Toronto Housing Market Outlook 2025
Table of contents
Toronto Market Report Summary
- The average selling price of a home in Toronto decreased by 5.4% year-over-year to $1,009,400 in April 2025.
- The average selling price of a single-family home in Toronto decreased by 5.4% year-over-year to $1,239,300 in April 2025.
- The average selling price of a townhouse/multiplex in Toronto decreased by 5.0% year-over-year to $758,400 in April 2025.
- The average selling price of a condo in Toronto decreased by 7.3% year-over-year to $593,000 in April 2025.
- The average rent in Toronto decreased by 5.0% year-over-year to $2,606 for April 2025.
- May 22, 2025: Today’s lowest mortgage rate in Toronto is
for a 5–year fixed.
Composite Home Prices
The average selling price of a home in Toronto was $1,009,400 for the month of April 2025, that’s decreased by 0.7% compared to the previous month. On a year-over-year basis, Toronto home prices have decreased 5.4% over the last 12 months.
Single-family Home Prices
The average selling price of a single-family home in Toronto was $1,239,300 for the month of April 2025, that’s decreased by 0.6% compared to the previous month. On a year-over-year basis, single-family home prices in Toronto have decreased by 5.4% over the last 12 months.
Townhouse and Multiplex Prices
The average selling price of a townhouse in Toronto was $758,400 for the month of April 2025, that’s decreased by 0.8% compared to the previous month. On a year-over-year basis, the price of a townhouse in Toronto has decreased by 5.0% over the last 12 months.
Condo Prices
The average selling price of a condo in Toronto was $593,000 for the month of April 2025, that’s decreased by 1.5% compared to the previous month. On a year-over-year basis, the price of a condo in Toronto has decreased 7.3% over the last 12 months.
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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 April 2025 was $1,009,400, and it decreased of 5.4% compared to a year ago.
TREBB also reported a sales-to-new-listings ratio (SNLR) of 30%, indicating a buyers market in Toronto for April 2025.
Toronto Prices Fall as Buyers Wait for Certainty
According to the Toronto Regional Real Estate Board (TRREB) for April 2025, the Greater Toronto Area’s housing market followed typical seasonal patterns with a modest uptick in activity from March. However, sales remained historically low, and overall market sentiment was muted as many potential buyers stayed on the sidelines, awaiting clearer signals on borrowing costs and economic direction. April marked a 23.3% year-over-year decline in home sales, with 5,601 properties sold, while new listings rose by 8.1%, increasing inventory and tipping negotiating power in favour of buyers.
Toronto’s Market Balancing on Uncertainty
Buyers in the GTA are facing a market that’s no longer red hot but not uniformly cold either. TRREB reported that the average selling price in April was $1,107,463, down 4.1% year-over-year, while the MLS HPI Composite benchmark fell 5.4%. Seasonally adjusted figures also confirmed a continued softening in prices month-over-month. While election results and trade tensions with the U.S. added uncertainty, TRREB noted that improvements in those areas could restore confidence and reinvigorate demand.
- Total GTA home sales: 5,601 (down 23.3% YoY)
- Average selling price: $1,107,463 (down 4.1% YoY)
- MLS HPI Composite benchmark: down 5.4% YoY
- New listings: 18,836 (up 8.1% YoY)
- Inventory: Historically high, contributing to weaker prices
Toronto Home Price Trends
The average price for detached and low-rise homes across the Toronto area was $1,328,957 in April, down 6% year-over-year, with the median price falling to $1,150,000 (down 7%). Notably, median price trends highlight a divergence between Toronto’s core and suburban regions. While low-rise homes in the City of Toronto have stayed relatively stable within a 2% monthly range, suburban areas like Halton, Peel, and York experienced double-digit declines in median prices just in April.
Condominiums, meanwhile, continue to struggle more than low-rise homes. The average condo price fell 7% year-over-year to $703,153, with a median of $638,000. Condo sales dropped 29%, while listings climbed 5%, pushing the condo months of inventory (MOI) to 6.9, solidly into buyer’s market territory.
Toronto Market Demand and Inventory Levels in April
Elevated supply continues to define the Toronto regional market. Active listings for houses were up 65% year-over-year, while condo listings increased 47%. The MOI remained flat at 4.4 for houses but surged for condos, indicating cooling momentum and increased buyer leverage. Only 35% of houses and 17% of condos sold above asking in April, reflecting reduced competition compared to prior years.
Despite these figures, some pockets of Toronto, particularly the city’s central low-rise neighbourhoods, still saw multiple-offer scenarios, hinting at resilient demand in specific submarkets with tighter supply. Inventory in the city’s core remains lower than in surrounding regions, supporting relative price stability.
Toronto’s housing market is experiencing a reset as buyers bide their time and sellers face mounting competition. While the overall narrative points to price softening and growing inventory, not all neighbourhoods are affected equally. Core Toronto markets are weathering the downturn better than suburban areas, especially for low-rise homes. As the market continues to rebalance, affordability is gradually improving for some, even as economic uncertainty remains a headwind.
Month-over-Month Market Expectations for Toronto
Transactions – Number of Sales
The number of sales in Toronto was 5,601 during April 2025, that’s increased by 11.8% compared to the previous month. On a year-over-year basis, sales in Toronto have decreased by 21.3% over the last 12 months.
New Listings
The number of new listings in Toronto was 18,836 during April 2025, that’s increased by 9.1% compared to the previous month. On a year-over-year basis, new listings in Toronto have increased by 11.2% over the last 12 months.
Real Estate Market
The sales to new listings ratio (SNLR) in Toronto was 30% during April 2025, indicating a buyers market. On a monthly basis, that’s increased by 2.4% compared to the previous month. Toronto’s yearly sales to new listings ratio has decreased by 29.2% over the last 12 months.
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
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Toronto Market Rents Summary
The average rent in Toronto was $2,606 for the month of April 2025, which decreased by 5.0% on a year-over-year basis.
The average rent for a bachelor apartment in Toronto was $0 for the month of April 2025, which 0 by 0% on a year-over-year basis.
The average rent for a 1-bedroom apartment in Toronto was $2,346 for the month of April 2025, which decreased by 5.0% on a year-over-year basis.
The average rent for a 2-bedroom apartment in Toronto was $2,958 for the month of April 2025, which decreased by 9.0% on a year-over-year basis.
The average rent for a 3-bedroom apartment in Toronto was $2,346 for the month of April 2025, which decreased by 9.0% on a year-over-year basis.
How Does Renting Compare with Homeownership in Toronto?
Each $100,000 in mortgage balance costs an average of $533.43 per month on nesto’s lowest fixed 5-year rate at
Rental Price Changes by City
Rental Price Changes by Province
Rental Price Growth by Housing Type
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Frequently Asked Questions on Toronto Housing Market Outlook for 2025
Will Toronto housing prices go up in 2025?
Toronto home prices are expected to increase moderately in 2025 due to low housing supply and strong demand. Population growth and falling mortgage rates will encourage more buyers to enter the market.
Will Toronto’s housing market crash?
A market crash is unlikely, but affordability challenges will continue. Due to limited inventory and sustained demand, the market is expected to remain competitive.
Is now a good time to buy in Toronto?
If prices stabilize and mortgage rates decline, 2025 could offer a good window to buy. Buyers should monitor Toronto mortgage rates and act quickly when conditions improve.
How affordable will Toronto homes be in 2025?
Toronto remains one of the least affordable cities in Canada, but stabilizing prices and wage growth may help offset affordability concerns.
How do I get pre-approved for a mortgage in Toronto?
To get pre-approved for a mortgage, assess current Toronto mortgage rates, meet lender requirements, and determine how much you can afford. A preapproval or a prequalification could strengthen your position in this competitive market.
Housing Market Glossary and Definitions
MLS® Home Price Index (HPI)
The MLS® Home Price Index (HPI) is a real estate price index compiled by the Canadian Real Estate Association (CREA) that tracks the price of homes in your neighbourhood. It’s a quick way for Canadians to compare home prices in different parts of Canada and between different periods without having to factor in the unique characteristics of a particular property.
While market prices can vary from one month to the next based on seasonal factors, the Home Price Index (HPI) provides a more consistent view and tracks price trends over an extended period. The Home Price Index (HPI) is updated annually in May to reflect changes in real estate markets.
MLS® HPI is the most comprehensive and precise way to track a neighbourhood’s home price level and trends. MLS HPI uses over 15 years of data from the MLS® System and advanced statistical models to create a “typical” home based on the characteristics of homes purchased and sold. This benchmark home is tracked across all Canadian neighbourhoods and various types of homes.
Strata insurance
Strata insurance is insurance that a strata or condominium uses to cover damages to common areas, assets and liabilities to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. Strata insurance can cover the following:
- Buildings and structures on the strata’s property, including common areas such as the garage, roof, lobby, pool, etc.,
- Liabilities for any property damage or bodily harm due to an injury suffered on a strata property,
- Which also includes fixtures in the standard unit or part of the original make of each unit.
Strata insurance generally does not cover personal belongings and appliances in a condo unit. Damage caused by individual unit owners (e.g., water damage due to a unit owner’s negligence) is typically covered under personal condo insurance.
Property Types
Detached homes, also known as single-family homes, are residential properties that stand alone and are not connected to other buildings. They are legal single residential units on their own parcel of land and have a separate title.
Semi-detached homes are characterized by their unique architectural design. Two houses are built side by side and share a common wall. Although sharing a building, semi-detached homes have their own parcel of land and separate legal titles.
Townhouses are residential dwellings typically characterized by narrow, tall structures, often sharing walls with neighbouring units. Although they may share yards or common elements with their neighbours, townhouses will have separate legal titles from any adjoining building. Townhouses can be purchased as freehold or leasehold within a condo or strata and may come with their own land parcel. Townhouses can be part of a low-rise or high-rise building.
Condo apartments, also known as condominiums, are residential properties that combine elements of apartments and individual homes. It is a unit within a larger building or complex owned by an individual who also shares ownership of common areas and amenities with other residents. Condo apartment owners have legal ownership of their units and can modify them within the guidelines set by the condominium association. Unlike a townhouse, condos do not offer exclusive use of outdoor space unless they come with a balcony or terrace. Condos can be part of a low-rise or high-rise building.
Plexes or multiplexes are unique residential buildings constructed into 2 to 6 units within a single structure. Traditionally, they have been designed as low-rise residential buildings where any unit is accessible via an external entrance with higher floors connected by staircases. Each unit will have a separate registration and title but may share common elements and co-ownership fees with the other multiplex owners. Plexes are common in Québec and older parts of Toronto.
Property Ownership Classes
A freehold is a type of property ownership where an individual or entity has complete and indefinite ownership rights over a property and its parcel of land. Common freehold property types include detached houses, semi-detached houses, farms, and townhouses not part of condominium corporations.
A condominium or condo is a distinct type of property class that combines apartment living and individual homeownership elements. In a condominium, individual units are owned by the residents, while the common areas and amenities are shared among all the unit owners. This type of ownership gives you rights to your specific unit and some rights and responsibilities to the common areas, such as the hallways, elevators, garage, pool and rooftop patios.
A leasehold is a legal arrangement where a person or entity holds the right to use and occupy a property for a specific period, typically through a lease agreement. In some cases, the leaseholder may own the building or unit and rent the land from the landowner (landlord).
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