In September, 1,937 homes sold in the City of Toronto at an average price of $1,034,320, with a median of $810,000. TRREB pointed to uncertainty around the economy, inflation and borrowing costs as the reason many GTA buyers stayed on the sidelines. With inflation at 3.0% in August, that caution makes sense.

Supply kept the upper hand. Sellers added 6,521 new listings against those 1,937 sales, and 9,865 listings were active at month end. TRREB’s 12 month sales to new listings trend for Toronto sits at 38.5%, which leans toward buyers. The MLS® HPI composite benchmark for the City of Toronto was $908,200, down 3.84% year over year. That tells us the softening runs across the market. It isn’t just a change in the mix of homes that sold.

The real story is the split by property type. Semi detached homes sold at 104% of list in an average of 21 days, with roughly 2.7 active listings for every sale. Condo apartments averaged 97% of list and 40 days, with about 6 active listings per sale. The average condo apartment price in the 416 was down 6.1% year over year.

For buyers, that means real leverage, especially in condos. For sellers, it means pricing to today’s benchmark, not last year’s comparables. Well priced freeholds still move. Overpriced listings sit.