Toronto Monthly Market Report — September 2026多伦多市场月报 — 2026 年 9 月
Monthly data from the Toronto Regional Real Estate Board (TRREB) and Canadian Real Estate Association (CREA), with city-level breakdowns for the eight GTA municipalities I work in most often. Updated monthly, with full source attribution and methodology notes.每月汇总多伦多地产局 (TRREB) 与加拿大地产协会 (CREA) 数据，覆盖我服务最多的 GTA 八个城市。每月更新，附完整来源与方法说明。
How is the GTA housing market performing in September 2026?2026 年 9 月 多伦多 (GTA) 楼市表现如何？
The Greater Toronto Area recorded 5,040 home sales in September 2026, with the average selling price at $1,006,409. The MLS Home Price Index (HPI) Composite Benchmark — the price of a typical home stripped of one-off luxury sales — sat at $917,600, -4.7% year-over-year (Source: TRREB Market Watch, September 2026).2026 年 9 月，多伦多 (GTA) 共成交 5,040 套住宅，平均成交价 $1,006,409 加元。MLS 房价指数 (HPI) 综合基准价 — 剔除豪宅异常成交的"典型房价" — 为 $917,600 加元，同比 -4.7%（来源：TRREB Market Watch 2026 年 9 月）。
Sales-to-new-listings ratio (SNLR) — the leading indicator of where prices move next — was 37.8% on TRREB's published trend series, while the month's own unsmoothed ratio came in at 30.5%, with 4.6 months of inventory. By the conventional reading, an SNLR under 40% signals a buyers' market, 40–60% signals balance, above 60% signals a sellers' market.成交挂牌比 (SNLR) — 价格走向的领先指标 — 按 TRREB 公布的趋势值为 37.8%，当月实算比值则为 30.5%，库存月数 4.6 个月。按行业惯例：SNLR 低于 40% = 买方市场，40-60% = 平衡市场，高于 60% = 卖方市场。
Greater Toronto Area — All TRREB Areas大多伦多地区 — TRREB 全境概览
Aggregate figures across the full TRREB membership area, covering Halton, Peel, City of Toronto, York, Durham, Dufferin, and Simcoe regions.TRREB 全境汇总，覆盖 Halton、Peel、多伦多市、York、Durham、Dufferin、Simcoe 七大区。
Source: Toronto Regional Real Estate Board (TRREB) Market Watch + MLS HPI Public Tables, 来源：TRREB Market Watch 与 MLS HPI 公开数据，September 2026.
Four-Year Monthly Comparison四年月度对比
Each chart below compares the current year against the three prior years, month by month. The seasonal pattern is the most important context — January is structurally lower than May regardless of cycle position. The four bars per month run 2023, 2024, 2025, 2026 (left to right).下方两组图表逐月对比当年与前三年。季节性是最关键的背景——无论周期位置，一月成交结构性低于五月。每月四根柱依次为 2023、2024、2025、2026（从左到右）。
In September 2026, GTA sales were -9.0% year-over-year while new listings ran -14.4%. Listings fell but sales didn't pick up the slack, leaving SNLR flat to softer. Yet the price line is still down: average price -5.1% YoY, HPI Composite -4.7% YoY. The orange/yellow 2026 bars are visibly below the dark grey 2023 bars on the price chart — that's the cumulative reset since the 2022 peak. The signal: conditions are firming, but the pricing reflex usually lags supply tightening by 2-4 months. 2026 年 9 月，GTA 成交同比 -9.0%，新挂牌同比 -14.4%。 挂牌降了但成交没补上，SNLR 大致持平或下行。 但价格还在跌：均价同比 -5.1%，HPI 综合同比 -4.7%。价格图上 2026 的橙黄柱明显低于 2023 的深灰柱——这是 2022 年高点至今的累计回调。信号：市场条件在收紧，但价格反应通常比供应收紧滞后 2–4 个月。
Average price for September 2026 came in at $1,006,409 (-5.1% YoY). Average price is the arithmetic mean of every transaction, so it's sensitive to mix — a month with more luxury detached sales pulls it up, a month skewed to condos pulls it down. For trend reading, pair this with the HPI Benchmark in the table above ($917,600, -4.7% YoY), which controls for mix. 2026 年 9 月均价 $1,006,409（同比 -5.1%）。均价是所有成交的算术平均，会被产品组合影响——豪宅独立屋成交多的月份会拉高，公寓占比高的月份会拉低。看趋势时配合上方的 HPI 基准价 $917,600（同比 -4.7%）一起读，HPI 排除了组合影响。
SNLR for September 2026 sat at 37.8% — that's buyers' market territory by the conventional read (under 40% buyers, 40–60% balanced, above 60% sellers). SNLR is the leading indicator: it moves before prices do. Watching the orange/yellow 2026 bar relative to the previous three years tells you whether buyer activity is keeping pace with the listings being added that month. 2026 年 9 月 SNLR 为 37.8%，按行业惯例属于买方市场（40% 以下买方、40–60% 平衡、60% 以上卖方）。SNLR 是领先指标，先于价格变动。看 2026 的橙黄柱相对前三年的位置，就能判断买家热度是否跟上了当月的新挂牌量。
5,040 transactions in September 2026 (-9.0% YoY). The seasonal pattern is the dominant signal here — the spring peak (March–May) is structurally 2-3× higher than the December trough, regardless of cycle. So compare 2026 only against same-month bars from 2023/24/25, not month-over-month. The 2026 bar still below 2025 says spring buying remains subdued. 2026 年 9 月 成交 5,040 套（同比 -9.0%）。这张图季节性主导——春季高峰（3-5 月）结构性比 12 月低谷高 2-3 倍，与周期无关。所以 2026 只能跟 2023/24/25 的同月柱比，不要看环比。2026 柱仍低于 2025 说明春季买盘依然清淡。
16,500 new listings entered the MLS in September 2026 (-14.4% YoY). New listings is the supply side — it tells you how much fresh inventory hit the market that month. Read this against the Sales chart above: both falling = activity broadly cooling. Active Listings (the standing pool) is -9.3% YoY at 26,131 — that's the buyer's selection set right now. 2026 年 9 月 新挂牌 16,500 套（同比 -14.4%）。新挂牌反映供应端——告诉你当月有多少新房源进入市场。配合上方成交图一起看：两端都降 = 整体降温。 活跃挂牌（在售存量）26,131，同比 -9.3%——这是当下买家的可选池。
Eight GTA Cities — Side by Side八大 GTA 城市横向对比
For small markets like Aurora and Newmarket, monthly Average Price can swing on a single luxury sale. The HPI Benchmark Price below is the more stable measure, smoothing out one-off transactions.对 Aurora、Newmarket 这类小市场，单月均价可能因一笔豪宅交易剧烈波动。下方 HPI 基准价是更稳定的衡量，平滑了异常成交。
Toronto多伦多市
AuroraAurora
NewmarketNewmarket
Markham万锦
Richmond Hill列治文山
Vaughan旺市
OakvilleOakville
Mississauga密西沙加
Source: TRREB Market Watch + MLS HPI Public Tables, 来源：TRREB Market Watch 与 MLS HPI 公开数据，September 2026.
Teranet–National Bank House Price IndexTeranet–国家银行房价指数
A third way of measuring prices: it tracks the same single-family homes each time they resell, using land-registry records, so it is not moved by which homes happened to sell in a given month. It is released about two weeks after TRREB, so the figures below are for September 2026.第三种看房价的角度：它用土地登记记录，追踪同一套单户住宅（指数方口径：single-family homes）每次转手的价格变化，不会因为某个月卖掉的房子结构不同而失真。它比 TRREB 晚约两周发布，下列为 2026 年 9 月 数据。
In September 2026, the Teranet–National Bank House Price Index for Canada’s 11 largest cities was -3.5% year over year (+0.1% month over month seasonally adjusted, -1.4% raw). For Toronto it was -6.0% year over year and -21.8% from its May 2022 peak.2026 年 9 月，Teranet–国家银行房价指数：全国 11 大城市综合同比 -3.5%（季调后环比 +0.1%，未季调环比 -1.4%）；多伦多同比 -6.0%，较 2022 年 5 月 高点 -21.8%。
Source: Teranet–National Bank House Price Index™, September 2026 release (housepriceindex.ca), Composite 11 = 294.94, June 2005 = 100. Single-family homes, land-registry repeat sales — a different method from TRREB’s MLS HPI and average price above; the three are not meant to match. Month-over-month is shown both seasonally adjusted (the figure the release headline uses) and raw; in some months they point in opposite directions.来源：Teranet–National Bank House Price Index™，2026 年 9 月 发布（housepriceindex.ca），11 城综合指数 = 294.94（2005 年 6 月 = 100）。统计对象为单户住宅（single-family homes），基于土地登记的重复销售——与上文 TRREB 的 MLS HPI 和均价方法都不同，三者本就不该一致。环比同时列出季调后（发布标题用的口径）和未季调原始值；有些月份两者方向相反。
First-time buyers are now 36.5% of Ontario freehold purchases首次置业者现占安省独立产权房交易的 36.5%
That share was 23.9% in 2016. The mirror image is the mover: existing owners trading up or down fell from 24.3% to 15.8% over the same span. First-time buyers did not out-bid the move-up market so much as inherit it.2016 年这一比例为 23.9%。镜像的另一面是换房客：同期已有房产、换大换小的买家从 24.3% 降到 15.8%。与其说首次置业者抢赢了换房市场，不如说他们接手了这块份额。
Source: Teranet Market Insights 2026-Q2. Counts registered land transfers across Ontario — a different measure, geography and cadence from the TRREB MLS figures above; the two are not meant to reconcile. The 2026 figure covers the twelve months ending at the report date, not a calendar year.来源：Teranet Market Insights 2026-Q2。统计口径为安省全省土地转让登记——与上文 TRREB 的 MLS 成交在口径、地域、频率上都不同，两者本就不该对得上。2026 的数字覆盖截至报告期的 12 个月，不是自然年。
Frequently Asked Questions关于市场数据的常见问题
How often is this market data page updated?本市场数据页多久更新一次？
Why is HPI Benchmark different from Average Price?HPI 基准价为什么和平均成交价不同？
What does Sales-to-New-Listings (SNLR) tell me?成交挂牌比 (SNLR) 反映什么？
Can I use this data for my own analysis?这里的数据可以引用到我自己的分析里吗？
How does this compare to a free Zillow / Realtor.ca search?和免费的 Realtor.ca / Zillow 数据相比有什么区别？
Disclaimer: This data is presented for general informational purposes. Real estate decisions should be made with full local-market context. Past performance does not predict future results. For a personalised consultation contact Arthur Zhao directly.免责声明：本页数据仅供参考。地产决策需结合具体市场背景，过往表现不代表未来。如需个性化咨询请直接联系 Arthur Zhao。
