The fall real estate season has kicked off with renewed momentum across Toronto and the Greater Toronto Area. September brought significant changes that are setting the tone for the months ahead—most notably in interest rates, buyer activity, and overall affordability.
Both fixed and variable mortgage rates dropped by more than one percent compared to this time last year, and nearly three percent compared to two years ago. This shift is beginning to open doors for more buyers, creating renewed movement in the market after a quieter summer period.
When looking at Toronto specifically, semi-detached homes saw a 4% increase in prices compared to August, while condo prices remained relatively stable. This stability in the condo sector is largely due to concentrated demand in the $400,000 to $700,000 price range—an area that continues to attract both first-time buyers and investors.
Inventory levels rose noticeably in September as many homes that had been withdrawn earlier in the summer returned to the market. This uptick in available listings provided buyers with more options, particularly in the detached and semi-detached segments, where well-presented, move-in-ready properties are still drawing strong competition. In some of Toronto’s most desirable pockets, multiple offers reached double digits.
Despite the increased activity, overall prices have yet to rise significantly. Historically, sales activity tends to lead price growth, suggesting that this renewed momentum could signal upward movement later in the season if demand remains strong.
Affordability is currently at its best level in several years. Lower prices combined with lower borrowing costs have created a window of opportunity for buyers who had been waiting on the sidelines.
As of late September, months of inventory for detached and semi-detached homes remained steady, while condos saw improvement, dropping from recent highs to around 6.35 months of supply. While this still represents a buyer’s market, the direction is shifting.
In summary, sales are up, prices are stable or slightly down, and affordability has improved dramatically compared to previous years. The next few months will be key in determining whether this renewed activity translates into sustained growth or remains a seasonal boost.
Both fixed and variable mortgage rates dropped by more than one percent compared to this time last year, and nearly three percent compared to two years ago. This shift is beginning to open doors for more buyers, creating renewed movement in the market after a quieter summer period.
When looking at Toronto specifically, semi-detached homes saw a 4% increase in prices compared to August, while condo prices remained relatively stable. This stability in the condo sector is largely due to concentrated demand in the $400,000 to $700,000 price range—an area that continues to attract both first-time buyers and investors.
Inventory levels rose noticeably in September as many homes that had been withdrawn earlier in the summer returned to the market. This uptick in available listings provided buyers with more options, particularly in the detached and semi-detached segments, where well-presented, move-in-ready properties are still drawing strong competition. In some of Toronto’s most desirable pockets, multiple offers reached double digits.
Despite the increased activity, overall prices have yet to rise significantly. Historically, sales activity tends to lead price growth, suggesting that this renewed momentum could signal upward movement later in the season if demand remains strong.
Affordability is currently at its best level in several years. Lower prices combined with lower borrowing costs have created a window of opportunity for buyers who had been waiting on the sidelines.
As of late September, months of inventory for detached and semi-detached homes remained steady, while condos saw improvement, dropping from recent highs to around 6.35 months of supply. While this still represents a buyer’s market, the direction is shifting.
In summary, sales are up, prices are stable or slightly down, and affordability has improved dramatically compared to previous years. The next few months will be key in determining whether this renewed activity translates into sustained growth or remains a seasonal boost.
