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 in comparison 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 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
CONDO MARKET STATS
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-over-year 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-over-year 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.
If you’re thinking of selling or buying a property or just want to pick our brains, we’re here to help! Just email us at hello@christinecowern.com or call us at 416-291-7372. We’d love to connect-
