If you own a home in Richmond Hill, Markham or North York and have been waiting for the market to improve before selling, fall 2026 deserves a closer look.
That does not mean every homeowner should rush to list. But an important change occurred over the summer: the number of new properties coming onto the GTA market dropped substantially while sales activity remained comparatively steady. For homeowners thinking about selling, that changes the competitive picture.
What changed in the GTA housing market in July?
According to the Toronto Regional Real Estate Board, GTA REALTORS® reported 5,995 home sales in July 2026, only 0.9% below July 2025. New listings, however, declined much more sharply—17.8% year-over-year to 14,484. On a seasonally adjusted basis, sales increased compared with June while new listings decreased. TRREB described this as a tightening of market conditions.
That distinction matters to sellers. When fewer comparable properties are entering the market, your home may face less competition for the attention of active buyers. But sellers should keep the numbers in perspective.
The GTA MLS® HPI Composite benchmark remained 4.6% below July 2025, while the average selling price of $1,003,956 was 4.5% lower year-over-year. So the takeaway is not “prices are booming again.” A better interpretation is: inventory conditions tightened through the summer, while buyers still have strong reasons to compare price and value carefully.
What does this mean for Richmond Hill sellers?
Richmond Hill remains a market where sellers need to distinguish between city-wide numbers and the value of an individual home. A renovated detached home in Bayview Hill can compete in a very different buyer segment from a townhouse in Langstaff or a condominium near Yonge Street.
For a Richmond Hill homeowner, the more useful questions are: How many genuinely comparable homes are currently competing with mine? What have buyers recently paid for similar properties? How long did those properties take to sell? And are competing listings increasing or decreasing as we approach fall?
That neighbourhood-level analysis should drive a listing decision. Learn more about my Richmond Hill home-selling services.
What about Markham?
Markham is too diverse for one city-wide number to determine the value of a property. Unionville, Cornell, Wismer, Thornhill and Markham Village can have substantially different housing stock, lot sizes, buyer profiles and price ranges.
If you are considering selling in Markham this fall, your immediate neighbourhood, property type, recent comparable sales and current competing inventory matter more than a GTA-wide average. Explore my Markham home-selling guide and services.
North York sellers should be even more careful with averages
“North York” contains numerous distinct Toronto neighbourhoods and property types. A detached home in Bayview Woods–Steeles does not necessarily compete against a condominium in Willowdale or a semi-detached home farther west.
For North York sellers, neighbourhood-level comparable sales become particularly important. Instead of asking whether “North York prices” are going up or down, ask: What are buyers currently doing with homes similar to mine within the area they are actually searching?
See more about selling a home in North York.
Should you wait for the September Bank of Canada decision?
The Bank of Canada maintained its overnight policy rate at 2.25% on July 15, 2026. Its next scheduled interest-rate decision is September 2, 2026.
Waiting solely because you expect the Bank to cut rates is speculative. The Bank has emphasized that uncertainty remains high and that future monetary-policy decisions will depend on economic growth and inflation.
There is also an important trade-off sellers sometimes overlook. If borrowing conditions improve and more buyers enter the market, that can help demand. But improved confidence can also encourage more homeowners to list their properties, increasing the competition your home faces. There is therefore no guarantee that waiting for a particular rate announcement produces a better selling environment.
Is September or October the better time to list?
There is no universal answer. A homeowner should consider at least three variables.
- Your competition: If relatively few comparable properties are available, listing sooner may allow your home to receive more attention.
- Your preparation: A properly prepared home is usually preferable to rushing onto the market simply because a particular week looks attractive.
- Your personal timeline: If you need to purchase another property, relocate, downsize or coordinate a closing, the selling strategy needs to support that broader plan.
Trying to identify the perfect week of the year can distract from the more important issue: entering the market with the right property preparation, positioning and price.
One mistake I would avoid this fall
Do not interpret tightening inventory as permission to overprice your home. Buyers can still see comparable sales, active listings and price reductions. A property that appears materially overpriced can lose valuable initial attention even when overall inventory is declining.
The stronger approach is to understand the competition before choosing the asking price. That means reviewing recent comparable sales, current active listings, unsuccessful listings where relevant, property condition, lot and location, and the seller’s desired timing.
For a deeper explanation, read How to Price Your Richmond Hill or Markham Home to Sell in 2026. For complete local service guidance, visit the Richmond Hill Realtor guide or Markham Realtor guide.
So—should you sell this fall or wait?
For some Richmond Hill, Markham and North York homeowners, the decline in new listings creates a more interesting competitive environment than earlier in 2026. For others, waiting may still make sense.
The decision should not be based on a headline predicting where the market is going. It should be based on your home’s current competition, realistic selling range and what you want to accomplish after the sale.
Find out where your home stands before deciding
If you are considering selling this fall but are unsure whether to list now or wait, start by establishing your home’s current market position.
I can prepare a complimentary, no-obligation home evaluation using relevant recent sales, active competing listings and the characteristics of your property. The goal is simply to give you better information before you make the decision.
You can also review my home-selling approach for North York, Richmond Hill and Markham.
Market statistics referenced in this article are based on Toronto Regional Real Estate Board July 2026 reporting available at the time of publication. TRREB notes that historical data have been updated as additional boards were incorporated into the PropTx MLS® System. Market statistics are general information and are not an appraisal or valuation of an individual property.