September’s resale slowdown gives buyers and sellers a reason to sharpen their comparisons
The Morning Market · Wednesday, October 21, 2026 · 4-minute read
Morning analysis · Based on September resale figures released October 16.
Your first sip
A quieter housing market can create room to think.
Buyers may have more time to compare properties. Sellers may need a clearer explanation of why their home deserves its asking price. But neither side gets an automatic advantage simply because national sales have declined.
September’s resale report offers a useful starting point: activity softened, new listings also declined, and national inventory remained close to its historical norm.
The question over this morning’s coffee is how to turn that broad picture into a sensible offer—or a realistic selling strategy.
Three numbers worth knowing
| Number | What it measures | Geography · reference period · release date |
|---|---|---|
| −2.3% | Monthly change in home sales; seasonally adjusted | Canada · September versus August 2026 · October 16 |
| 48.8% | Sales-to-new-listings ratio | Canada · September 2026 · October 16 |
| 4.9 months | Inventory relative to the prevailing sales pace | Canada · End of September 2026 · October 16 |
These are national measures covering different housing markets and property types. They describe September conditions, rather than transactions happening this morning. Source: CREA.
1. Slower sales do not tell the whole story
What happened: CREA reported fewer sales in September, alongside a decline in new listings. Its national sales-to-new-listings ratio remained within the range it generally associates with balanced conditions. Months of inventory were in line with the long-term average. Source: September resale report.
Our housing interpretation: Demand and supply need to be read together.
Fewer transactions can suggest buyers are hesitating. But if fewer owners are listing, the selection available to a particular buyer may remain limited.
Imagine searching for a specific school catchment, accessible layout or condominium building. A slower national market does not necessarily produce several suitable alternatives. Your negotiating position depends partly on how easily you can choose another home—and how many competing buyers want the same one.
2. Negotiating room starts with evidence
What happened: CREA’s national benchmark price declined in September. The association also cautions against using national average prices to establish values in individual neighbourhoods. Source: CREA.
Our housing interpretation: A strong offer begins with relevant comparisons.
For an Oakville detached home, examine recent sales with similar size, location and condition. For a Toronto condominium, look closely at comparable units, maintenance fees, parking and the building’s circumstances.
Then assess the alternatives available today. A nearby listing that needs substantial work may compete at a different price point from a renovated property.
Negotiation can also involve closing dates, included items and appropriate conditions. The goal is an agreement that fits the property and your circumstances. A large discount from an ambitious asking price does not, by itself, establish good value.
3. Sellers need a position they can explain
Our housing interpretation: Buyers comparing carefully will notice when an asking price lacks support.
Before listing, identify the properties a buyer will compare with yours. Consider what your home offers, what needs attention and how its total ownership costs compare.
After listing, interpret feedback alongside activity. Repeated comments about condition, limited showings or competing properties selling first can inform a review. Each observation needs context; no single quiet weekend establishes the right price adjustment.
For owners buying and selling, assess both transactions together. A lower purchase price may come alongside lower sale proceeds, while financing and closing costs still need to fit.
What this means for you
- Buying: Compare suitable alternatives and confirm financing before setting your offer ceiling.
- Selling: Support your asking price with recent sales and current competition.
- Renting: Use available rentals and comparable leases; resale inventory cannot establish local rental conditions.
- Landlords: Evaluate achievable rent, operating costs and financing separately from resale headlines.
Your coffee takeaway
Use the quieter market to ask better questions.
What else could you buy? What would a buyer choose instead of your home? Which costs or conditions could change the outcome?
Clear comparisons make those answers more useful than a broad label such as “buyer’s market.”
If you are planning a move in Oakville or the GTA, Dylon can help you assess the properties competing for your attention.
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Sources and what we’re watching
CREA’s September resale report, released October 16.
Statistics Canada’s calendar schedules August investment in building construction for today and September industrial product and raw-material prices for October 22. These releases address construction spending and producer costs, rather than resale values.
Dylon Garcia Mendanha
Sales Representative — Royal LePage Real Estate Services Ltd., Brokerage
dylon.re@gmail.com · 647-295-0050 · Instagram @dmendanha
Educational market commentary. Individual circumstances and local conditions vary.
Real estate contact: Dylon Garcia Mendanha, Sales Representative — Royal LePage Real Estate Services Ltd., Brokerage · dylon.re@gmail.com · 647-295-0050.