Toronto Housing Market Outlook 2025

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Toronto Market Report Summary

• The average selling price of a home in Toronto decreased by 5% year-over-year to $956,800 in October 2025.
• The average selling price of a single-family home in Toronto decreased by 5.3% year-over-year to $1,168,300 in October 2025.
• The average selling price of a townhouse/multiplex in Toronto decreased by 6.7% year-over-year to $713,900 in October 2025.
• The average selling price of a condo in Toronto decreased by 7.4% year-over-year to $559,800 in October 2025.
• The average rent in Toronto decreased by 3.5% year-over-year to $2,551 for October 2025.
• November 28, 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 October 2025 was $956,800, and it decreased of 5% compared to a year ago.

TREBB also reported a sales-to-new-listings ratio (SNLR) of 38%, indicating a Buyers in Toronto for October 2025.

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Toronto Home Sales Fall 9.5% in October 2025

According to the Toronto Regional Real Estate Board (TRREB), the Greater Toronto Area (GTA) recorded 6,138 home sales in October 2025, a 9.5% decline from October 2024. New listings rose 2.7% to 16,069, giving buyers more choice during a period of softer demand. The average selling price declined 7.2% year over year to $1,054,372, while the MLS HPI Composite benchmark decreased 5%. Market conditions continued to favour buyers, with negotiated selling prices and lower borrowing costs helping active purchasers secure more favourable terms than in recent years.

Toronto Buyers Prioritize Value as Home Sales Slip and Listings Rise

GTA home buyers remained cautious in October as employment concerns and slower economic conditions shaped purchasing decisions. TRREB noted that buyers who feel secure in their finances are benefiting from improved affordability relative to the past few years, but many others remain hesitant. On a seasonally adjusted basis, both sales and new listings fell month over month compared to September, reflecting a cooling in short-term activity. Even so, inventory accumulation gave buyers more leverage, and negotiated prices became more common across both the freehold and condominium markets.

Average Toronto Home Price Declines 7.2%

The average GTA selling price in October was $1,054,372, down 7.2% compared to last year. The MLS HPI Composite benchmark was also down 5%. Moderating prices continued the gradual correction observed across most Toronto regions over the past 6 to 12 months. Buyers focused heavily on affordability and long-term carrying costs, selecting properties that met essential needs rather than stretching budgets. Homes in premium neighbourhoods still attracted competition, but such cases remained exceptions rather than the norm in October.

GTA Low-Rise Market Continues to Cool After a Short-Lived Rebound

The low-rise freehold segment, including detached, semi-detached, and townhomes, saw sales decline 9% year over year. Inventory climbed sharply, with active listings up 28% compared to last October. New listings rose 9%, increasing the gap between supply and demand. This shift put pressure on prices across multiple regions. Average low-rise prices fell about 7% year over year, with Peel recording a 12% drop and Durham a 4% decline. Months of Inventory (MOI) for houses decreased to 4.4, indicating a market approaching balanced conditions but still favouring buyers.

Toronto Condo Market Softens Further

Condo sales fell 7% year over year in October. While new condo listings declined by 3%, active listings rose by 10%, indicating that units were taking longer to sell. MOI for condos increased to 5.9, reflecting cooler conditions across most neighbourhoods, particularly in core areas where new supply added competitive pressure. Average condo prices fell 5% year over year to $678,633, while the median condo price declined 7% to $595,500. Buyers leveraged high inventory levels to negotiate price, conditions, or closing timelines.

Regional Market Trends Highlight Wide Variation Across the GTA

Market conditions varied considerably across the 5 major GTA regions. All regions saw declines in freehold home sales compared to last year, with Durham reporting the most significant drop at 20%. Average selling prices for houses were down across all regions, led again by Peel, which saw a 12% decline. Condo sales were down in 4 of the 5 regions, with Halton being the only area to post a slight increase. Average condo prices decreased in all regions, with Halton experiencing the steepest decline of 9%. Regardless of property type, MOI remained higher than last year, indicating a cooler and more supply-rich environment.

Why Buyer Sentiment Remains Cautious Across the GTA

Many GTA buyers spent October reacting to economic uncertainty, shifting income expectations, and slower short-term job growth. TRREB noted that affordability has improved due to lower prices and lower monthly carrying costs, yet households remain selective. Higher inventory and more extended listing periods gave buyers more time to evaluate options and negotiate. At the same time, construction moderations and planning considerations underscored the need for continued policy support to increase long-term supply across all housing types.

Implications for Toronto Homebuyers and Homeowners

Buyers continue to benefit from a market where supply is rising and competition remains limited. This combination provides more time to compare homes, negotiate on price, and secure properties that better match long-term needs. Sellers, facing slower conditions and more inventory, need accurate pricing, strong presentation, and realistic expectations to attract committed buyers. Homeowners looking to refinance may find that steady valuations across much of the GTA still support equity-based financing opportunities.

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 $2,551 for the month of October 2025, which decreased by 3.5% on a year-over-year basis.

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

The average rent for a 1-bedroom apartment in Toronto was $2,260 for the month of October 2025, which decreased by 5.7% on a year-over-year basis.

The average rent for a 2-bedroom apartment in Toronto was $2,890 for the month of October 2025, which decreased by 7.4% on a year-over-year basis.

The average rent for a 3-bedroom apartment in Toronto was $2,260 for the month of October 2025, which decreased by 7.4% on a year-over-year basis.

How Does Renting Compare with Homeownership in Toronto?

Each $100,000 in mortgage balance costs an average of $509.35 per month on nesto’s lowest fixed 5-year rate at and $497.95 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 $13.27. 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 2.25%, and nesto’s prime rate is set to 4.45%.

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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