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Toronto Market Report Summary

• The average selling price of a home in Toronto decreased by 5.5% year-over-year to $960,300 in September 2025.
• The average selling price of a single-family home in Toronto decreased by 5.8% year-over-year to $1,172,300 in September 2025.
• The average selling price of a townhouse/multiplex in Toronto decreased by 6.6% year-over-year to $719,200 in September 2025.
• The average selling price of a condo in Toronto decreased by 8.1% year-over-year to $563,100 in September 2025.
• The average rent in Toronto decreased by 2.9% year-over-year to $2,592 for September 2025.
• October 23, 2025: Today’s lowest mortgage rate in Toronto is for a 5–year fixed.

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Composite Home Prices

Single-family Home Prices

Townhouse and Multiplex Prices

Condo Prices

Toronto Housing Market Summary

Data from the Toronto Regional Real Estate Board (TRREB) indicates that the average price of resale residential homes sold across Toronto in September 2025 was $960,300, and it decreased of 5.5% compared to a year ago.

TREBB also reported a sales-to-new-listings ratio (SNLR) of 29%, indicating a Buyers in Toronto for September 2025.

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Toronto Home Values Down 5.5% YoY as Buyers Regain Leverage

According to the Toronto Regional Real Estate Board (TRREB), buyers are regaining leverage across the Greater Toronto Area (GTA) as record-high inventory levels intensify competition among sellers and push home values lower. The aggregate MLS Home Price Index fell for the tenth time in eleven months to $971,500 in September, down 0.5% MoM and 5.5% YoY. Home prices now sit roughly 25% below their early-2022 peak, giving buyers some long-awaited affordability relief.

Toronto Market Overview

After a slow start to the year, easing prices are sparking renewed activity. TRREB reported 5,592 sales through its MLS System in September, an 8.5% annual increase. Home resales have climbed 22% over the past four months, while new listings rose 4% YoY to 19,260 but edged slightly lower MoM, suggesting that certain market segments may be tightening again.

Here’s how the key figures compare across the latest data period:

• Average price: $1,059,377 (-4.7% YoY, +0.2% MoM)
• MLS HPI: -5.5% YoY, -0.5% MoM
• Sales volume: +8.5% YoY
• New listings: +4% YoY

“The Bank of Canada’s September interest rate cut was welcome news for homebuyers,” said TRREB President Elechia Barry-Sproule. “With lower borrowing costs, more households are now able to afford monthly mortgage payments on a home that meets their needs.”

Toronto Home Price Trends

The recent correction has eased much of the price escalation seen during the pandemic, when home values surged roughly 63% between 2020 and 2022. RBC Economics noted that the ongoing price slide—over $320,000 since the market peak—has “brought some affordability relief.” However, many buyers remain constrained by the stress test and high debt-service ratios, which continue to weigh on overall affordability.

Market Demand and Inventory Levels in Toronto

Despite moderate improvements, homebuying activity remains well below long-term averages relative to the GTA’s population. “While home sales have improved over the past year, they still remain below normal levels relative to the number of households in the GTA,” stated TRREB Chief Information Officer Jason Mercer. He added that “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.” The combination of easing rates and stable supply is expected to rebalance the market gradually through early 2026.

Seller Strategies in a Slower Market

Industry analyst John Pasalis observed that many sellers are still relying on outdated tactics that no longer align with current demand. “Pricing a home low to spark a bidding war… is often doing more harm than good,” he said. Pasalis explained that listings priced below market value often generate limited offers, leaving sellers to settle for lower prices. In contrast, standout homes with unique features continue to attract multiple bids, while most others sell more successfully when priced realistically and given time to find the right buyer.

Toronto Market Outlook

Looking ahead, most economists expect home prices to stabilize toward the end of 2025 as interest rates normalize and buyer confidence strengthens. Detached homes in suburban areas and downtown condos are likely to move in different directions, depending on local employment conditions and absorption rates. The pace of recovery will hinge on how quickly the Bank’s policy easing translates into lower mortgage rates and improved affordability.

If the Bank maintains its path toward lower rates in 2026, both fixed and variable mortgage products could trend downward, setting the stage for a more balanced and sustainable housing market in Toronto.

Month-over-Month Market Expectations for Toronto

Transactions –  Number of Sales

New Listings

Real Estate Market

The sales to new listings ratio (SNLR) measures the number of home sales compared to new listings. An SNLR under 40% suggests a buyer’s market in which buyers have the upper hand and more negotiating power. An SNLR between 40% and 60% is a balanced market, while an SNLR of over 60% is considered a seller’s market. 

Market Breakdown By Property Type for Toronto

Annual Changes to Composite Home Prices in Toronto

Toronto Market Rents Summary

The average rent in Toronto was $2,592 for the month of September 2025, which decreased by 2.9% on a year-over-year basis.

The average rent for a bachelor apartment in Toronto was $0 for the month of September 2025, which 0 by 0% on a year-over-year basis.

The average rent for a 1-bedroom apartment in Toronto was $2,295 for the month of September 2025, which decreased by 5.1% on a year-over-year basis.

The average rent for a 2-bedroom apartment in Toronto was $2,941 for the month of September 2025, which decreased by 7% on a year-over-year basis.

The average rent for a 3-bedroom apartment in Toronto was $2,295 for the month of September 2025, which decreased by 7% on a year-over-year basis.

How Does Renting Compare with Homeownership in Toronto?

Each $100,000 in mortgage balance costs an average of $520.07 per month on nesto’s lowest fixed 5-year rate at and $514.13 per month on nesto’s lowest adjustable 5-year rate at . For each $100,000 in mortgage balance, a 0.25% change in Canada’s policy rate impacts the monthly payment by $13.51. Rates used for calculation are those offered on insured purchases with less than a 20% downpayment on a 25-year amortization. Canada’s policy rate is 2.50%, and nesto’s prime rate is set to 4.70%.

Rental Price Changes by City

Rental Price Changes by Province

Rental Price Growth by Housing Type

Frequently Asked Questions on Toronto Housing Market Outlook for 2025

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