August home sales reported by the Toronto Regional Real Estate Board (TRREB) were up on a year-over-year basis. Over the same period, home buyers benefitted from an even larger increase in the inventory of listings. Average selling prices continued to be negotiated downward due to the elevated choice across market segments.
“Compared to last year, we have seen a modest increase in home sales over the summer. With the economy slowing and inflation under control, additional interest rate cuts by the Bank of Canada could help offset the impact of tariffs. Greater affordability would not only support more home sales but also generate significant economic spin-off benefits,” said TRREB President Elechia Barry-Sproule.
Greater Toronto Area (GTA) REALTORS® reported 5,211 home sales through TRREB’s MLS® System in August 2025 – up by 2.3 per cent compared to August 2024. New listings entered into the MLS® System amounted to 14,038 – up by 9.4 per cent year-over-year.
On a seasonally adjusted basis, August home sales edged lower month-over-month compared to July 2025. In contrast, new listings increased compared to July, reaffirming that buyers continue to benefit from a well-supplied market.
The MLS® Home Price Index Composite benchmark was down by 5.2 per cent year-over-year in August 2025. The average selling price, at $1,022,143, was also down by 5.2 per cent compared to August 2024. On a month-over-month seasonally adjusted basis, the MLS® HPI Composite and average selling price remained flat compared to July.
“A household earning the average income in the GTA is still finding it challenging to afford the monthly mortgage payment associated with the purchase of an average priced home. This is even with lower borrowing costs and selling prices over the past year. Further relief in borrowing costs would see an increased number of buyers move off the sidelines to take advantage of today’s well-supplied market,” said TRREB Chief Information Officer Jason Mercer.
“New, large scale infrastructure projects, including affordable housing, public transit, ports and shipbuilding will be important for sustaining Canada’s economic sustainability in the medium-to-long term. However, in the short term, spurring consumer spending on large ticket items like housing could lead recovery, as it has in previous economic cycles,” said TRREB Chief Executive Officer John DiMichele.
CONDO MARKET STATS
Following the broader trends in the Greater Toronto Area (GTA) housing market, the condominium apartment segment experienced a year-over-year dip in sales in the second quarter of 2025 compared to the same period in 2024. Over the same time period, active listings were up, which means that condo buyers benefitted from more choice and were able to negotiate average selling prices downward.
Total condominium apartment sales reported through the Toronto Regional Real Estate Board (TRREB) MLS® System amounted to 4,413 in Q2 2025 – down by 20.9 per cent on a year-over-year basis. New condo listings were up slightly (+0.6 per cent) over the same period. Active listings at the end of Q2 were up by 39.3 per cent.
The average selling price for a condominium apartment GTA-wide was $685,961 in Q2 2025 – down by 5.9 per cent compared to $728,808 in Q2 2024. In the City of Toronto, which accounted for two-thirds of total condo sales, the average selling price was $717,210. This result was down by 6.3 per cent compared to Q2 2024.
Affordability has improved compared to last year, with borrowing costs and average selling prices down compared to Q2 2024. Ultimately, this should lead to increased sales moving forward, especially if we see more Bank of Canada interest rate cuts in the second half of 2025. First-time buyers, who make up a large component of condo buyers, are very interest rate sensitive
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!
