The Toronto real estate market has officially entered the fall season, and the first two weeks of September are offering an early look at where things may be heading. After a relatively quiet summer, particularly in August, many have been waiting to see if the fall market would bring a renewed level of activity. So far, the numbers are beginning to tell a story of gradual momentum, rising inventory, and signs of price stability.
Sales Activity So Far
Looking back at 2025, sales started at 1,433 transactions in January and steadily climbed through the spring, reaching 2,358 in May and 2,386 in June. July posted 2,200 sales, but activity slowed notably in August with 1,787 transactions. While this August figure still represented a modest 2.8% increase year-over-year, it reflected the usual seasonal dip.
The first two weeks of September are showing 722 recorded sales within the City of Toronto. That’s roughly 350 sales per week since the market effectively began on September 2. While this pace is about 63% lower than the total sales seen in September 2024, it’s important to note that conditional sales and late-reporting transactions are not yet included in these numbers. As the month continues and more deals are finalized, this figure is expected to climb.
Interestingly, some properties are still attracting intense competition. One property recently received 10 offers, underscoring that well-priced and appealing listings can still spark bidding activity even in a slower environment.
Rising Inventory
One of the most notable changes this September has been the increase in available listings. Active listings are up by almost 1,100 compared to August—rising from 10,124 to 11,269 in just two weeks. That marks an 11% month-over-month increase and a 10% rise compared to September 2024 at the same time. This jump in inventory is giving buyers more choice after months of limited selection.
Price Trends
Average prices are also showing signs of firming. In August, the average price in Toronto was about $1,017,000. So far in September, it has climbed to approximately $1,054,000—a gain of around $40,000 in just two weeks. This rise may partly reflect the type of homes coming to market, with more detached and higher-end properties being listed early this fall. These segments naturally carry higher price points, which can pull the average upward.
Market Balance and Outlook
Months of inventory—a key measure of market balance—has risen to about seven months based on current sales and active listings. This would typically be considered a buyer’s market. However, it’s important to remember that the sales number is still incomplete for September. As more transactions are finalized, the months of inventory figure is likely to settle closer to five, which represents a more balanced market.
What’s clear is that Toronto is entering the fall season with more inventory, slightly higher prices, and cautious but growing buyer activity. If this momentum continues through the rest of the month, the fall of 2025 could mark a shift toward a more active and competitive market after a slower summer.
Sales Activity So Far
Looking back at 2025, sales started at 1,433 transactions in January and steadily climbed through the spring, reaching 2,358 in May and 2,386 in June. July posted 2,200 sales, but activity slowed notably in August with 1,787 transactions. While this August figure still represented a modest 2.8% increase year-over-year, it reflected the usual seasonal dip.
The first two weeks of September are showing 722 recorded sales within the City of Toronto. That’s roughly 350 sales per week since the market effectively began on September 2. While this pace is about 63% lower than the total sales seen in September 2024, it’s important to note that conditional sales and late-reporting transactions are not yet included in these numbers. As the month continues and more deals are finalized, this figure is expected to climb.
Interestingly, some properties are still attracting intense competition. One property recently received 10 offers, underscoring that well-priced and appealing listings can still spark bidding activity even in a slower environment.
Rising Inventory
One of the most notable changes this September has been the increase in available listings. Active listings are up by almost 1,100 compared to August—rising from 10,124 to 11,269 in just two weeks. That marks an 11% month-over-month increase and a 10% rise compared to September 2024 at the same time. This jump in inventory is giving buyers more choice after months of limited selection.
Price Trends
Average prices are also showing signs of firming. In August, the average price in Toronto was about $1,017,000. So far in September, it has climbed to approximately $1,054,000—a gain of around $40,000 in just two weeks. This rise may partly reflect the type of homes coming to market, with more detached and higher-end properties being listed early this fall. These segments naturally carry higher price points, which can pull the average upward.
Market Balance and Outlook
Months of inventory—a key measure of market balance—has risen to about seven months based on current sales and active listings. This would typically be considered a buyer’s market. However, it’s important to remember that the sales number is still incomplete for September. As more transactions are finalized, the months of inventory figure is likely to settle closer to five, which represents a more balanced market.
What’s clear is that Toronto is entering the fall season with more inventory, slightly higher prices, and cautious but growing buyer activity. If this momentum continues through the rest of the month, the fall of 2025 could mark a shift toward a more active and competitive market after a slower summer.
