Key Highlights

• Sales: 1,720 units sold in September, representing a 14.0% drop year-over-year. CREB

• New Listings: 3,782 new listings entered the market, up modestly year-over-year. CREB

• Inventory: Active listings climbed to 6,916 units, up 36.5% from last year. CREB

• Months of Supply: Pushed up to 4.02 months, the first time since early 2020 that supply has reached this level in September. CREB

• Benchmark Prices by Property Type:
  • Detached: $749,900, down ~0.95% YoY CREB
  • Semi-Detached: $684,800, up ~0.94% YoY CREB
  • Row Homes: $437,100, down ~4.81% YoY CREB
  • Apartments / Condos: $322,900, down ~6.41% YoY CREB

• Total Residential Benchmark: $572,800, down ~4.04% compared to September 2024. CREB

🔍 What Does This Tell Us?

1. Elevated Supply Is Starting to Tip the Balance

With inventory 36% higher than last year, buyers now have more options than in recent years. The rise in supply is especially pronounced for row homes and apartments, which are absorbing the most selling pressure. 

2. Price Adjustments Are Uneven

Detached homes remain relatively resilient, with only modest decline. Semi-detached is one segment still holding up. The biggest downward pressure is in the higher-density segments (row, apartment).

3. Buyer’s Market Conditions Emerging in Some Segments

A months-of-supply level above 4 is historically associated with more balanced or buyer-favoring conditions. If the supply trend continues, more negotiating power shifts to buyers — particularly in condos/rows.

4. Buyer Urgency Fading

Because new listings are rising while sales decline, the sales-to-new-listings ratio dipped to about 45%, one of the lowest in recent years. That means many homes are competing harder for buyer attention.

🏡 Advice for Buyers & Sellers in This Market

Buyers

• This is one of the better times to shop for condos and row homes — more inventory means more leverage.

• Don’t assume every property will see steep discounts; detached homes are holding steadier.

• Take time to inspect, compare, negotiate extras (closing costs, repairs, inclusions).

Sellers

• Price competitively out of the gate — overpriced homes risk sitting.

• Focus heavily on staging, upgrades, presentation. The homes that shine will stand out in a cluttered market.

• Consider offering incentives (flexible possession, closing credits) to differentiate yourself.