Toronto Real Estate Market News
GTA Listing Inventory Remained High, Providing Substantial Choice and Negotiating Power for Homebuyers
Homebuyers continued to benefit from substantial choice in the Greater Toronto Area (GTA) resale market in February 2025. Home sales last month were down compared to the same period last year, while listing inventory remained high, providing substantial negotiating power for homebuyers.
“Many households in the GTA are eager to purchase a home, but current mortgage rates make it difficult for the average household to comfortably afford monthly payments on a typical property. Fortunately, we anticipate a decline in borrowing costs in the coming months, which should improve affordability,” said TRREB President Elechia Barry-Sproule.
“On top of lingering affordability concerns, homebuyers have arguably become less confident in the economy. Uncertainty about our trade relationship with the United States has likely prompted some households to take a wait-and-see attitude towards buying a home. If trade uncertainty is alleviated and borrowing costs continue to trend lower, we could see much stronger home sales activity in the second half of this year,” said TRREB Chief Market Analyst Jason Mercer.
GTA REALTORS® reported 4,037 home sales through TRREB’s MLS® System in February 2025 – down by 27.4 per cent compared to February 2024. New listings in the MLS® System amounted to 12,066 – up by 5.4 per cent year-over-year. On a seasonally adjusted basis, February sales were down month over month compared to January 2025.
The MLS® Home Price Index Composite benchmark was down by 1.8 per cent year over year in February 2025. The average selling price, at $1,084,547, was down by 2.2 per cent compared to the February 2024. On a month-over-month basis, the MLS® HPI Composite and the average selling price edged lower after seasonal adjustment.
“With the Ontario provincial election just behind us and the federal political situation in flux, there is a lot to consider from a policy perspective when it comes to housing. Not only do policymakers and those vying for high public office need to make clear their direction on housing supply and affordability, but they also need to be clear on how they intend to tackle issues related to trade and the economy. Clear direction will go a long way to strengthen consumer confidence,” said TRREB Chief Executive Officer John DiMichele.
Toronto Condo & Homes Charts



TRREB Releases 2024 Q4 Condo Market Statistics
Greater Toronto Ontario Area (GTA) condominium apartment buyers benefitted from improved affordability in the fourth quarter of 2024. A well supplied marketplace provided buyers with substantial negotiating power, which saw the average selling price trend lower. Borrowing costs also trended lower as we moved through 2024, including two oversized 50 basis point cuts on the part of the Bank of Canada to end off the year. Lower prices and lower borrowing costs translated into more affordable monthly payments, especially for first time buyers.
Consumer polling over the past two years suggested that average rents have reached the point where many renters are seriously considering the purchase of their first home. With interest rates expected to be cut even further through the spring of 2025, look for condominium apartment demand to increase in the months ahead. Even as demand picks up, it will take time to absorb the large amount of standing inventory. As a result, condominium apartment price growth is expected to be somewhat muted in 2025.
Total GTA condominium apartment sales amounted to 4,307 in the fourth quarter of 2024. This result was up by 25.5 per cent compared to the fourth quarter of 2023. This year-overyear increase points to the positive improvement in affordability over the past year.
There were 6,450 active condominium apartment listings in the GTA marketplace at the end of 2024, representing a 43 per cent increase compared to the end of 2023. The year-overyear increase in inventory outpaced the increase in sales, providing buyers with more choice.
The average condo selling price in Q4 2024 was $689,198 – down by 1.6 per cent compared to Q4 2023. The average selling price in the City of Toronto, which accounted for two-thirds of Q4 condo sales, was $717,226 – down only slightly compared to the same period a year earlier.
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