Toronto Housing Market Report
- The Greater Toronto Area's benchmark home price for November 2025 was $951,700, down 5.8% year-over-year (YoY) and 0.5% month-over-month (MoM).
- The average home sold price in the GTA decreased 6.0% year-over-year to $1,039,458 for November 2025.
- Detached home average price decreased by 7.3% year-over-year to $1.35M.
- Semi-detached home average price decreased by 7.4% year-over-year to $997k.
- Freehold townhouse average price decreased by 8.2% year-over-year to $913k.
- Condo apartment average price decreased by 3.8% year-over-year to $663k.
- December 5, 2025 Update: Today’s Lowest mortgage rate in Toronto is 3.54% for 5-Year Variable.
Greater Toronto Area (GTA) Housing Market Overview
GTA Housing Market: Price Movements for November 2025
Benchmark Home Price | $951,700 | -0.5% 1-Month Change | -5.8% 1-Year Change |
Average Home Price | $1,039,458 | -1.4% 1-Month Change | -6.0% 1-Year Change |
Median Home Price | $875,000 | -2.8% 1-Month Change | -7.4% 1-Year Change |
Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.
November 2025 was another weak month for the GTA housing market, with both prices and activity softening. The region’s benchmark home price, which tracks the price of a “typical” home, declined to $951,700, down 0.5% month-over-month and 5.8% year-over-year, marking the sixth consecutive monthly decline.
The average home price slipped to $1,039,458, a 1.4% monthly drop and 6.0% annual decline. Median prices followed suit, decreasing to $875,000, down 2.8% month-over-month and 7.4% year-over-year.
Prices are falling, but “falling” is relative. A home that costs $1 million is still almost impossible to secure for the average renter trying to break into the market. The ratio of home price to income has improved from the peak seen during the pandemic boom, but it remains historically stretched.
Sales activity eased significantly from October 2025’s short-lived monthly rebound. The GTA recorded 5,010 sales in November 2025, a sharp 18.4% monthly decline and a 14.7% drop from last year. Active listings fell to 24,549, down 11.7% month-over-month but still 12.5% higher than a year earlier. With active listings sitting nearly five times higher than monthly sales, the GTA had 4.9 months of supply in November 2025, placing the market within the 3 to 5 months typically associated with balanced conditions.
The more notable shift came from supply: new listings fell to just 11,134, down 30.7% from October 2025, marking one of the steepest monthly declines of the year. While new listings typically decline heading into November due to seasonality, this year’s pullback was far larger than normal. The tightening helped lift the sales-to-new-listings ratio (SNLR) toward more balanced conditions, but it wasn’t enough to meaningfully influence overall market pricing.
While multiple Bank of Canada rate cuts throughout 2024 and 2025 have improved borrowing conditions, affordability challenges and a cooling labour market continue to constrain demand. This is where the GTA is stuck. There are more listings and softer pricing, but too few buyers are financially able to take advantage. Rate cuts haven’t solved the underlying issue: incomes simply haven’t kept up with home prices in Toronto.
Greater Toronto Area (GTA) Breakdown by Region
Average Prices by Region
Median Prices by Region
Greater Toronto Area (GTA) Breakdown by City
Average Prices by City
Median Prices by City
Greater Toronto Area (GTA) Breakdown by Neighbourhood
Average Prices by Neighbourhood
Median Prices by Neighbourhood
City of Toronto
Market conditions in the City of Toronto closely tracked those of the broader GTA. The average price fell to $1,036,362, down 3.1% month-over-month and 4.1% year-over-year. Benchmark prices did buck the trend slightly, rising 0.4% month-over-month to $945,200, though still down 4.1% annually.
The City of Toronto’s median price declined to $820,000, down 3.0% month-over-month and 2.4% year-over-year. Sales totalled 1,912, down 18.7% from October 2025 and down 14.5% year-over-year.
Active listings fell to 9,365, but remain 8.1% higher than last year. New listings dropped 30.3% month-over-month to 4,171, tightening the city’s supply. The City of Toronto’s SNLR increased to 45.8%, up from 39.3% in October 2025.
Property Types
Average prices declined across all property types year-over-year. Among property types in the GTA for November 2025:
- The average price of detached homes decreased by 7.3% from the previous year to $1,346,017.
- The average price of semi-detached homes decreased 7.4% year over year to $997,499.
- The average price of freehold townhomes decreased 8.2% year over year to $913,078.
- The average price of condo apartments has decreased by 3.8% from the previous year to $663,290.
Although condos are considered the affordable segment, they’re not immune to the broader slowdown. Investors once made up a large portion of condo purchases during the pandemic boom. That demand has since evaporated.
Sales Data
The Greater Toronto Area (GTA) had 5,010 sales overall in November 2025, a 14.7% decrease from last year. All property types posted percentage declines month-over-month and year-over-year.
- Detached home sales are down 14.0% year-over-year.
- Semi-detached home sales are down 3.4% year-over-year.
- Freehold townhome sales are down 11.3% year-over-year.
- Condo sales are down 20.8% year-over-year.
Looking Forward
November’s sharp pullback in new listings temporarily tightened market conditions, but elevated year-over-year inventory levels continue to define the broader trend.
For sellers, the market requires strategic pricing and occasionally incentives to attract buyers. With demand still constrained, properties are lingering longer than in previous years, and sale-to-list differentials continue to widen.
This month, the average sales price-to-listing price ratio was 97%, meaning homes sold for 3% less than their asking price on average, compared to 99% in November 2024. The average property's days on the market increased to 56 days in November 2025, up from 49 days in November 2024.
Home Prices in Toronto
Greater Toronto Area Housing Market Statistics for All Property Types
Average Sold Price and MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Market Overview for Detached Homes
Average Sold Price
Transactions
Market Overview for Semi-Detached Homes
Average Sold Price
Transactions
Market Overview for Freehold Townhouses
Average Sold Price
Transactions
Market Overview for Condo Apartments
Average Sold Price
Transactions
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view and tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to cover damages to common areas and assets and liability 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. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owners of the buildings have leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.