GTA REALTORS Release February Stats TORONTO, ONTARIO, March 5, 2025 – Home buyers 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 income to comfortably cover 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, home buyers 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 existing policy makers 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.

GTA REALTORS Release 2025 Outlook and January Stats TORONTO, ONTARIO, FEBRUARY 5, 2025 – The Toronto Regional Real Estate Board’s (TRREB) Market Outlook and Year in Review report reveals that a well-supplied housing market will keep average annual home price growth at the rate inflation, with the average selling price increasing moderately in the Greater Toronto Area (GTA) over the course of the year.

A growing number of homebuyers will take advantage of lower borrowing costs as we move toward the 2025 spring market, resulting in increased transactions and a moderate uptick in average selling prices in 2025. However, the positive impact of lower mortgage rates could be reduced, at least temporarily, by the negative impact of trade disruptions on the economy and consumer confidence,” said TRREB Chief Market Analyst Jason Mercer.

For 2025, TRREB forecasts:
- A total of 76,000 home sales in 2025, up by 12.4 percent over 2024. Lower borrowing costs coupled with ample supply will improve affordability and prompt more buyers to move off the sidelines.

- The average selling price to reach $1,147,000, up by 2.6 per cent over 2024, for all home types combined. Price growth will be stronger for single-family homes, as compared to the well-supplied condo apartment market.

"As we look to the future, prioritizing housing diversity and supply remains paramount. Encouraging the development of missing-middle housing—such as townhomes, duplexes, and low-rise multi-unit buildings—is critical to delivering a range of attainable options for individuals and families. Purpose-built rentals also play a vital role in ensuring everyone has access to a place they can call home," said TRREB President Elechia Barry-Sproule.

"At TRREB, we believe the solution starts with collaboration. Traffic congestion and affordability are interconnected challenges that require integrated approaches. The current system of high development charges, taxes, and administrative hurdles only exacerbates the issues. This stalls progress on building the housing supply we need to support our growing communities,” said TRREB CEO John DiMichele.

The year started off with GTA REALTORS® reporting 3,847 home sales through TRREB’s MLS® System in January 2025 – down by 7.9 per cent compared to the same period last year. New listings in the MLS® System amounted to 12,392 – up by 48.6 per cent year-over-year. On a seasonally adjusted basis, January sales were up month-overmonth compared to December 2024. The MLS® Home Price Index Composite benchmark was up by 0.44 per cent year-over year in January 2025. The average selling price, at $1,040,994, was up by 1.5 per cent compared to the January 2024.

TRREB: Housing Market Gets More Affordable in 2024 with Lower Rates and Prices TORONTO, ONTARIO, January 7, 2025

The Greater Toronto Area (GTA) housing market experienced a transitionary year in 2024. Annual sales were up slightly compared to 2023, and new listings were up significantly year-over-year. Buyers benefited from substantial negotiating power on price, especially in the condominium apartment market. Average selling prices in 2024 dipped in comparison to 2023 as a result.

“Borrowing costs were top of mind for home buyers in 2024. High interest rates presented significant affordability hurdles and kept home sales well below the norm. The housing market did benefit from substantial Bank of Canada rate cuts in the second half of the year, including two large back-to-back reductions. All else being equal, further rate cuts in 2025 and home prices remaining below their historic peaks should result in improved market conditions over the next 12 months,” said the Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule.

Annual 2024 home sales amounted to 67,610 – up by 2.6 per cent from 65,877 sales in 2023. New listings, at 166,121, were up by a greater annual rate of 16.4 per cent. Listings increasing by a greater rate than sales provided buyers with considerable choice in the marketplace, which effectively kept a ceiling on any widespread price growth.

The average selling price for all home types combined was $1,117,600 in 2024, representing a decline of less than one per cent compared to the 2023 average of $1,126,263. Market conditions were tighter for ground-oriented housing and selling prices held up better in these segments as a result. Price declines were more notable for condo apartments.

“Market conditions varied by market segment in 2024. Sales of single-family homes, including detached houses, increased last year, whereas condo apartment sales were down. Many would-be first-time buyers remained on the sidelines, anticipating more interest rate relief in 2025. The lack of first-time buyers impacted the less-expensive condo segment more so than the single-family segments,” said TRREB Chief Market Analyst Jason Mercer.

“Consumer sentiment, monetary policy, development policy, and issues such as congestion continued to impact the resale, new, and rental housing markets in 2024. Government policies on these fronts need to be reviewed in 2025. TRREB is providing in-depth coverage on all of these topics in our highly anticipated Market Outlook and Year in Review report to be released at the beginning of February,” said TRREB CEO John DiMichele. GTA home sales amounted to 3,359 in December 2024 – down slightly from December 2023. New listings were up over the same period, continuing the trend of a well-supplied market. The MLS® Home Price Index Composite Benchmark was up by less than one per cent year-over-year in December. Over the same period, the average price, at $1,067,186, edged lower.

GTA REALTORS Release November Stats

TORONTO, ONTARIO, December 4, 2024 – Greater Toronto Area (GTA) home sales increased strongly on a year-over-year basis in November 2024. Many buyers benefitted from more affordable market conditions brought about by lower borrowing costs. New listings were also up compared to November 2023, but by a much lesser annual rate. This meant that market conditions tightened, resulting in overall average price growth compared to last year.

“As we approach the end of 2024, I am pleased to report an improvement in housing market conditions. Many home buyers patiently waited on the sidelines for reduced inflation and lower borrowing costs. With selling prices remaining well off their historic peak and monthly mortgage payments trending lower, the stage is set for an accelerating market recovery in 2025,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

GTA REALTORS® reported 5,875 home sales through TRREB’s MLS® System in November 2024 – up by 40.1 percent compared to 4,194 sales reported in November 2023. New listings entered into the MLS® System amounted to 11,592 – up by 6.6 per cent year-over-year. On a seasonally adjusted basis, November sales were up month-over-month compared to October.

The MLS® Home Price Index Composite benchmark was down by 1.2 per cent year-over year in November 2024 – a much lesser annual rate of decline compared to previous months. The average selling price was up by 2.6 per cent compared to November 2023 to $1,106,050. Year-over-year average price growth was greater than that for the HPI Composite benchmark because of a greater weighting of detached home sales compared to last year. On a seasonally adjusted basis, the average selling price edged slightly lower compared to October.

“Market conditions have tightened, particularly for single-family homes. The detached market segment experienced average annual price growth above the rate of inflation, particularly in the City of Toronto. In contrast, the condominium apartment segment continued to experience lower average selling prices compared to a year ago.

Condo buyers are benefitting from a lot of choice and therefore negotiating power. This will attract renter households into homeownership as borrowing costs trend lower in the months ahead,” said TRREB Chief Market Analyst Jason Mercer.

While the rental market will remain relatively well-supplied as more renters transition to homeownership, expect rental demand to pick up as population growth remains high. The rental market could strengthen for both tenants and landlords by reducing the backlog of cases at the Landlord and Tenant Board (LTB). 

“Reforming the LTB to make it faster and fairer will go a long way to getting more individuals and families into homes they can afford,” said TRREB CEO John DiMichele.

GTA REALTORS® Release October 2024 Stats
Greater Toronto Area (GTA) home sales increased year-over-year in October 2024. Over the same period, new listings were up, but at a lesser annual rate. The result was tighter market conditions compared to October 2023. The average selling price was up slightly on an annual basis.

“While we are still early in the Bank of Canada’s rate-cutting cycle, it does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October. The positive affordability picture brought about by lower borrowing costs and relatively flat home prices, prompted this improvement in market activity,” said Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce.

GTA REALTORS® reported 6,658 home sales through TRREB’s MLS® System in October 2024 – up by 44.4 percent compared to 4,611 sales reported in October 2023. New listings entered into the MLS® System amounted to 15,328 – up by 4.3 percent year-over-year. On a seasonally adjusted basis, October sales increased month-over-month compared to September. The MLS® Home Price Index Composite benchmark was down by 3.3 per cent year-over year in October 2024. The average selling price was up by 1.1 per cent compared to October 2023 to $1,135,215. On a seasonally adjusted basis, the average selling price edged up compared to September.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for home buyers. This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025,” said TRREB Chief Market Analyst Jason Mercer.

“Policymakers can further improve affordability by reducing taxes on home buyers. TRREB supports the Conservative Party of Canada pledge to remove the GST from the purchase of new homes sold for under $1 million as this is an encouraging step towards giving new home buyers desperately needed relief. Enhancing the rebate will not only make homes more affordable, but it will also increase the number of homes built,” said TRREB CEO John DiMichele.

“Given that the average price of a home in less affordable markets such as the GTA and Vancouver is over $1 million, phasing out the rebate between $1 million and $1.5 million, rather than a hard cutoff at $1 million, would address this shortcoming. Provincial consideration should also be given to matching this proposal,” continued DiMichele.