According to the latest TRREB data, home prices across the GTA fell again in September — and this time, the decline is accelerating. While sales ticked slightly higher, a record-breaking surge in listings has completely flipped the market’s balance.
📉 Prices Down Nearly 25% Since the Peak
The benchmark price for a Toronto home slipped another 0.7% in September to $963,000, down 5.5% year-over-year and a staggering 24.9% below the February 2022 peak. That’s nearly $320,000 wiped out from average home values in less than three years.
Even more concerning: these declines are deepening month over month, not stabilizing. Despite the sharp correction, home prices still sit well above pre-pandemic norms — a reminder that Toronto’s market may still be overpriced relative to its fundamentals.
🏘️ Sales Edge Up — But the Market Remains Weak
Yes, sales technically improved — but let’s keep it in perspective. There were 5,592 home sales in September, up 8.5% from a year earlier. It’s the first September increase since 2020, but still the fourth-weakest September in two decades.
Even with Canada’s record population growth, the city’s buyer pool has thinned out. Many are waiting for rates to fall further or for prices to hit a true bottom.
📈 Inventory Surges to All-Time Highs
If buyers are waiting, sellers certainly aren’t. The GTA saw 19,260 new listings in September — up 16% above the 10-year average. Active listings soared to 29,394, the highest ever recorded by TRREB and 11% higher than the peak of the 1990s crash.
With supply outpacing demand, the sales-to-new-listings ratio (SNLR) has fallen to just 29%, signaling deep buyer’s market conditions where prices typically continue to decline.
💡 What This Means for Borrowers
For homeowners, this market shift is a reminder that equity isn’t guaranteed — but it also presents a rare opportunity for smart refinancing, debt consolidation, or equity takeout before further declines.
For buyers, the window to secure a property at a post-pandemic discount may finally be opening.
At Lendworth Canada, we make mortgage financing simple — even in uncertain markets. Whether you’re refinancing, purchasing, or taking out equity, we offer fast, equity-based approvals within 24 hours, with flexible loan-to-value options under 75%.
📞 Call us today at (905) 597-1225
📧 Email: info@lendworth.ca
🌐 Visit: www.lendworth.ca
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