Toronto Real Estate Market Update: February 2025
Toronto’s real estate market showed signs of slowing down in February. Sales dropped 27% compared to February 2024, largely due to external factors like tariff threats and the provincial election.
Despite the overall slowdown, the average price of detached homes in the 416 area rose by 7.6%. This marks a continued trend of steady price growth in the city, for resale homes, which have seen consistent appreciation over the last five months.
A key development is the Bank of Canada’s decision to cut its policy rate for the seventh consecutive time, bringing it down to 2.75%. This reduction could help stimulate buyer activity in the coming months.
Looking ahead, we expect more listings to hit the market as we approach the Spring season. While the pace of price increases may slow, values in both the 416 and 905 areas should continue to rise gradually.
While February saw some challenges, the Toronto real estate market remains resilient, and the outlook for Spring 2025 looks decent.
February year-over-year statistics:
New listings were up +5.4%
(+48.6% Jan. year over year)
Active listings were up +76%
(+70.2% Jan. year over year)
Sales were down -27.4%
(-7.9% Jan. year over year)
Average selling price $1,084,547 down -2.2%
($1,1040,994 up +1.5% Jan. year over year)
Average days on market were up from 37 to 43 days.
If you have any questions about the market, and/or when we are forecasting the best times to Sell or Buy will be. If you would like to learn more about our exceptional client-centric services, feel free to reach out, and we can speak more in person.
Happy New Year! We hope 2025 is off to a great start for you.
In December, the Toronto real estate market hit a slowdown after two months of positive numbers in October and November. The short-lived rebound was fuelled by 5 straight Bank of Canada interest rate cuts. Compared to last December, the average selling price was pretty much flat; sales were down a couple of percent overall, and new listings were up about 20%.
December year-over-year statistics:
New listings were up +20.2% (+6.6% November year-over-year)
Active listings were up +48.5% (+30.2% November)
Sales were down -1.8% (+40.1% November)
Average selling price $1,067,186 down -1.8%
($1,106,050 up +2.6% November)
Average days on market were up from 49 to 56 days
*** The statistics above are the average of the Toronto real estate board, including condo and freehold properties. Freehold properties are levelling out in terms of selling price, active listings and sales. The condo market is not, with selling prices starting to level out, but active listings are growing significantly, and sales are also slowing. So, depending on what you are buying or selling, there continues to be a big difference between freehold and condos.
If you have any questions about the market when the best times to sell or buy are, or if you would like to learn more about our amazing client services, feel free to reach out, and we can speak more in person.
Here’s Josh’s Holiday Mix for 2024. It combines instrumental holiday classics from many genres with The Night Before Christmas poem from the old Disneyland Story and Book 45 (remember those?). It was so much fun to put together, and I hope you enjoy it. More Holiday music mixes here.
Happy Holidays, everyone, and here’s to an excellent 2025!
If you currently own a vacant property, we wanted to help make the declaration process less painful. The easiest and quickest way to make the declaration is to go online and do it from the updated City of Toronto Vacant Home Tax Declaration Portal.
Renters, Downsizers, and Home Sellers – Now is the Time to Take Action!
For the first time since July 2021, the average asking rent for all residential property types in Canada saw an annual decline in October. This shift is particularly noticeable in larger cities such as Toronto, Vancouver, Calgary, and Montreal, where asking rents have dropped significantly:
Month-over-month, rents also decreased by 1.9%, signaling a potential shift in rental market dynamics. If you’ve been considering downsizing and renting, now may be the perfect time to make the move.
If you’re thinking of selling your home and moving to a rental, we’re here to guide you through every step of the process. Our services include:
We specialize in matching renters with great properties, and we’d be happy to help anyone you know who’s considering leasing. Don’t hesitate to send them our way—we’re always ready to assist!
Whether you’re looking to downsize, sell, or lease, we’re here to ensure you get the best possible outcome in today’s evolving market.
Toronto’s October real estate market was hot (relatively speaking), with the most sales we have seen since May 2024 and 44.4% more sales than last October. New and active listings continued to grow but much slower than the previous few months. We are seeing many signs confirming that the market has levelled out.
There is still a bit of difference between the 416 and 905. The 416 has seen slight increases in the year-over-year average price over the last 4 months, while the 905 has now gone 6 months and has yet to see any positive increase in the year-over-year average price. We also continue to see a divide between homes and condos, in the 416 the value of homes increased 3-4% while the value of condos dropped by -1%. Similarly in the 905, homes lost 0.1-0.4%, and condos lost -4.3%.
With sales increasing for the second straight month and fewer new and active listings building up, we are headed into a much more balanced market where great homes will sell for solid value, but buyers can still get some fantastic deals on homes that need improvements or are in less desirable locations.
Over the next few months, the housing inventory and the average price should continue to grow slowly.
October year-over-year statistics:
New listings were up +4.3% (+8.5% September year-over-year)
Active listings were up +25.3% (+35.5% September)
Sales were up +44.4% (+8.5% September)
Average selling price $1,135,215 up +1.1%
($1,107,291 down -1% September)
Average days on market were up from 33 to 43 days +30.3% (+43.3% September)
If you have any questions about the market, when we are forecasting the best times to sell or buy are or to learn more about our fantastic client services please contact us directly and we can speak more in person.
Currently, the GTA real estate market is more confusing than ever. It is essentially a tale of four different markets, split between homes and condos and the 416 and 905.
The resale home market in the 416 has levelled off and is now seeing increased sales and average price numbers. The 905 is still lagging, with its sales and average price numbers dropping for four straight months in a row. The condo market has been consistently dropping all year in both the 416 and 905. Here are some numbers to better illustrate what is happening out there.
In August, sales of detached homes in the 416 were up 8.3%, and the average price was up 3.2% year over year. In contrast, sales of detached homes in the 905 were down 3.3%, and the average price was also down 2%. For condos, the story was the opposite. Sales in the 416 were down 14.8%, only down 4.4% in the 905. The average price in the 416 dropped 6.0% and they dropped 0.8% in the 905.
Overall, we are finding that houses in good condition, well prepared/staged, and in desirable neighbourhoods in the 416 are selling relatively quickly and for solid value (about 5-10% off the peak values we saw at the start of 2022). Houses in lesser locations needing significant updates/repairs are taking much longer to sell and selling at a more substantial discount. For condos it’s more hit and miss, more unique buildings in desirable neighbourhoods are selling about 15% off the peak, but condos that are in more saturated areas, that are more cookie cutter are not selling at all unless they are the best priced in the building or have been significantly updated.
August year-over-year statistics:
New listings were up +1.5% (+18.5% July)
Active listings were up +46.2% (+55.4% July)
Sales were down -5.3% (-16.4% July)
Average selling price $1,074,425 down -0.8%
($1,106,617 down -0.9% July)
Average days on market were up from 36 in July to 44 days in August.
If you have any questions about the market or when we are forecasting the best times to Sell or Buy this year, feel free to reach out. If you have any real estate questions in general drop us a line and we can talk from there.
New listings were up +18.5% and have been increasing consistently over the last 14 months straight. Active listings were also up a big 55.4%. This is the 12th straight month that active listings have been higher year-over-year. Sales were up slightly this month 3.3%, average selling price was down 0.9%. So over all it was a flat month for sales/value and new listings just keep coming.
With slow sales and new and active listings on the rise we are seeing more homes for sale and better options and value for Buyers. Over the next few months housing inventory will continue to grow and we should see another interest rate cut (or two). We expect the average price will start to level out in terms of the overall statistics. What we are seeing is a large divide between the condo market and the free hold market. Free hold homes are already starting to level out in terms of value and should start to slowly increase in value over the next few months. The condo market on the other hand continues to see high levels of new listings and active listings, with this inflated inventory and more units hitting completion every week we expect condo prices will continue to decrease slowly over the next little while.
Overall we are finding that houses and condos in good condition, that are well prepared/staged and are in desirable neighbourhoods are selling relatively quickly and for solid value (about 5-10% off the peak at start of 2022). Houses/condos in lesser locations needing significant updates/repairs are taking a lot longer to sell and are selling at a greater discount.
July year-over-year statistics:
New listings were up +18.5% (+12.3% June)
Active listings were up +55.4% (+67.4% June)
Sales were up 3.3% (-16.4% June)
Average selling price $1,106,617 down -0.9%
($1,162,167 up +1.6% June)
Average days on market were up from 30 to 36 days +56.5% (+50% June)
If you have any questions about the market or when we are forecasting the best times to Sell or Buy this year, feel free to reach out, and we can speak more in person.
Sales were down for the second month, and new and active listings continued to build quickly. We are seeing many signs of a market slowdown and a slight correction in the average price.
Sales were down 5% year over year in April for the second month in a row. New listings were up +47.2%, and new listings have increased significantly every month this year. Active listings were up a staggering 74.4%. This is the ninth month in a row we have seen active listings increase, and 74.4% is the largest year-over-year increase we have seen yet.
With sales slowing down and new and active listings on the rise, we see more options for Buyers and better deals in general. Over the next few months, the housing inventory will continue to grow, and the average price will start to drop slightly. Homes in good condition and desirable neighbourhoods will continue to sell quickly and for solid value. Homes in lesser locations needing significant updates/repairs will sell for a higher discount.
April year-over-year statistics:
New listings were up +47.2% (+15.1% March)
Active listings were up +74.4% (+23.1% March)
Sales were down -5% (-4.5% March)
Average selling price $1,156,167 up +0.3%
($1,121,615 up +1.3% March)
Average days on market were up from 24 to 28 days +16.7% (+7.4% March)
If you have any questions about the market or when we are forecasting the best times to Sell or Buy this year, feel free to reach out, and we can speak more in person.