Toronto Housing Market Report
- The Greater Toronto Area's benchmark home price for May 2025 was $1,012,800, down 4.5% year-over-year.
- The average home sold price in the GTA decreased 3.8% year-over-year to $1,120,879 for May 2025.
- Detached home average price decreased by 5.4% year-over-year to $1.43M.
- Semi-detached home average price decreased by 6.4% year-over-year to $1.10M.
- Freehold townhouse average price decreased by 4.3% year-over-year to $996k.
- Condo apartment average price decreased by 6.5% year-over-year to $683k.
- July 3, 2025 Update: Today’s Lowest mortgage rate in Toronto is 3.94% for 5-Year Fixed.
Greater Toronto Area (GTA) Housing Market Overview
GTA Housing Market: Price Movements for May 2025
Benchmark Home Price | $1,012,800 | +0.3% 1-Month Change | -4.5% 1-Year Change |
Average Home Price | $1,120,879 | +1.2% 1-Month Change | -3.8% 1-Year Change |
Median Home Price | $955,000 | +0.5% 1-Month Change | -3.7% 1-Year Change |
May 2025 saw active listings in the GTA housing market skyrocket to the highest level seen. Active listings are up significantly year-over-year as active listings shot up 42% year-over-year to 30,964 listings by the end of May 2025. That’s a 13% month-over-month increase and puts the GTA at the highest level of active listings, surpassing May 1995, when it reached 30,557 active listings.
The average home price in the Greater Toronto Area (GTA) housing market in May 2025 was $1,120,879, 3.8% lower year-over-year than in May 2024 yet 1.2% higher month-over-month than in April 2025.
There were 6,244 homes sold in the GTA in May 2025, an increase of 11.5% month-over-month (MoM) but down 11% year-over-year. Home sales have declined compared to May 2024 despite seven consecutive rate cuts by the Bank of Canada since then.
Meanwhile, 21,819 new listings were added in May 2025, a 16% increase from April 2025 and up 17% from the same period in the previous year. This suggests that sellers have been more motivated to list their properties than last year, likely due to high levels of macroeconomic uncertainty, especially the unpredictable US trade policy and Canada's shifting immigration policy. However, increased inventory places downward pressure on prices as buyers remain cautious, waiting for further rate adjustments or economic stability.
As seen this month, the relatively higher supply and modest demand suggest a market favouring buyers. This may lead to longer selling times and more price negotiations. Although sales have improved MoM, this has been a seasonal effect, and they haven't kept pace with May 2024's sales level.
Looking at Toronto's benchmark home prices, in May 2025, the GTA's benchmark home price decreased 4.5% year-over-year to $1,012,800. The median home price, often considered a more transparent indicator of market trends, was $955,000 in May 2025, up 0.5% monthly and down 3.7% year-over-year.
The decline in home sales year-over-year, combined with an increase in new listings, meant that May 2025's sales-to-new-listings ratio (SNLR) was 29%, indicating a buyer's market, compared to the 38% SNLR that the GTA saw in May 2024. The City of Toronto's SNLR for May 2025 was also 29%, which confirms that the City of Toronto remains a buyer's market.
Seven consecutive rate cuts by the Bank of Canada had brought some hope that buyers would return from the sidelines, resulting in a price boost in the housing market. Instead, we have seen a larger influx of sellers listing their properties than a return of buyers, as evidenced by higher listing volume. Future possible rate cuts in 2025 could have strengthened Toronto's housing market in regular times. However, high levels of uncertainty would encourage many to try reducing their exposure to an expensive housing market where most properties offer negative cash flow.
Greater Toronto Area (GTA) Breakdown by Region
Greater Toronto Area (GTA) Average Prices by City
Greater Toronto Area (GTA) Median Prices by City
Toronto Average Prices by Neighbourhood
Toronto Median Prices by Neighbourhood
City of Toronto
The City of Toronto experienced market conditions similar to the broader GTA in May. The average home price was $1,155,616, which is 3.2% lower than May 2024. That’s less than the GTA’s 3.8% annual decline. But, the wider GTA outperformed the City of Toronto in terms of monthly price growth, as the City’s average price grew 0.9% month-over-month compared to the GTA’s 1.2% month-over-month growth. The City of Toronto's home sales of 2,315 are down 14% annually. The median Toronto home price was $927,500. That’s down 0.3% monthly and 2.2% year-over-year. Meanwhile, the City of Toronto's benchmark home price was $986,800, down 4.0% year-over-year.
Property Types
Among property types in the GTA for May 2025:
- The average price of detached homes decreased by 5.4% from the previous year to $1,425,264.
- The average price of semi-detached homes decreased 6.4% year over year to $1,098,447.
- The average price of freehold townhomes decreased 4.3% year over year to $995,662.
- The average price of condo apartments has decreased by 6.5% from the previous year to $683,413.
Sales Data
The Greater Toronto Area (GTA) had 6,244 sales overall in May 2025, an 11% decrease from last year.
- Detached home sales are down 7.4% year-over-year.
- Semi-detached home sales are up 0.2% year-over-year.
- Freehold townhome sales are up 4.2% year-over-year.
- Condo sales are down 24% year-over-year.
Looking Forward
Elevated inventory levels in Toronto's housing market have had significant implications for buyers and sellers. For buyers, higher inventory levels can lead to more options and potentially more negotiating power, as the increased supply may drive down prices.
On the other hand, rising inventory can result in longer times on the market and potentially lower sale prices for sellers, necessitating more competitive pricing and additional incentives to attract buyers.
The average property's days on the market increased to 39 in May 2025, up from 28 in May 2024. This month, the average sales price to listing price ratio was 99%, meaning homes sold for 1% less than their asking price on average, compared to 102% in May 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 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 covers 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. Owner of the buildings has 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.