This past Late-Q3, the Greater Toronto Area saw 5,040 home sales—a decrease of about 9% year over year. Interestingly, new listings dropped even more sharply, down nearly 14% to 16,500. This subtle tightening nudged the sales-to-new-listings ratio up a bit to roughly 31% from 29%, but it’s important to note this shift was driven by fewer homes hitting the market, not an uptick in buyer demand. Both the average selling price and benchmark price declined by about 5% compared to last year, while active listings finished the quarter at 26,100, also down 9%. That leaves inventory sitting at just over five months of sales—virtually unchanged from last year.
On average, homes sold in 34 days, but when accounting for relisted properties, the true timeline stretched to 51 days. This longer exposure isn’t always obvious at a glance, so it’s something I always help my clients unpack when reviewing comparable sales. While the raw average price crept up month over month to $1.01M, the adjusted figures tell a slightly softer story, highlighting the importance of careful, informed pricing strategies in today’s evolving market. With fresh inventory supporting more accurate comparable reviews, it’s clear that setting a realistic asking price is key—automatic price jumps simply aren’t happening. Navigating these shifts takes both experience and local knowledge, and I’m committed to guiding clients through every nuance so they can make confident decisions, whether buying, selling, or investing.
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