Peter See

Hello,

Here is your market update for September 2025. On September 17th, we saw a rate drop of .25%. The overnight rate is currently 2.5%. The next announcement will be on October 29th.

Across Durham Region, 707 homes were sold in September, with an average sales price of $877,963. This is slightly above last months numbers by approximately $17,000. Unfortunately it is still lower than the sales prices we were seeing earlier in Spring and Summer. Year-over-year, we are seeing a dip of 1.8%.

Home sales are average for this year, but are a signal of the market trending positively as more homebuyers continue to reduce the current inventory. Excluding the more luxury category, inventory across Durham and much of the CLAR region is slowing down, marking a conclusion to the buyer’s market.

Across the region, the average number of days spent on market is 29. This is considerably higher than previous numbers in Spring.

In the GTA, we are seeing a slight softening of sales prices since September considering usual activity this time of year. Compared to September 2024, new home sales are up 8.4% but prices are down 4.7% comparatively. Sales prices month-over-month have been quite stable; there have been no significant jumps in sales prices besides Toronto’s average price being $992,085 in August and $1,089,918 in September. This could be a reflection of more sales activity in the Fall market. For the whole of the GTA, the increase is only 0.2%.

According to TRREB Chief Information Officer Jason Mercer, “Two more 25-basis-point interest rate cuts by the Bank of Canada would see monthly mortgage payments move more in line with homebuyers’ average incomes, further spurring home sales and related economic activity,” suggesting that we could see a balancing market this quarter should another rate drop be announced later this month.