Toronto Housing Market Report
- The Greater Toronto Area's benchmark home price for August 2025 was $969,700, down 5.2% year-over-year.
- The average home sold price in the GTA decreased 4.9% year-over-year to $1,022,143 for August 2025.
- Detached home average price decreased by 7.2% year-over-year to $1.31M.
- Semi-detached home average price decreased by 4.5% year-over-year to $980k.
- Freehold townhouse average price decreased by 4.5% year-over-year to $946k.
- Condo apartment average price decreased by 4.8% year-over-year to $642k.
- September 10, 2025 Update: Today’s Lowest mortgage rate in Toronto is 3.64% for 3-Year Fixed.
Greater Toronto Area (GTA) Housing Market Overview
GTA Housing Market: Price Movements for August 2025
Benchmark Home Price | $969,700 | -1.2% 1-Month Change | -5.2% 1-Year Change |
Average Home Price | $1,022,143 | -2.8% 1-Month Change | -4.9% 1-Year Change |
Median Home Price | $887,000 | -2.5% 1-Month Change | -4.1% 1-Year Change |
Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.
August 2025 marked a sharp retreat for the GTA housing market, with home prices tumbling to their lowest levels since early 2021. The region’s MLS HPI benchmark price for a “typical” home fell to $969,700, a four-year low not seen since February 2021. The average home price also slipped to its weakest point since January 2021, sitting 4.9% below August 2024 and 2.8% lower than July 2025. The median price, often viewed as a clearer signal of market trends, dropped to $887,000, down 2.5% month-over-month and 4.1% year-over-year.
On the supply side, active listings levelled off at 27,495 by month’s end. That figure is down 9% from July 2025 but still 21.4% higher than a year earlier. New listings totalled 14,038 in August 2025, an 11.9% annual increase but a sharp 20% drop from July 2025. The year-over-year rise points to greater seller motivation, likely driven by macroeconomic uncertainty, including volatile U.S. trade policy and shifting Canadian immigration rules. However, the added supply has intensified downward pressure on prices, as many buyers remain cautious, waiting for interest rate adjustments or clearer economic stability.
Sales activity presented a mixed picture. The 5,211 homes sold in August 2025 represented a 4.7% annual increase, but a steep 15% monthly decline from July, which itself was the busiest July since 2021. With listings rising faster than sales on a yearly basis, market conditions continue to tilt in favour of buyers, leading to longer selling times and more room for negotiation.
August 2025's sales-to-new-listings ratio (SNLR) was 37%, indicating a buyer's market. This is a slight increase from the 35% SNLR that the GTA saw in July 2025 and 33% in June 2025.
The City of Toronto's SNLR for August 2025 was slightly higher, at 39%, which also confirms that the City of Toronto remains a buyer's market. That puts the City of Toronto close to the 40% threshold that signals a balanced market.
Seven consecutive rate cuts by the Bank of Canada in 2024 through to early 2025 had 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, as evidenced by higher listing volume. Future possible rate cuts may partially shield Toronto's housing market. 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. The Bank of Canada also held its policy rate steady at each of its last three meetings, from April through July 2025, maintaining a pause in rate changes.
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 August. The average home price was $992,085, which is 3.6% lower than in August 2024. That’s less than the GTA’s 4.9% annual decline. On the other hand, the City of Toronto performed slightly worse than the wider GTA in terms of monthly price change, as the City’s average price declined 5.0% month-over-month compared to the GTA’s 2.8% month-over-month decrease.
The City of Toronto's home sales of 1,779 are up 3.6% annually, while the median Toronto home price was $800,000. That’s down 5.9% monthly and down 1.7% year-over-year. Meanwhile, the City of Toronto's MLS HPI benchmark home price was $953,800, down 3.0% year-over-year.
Property Types
Average home prices dropped across all property types, with detached homes seeing the steepest decline (down 7.2% year-over-year). Among property types in the GTA for August 2025:
- The average price of detached homes decreased by 7.2% from the previous year to $1,312,240.
- The average price of semi-detached homes decreased 4.5% year over year to $980,102.
- The average price of freehold townhomes decreased 4.5% year over year to $946,395.
- The average price of condo apartments has decreased by 4.8% from the previous year to $642,195.
Sales Data
The Greater Toronto Area (GTA) had 5,211 sales overall in August 2025, a 4.7% increase from last year. Detached, semi-detached, and freehold townhome sales posted percentage gains YoY, while condo sales decreased annually.
- Detached home sales are up 8.7% year-over-year.
- Semi-detached home sales are up 3.3% year-over-year.
- Freehold townhome sales are up 9.1% year-over-year.
- Condo sales are down 3.4% 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 49 days in August 2025, up from 44 in August 2024. 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 August 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.