Greater Vancouver, Calgary, the Greater Toronto Area (GTA), and Montreal were among the local regions that had sales declines between August and September, dragging down the national average. The actual (not seasonally adjusted) number of transactions in September 2022 was 32.2% less than in the same month in 2021 and around 12% less than the 10-year average for that month prior to the pandemic. In September, there were 0.8% fewer newly listed homes compared to the previous month. This followed declines of 6.1% and 4.9% in July and August, respectively, as some sellers seemed content to stay dormant until a greater number of purchasers were willing to return to the market. The Greater Toronto Area and the Lower Mainland of British Columbia had the greatest declines and increases in fresh supply, respectively, in September.

As a consequence of a reduction in sales and a minimal change in the number of new listings, the ratio of sales to new listings declined to 52% in September from 53.8% in August. In September 2022, the national sales-to-new listings ratio reverted to its June and July levels and was just somewhat below the long-term average of 55.1%. At the end of September 2022, there were 3.7 months of national inventories, up from 3.5 months at the end of August. Even if the number of months of inventories is still far below the long-term average of around five months, it has recovered significantly from the all-time low of 1.7 months achieved at the beginning of 2022.