Toronto Housing Market Report
- The Greater Toronto Area's benchmark home price for September 2025 was $960,300, down 5.5% year-over-year (YoY) and 1% month-over-month (MoM).
- The average home sold price in the GTA decreased 4.3% year-over-year to $1,059,377 for September 2025.
- Detached home average price decreased by 4.5% year-over-year to $1.36M.
- Semi-detached home average price decreased by 6.9% year-over-year to $1.02M.
- Freehold townhouse average price decreased by 3.5% year-over-year to $948k.
- Condo apartment average price decreased by 4% year-over-year to $655k.
- October 17, 2025 Update: Today’s Lowest mortgage rate in Toronto is 3.79% for 5-Year Variable.
Greater Toronto Area (GTA) Housing Market Overview
GTA Housing Market: Price Movements for September 2025
Benchmark Home Price | $960,300 | -1.0% 1-Month Change | -5.5% 1-Year Change |
Average Home Price | $1,059,377 | +3.6% 1-Month Change | -4.3% 1-Year Change |
Median Home Price | $909,500 | +2.5% 1-Month Change | -4.3% 1-Year Change |
Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.
September 2025 showed signs of slower deterioration in the GTA housing market following months of sharper decline. The region's MLS HPI benchmark price fell to $960,300, down 5.5% year-over-year, continuing the downward trend with a 1.0% month-over-month decline. The average home price of $1,059,377 represented a 4.3% annual decrease but posted 3.6% monthly increase, suggesting potential market stabilization. The median price rose 2.5% from August to $909,500, though it remained 4.3% below September 2024 levels.
On the supply side, active listings stood at 29,394 by month's end, representing a 15% increase from a year earlier but showing signs of moderation as they have declined by 6.8% MoM. New listings totalled 19,260 in September 2025, a 6.5% annual growth. The year-over-year increase in inventory continues to reflect macroeconomic uncertainty, including volatile U.S. trade policy and shifting Canadian immigration rules, though the pace of new supply appears to be slowing.
Sales activity showed encouraging signs. The 5,592 homes sold in September 2025 represented a 12% annual and 7.3% monthly increase, reversing the declining trend seen in recent months. This uptick in sales activity came as buyers responded to the Bank of Canada's September interest rate cut and lower borrowing costs. With sales rising while new listings declined, market conditions showed modest improvement, though they remained firmly in buyer's market territory.
September 2025's SNLR was 29%, down from 37% in August 2025, indicating continued buyer-favorable conditions. The sales-to-new-listings ratio (SNLR) below 40% confirms buyers still have significant negotiating power in the market.
The City of Toronto's SNLR for September 2025 was 29%, similar to the broader GTA, confirming that the City of Toronto also remains a buyer's market.
The Bank of Canada's September interest rate cut provided welcome relief to homebuyers, with lower borrowing costs helping more households afford monthly mortgage payments. However, the central bank had held its policy rate steady at each of its three meetings from April through July 2025 before cutting in September. The rate cut appears to have helped stimulate buyer activity, with sales rising 12% year-over-year.
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
The City of Toronto experienced market conditions similar to the broader GTA in September. The average home price was $1,089,918, which is 2.1% lower than in September 2024. That's better than the GTA's 4.3% annual decline. The City of Toronto outperformed the wider GTA in terms of monthly price change, rising by 9.9% compared to August 2025.
The City of Toronto's home sales of 2,063 are up 14% annually, slightly outpacing the GTA's sales growth. The median Toronto home price was $850,000, down 3.5% year-over-year. Meanwhile, the City of Toronto's MLS HPI benchmark home price was $946,000, down 4.4% year-over-year.
Property Types
Average home prices decreased across all property types year-over-year, with semi-detached homes seeing the steepest decline. Among property types in the GTA for September 2025:
- The average price of detached homes decreased by 4.5% from the previous year to $1,359,030.
- The average price of semi-detached homes decreased 6.9% year over year to $1,015,543.
- The average price of freehold townhomes decreased 3.5% year over year to $947,928.
- The average price of condo apartments decreased by 4.0% from the previous year to $655,231.
Sales Data
The Greater Toronto Area (GTA) had 5,592 sales overall in September 2025, a 12% increase from last year. Detached, semi-detached, condo apartment and freehold townhome sales all posted percentage gains year-over-year,
- Detached home sales of 2,661 are up 13% year-over-year.
- Semi-detached home sales of 506 are up 13.0% year-over-year.
- Freehold townhome sales of 517 are up 4.2% year-over-year.
- Condo Apartment sales of 1,437 are up 9.5% year-over-year.
Looking Forward
Elevated inventory levels in Toronto's housing market continue to have significant implications for buyers and sellers. For buyers, higher inventory levels provide more options and greater negotiating power, as the increased supply keeps downward pressure on prices.
For sellers, rising inventory continues to result in longer times on the market and potentially lower sale prices, necessitating competitive pricing and additional incentives to attract buyers.
The average property's days on the market increased to 51 days in September 2025, up from 49 days in August 2025 and 43 days in September 2024. This month, the average sales price to listing price ratio was 98%, meaning homes sold for 2% less than their asking price on average, an improvement from 97% in August 2025 but less than the 99% ratio from September 2024.
The improvement in sales activity and stabilization in pricing suggest the market may be approaching a floor, particularly with the Bank of Canada's continued interest rate support.
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.