Toronto Housing Market Report
- The Greater Toronto Area's benchmark home price for December 2025 was $942,300, down 6.3% year-over-year (YoY) and 1.0% month-over-month (MoM).
- The average home sold price in the GTA decreased 5.7% year-over-year to $1,006,735 for December 2025.
- Detached home average price decreased by 6.9% year-over-year to $1.30M.
- Semi-detached home average price decreased by 12.1% year-over-year to $957k.
- Freehold townhouse average price decreased by 4.2% year-over-year to $973k.
- Condo apartment average price decreased by 7.9% year-over-year to $628k.
- January 8, 2026 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 December 2025
Benchmark Home Price | $942,300 | -1.0% 1-Month Change | -6.3% 1-Year Change |
Average Home Price | $1,006,735 | -3.1% 1-Month Change | -5.7% 1-Year Change |
Median Home Price | $850,000 | -2.9% 1-Month Change | -8.6% 1-Year Change |
Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.
The GTA housing market is cooling fast, with both average and benchmark prices slipping to near 5-year lows. The region’s benchmark home price, which tracks the price of a “typical” home, declined to $942,300, down 1.0% month-over-month and 6.3% year-over-year. That marks a seventh straight monthly decline and the lowest benchmark level since January 2021, before the pandemic-era housing boom.
The average home price followed the same trajectory, easing to $1,006,735 in December 2025, a 3.1% monthly drop and 5.7% annual decline. That’s also the lowest average GTA home price since January 2021. Median prices fell to $850,000, down 2.9% month-over-month and 8.6% 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.
The GTA recorded 3,697 sales in December 2025, a 10.1% increase from last year. Active listings of 17,005 are still 10.5% higher than they were a year earlier. With active listings sitting nearly five times higher than monthly sales, the GTA had 4.6 months of supply in December 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 5,299, down 52% from November 2025, marking one of the steepest monthly declines of the year. New listings typically decline heading into December due to seasonality, and new listings are also up 13% year-over-year. The GTA’s sales-to-new-listings ratio (SNLR) of 70% for December 2025 is close to December 2024’s SNLR of 72%.
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 $986,542, down 4.8% month-over-month and 4.6% year-over-year. Benchmark prices didn’t decrease as much on a monthly basis, declining 1.1% month-over-month to $934,800, although they were still down 4.3% annually.
The City of Toronto’s median price declined to $780,000, down 4.9% month-over-month and 6.0% year-over-year. Sales totalled 1,363, up 16% year-over-year.
Active listings increased to 6,456, a 3.6% rise from last year. New listings increased 9.4% year-over-year to 1,950. The City of Toronto’s SNLR increased to 70%, up from 66% in December 2024.
Property Types
Average prices declined across all property types year-over-year. Among property types in the GTA for December 2025:
- The average price of detached homes decreased by 6.9% from the previous year to $1,302,980.
- The average price of semi-detached homes decreased 12.1% year over year to $957,357.
- The average price of freehold townhomes decreased 4.2% year over year to $972,915.
- The average price of condo apartments has decreased by 7.9% from the previous year to $628,029.
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 3,697 sales overall in December 2025, a 10.1% increase from last year.
- Detached home sales are up 18.8% year-over-year.
- Semi-detached home sales are up 10.6% year-over-year.
- Freehold townhome sales are down 9.8% year-over-year.
- Condo sales are up 7.2% year-over-year.
Looking Forward
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 98% in December 2024. The average property's days on the market increased to 65 days in December 2025, up from 56 days in December 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® Home Price Index (HPI): Developed by the Canadian Real Estate Association (CREA), the MLS® HPI is the most advanced tool for tracking price trends in the Canadian housing market. Rather than using simple average prices, which can be skewed by the mix of homes sold in a given month, the HPI tracks the value of a "Benchmark Home"—a property with typical attributes for its specific neighborhood. This allows for an accurate "apples-to-apples" comparison of home values across different regions and time periods, independent of a property's specific features or seasonal volatility. To ensure the index remains relevant, CREA performs an annual review every May to account for evolving market dynamics.
MLS® HPI Benchmark Price: This is the dollar value assigned to a "typical" home in a specific neighborhood. While the HPI itself is an index number used to track trends, the Benchmark Price translates that data into a real-world dollar figure, representing what a standard home with average features (like square footage, rooms, and lot size) would likely sell for in today's market.
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.