Toronto Housing Market Report
- The Greater Toronto Area's benchmark home price for February 2025 was $1,073,900, down 1.8% year-over-year.
- The average home sold price in the GTA decreased 2.2% year-over-year to $1,084,547 for February 2025.
- Detached home average price increased by 0.2% year-over-year to $1.45M.
- Semi-detached home average price decreased by 3.9% year-over-year to $1.08M.
- Freehold townhouse average price decreased by 4.2% year-over-year to $991k.
- Condo apartment average price decreased by 1% year-over-year to $688k.
- March 12, 2025 Update: Today’s Lowest mortgage rate in Toronto is 3.87% for 3-Year Fixed
Greater Toronto Area (GTA) Housing Market Overview
GTA Housing Market: Price Movements for February 2025
Benchmark Home Price | $1,073,900 | +0.4% 1-Month Change | -1.8% 1-Year Change |
Average Home Price | $1,084,547 | +4.2% 1-Month Change | -2.2% 1-Year Change |
Median Home Price | $923,000 | +1.4% 1-Month Change | -4.8% 1-Year Change |
The average home price in the Greater Toronto Area (GTA) housing market in February 2025 was $1,084,547, 2.2% lower in a year since February 2024 but 4.2% higher than January 2025, while listings are up significantly year-over-year. 4,037 homes were sold in the GTA in February 2025, an increase of 4.9% month-over-month (MoM) and down 28% year-over-year. Home sales are down compared to February 2024 despite multiple consecutive rate cuts by the Bank of Canada since then.
However, the 19,536 active listings in February 2025 are significantly higher than last year, up 14% monthly and 76% yearly compared to just 11,102 active listings in February 2024. Meanwhile, 12,066 new listings were added in February 2025, a 2.6% decline from January 2025 but up 5.9% from the same period in the previous year. This suggests that sellers have been more motivated to list their properties, likely by the high level 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 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 February 2024’s sales level.
Looking at Toronto benchmark home prices, in February 2025, the GTA's benchmark home price decreased 1.8% year-over-year to $1,073,900, up 0.4% from January 2025.
The median home price, often considered a more transparent indicator of market trends, was $923,000 in February 2025. This is a 1.4% increase month-over-month and down 4.8% year-over-year.
The small rise in home sales combined with a decline in new listings meant that February 2025’s sales-to-new-listings ratio (SNLR) rose to 33%, higher than January's 31% but much lower than December 2024’s SNLR of 72%, staying in the buyer’s market territory. The City of Toronto’s SNLR for February 2025 was also 33% compared with January’s 29%. This also means that the City of Toronto is a buyer’s market.
Six consecutive Rate cuts by the Bank of Canada brought some hope that the housing market may see a price boost as buyers return from the sidelines. Instead, We have seen a larger influx of sellers waiting to list their homes than a return of buyers seen through higher listing volume. Future possible rate cuts in 2025 may partially shield Toronto's housing market in the coming year. However, a deterioration in the job market due to trade tensions and slowing population growth could negate the support that the housing market would receive from further rate cuts.
Regional Comparison
City of Toronto
The City of Toronto is experiencing a monthly rise in its average home price that is larger than the GTA average. It rose 10% monthly to $1,087,077 in February 2025, which is 1.4% higher annually. City of Toronto's home sales of 1,540 is up 11% monthly and down 22% annually, while the median Toronto home price of $842,500 has increased 5.3% month-over-month and decreased 3.7% year-over-year. Meanwhile, the City of Toronto’s benchmark home price was $1,056,800, down 0.8% year-over-year but up 1.2% MoM.
Brampton
Brampton's housing market saw its average home price slide to $972,185 after bouncing back to $985,321 in January 2025. The average price decreased 5.9% year-over-year and 1.3% month-over-month. Meanwhile, Brampton home sales are down 40% year-over-year to 266.
Mississauga
Mississauga home prices are up 4.4% from the previous year to an average of $1,039,951, although they are down by 0.7% month over month. Mississauga home sales of 333 are down 30% yearly.
Oshawa
The average price in Oshawa’s housing market decreased 6.1% year-over-year to $769,938, with Oshawa home sales of 167 is down 21% year-over-year.
Property Types
Among property types in the GTA for February 2025:
- The average price of detached homes increased by 5.0% from last month and has increased by 0.2% from the previous year to $1,445,879.
- The average price of semi-detached homes increased 3.1% month over month and decreased 3.9% year over year to $1,079,996.
- The average price of freehold townhomes increased 0.7% month over month and decreased 4.2% year over year to $991,066.
- The average price of condo apartments has increased by 2.6% from the previous month to $688,055, 1.0% lower than a year ago.
Sales Data
The Greater Toronto Area (GTA) had 4,037 sales overall in February 2025, a 28% decrease from last year. This was behind the year-over-year growth in listings.
- The City of Toronto’s 1,540 sales saw an 11% month-over-month increase and a 22% year-over-year decrease.
- Brampton’s 266 sales in February 2025 are a 25% monthly decrease and a 40% annual decrease.
- Mississauga’s 333 home sales are a 3.8% monthly decrease and a 30% annual decrease.
- Oshawa’s 167 home sales are a 5.7% monthly increase and a 21% annual decrease.
Looking Forward
As interest rates in Canada continue to fall, buyers who have been hesitant due to affordability concerns may finally have the incentive to re-enter the market, potentially boosting demand. On the other hand, uncertainty around economic threats and potential job losses may dampen market enthusiasm. However, the impact on Toronto home prices largely depends on how inventory levels respond.
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 43 in February 2025, up from 37 in February 2024. This month, the average sales price to listing price ratio was 99%, meaning homes sold for less than their asking price on average. That’s lower than February 2024, when the ratio was 101%.
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
Greater Toronto Area (GTA) Breakdown by Region
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.
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- 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.