September 2026

GTA market report

September 2026 · Overview plus nine city sections. September 2026 figures: TRREB for the GTA and eight cities; Hamilton is shown separately on Cornerstone figures, as labelled.

Archived issue · See the latest issue

GTA overview

5,040Sales5,540 a year agoYoY down 9.0%
$1,006,409Average priceYoY down 5.1%
16,500New listings19,270 a year agoYoY down 14.4%
34 daysDays on market33 days a year agoYoY up 3.0%

This month, in plain terms

The GTA recorded 5,040 sales in September, down 9.0% from a year ago. Sellers pulled back even faster than buyers: new listings fell 14.4% to 16,500, so inventory did not pile up. There were 26,131 active listings at month end, about 4.6 months of supply at the current pace.

Both price measures moved down together. The average selling price was $1,006,409, down 5.1% from last September, and the benchmark price for a typical home was $917,600, down 4.7%. Two measures falling by a similar amount says this was a broad, small adjustment across the region, not a number skewed by a few expensive or cheap sales.

Homes that sold took 34 days on average, one day longer than a year ago. The sales-to-new-listings ratio was 37.8%, below the 40% level often used to mark a buyer's market. Sellers still received 98% of their asking price on average. There is room to negotiate, but not much give.

Across our nine cities, the City of Toronto saw one of the smaller declines (sales down 6.1%), while the suburbs generally fell further. The pattern is the same everywhere: buyers are waiting for a clearer signal, sellers are waiting for a better price, and while both sides wait, volumes sit low and prices grind slowly down.

Sales-to-new-listings ratio: 37.8%

The bottom line

Balanced, leaning slightly to buyers. Regional sales fell 9% and listings fell further, prices are about 5% below last year, and buyers have more room than a year ago, but inventory is not building up.

Two extra reads

  1. By home type, condo apartments were the weakest segment and semi-detached homes the steadiest. Condos recorded 1,316 sales at an average of $605,257, down 7.7% year over year, the largest drop of any major type. Detached homes recorded 2,399 sales at $1,292,016, down 5.1%. Townhouses recorded 803 sales at $820,637, down 4.6%. Semi-detached homes recorded 459 sales at $1,015,202, down just 0.2%, essentially flat. The four types add up to 4,977 sales; the remaining 63 were less common types.
  2. One figure outside the template helps sellers decide whether relisting is worth it. Counting the time homes spent on earlier listings before being withdrawn and put back, sold homes took 51 days on average, the same as a year ago. A good share of September's sales were not sold on their first listing. Pricing carefully the first time beats taking a home off the market and starting the clock again.

One line of background: TRREB's September release said buyers were holding back over the economy, inflation and borrowing costs, and its indicators put the 5-year mortgage reference rate at about 6.09%. Until rates move, the wait-and-see mood is unlikely to lift on its own.

Source: TRREB Market Watch, September 2026 (released Oct 6, 2026); days on market = Avg. LDOM; ratio = SNLR Trend

Toronto

1,937Sales2,063 a year agoYoY down 6.1%
$1,034,320Average priceYoY down 5.1%
6,521New listings7,182 a year agoYoY down 9.2%
33 daysDays on market32 days a year agoYoY up 3.1%

This month, in plain terms

Toronto recorded 1,937 sales in September, down 6.1% from a year ago, one of the smaller declines among the nine cities we cover. New listings fell further, down 9.2% to 6,521, so stock did not build up: 9,865 homes were listed at month end, about 4.6 months of supply at the current pace.

The average selling price was $1,034,320, back above $1 million and down 5.1% from last September. The median was only $810,000, which says more than half of what sold went for under $810,000. Condo apartments made up close to half of all sales, and that mix pulls the average down.

Homes that sold took 33 days on average, about the same as a year ago. The sales-to-new-listings ratio was 38.5%, just under the 40% level often used to mark a buyer's market. Yet sellers still received 99% of their asking price on average, the highest share among the eight TRREB cities we cover. Sellers here are conceding far less than sellers in the suburbs.

Overall, Toronto is holding steadier than the 905. Volumes are shrinking and prices are easing, buyers have more room than last year, but sellers are in no hurry to give ground. If you are buying, you can take your time; on a fairly priced home, there is no need to wait either.

Sales-to-new-listings ratio: 38.5%

The bottom line

Balanced, leaning slightly to buyers. Sales and listings are both falling and prices are below last year, but sellers still averaged 99% of asking, so concessions are small.

Two extra reads

  1. For Toronto prices, the benchmark tells the cleaner story. TRREB's composite benchmark, which tracks the same type of typical home each month, was $908,200, down 3.8% year over year, a smaller drop than the average price's 5.1%. The gap between the two is mix: a bigger share of lower-priced homes sold this month, dragging the average down. A typical Toronto home has lost less value than the average price suggests.
  2. By home type, condo apartments carried the volume: 884 sales at an average of $640,248, close to half of all sales in the city. Detached homes recorded 640 sales at $1,562,966. Semi-detached homes were the exception on price, 211 sales at $1,207,884, up 2.1% from a year ago, the only major type to rise. Townhouses recorded 189 sales at $922,445 (a combined figure in TRREB's release). The four types add up to 1,924 sales; the remaining 13 were less common types.

One line of background: TRREB's September release said buyers were holding back over the economy, inflation and borrowing costs. Its president also pointed out that Toronto buyers pay both the provincial and the municipal land transfer tax, and called again for that cost to come down.

Source: TRREB Market Watch, September 2026 (released Oct 6, 2026); days on market = Avg. LDOM; ratio = SNLR Trend · City page

Richmond Hill

172Sales188 a year agoYoY down 8.5%
$1,189,203Average price$1,324,741 a year agoYoY down 10.2%
584New listings655 a year agoYoY down 10.8%
36 daysDays on market33 days a year agoYoY up 9.1%

This month, in plain terms

Richmond Hill recorded 172 sales in September, down 8.5% from a year ago. Sellers pulled back even faster: new listings fell 10.8% to 584. Even so, the overhang is thick. There were 974 homes for sale at month end, about 5.6 months of supply at the current pace, one of the heavier readings among the nine cities we cover. Buyers are not short of choice.

Price was the month's headline. The average selling price was $1,189,203, down 10.2% from last September, the steepest drop of the nine cities. The median, $1,079,000, was well below last year too. In a high-price city, buyers feel interest rates in their monthly payment sooner, and prices tend to adjust first. That is what September looked like here.

About 33 homes sold for every 100 new listings on TRREB's trend measure, below the 40% level often used to mark a buyer's market. Homes that sold took 36 days on average, three days longer than a year ago. With supply high and the pace slower, the leverage sits mostly with buyers.

Sellers are hardly desperate, though: they still averaged 98% of their asking price. For buyers, Richmond Hill currently offers some of the widest negotiating room of the nine cities, and there is no need to rush. For sellers, pricing close to recent comparable sales from day one beats starting high and conceding in steps.

Sales-to-new-listings ratio: 33.3%

The bottom line

A buyer's market. Listings are still plentiful, supply is close to half a year's worth, prices are down by one of the widest margins among the nine cities, and buyers have real room to negotiate.

Two extra reads

  1. The benchmark gives a steadier read on Richmond Hill prices than the average. TRREB's composite benchmark, which tracks the same type of typical home each month, was $1,157,700, down 6.3% year over year, almost four points less than the average price's 10.2% drop. The average swings with the mix: change the share of high-end detached homes in a month's sales and the average moves with it. The benchmark's 6.3% decline is closer to what a typical home actually gave back. Reading the two together keeps the price drop in proportion.
  2. Freehold townhouses were the one major type to sell above asking on average: 31 sales at $1,068,119, at 101% of list, against a citywide average of 98%. Detached homes still carried the volume, 84 sales at $1,580,643, close to half of all sales in the city. A freehold townhouse just over the $1 million mark, with no condo fees, remains the most contested product in Richmond Hill. One more detail for sellers: counting earlier listings that were withdrawn and relisted, sold homes spent 56 days on the market on average, 20 days more than the 36-day listing figure. Pricing it right the first time works better than relisting to start the clock over.

One line of background: TRREB's September release said buyers were holding back over the economy, inflation and borrowing costs, and its indicators put the 5-year mortgage reference rate at about 6.09%. At an average price near $1.19 million, that rate means a noticeably larger monthly payment than in cities under $1 million, and buyers here run the payment math carefully. It is one reason Richmond Hill's prices are adjusting ahead of lower-priced markets.

Source: TRREB Market Watch, September 2026 (released Oct 6, 2026); days on market = Avg. LDOM; ratio = SNLR Trend · City page

Markham

245Sales259 a year agoYoY down 5.4%
$1,125,353Average priceYoY down 4.4%
729New listings794 a year agoYoY down 8.2%
34 daysDays on market36 days a year agoYoY down 5.6%

This month, in plain terms

Markham recorded 245 sales in September, down 5.4% from a year ago — the smallest decline among the nine cities we cover. Sellers pulled back in step: new listings fell 8.2% to 729. With both sides shrinking together, stock stayed lean. There were 1,122 active listings at month end, about 4.1 months of supply at the current pace, on the tighter side for the nine cities.

The average selling price was $1,125,353, down 4.4% year over year. The median was $1,051,000, not far below the average, which tells you sales were spread across price ranges rather than carried by a few high-end deals. Prices are edging down, but there is no hint of forced selling — more a slow grind in line with the wider market.

Homes that sold took 34 days on average, two days faster than last September. In a month of falling volumes and prices, turnover did not slow at all. The sales-to-new-listings ratio was 40.5%, just above the 40% line commonly used to mark balanced conditions, and sellers received 98% of their asking price on average. Concessions stayed small.

Overall, Markham was steady with a soft edge: the gentlest drop in sales of the nine cities, a moderate price adjustment, and no loss of pace. Buyers can take their time and negotiate without rushing. Sellers who price near recent comparable sales should not have to wait long either. It is a market that is treating both sides fairly evenly.

Sales-to-new-listings ratio: 40.5%

The bottom line

Balanced market. The sales-to-new-listings ratio sits just above the balance line, supply is a little over four months, prices are modestly below last year, and neither side is giving up much.

Two extra reads

  1. In Markham, the benchmark price fell further than the average. TRREB's composite benchmark, which tracks the same type of typical home every month, was $1,052,500, down 6.0% year over year — a bigger decline than the average price's 4.4%. Averages move with whatever happened to sell; the benchmark does not. Its deeper drop means typical Markham homes are genuinely repricing, not just looking cheaper because more lower-priced homes changed hands this month. The adjustment is broad, even if it is still moderate.
  2. By home type, detached homes led with 108 sales, over four in ten, at an average of $1,534,139. Townhouses did the heavy lifting in the move-up chain: 41 freehold townhouses averaged $977,959 and 23 condo townhouses averaged $829,470 — 64 sales in the $830,000-to-$980,000 range, the natural step between a condo apartment and a detached house. Semi-detached homes recorded 18 sales at an average of $1,019,322, and condo apartments 55 at $574,612. The five types add up to all 245 sales.

One line of background: TRREB's September release said buyers were holding back over the economy, inflation and borrowing costs, and its indicators put the 5-year mortgage reference rate at about 6.09%. At Markham prices, that rate makes for a substantial monthly payment, so it is no surprise buyers are taking longer over the math before they commit.

Source: TRREB Market Watch, September 2026 (released Oct 6, 2026); days on market = Avg. LDOM; ratio = SNLR Trend · City page

Vaughan

213Sales260 a year agoYoY down 18.1%
$1,163,441Average price$1,163,498 a year agoYoY essentially flat
735New listings964 a year agoYoY down 23.8%
42 daysDays on market32 days a year agoYoY up 31.2%

This month, in plain terms

Vaughan recorded 213 sales in September, down 18.1% from a year ago, one of the deeper drops among the nine cities we cover. New listings fell even harder, down 23.8% to 735, the largest decline of the nine. Sellers stepped back faster than buyers did.

Prices barely moved. The average selling price was $1,163,441, just $57 below last September's $1,163,498, and the median was $1,080,000. Sales down nearly a fifth with the average price standing still is an unusual combination.

What changed was speed. Homes that sold took 42 days on average, ten days longer than a year ago and the longest of the eight TRREB cities we track. Buyers are in no rush: they look around, compare, and take their time before offering.

Stock did not pile up, because sellers withdrew faster than buyers. There were 1,267 active listings at month end, about 4.9 months of supply at the current pace. The sales-to-new-listings ratio was 37.2%, just under the 40% level often used to mark a buyer's market, and sellers still received 97% of their asking price on average. Homes priced close to recent sales still moved; listings still priced for last year's market mostly waited. If you are buying, you can take your time. If you are selling, budget for a longer wait.

Sales-to-new-listings ratio: 37.2%

The bottom line

Balanced, leaning slightly to buyers. Sales and listings both fell sharply, homes took about six weeks to sell on average, and prices were basically unchanged from last year.

Two extra reads

  1. The flat average price does not mean Vaughan prices held. TRREB's composite benchmark, which tracks the same type of typical home each month, was $1,119,400, down 5.2% year over year. The gap between the two numbers is mix: a larger share of higher-priced homes sold in September, propping the average up. A typical Vaughan home is worth less than a year ago. For Vaughan prices, the benchmark is the figure to trust.
  2. The 42 days on market counts only the final listing. Adding back the time homes spent on earlier listings before being withdrawn and relisted, the average rises to 61 days, a gap of 19 days. A good share of September's sales had been listed at least once before they sold. It is worth asking how many times a home has been listed. If you are selling, pricing it right the first time beats taking it off and starting over.

One line of background: TRREB's September release said buyers were holding back over the economy, inflation and borrowing costs, and its indicators put the 5-year mortgage reference rate at about 6.09%.

Source: TRREB Market Watch, September 2026 (released Oct 6, 2026); days on market = Avg. LDOM; ratio = SNLR Trend · City page

Mississauga

468Sales500 a year agoYoY down 6.4%
$929,600Average priceYoY down 4.1%
1,371New listings1,711 a year agoYoY down 19.9%
36 daysDays on market33 days a year agoYoY up 9.1%

This month, in plain terms

Mississauga recorded 468 sales in September, down 6.4% from a year ago. New listings fell much faster, down 19.9% to 1,371. Both sides are pulling back, sellers faster than buyers, so stock is not piling up. Even so, 2,408 homes were listed at month end, about 4.8 months of supply at the current pace, and that is not a thin market.

Prices eased gently. The average selling price was $929,600, down 4.1% from last September. TRREB's composite benchmark, which tracks the same type of typical home each month, was $867,500, down 3.8%, close enough to the average price's drop to say the softening is broad, not the work of a few unusual sales. The median, $868,000, sits near the average, so sales were spread fairly evenly across price ranges.

Homes that sold took 36 days on average, three days longer than a year ago. The sales-to-new-listings ratio was 36.5%, below the 40% level often used to mark a buyer's market. Sellers still received 97% of their asking price on average, though. Buyers can negotiate, just not by a lot.

Overall, both sides are cautious, but buyers hold the slightly better hand: with 2,408 homes to choose from, there is no reason to rush. On the selling side, new listings keep thinning out, and a home priced close to recent sales still moves. This is a month for patience if you are buying, and for pricing it right the first time if you are selling.

Sales-to-new-listings ratio: 36.5%

The bottom line

Balanced, leaning slightly to buyers. New listings are falling faster than sales, prices are a little below last year, and buyers still have plenty of choice.

Two extra reads

  1. By home type, condo apartments are the easiest way into this market: 122 sales at an average of $500,192, among the lowest condo entry points of the nine cities we cover — a Toronto condo averaged $640,248. One step up, condo townhouses recorded 61 sales at an average of $717,408. Together the two tiers made up 183 sales, close to 40% of the city total. For buyers working with a tighter budget, these two tiers are where Mississauga opens up. Detached homes, at an average of $1,285,467, are in a different league altogether.
  2. One figure outside the template: counting the time homes spent on earlier listings before being withdrawn and relisted, sold homes averaged 56 days on market, a full 20 days more than the 36 days from their final listing. That gap means a fair share of September's sales did not move the first time around, most likely because the first asking price was set too high. If you are buying, it is worth asking how many times a home has been listed; if you are selling, pricing it right once beats relisting to reset the clock. Relisting can reset the day count; it cannot reset what buyers are willing to pay.

One line of background: TRREB's September release said buyers were holding back over the economy, inflation and borrowing costs, and its indicators put the 5-year mortgage reference rate at about 6.09%.

Source: TRREB Market Watch, September 2026 (released Oct 6, 2026); days on market = Avg. LDOM; ratio = SNLR Trend · City page

Oakville

162Sales196 a year agoYoY down 17.3%
$1,365,169Average priceYoY down 2.5%
699New listings854 a year agoYoY down 18.1%
32 daysDays on market37 days a year agoYoY down 13.5%

This month, in plain terms

Oakville had 162 sales in September, down 17.3% from a year ago. Sellers pulled back at the same time: new listings fell 18.1% to 699, so unsold homes did not pile up. There were 1,073 active listings at month end, about 4.9 months of supply at the current pace.

Prices held up better than sales. The average selling price was $1,365,169, still the highest in Halton, and down only 2.5% from last September.

Homes that sold took 32 days on average, five days less than a year ago. Buyers were not rushing. Most of what sold in September was priced close to recent comparable sales. The listings priced above that level mostly stayed unsold.

Roughly 36.5 homes sold for every 100 new listings, going by the trend figure TRREB publishes. That sits below 40, the level often taken as the start of a buyer's market. Buyers can take their time and negotiate harder than last year. Sellers still received 96% of their asking price on average, so a well priced home will not sit around waiting for a patient buyer either.

Sales-to-new-listings ratio: 36.5%

The bottom line

A balanced market, leaning slightly toward buyers. Sales fell, prices held fairly steady, and homes priced realistically sold faster.

Three extra reads

  1. There is a second price worth checking against the average. TRREB's benchmark price follows the same type of typical home every month, so it does not move just because a few expensive homes happened to sell. Oakville's benchmark was $1,128,800 in September, down 3.0% from a year ago, close to the drop in the average price. Both measures falling together points to a broad, small adjustment across the market. By category, townhouse benchmarks fell the most, down 8.4%. Detached homes benchmarked at $1,573,000, down 3.0%.
  2. By home type, detached homes sold the most and gave back the most. There were 85 detached sales at an average of $1,740,421, and sellers took 95% of asking on average. Freehold townhouses averaged $1,167,320 and held 98% of asking. Condo apartments recorded 29 sales at an average of $699,379. The five main types add up to 160 of the 162 sales; the other 2 were less common types.
  3. One figure in the TRREB tables does not fit the website template, but buyers can use it. Counting the time a home spent on earlier listings, before it was withdrawn and put back on the market, sold homes took 56 days on average, not 32. A 24 day gap like that means a good share of September's sales had been listed at least once before. It is worth asking how many times a home has been listed. For sellers, pricing carefully the first time usually works better than relisting to make the days on market look fresh.

One line of background: TRREB's September release said buyers were holding back over the economy, inflation and borrowing costs, and its indicators put the 5-year mortgage reference rate at about 6.09%. At Oakville prices, that rate means a noticeably larger monthly payment than in nearby towns. It is one reason sales reacted in September while prices moved more slowly.

Source: TRREB Market Watch, September 2026 (released Oct 6, 2026); days on market = Avg. LDOM; ratio = SNLR Trend · City page

Milton

118Sales132 a year agoYoY down 10.6%
$1,018,973Average priceYoY down 1.7%
341New listings431 a year agoYoY down 20.9%
35 daysDays on market33 days a year agoYoY up 6.1%

This month, in plain terms

Milton recorded 118 sales in September, down 10.6% from a year ago. New listings fell further, down 20.9% to 341, so sellers pulled back faster than buyers. Stock did not build up: 522 homes were listed at month end, just 3.8 months of supply, one of the tighter readings among the nine cities we cover. This town never has a deep pool of listings to begin with, and with new listings down a fifth from last year, buyers had even less to choose from.

Prices were the steadiest of the nine cities. The average selling price was $1,018,973, down only 1.7% from last September, the smallest decline of the group; the median was $917,500. Sales fell by a tenth while prices barely moved. Most buying and selling here is people moving into a home, not speculation, and that keeps prices supported.

Homes that sold took 35 days on average, two days longer than a year ago. The sales-to-new-listings ratio was 40.6%, just above the 40% level often used to mark a balanced market. Sellers received 96% of their asking price on average, so concessions stayed modest.

By home type, townhouses are Milton's signature segment: 33 freehold townhouses sold, close to three in every ten sales. Detached homes remained the largest group with 63 sales. On the selling side, homes priced close to recent comparable sales all found buyers in September. Overall, the month was quieter but steady on price. Choice is limited to begin with here, so on a fairly priced home there is not much room to wait.

Sales-to-new-listings ratio: 40.6%

The bottom line

A balanced market. With under four months of supply, Milton is one of the tighter markets among the nine cities, and prices have eased only slightly from last year — steady, all in.

Two extra reads

  1. The classic first step onto Milton's housing ladder is a freehold townhouse. Thirty-three sold in September, close to 30% of all sales, at an average of $785,542 — nearly $480,000 less than the average detached home. You own the land, there are no condo fees, the monthly carrying cost sits well below a detached house, and there is more room than a condo apartment. For many households trading up from a condo, or buying for the first time, this is where the search starts. That share of sales is high even by the standards of the nine cities we cover.
  2. Milton's two price measures tell different stories this month. The average price fell only 1.7%, but TRREB's composite benchmark, which tracks the same type of typical home each month, was $861,600, down 4.8% — a bigger drop than the average. The gap is mix: detached homes and townhouses, the pricier segments, made up a healthy share of September's sales and held the average up. A typical Milton home has actually given back more than the average price suggests, so the benchmark is the better guide to what your own home is worth.

One line of background: TRREB's September release said buyers were holding back over the economy, inflation and borrowing costs, and its indicators put the 5-year mortgage reference rate at about 6.09%.

Source: TRREB Market Watch, September 2026 (released Oct 6, 2026); days on market = Avg. LDOM; ratio = SNLR Trend · City page

Burlington

177Sales197 a year agoYoY down 10.2%
$1,033,458Average price$1,063,970 a year agoYoY down 2.9%
519New listings615 a year agoYoY down 15.6%
34 daysDays on market37 days a year agoYoY down 8.1%

This month, in plain terms

Burlington recorded 177 sales in September, down 10.2% from a year ago. New listings fell further, down 15.6% to 519. There were 761 homes listed at month end, about 3.6 months of supply at the current pace, the tightest inventory of the nine cities we cover.

Tight supply is why prices moved so little. The average selling price was $1,033,458, down just 2.9% from last September, with a median of $880,000. About 46 homes sold for every 100 new listings on TRREB's trend measure, the highest ratio of the nine cities and in the upper part of the range usually read as balanced. Buyers looking here are relatively numerous, and sellers have little reason to rush a price cut.

Homes that sold took 34 days on average, three days less than a year ago, and sellers received 97% of their asking price. Tight, though, is not the same as hot: sales were still down a tenth from last year. The cautious mood among buyers has not lifted; there are simply fewer homes listed locally, so a buyer who finds the right one cannot afford to wait long.

Overall, Burlington gives sellers the strongest footing of the nine cities, but only slightly. Buyers have the least choice here, and a fairly priced home will not wait for a slow decision. Sellers who price close to the market are still moving at a decent pace.

Sales-to-new-listings ratio: 46.1%

The bottom line

Balanced, leaning slightly to sellers. The sales-to-new-listings ratio is the highest of the nine cities, inventory sits at just over three and a half months, buyer interest is relatively strong, and prices eased only mildly.

Two extra reads

  1. Condo townhouses are a distinctive part of Burlington's sales mix. They recorded 43 sales in September, close to a quarter of all sales in the city, at an average of $716,155, far below the detached average of $1,363,803. For buyers priced out of a detached home, this is the more reachable rung in Burlington. Detached homes still lead the market, with 84 sales, close to half of the total.
  2. There is a second price worth setting beside the average. TRREB's composite benchmark, which tracks the same type of typical home each month, was $840,600, down 2.8% year over year, almost identical to the average price's 2.9% drop. The average moves with whatever happened to sell in a given month; the benchmark does not. The two falling together points to a broad, mild adjustment, not a figure skewed by a few unusual sales.

One line of background: TRREB's September release said buyers were holding back over the economy, inflation and borrowing costs, and its indicators put the 5-year mortgage reference rate at about 6.09%.

Source: TRREB Market Watch, September 2026 (released Oct 6, 2026); days on market = Avg. LDOM; ratio = SNLR Trend; TRREB figures only — not mixed with Cornerstone figures · City page

Hamilton

376SalesYoY down 22.8%
$714,420Average priceYoY down 8.0%
1,061New listingsYoY down 24.9%
46 daysDays on market40 days a year agoYoY up 15.0%

This month, in plain terms

Hamilton recorded 376 sales in September, down 22.8% from a year ago, the steepest drop among the nine cities we cover. Sellers stepped back even further than buyers: new listings fell 24.9% to 1,061. With both sides shrinking, unsold stock did not pile up. At the current pace there is about 4.8 months of supply, soft but not out of hand.

Prices moved down as well. The average selling price was $714,420, down 8.0% from last September, and the median was $640,000, so half of everything sold went for under $640,000. That average is the lowest of the nine cities, and the entry point sits well below Toronto and its closer suburbs. For buyers on a budget who still want a ground-level home, Hamilton remains the most reachable market in this group.

The pace has clearly slowed. Homes that sold took 46 days on average, six days longer than a year ago. Nobody is rushing. Buyers can view, compare and negotiate without a clock running, while sellers still asking last year's prices are mostly waiting. A listing priced for today's market is the one that gets a conversation started.

Sales in the month came to just 35.4% of new listings, so there is plenty to choose from and little competition for it. All told, September in Hamilton belonged to buyers: volumes fell hard, prices are lower, and nothing moves fast. If you are buying, take your time and negotiate properly. If you are selling, pricing it right the first time beats listing high and chasing the market down.

Sales-to-new-listings ratio: 35.4%

The bottom line

A buyer's market. Sales fell by more than a fifth from a year ago — the steepest drop among the nine cities we cover — prices are below last year too, and buyers can take their time.

Two extra reads

  1. One city, two very different markets by home type. Semi-detached homes averaged $660,214, up 15.9% from a year ago, the only major type to rise; there are not many of them, and when the right buyer shows up, prices have held. Condo apartments went the other way, averaging $379,636, down about 20%, the weakest segment in the city. Single-family homes averaged $778,972, down 9.0%, and townhouses $590,532, down 9.2%, both drifting down with the broader market. If you are shopping for a condo, this is the moment to browse slowly and negotiate with confidence.
  2. There is a second price worth setting beside the average. Cornerstone's composite benchmark was $664,500, down 6.0% year over year, a smaller fall than the average price's 8.0%. The benchmark tracks the same type of typical home every month, so it does not move just because cheaper homes made up a bigger share of one month's sales. Part of the average's bigger drop is exactly that mix. A typical Hamilton home has lost less value than the headline average suggests.

One line of background: Across the province, borrowing costs are still high and many buyers would rather wait and watch. Hamilton's quiet September is part of that same wider picture, not a local story on its own.

Source: Cornerstone Association of REALTORS®, Hamilton, September 2026. Hamilton is not covered by TRREB; its figures use a different basis and are not directly comparable with the TRREB cities. The sales-to-new-listings ratio is calculated from September sales ÷ new listings. · City page

Call nowHome evaluation