last year, active listings were down about 7%, or 762 fewer active listings. The current count sits toward the higher end of its two-year range. The absolute level of active listings remains high enough relative to the last two years to put downward pressure on prices in October.  While we are still about 2,000 listings shy of our all time high for active listings in the city of 12,372 (back in May 2025), over 10,000 active listings is very much a high level in Toronto.

How will the condo market do?

For condos, active listings tell us how much choice buyers had as we moved into October. In Toronto at the end of September, there were 5,316 active condo listings, compared to 5,051 at the end of August. That was a modest change, with active condo listings up about 5% from August, or 265 listings higher month over month. Compared to September of last year, active condo listings were down about 11%, or 650 fewer active condo listings. The current condo count sits toward the higher end of its two-year range. The absolute level of active condo listings remains high enough relative to the last two years to put downward pressure on average condo prices in October.

Finally, let’s look at the Months of Inventory in Toronto.

This statistic tracks how long it would take for all properties on the market in Toronto to sell if we stopped having any new listings.  The higher the MOI, the more of a buyer’s market, the lower the MOI, the more of a seller’s market.  Somewhere between three to four months is considered a balanced market, but Toronto is often below that level when our market is normal, or close to normal!

September saw Toronto’s months of inventory hold steady, and it is now at 5.3 months.

What does this predict?

The third predictive stat is months of inventory, which tells us how long it would take to sell through the available listings at the current pace of sales and, as a result, gives us a useful read on whether buyers are gaining or losing leverage. In Toronto at the end of September, there were 5.3 months of inventory, which was unchanged from 5.3 months at the end of August. This September’s level was higher than September of last year by 0.1 months, or about 2%. Compared with the last two September levels, September 2024 was at 5.2 months and September 2025 was at 5.2 months. Even with that historical context, current supply conditions are elevated. Broadly speaking, with 5.3 months of inventory available for buyers, that still leaves enough supply relative to sales that prices should drop in October.

How will the condo market do?

For condos, months of inventory helps us understand how much choice buyers had relative to the pace of sales. In Toronto at the end of September, there were 6.2 months of condo inventory, which was up about 9% from August, or 0.5 months higher month over month. This September’s level was unchanged from September of last year. Compared with the last two September levels, September 2024 was at 6.4 months and September 2025 was at 6.2 months. Even with that historical context, current condo supply conditions are highly elevated. Broadly speaking, with 6.2 months of inventory available for condo buyers, that still leaves enough supply relative to sales that condo prices should drop in October.

The charts and analysis above cover a lot of ground, so it is worth stepping back to summarize what happened and what it means.

September saw stronger sales, higher prices, and more new listings.

Overall, September was a better month than August in terms of activity, although sales are still above what we saw two years ago. Sales rose 10% month-over-month (1,804 to 1,982, about 178 more), which is below September 2025 (2,154) and above September 2024 (1,956). In the condo segment, sales fell 2% (883 to 861, just 22 fewer).

The average sale price rose 7.5% ($980,000 to $1,060,000, about $70,000 higher). In the condo segment, the average price rose 1.0% ($640,000 to $650,000, about $10,000 higher). Taken together, the condo results were mixed: pricing improved, but the underlying sales number weakened.

New listings rose 55% overall (4,380 to 6,799). Condo new listings rose 33% (2,312 to 3,079). Taken together, supply grew faster than demand overall, which can limit seller pricing power if the new supply is not absorbed quickly. Within the condo segment, the balance is less favourable because new listings increased while sales fell.

Toronto felt a little faster-paced, but a fair bit more competitive.

Overall, September was faster than August. Average days on market fell to 34 days from 37 (down 3 days or about 8%).

That is a small improvement. Compared with the last two September levels, the overall market is slower than September 2025, when homes took 33 days on average to sell, and slower than September 2024, when homes took 28 days on average to sell. In the condo segment, days on market fell to 40 days from 41. Compared with the last two September levels, that is in line with September 2025, when condo apartments took 40 days on average to sell, and slower than September 2024, when they took 35 days on average to sell.

Sale-to-list reinforces that picture. Across the overall market, the ratio rose to 99.0% (from 98.0%). In the condo segment, the sale-to-list ratio rose to 97.1% (from 97.0%). Taken together, that points to a somewhat more competitive overall market.

October prices will face very strong downward pressure in Toronto, with condo apartments also facing strong downward pressure.

The supporting indicators show the SNLR fell to 29% from 41%, active listings rose to 10,414 (up 9%), and months of inventory held at 5.3 months. Taken together, the indicators point clearly to very strong downward pressure on average prices in October. Our prediction is that the average price in Toronto in October will fall by about 4% to 6%. In dollar terms, using the midpoint of that range, that would mean a drop of somewhere around $53,000 from September’s average price. That would put the October average price in Toronto at about $1,005,000.

In the condo segment, conditions are weaker. Supporting that view, the SNLR was 28%, active listings stood at 5,316 (up 5%), and months of inventory stood at 6.2 months. Taken together, the condo indicators are pointing pretty clearly in one direction, with strong downward pressure on average condo prices. Based on that, our prediction is that the average condo price in Toronto will fall by about 4% to 6% in October. In dollar terms, using the midpoint of that range, that would mean a drop of somewhere around $32,000 from September’s average condo price, putting the October average at about $614,000.

We hope this review and analysis of Toronto was helpful. Check back near the start of next month for the latest update on what is happening in Toronto!