TRREB's September 2026 Report Is Out: 5,040 GTA Sales — What Richmond Hill Buyers and Sellers Should Know

TRREB released its September 2026 market report on October 6, and the message for the Greater Toronto Area is clear: buyers are on the sidelines. For Richmond Hill homeowners and house hunters, the numbers deserve a closer look — because what they signal for the next few months depends on whether you're buying or selling.

The headline numbers

GTA REALTORS® reported 5,040 home sales through TRREB's MLS® System in September 2026 — down nine per cent from 5,540 sales in September 2025. It was the third straight month of year-over-year sales declines. Sellers pulled back as well: new listings totalled 16,500, down 14.4 per cent from a year ago, and active listings ended the month at 26,131, down 9.3 per cent.

Prices continued to soften. The average selling price across the GTA was $1,006,409, down 5.1 per cent year over year, while the MLS® Home Price Index composite benchmark — TRREB's measure of a typical home's value — fell 4.7 per cent to $917,600. On a seasonally adjusted basis, both sales and new listings declined from August, and prices edged lower month over month as well.

What this means for Richmond Hill buyers

On the surface, this is a friendlier market for buyers than we've seen in years. Fewer competing offers, more time to decide, and prices that have eased off their highs. First-time buyers in particular are getting on with it — accepting today's market as the new normal rather than trying to time the bottom.

But there is a nuance worth understanding. New listings fell faster than sales did in September, which means supply is tightening too. The share of new listings that sold actually ticked up from a year ago. In plain terms: competition is lighter, but inventory isn't piling up the way some buyers hope. Well-priced, well-presented homes in Richmond Hill's established neighbourhoods are still attracting attention — and the discount you can negotiate has limits when a home is priced to the market.

The watch item for buyers is borrowing costs. With the Bank of Canada's next decision set for October 28 and talk of possible rate increases if inflation stays elevated, anyone buying this fall should make sure their pre-approval and budget hold up under more than one rate scenario.

What this means for Richmond Hill sellers

For sellers, the takeaway is straightforward: price to today's market, not last spring's. Homes that launch with ambitious asking prices are the ones sitting; homes priced with current comparable sales in hand are the ones moving. In Richmond Hill, where buyers have plenty of choice, presentation matters more than ever — the homes that show well and photograph well continue to earn the strongest results.

The listing numbers also carry a silver lining for sellers. Because fewer sellers are entering the market, those who do list face less direct competition. A property that stands out in a thinner field can still command serious buyer interest.

The bigger picture

TRREB's chief information officer, Jason Mercer, noted that there is substantial pent-up demand in the GTA — many households intend to buy in the months ahead but want confidence that their jobs are secure and inflation won't push borrowing costs higher over the long term. In other words, demand hasn't disappeared; it's waiting.

For Richmond Hill specifically, that means the fall market will likely reward readiness: buyers who are pre-approved and decisive, and sellers who price realistically and present beautifully.

If you're thinking about buying or selling in Richmond Hill this fall, talk to someone who knows the neighbourhood numbers street by street. Contact M2Team for a free home evaluation or a no-pressure look at what your buying power looks like in today's market — call Mehdi at 647-989-2641.