Economic Uncertainty Kept GTA Homebuyers on the Sidelines in September

Homebuyers were in a holding pattern in September, as uncertainty surrounding the economy, inflation and borrowing costs weighed on Greater Toronto Area (GTA) home sales.

GTA REALTORS® reported 5,040 home sales through TRREB’s MLS® System in September 2026 – down nine per cent compared to September 2025. New listings entered into the MLS® System amounted to 16,500 – down by 14.4 per cent year-over-year.

On a seasonally adjusted basis, September 2026 home sales and new listings were down month-over-month compared to August 2026.

“Housing is one of the biggest issues on voters’ minds, and the upcoming municipal election will help shape housing policy across the GTA and Simcoe County for the next four years. The decisions our next mayors and councillors make on affordability, housing supply and the costs associated with buying a home can also influence buyer demand and confidence in the market,” said Toronto Regional Real Estate Board (TRREB) President Daniel Steinfeld.

The MLS® Home Price Index (MLS® HPI) Composite benchmark was down by 4.7 per cent year-over-year in September 2026. The average selling price, at $1,006,409, was down by 5.1 per cent. On a seasonally adjusted basis, both the MLS® HPI Composite and average selling price edged lower month-over-month compared to August 2026.

“We know there is substantial pent-up demand in the GTA, with many households fully intending on purchasing a home in the months ahead. These would-be homebuyers want to take advantage of today’s more affordable housing market, but they need to be confident that their employment situation will remain solid and inflation will not put pressure on borrowing costs over the long term,” said TRREB Chief Information Officer Jason Mercer.

“Governments must make homeownership more attainable by reducing barriers such as Toronto’s Municipal Land Transfer Tax and opposing its expansion across the GTA and Simcoe County,” said TRREB CEO John DiMichele. “With trade uncertainty and tariffs continuing to affect Canada’s economy, maintaining a strong housing sector is critical to supporting consumer confidence, economic growth, and the significant spin-off spending generated by every MLS® transaction,” continued DiMichele.

Source: Toronto Regional Real Estate Board / TRREB