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Nearly 7 in 10 GTA Condos Sold Below $600,000. Is the First-Time Buyer Opportunity Back?

The GTA condo market is showing something buyers may not expect. Of the 1,316 condo apartments sold in September, 893 sold for less than $600,000. Even more surprising, 594 condos — about 45% of all sales — sold for under $500,000.That matters because the GTA-wide average home price of more than $1 million can make ownership feel completely out of reach. But the condo numbers tell a different story. The largest group of September condo sales was actually between $400,000 and $499,999, suggesting there are still entry-level opportunities for buyers who are flexible about location, size, and building.For first-time buyers, the question is whether today's softer condo market creates an opportunity to buy before conditions eventually improve. Buyers currently have more negotiating power than they did during the peak years, and some sellers — particularly investors — may be more motivated to make a deal.But cheaper does not automatically mean better. Condo fees, building finances, upcoming special assessments, parking, layout, and location can dramatically change whether a $500,000 condo is actually good value. Buyers should compare the total monthly cost, not just the purchase price.The takeaway is simple: the GTA may still be expensive, but ownership below $600,000 is far from impossible. For renters who assumed they were years away from buying, it may be worth running the numbers again.Source: STOREYS / TRREB September 2026 Market Watch

6 days ago

Recommended

GTA Home Prices Are Down 5%. Is This the Buying Opportunity People Have Been Waiting For?

The newest GTA market numbers are giving buyers something to think about. In September, the average GTA home sold for $1,006,409, about 5.1% lower than a year ago. The benchmark price was also down 4.7%. For someone who was priced out last year, that difference can be meaningful.But buyers are still cautious. Only 5,040 homes sold in September, down 9% from last year. Economic uncertainty, concerns about employment, inflation, and borrowing costs are keeping many would-be buyers on the sidelines.Here is what makes the market interesting: new listings also dropped sharply—14.4% from last year. So while demand is soft, supply is shrinking too. That means buyers may have negotiating power today, but there is no guarantee the same selection will be available if confidence returns.For sellers, this is not a market where overpricing works. Buyers are selective and payment-conscious. But sellers with a desirable property and realistic price may benefit from having fewer competing listings than they did a year ago.The real question is therefore not simply, “Will prices fall more?” It is whether today’s combination of lower prices, less competition, and negotiating room creates a better opportunity than waiting for perfect conditions that may never arrive.Source: Toronto Regional Real Estate Board (TRREB), September 2026 Market Watch, released October 6, 2026.

6 days ago

Market trends

GTA Homes Are Taking 3–4 Times Longer to Sell. What Should Sellers Do Differently?

Selling a GTA home is taking much longer than it did during the market peak. New analysis shows condos took an average of 36 days to sell in the second quarter of 2026, compared with well under two weeks during 2022. Detached homes averaged about 25 days, compared with only nine days at the early-2022 peak.For sellers, this changes the strategy. In the old market, homeowners could list high and wait for buyers to compete. Today's buyer has more choices and more time. If a property is overpriced during its first few weeks on the market, buyers may simply move on — and the listing can become harder to sell later.That does not mean sellers should automatically slash their price. Presentation, photography, staging, timing, and understanding the competition matter more in a slower market. A property that looks like good value from day one has a much better chance of creating urgency than one that starts too high and repeatedly reduces its price.For buyers, longer selling times can create opportunities. A home that has been listed for several weeks may come with more negotiating room on price, financing conditions, inspection, or closing date. The seller may also be more open to an offer that would have been rejected immediately a few years ago.The takeaway: today's GTA market rewards patience for buyers and preparation for sellers. A home taking longer to sell does not necessarily mean something is wrong with it — but it does mean both sides have more room to negotiate than they did during the frenzy years.

6 days ago

Market trends

Bidding Competition Is Coming Back in the GTA. Are Buyers Losing Their Advantage?

Something interesting happened in the GTA in September: 24% of homes sold above asking price, up from just 18% in August. That does not mean the bidding-war market of 2021 or 2022 is back, but it does suggest competition is starting to return for certain properties.For buyers, this is important because the GTA is still generally offering more negotiating room than during the peak years. But desirable homes that are priced properly may now attract multiple buyers even while the broader market remains relatively soft. Waiting for the entire market to “recover” could mean missing the period when prices are still reasonable but competition is only beginning to return.For sellers, this is encouraging — with one big condition. Buyers are not bidding aggressively on everything. Homes that show well, are priced correctly, and are located in desirable neighbourhoods are more likely to create competition. An overpriced home can still sit for weeks while another property nearby receives multiple offers.For Realtors, the message to clients should be simple: there is no longer one GTA market. Some homes are still selling below asking, while the best properties are starting to attract stronger competition. Buyers need to know which type of property they are pursuing before deciding how aggressive to be.The takeaway: buyers still have leverage, but the strongest properties may be becoming harder to buy. Sellers should not assume bidding wars are back everywhere — but the September numbers suggest the balance may slowly be changing.Source: Wahi GTA September market analysis, October 5, 2026.

14 days ago

Educational

Toronto Is Still a Buyer’s Market. How Much Can Buyers Negotiate Right Now?

Despite signs of stronger bidding on some homes, Toronto's September market still strongly favoured buyers overall. Wahi's latest market data shows approximately 10 months of inventory, with homes taking an average of 28 days to sell. The median sold price was about $860,000, and the typical property sold roughly $17,000 below its asking price.That is important for buyers because it shows why broad headlines can be misleading. You may hear that bidding competition is increasing, but many properties are still selling below asking. Buyers who find homes that have been sitting on the market may have room to negotiate not only on price, but potentially on conditions and closing dates as well.For sellers, the message is almost the opposite: pricing high “just to see what happens” can be costly. With plenty of competing inventory, buyers can simply move on to another property. The homes most likely to attract quick interest are those that are priced realistically from the beginning.This also creates opportunity for move-up buyers. Someone selling a well-located property and purchasing a more expensive home may be able to negotiate more aggressively on the purchase side. The real question is not simply whether the GTA is a buyer's or seller's market — it is which side of the transaction gives you the greater advantage.The takeaway is simple: Toronto buyers still have meaningful negotiating power right now. But that power varies dramatically by neighbourhood and property. The best strategy is to look at how long the specific home has been listed, comparable sales, and how much similar properties are actually selling below asking.Source: Wahi Toronto Housing Market Report, September 2026, updated October 1, 2026.

14 days ago

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93% of GTA Neighbourhoods Are Still Selling Below Asking — But Bidding Wars Are Returning in Pockets

The GTA market is sending a very mixed signal this fall. New September data shows 93% of GTA neighbourhoods were still in underbidding territory, meaning the typical home sold below its asking price. But at the same time, 24% of individual homes sold above asking, up from 18% in August. In other words, buyers still have negotiating power across most of the GTA — but competition is starting to return for the right properties. (mpamag.com)The hottest competition is appearing in specific Toronto neighbourhoods. In Little Portugal–Brockton Village, the median home sold about $153,000 above asking in September. The Junction and Roncesvalles also recorded median overbids of more than $150,000. Meanwhile, higher-priced areas such as Kleinburg, Vaughan, saw homes selling well below asking, with a median underbid of about $183,000. (mpamag.com)For buyers, this is why looking only at the “GTA market” can be misleading. You may have strong negotiating power in one neighbourhood and face multiple offers just a few kilometres away. Instead of asking whether it is a buyer’s market or seller’s market, the better question is: what is happening with the exact type of home and neighbourhood you want?For sellers, this is also an important reality check. Some homes are attracting competition again, but that does not mean bidding wars are back everywhere. Pricing a property too high can still lead to long days on market and price reductions. The homes attracting the strongest offers tend to be in desirable locations and positioned correctly from the beginning.The takeaway is simple: the GTA is no longer one market. Most neighbourhoods still favour buyers, but certain pockets are beginning to heat up. For buyers, that means opportunities still exist. For sellers, it means the right property, price, and neighbourhood can make a huge difference.Source: Wahi / Canadian Mortgage Professional, October 5, 2026.

14 days ago

Educational

GTA Buyers Have Fewer Homes to Choose From. Could Prices Start Moving Up Again?

The latest GTA market numbers are still one of the most important stories heading into fall. TRREB reported 5,057 home sales in August 2026, down 2.1% from a year earlier. But the bigger number may be new listings: only 12,075 homes came onto the market, a 14.1% decline from August 2025.Why is that important? Because buyers care about more than just price. They also care about choice. When fewer homes are available, buyers searching for a particular school district, neighbourhood, or property type can suddenly find themselves competing for a much smaller group of listings.Prices are still lower than a year ago. The average GTA selling price was $993,410, down 2.7%, while TRREB’s benchmark price was down 4.5%. That means the market still offers opportunities for buyers, but the combination of lower prices and shrinking supply may not last forever.For sellers, this is encouraging. A well-priced home could stand out more as inventory tightens. But this is not a market where sellers can simply ask any price. Buyers remain cautious, and properties that are priced too aggressively can still sit.The key question heading into fall is simple: will prices stay soft, or will shrinking inventory start pushing them higher? For buyers who are financially ready, that makes the next few months especially interesting. For sellers, it may be worth checking how much competition actually exists in their neighbourhood before deciding to wait.Source: Toronto Regional Real Estate Board (TRREB), August 2026 Market Watch, released September 3, 2026.

22 days ago

Recommended

Could U.S. Tariffs Actually Make Some Canadian Homes Cheaper to Build?

A surprising housing story came out on September 24. CMHC says U.S. tariffs on Canadian lumber could actually leave more Canadian wood available for homebuilding here at home. If builders use more domestic wood products, CMHC estimates construction costs for some ground-oriented homes could fall by as much as 17% in certain markets.Why does this matter for GTA buyers? Detached homes, townhouses, and other wood-heavy housing types are among the most expensive homes to build. If material costs come down meaningfully, some projects that no longer made financial sense could become easier to build.That does not mean home prices in the GTA are about to drop 17%. Land, development charges, labour, financing, and other costs still make up a large part of the final price. But lower construction costs could improve the economics of future projects and eventually help increase supply.For sellers, this is more of a long-term story. More new construction could create additional competition in certain areas, but any effect would take time. For buyers thinking two or three years ahead, however, this is worth watching because construction costs directly influence what actually gets built.The interesting takeaway is this: a trade problem that sounds bad for Canada could unexpectedly help housing supply. If builders can use more Canadian materials at lower cost, some of today’s stalled projects may become easier to move forward.Source: Canada Mortgage and Housing Corporation (CMHC), September 24, 2026.

22 days ago

Mortgage

The Bank of Canada Is Warning About Slower Growth. What Could That Mean for GTA Real Estate?

A new warning from the Bank of Canada is putting the economy back in the spotlight. Governor Tiff Macklem said on September 21 that new U.S. tariffs could push Canadian economic growth below 1% in the fourth quarter, compared with an earlier projection of 1.5%. At the same time, inflation remains around 3%, creating a difficult balance for interest-rate policy.For GTA buyers, this creates an unusual situation. Slower economic growth normally increases pressure for lower interest rates, which can help mortgage affordability. But higher inflation can push in the opposite direction and make the Bank more cautious about cutting rates.That means buyers waiting for a big drop in borrowing costs may need to be patient. The Bank of Canada’s policy rate is still 2.25%, and posted mortgage rates at major banks have remained relatively stable in recent weeks.For sellers, economic uncertainty can make buyers more cautious, especially those worried about employment or monthly mortgage payments. But it can also keep some homeowners from listing, which may limit available inventory. That is why slower economic growth does not automatically translate into sharply lower home prices.The simple takeaway is this: the GTA market may remain caught between softer economic growth and stubborn borrowing costs. Buyers should focus on whether they can comfortably afford the home today, while sellers should price based on current neighbourhood demand rather than waiting for interest rates to make the decision for them.Source: Bank of Canada / Reuters, September 21, 2026.

22 days ago

Educational

More Homes Are Being Listed While Sales Slow. Is the Fall Market Giving Buyers Another Chance?

Canada’s housing market cooled again in August, and that may actually be useful news for buyers. CREA reported that home sales fell 0.7% from July, while the number of new listings increased 3.3%. Home prices were essentially unchanged from the previous month.For buyers, that combination can be attractive. More listings means more choice, while slightly weaker sales can reduce the pressure to make a rushed offer. Someone who did not find the right home during the spring or summer may have a better opportunity to compare properties and negotiate this fall.But there is one important problem: borrowing costs. CREA says fixed mortgage rates have already moved higher as bond yields increased, while the Bank of Canada has warned about renewed inflation risks. So even if a home's purchase price does not increase, the monthly mortgage payment can still become more expensive.For sellers, this is a market where the first impression matters. When buyers have more options, an overpriced listing can be ignored quickly. Homes that are prepared properly and priced according to current comparable sales are much more likely to attract serious buyers.The big takeaway is that fall 2026 may give buyers more choice, but not necessarily lower monthly costs. Buyers should compare both the purchase price and the mortgage payment before deciding to wait. Sellers, meanwhile, should understand that buyers are active — but increasingly selective.Source: Canadian Real Estate Association (CREA), August 2026 housing statistics, released September 15, 2026.

a month ago

Market trends

Home Sales Slipped Again. Does That Give Buyers Another Chance This Fall?

Canada’s housing market cooled slightly in August. CREA reported on September 15, 2026 that home sales fell 0.7% from July, while new listings increased 3.3%. Home prices were essentially unchanged from the previous month, meaning the market entered the fall without a major jump in either prices or activity.For buyers, that may actually be useful. More listings combined with slightly softer sales can mean more choice and less pressure to make a rushed decision. Buyers who felt they missed the spring or summer market may find that the fall gives them another opportunity to compare homes and negotiate.But there is an important catch. CREA also pointed to rising economic uncertainty and higher fixed mortgage rates, which could make affordability harder even if home prices remain stable. A home that costs the same can still become more expensive each month if borrowing costs rise.For sellers, this is a market where pricing matters. Buyers are still active, but they are selective. Sellers who price realistically may attract serious interest, while homes listed too aggressively may struggle when buyers have more options.The simple takeaway is: fall 2026 may offer buyers more selection, but not necessarily cheaper monthly payments. That makes affordability—not just the purchase price—the number buyers should watch most closely.Source: Canadian Real Estate Association (CREA), September 15, 2026.

a month ago

Market trends

New-Home Buyers Could Soon See Development Charges More Clearly Before They Sign

A major affordability issue in new construction is getting more attention. On September 18, 2026, TRREB called for clearer disclosure of development charges in new-home purchase agreements, arguing that buyers should know exactly how much government fees are adding to the cost of a property before they sign. TRREB says government-imposed costs can represent roughly 30% to 36% of the total cost of a new home, with development charges making up a significant portion.Why does this matter to buyers? Because these charges are often paid by the builder first and then passed on through the purchase price or closing adjustments. That means a buyer may focus heavily on the advertised price without fully understanding how much additional cost is connected to taxes, fees and development charges.For anyone considering a pre-construction condo or new home, this is a good reminder to look beyond the headline price. Buyers should understand what is included, what can change before closing, and what additional adjustments could still be payable. The final cost can matter much more than the price shown in the brochure.For Realtors, this is also an important client conversation. Buyers increasingly expect transparency, especially when affordability is already stretched. Explaining these costs clearly before a client commits can help avoid surprises later and make the Realtor’s advice more valuable.The takeaway is simple: when buying new construction, ask what the final cost could be—not just what the advertised price is. Better disclosure could make that question easier for buyers to answer.Source: Toronto Regional Real Estate Board (TRREB), September 18, 2026.

a month ago

Educational

GTA Home Prices Fall Below $1 Million. Is This the Buying Window People Were Waiting For?

The latest GTA numbers contain a headline buyers will notice: the average selling price fell to $993,410 in August 2026. That was 2.7% lower than a year earlier, while TRREB’s benchmark home price was down 4.5% year over year. For buyers who felt priced out of the GTA over the last few years, that makes today’s market worth another look.But there is an interesting catch. While prices are lower, new listings fell 14.1% compared with last August. Only 12,075 new listings came onto the market, while 5,057 homes sold. In other words, prices are still softer, but buyers are also starting to have fewer homes to choose from.That creates a very unusual opportunity. Buyers may still be able to negotiate on price today, but if inventory keeps shrinking, that negotiating advantage may not last. Someone waiting for prices to fall another few percent could eventually find that the homes they actually want are harder to find or attracting more competition.For sellers, the story is also improving. A homeowner still needs to price realistically, but fewer competing listings can help a good property stand out. Sellers who postponed listing because they believed there were “too many homes for sale” may want to check what inventory actually looks like in their neighbourhood now.The simple takeaway: GTA prices are still below last year, but supply is tightening. For financially prepared buyers, that combination could create one of the more interesting buying windows of 2026. For sellers, the balance may also be slowly beginning to shift.Source: Toronto Regional Real Estate Board (TRREB), August 2026 Market Watch, released September 3, 2026.

a month ago

Educational

Toronto Has Almost 92,000 Homes Under Construction — So Why Are People Still Worried About Supply?

Toronto currently has an enormous amount of housing being built. CMHC reported that 91,584 housing units were under construction in the Toronto area in August 2026. That sounds like great news for anyone hoping more supply will eventually make housing easier to afford.But the numbers reveal something more interesting. Toronto had 19,516 approved units waiting to start construction, up 9.2% from July, while the number of homes actually under construction declined slightly. Across Ontario, the broader trend in housing starts also weakened in August.That gap matters because an approved home is not the same as a home being built. Financing costs, weak pre-construction sales, construction expenses, and market uncertainty can all delay projects. If too many approved projects remain on paper instead of moving into construction, Toronto could eventually face another supply shortage.For today's buyer, this does not mean prices are about to jump. There are still tens of thousands of units moving toward completion. But someone planning to buy two or three years from now should pay attention to what is entering the pipeline today — because that is what will determine how much choice exists later.For sellers and investors, the same story works in reverse. If fewer new projects eventually reach completion, existing homes may face less competition from brand-new inventory. Toronto has plenty being built today, but the more important question may be whether enough new projects are replacing them for tomorrow.Source: Canada Mortgage and Housing Corporation (CMHC), August 2026 Housing Starts and Construction Data, released September 16, 2026.

a month ago

Market trends

GTA Listings Are Shrinking. Could Home Prices Start Rising Again?

The newest GTA housing data carries an important warning for buyers. TRREB reported 5,057 home sales in August 2026, down 2.1% from a year earlier. But the bigger story is that the number of homes available for sale also dropped noticeably, leaving buyers with less choice in some neighbourhoods.Why does that matter? Because home prices are not driven only by how many people are buying. They are also affected by how many homes buyers can choose from. If inventory keeps shrinking while demand remains steady, competition can increase even without a major jump in total sales.For buyers, this means waiting for a lower price does not automatically guarantee a better deal. Prices could stay soft in some areas, but buyers looking for specific neighbourhoods, school districts, or family homes may face fewer options and stronger competition.For sellers, the drop in available listings could be encouraging. A well-priced home may stand out more when there are fewer competing properties. But buyers are still cautious, so unrealistic pricing can still cause a listing to sit.The simple takeaway: the GTA may still feel balanced today, but tighter inventory could eventually put upward pressure on prices. Buyers should watch selection as closely as price, while sellers should pay attention to how much competition exists in their immediate neighbourhood.Source: Toronto Regional Real Estate Board (TRREB), September 3, 2026.

a month ago

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