May 2025– GTA Housing Market News

Here is our quick market update!

📊 GTA Housing Market Update – May 2025

Affordability Improves, Buyer Confidence Lags

The Greater Toronto Area (GTA) real estate market saw improved affordability in May 2025 compared to the same period last year. With sales down and listings up, many homebuyers took advantage of increased choice and stronger negotiating power.

“Homebuyers across the GTA are clearly benefiting from more inventory and softer pricing,” said TRREB President Elechia Barry-Sproule. “But every neighbourhood is different. That’s why it’s crucial to work with a REALTOR® who knows the local market and can help navigate specific housing needs with expertise and the right tools.”

📉 Key Stats – May 2025

• 6,244 homes sold through TRREB’s MLS® System
  🔻 Down 13.3% from May 2024

• 21,819 new listings
  🔺 Up 14% year-over-year

• Average selling price: $1,120,879
  🔻 Down 4% year-over-year

• MLS® HPI Composite Benchmark:
  🔻 Down 4.5% year-over-year

On a seasonally adjusted basis, sales were up month-over-month for the second straight month, while listings also rose, though at a slower pace—indicating a slight tightening in market conditions.

💬 Expert Insight

“Ownership costs are more manageable this year thanks to lower prices and borrowing rates,” said TRREB Chief Information Officer Jason Mercer.
“But despite the improved affordability, buyer hesitation remains. Economic uncertainty—particularly surrounding Canada-U.S. trade—continues to weigh on consumer confidence. Stabilizing that relationship and further interest rate cuts could help reenergize the market.”

🏗️ Looking Ahead: Housing Policy & Market Outlook

TRREB CEO John DiMichele emphasized the need for tangible policy action following the federal government’s recent housing commitments:

“To restore affordability, we must cut excessive housing taxes and fees, adopt innovative construction methods, and streamline approval processes to boost supply. These steps would not only help homebuyers but also stimulate economic growth. With inflation under control, the time is right for further rate cuts—especially for first-time buyers and those facing mortgage renewals.”

👀 Thinking of buying or selling this year?
Connect with a local REALTOR® to get expert advice tailored to your area and property type.

All in all, it’s a market that favors buyers, but things can still move fast if the property hits the right price point. If you’re curious about what all this means for your home or area specifically, feel free to get in touch — we’re always happy to help.

Milton Real Estate Market

The average price in Milton $1,058,365

Burlington Real Estate Market

The average price in Burlington $1,120,072

Oakville Real Estate Market

The average price in Oakville $1,058,365

 

Have questions about the market? Contact us today to learn more!

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April 2025– GTA Housing Market News

Here is our quick market update! The GTA real estate market moved pretty much in line with seasonal trends in April, with a slight bump in sales over March. That said, things are still noticeably quieter compared to last year. Sales were down 23% year-over-year, with 5,601 homes sold across the region.

Looking at the year so far, sales from January through April total 18,551 — that’s also 23% lower than the same time in 2024. And it’s worth remembering that last year was already slower than usual when compared to the 20-year average. So far, 2025 is shaping up to be even more of a slow start. Buyers are clearly still sitting on the sidelines, waiting not just for lower interest rates, but also for more clarity around the overall economy.

On the flip side, listings are way up. Active listings jumped 54% compared to last year, and new listings in April alone were up 8.1%. This means buyers have a lot more choice, and that’s giving them the upper hand in negotiations.

With more inventory on the market, prices have edged down. The average selling price in April was $1,107,463 — down 4.1% year-over-year — and the broader price index also showed a 5.4% decline. Month over month, prices dipped slightly as well. While buyers are managing to get better deals on some properties, homes that are priced right and marketed well are still selling, sometimes quickly.

All in all, it’s a market that favors buyers, but things can still move fast if the property hits the right price point. If you’re curious about what all this means for your home or area specifically, feel free to get in touch — we’re always happy to help.

Milton Real Estate Market

The average price in Milton $1,049,129 

Burlington Real Estate Market

The average price in Burlington $1,114,810

Oakville Real Estate Market

The average price in Oakville $1, 513, 732

Have questions about the market? Contact us today to learn more!

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March 2025– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

Milton Real Estate Market

The average price in Milton $989,662

Burlington Real Estate Market

The average price in Burlington $1,177,176

Oakville Real Estate Market

The average price in Oakville $1,455,335

 

Have questions about the market? Contact us today to learn more!

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February 2025– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

If you are curious about your home or area specifically, please reach out we’re here to help. 

Milton Real Estate Market

The average price in Milton $1,046,983

Burlington Real Estate Market

The average price in Burlington $1,037,798

Oakville Real Estate Market

The average price in Oakville $1,504,330

 

Have questions about the market? Contact us today to learn more!

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October September August July

January 2025– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

The Toronto Regional Real Estate Board (TRREB) has released its Market Outlook and Year in Review report, forecasting a well-supplied housing market that will keep annual price growth aligned with inflation. The GTA’s average selling price is expected to rise moderately throughout the year.

Market Forecast for 2025:
📈 Home Sales Growth: TRREB projects 76,000 home sales in 2025, a 12.4% increase over 2024. Lower borrowing costs and improved affordability will encourage more buyers to re-enter the market.
🏡 Average Selling Price: Expected to reach $1,147,000, reflecting a 2.6% increase from 2024. Detached homes will see stronger price growth compared to the well-supplied condo market.

“As borrowing costs decline heading into the spring market, more buyers will take advantage of improved conditions, boosting transactions and prices. However, economic uncertainty from global trade disruptions may temporarily impact consumer confidence,” said TRREB Chief Market Analyst Jason Mercer.

Key Market Insights – January 2025:

✅ Sales Activity: GTA REALTORS® reported 3,847 home sales, down 7.9% year-over-year. However, on a seasonally adjusted basis, sales improved from December 2024.
✅ New Listings: Increased 48.6% year-over-year, totaling 12,392 properties, indicating greater supply in the market.
✅ Home Prices: The MLS® Home Price Index Composite benchmark rose 0.44% year-over-year. The average selling price hit $1,040,994, up 1.5% from January 2024.

Addressing Housing Supply & Affordability

TRREB emphasizes the need for diverse housing options, including missing-middle developments such as townhomes, duplexes, and low-rise multi-unit buildings. Purpose-built rental housing remains a key priority to enhance affordability and accommodate population growth.

“Traffic congestion and housing affordability are interconnected challenges that demand integrated solutions. High development charges, taxes, and bureaucratic delays only slow progress on increasing supply,” said TRREB CEO John DiMichele.

As the market evolves, collaboration between policymakers, developers, and industry leaders will be crucial to meeting the GTA’s growing housing needs.

If you are curious about your home or area specifically, please reach out we’re here to help. 

Milton Real Estate Market

The average price in Milton $1,038,619

Burlington Real Estate Market

The average price in Burlington $1,108,409

Oakville Real Estate Market

The average price in Oakville $1,352,531

 

Have questions about the market? Contact us today to learn more!

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October September August July

December 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

In 2024, the Greater Toronto Area (GTA) housing market saw modest growth in sales and a significant rise in new listings compared to 2023. Buyers had more negotiating power, especially in the condominium market, which contributed to a slight dip in average selling prices.

“High interest rates created affordability challenges, keeping sales below normal levels. However, significant rate cuts in the latter half of the year should improve market conditions in 2025 if this trend continues,” said Elechia Barry-Sproule, President of the Toronto Regional Real Estate Board (TRREB).

GTA home sales totaled 67,610, up 2.6% from 2023, while new listings rose 16.4% to 166,121. This gave buyers more choice and helped prevent widespread price increases. The average selling price for all home types was $1,117,600, down slightly from $1,126,263 in 2023, with single-family homes holding value better than condominiums.

“Sales of single-family homes increased, but condo apartment sales declined, largely due to a lack of first-time buyers,” explained Jason Mercer, TRREB’s Chief Market Analyst.

TRREB CEO John DiMichele highlighted the need for a review of government policies impacting the housing market as 2025 approaches. December 2024 saw 3,359 sales, with new listings continuing to rise. The MLS® Home Price Index Benchmark increased slightly, while the average price fell to $1,067,186.

If you are curious about your home or area specifically, please reach out we’re here to help. 

November 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

Home sales in the Greater Toronto Area (GTA) surged in November 2024, driven by lower borrowing costs and more affordable market conditions. While new listings also increased compared to last year, they did so at a slower pace, tightening market conditions and leading to price growth.

Heading into 2025, housing conditions have improved, with many buyers returning as inflation eases and borrowing costs decline. With prices still below peak levels and mortgage payments lower, the market is poised for recovery.

In November 2024, there were 5,875 home sales, up 40.1% from November 2023, while new listings rose 6.6% year-over-year. On a seasonally adjusted basis, sales also increased from October.

The MLS® Home Price Index Composite benchmark dropped 1.2% year-over-year, a smaller decline than in recent months. The average selling price, however, rose 2.6% to $1,106,050, driven by more detached home sales. On a seasonally adjusted basis, average prices were slightly lower than October.

Market conditions have tightened, especially for detached homes, with price growth outpacing inflation in Toronto. In contrast, condos saw lower prices, offering buyers more negotiating power. As borrowing costs fall, more renters may enter homeownership.

The rental market will remain balanced as renters transition to buying, though demand may increase with ongoing population growth. Improving efficiency at the Landlord and Tenant Board (LTB) could benefit both tenants and landlords and help more people access affordable homes.

If you are curious about your home or area specifically, please reach out we’re here to help. 

Milton Real Estate Market

The average price in Milton $1,119,939

Burlington Real Estate Market

The average price in Burlington $1,128,513

Oakville Real Estate Market

The average price in Oakville $1,558,529

 

Have questions about the market? Contact us today to learn more!

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October September August July

October 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

Home sales in the Greater Toronto Area (GTA) saw a notable year-over-year increase in October 2024, with a sharp rise in activity compared to the same month in 2023. While new listings also rose during this period, the increase was less pronounced, leading to tighter market conditions than the previous year. The average selling price saw a modest annual increase.

Although we are still in the early stages of the Bank of Canada’s rate-cutting cycle, it’s clear that more buyers returned to the market in October. 

The improvement in affordability, driven by lower borrowing costs and relatively stable home prices, contributed to a rebound in market activity.

In total, GTA REALTORS® reported 6,658 home sales through TRREB’s MLS® System in October 2024—an increase of 44.4% compared to the 4,611 sales recorded in October 2023. New listings reached 15,328, up by 4.3% year-over-year. On a seasonally adjusted basis, October sales rose compared to September. 

The MLS® Home Price Index Composite benchmark was down 3.3% year-over-year, while the average selling price increased by 1.1% to $1,135,215 compared to October 2023. Seasonally adjusted, the average price also edged higher compared to September.

Despite tighter market conditions in October, there remains a significant inventory of homes, giving buyers plenty of options. This ample choice is expected to keep price growth moderate in the near term. However, as inventory continues to be absorbed and home construction struggles to keep pace with population growth, we anticipate stronger price increases, likely starting in the spring of 2025.

To further improve affordability, policymakers could consider reducing taxes for homebuyers. TRREB supports the Conservative Party of Canada’s proposal to eliminate the GST on new homes priced under $1 million, which would provide much-needed relief for first-time buyers. Expanding this rebate would not only make homes more affordable but could also encourage increased construction.

Given that the average price of a home in high-cost markets like the GTA and Vancouver exceeds $1 million, a more flexible approach, such as gradually phasing out the rebate between $1 million and $1.5 million, would better address the needs of these markets. It is encouraged that Provincial governments should also consider adopting similar measures.

If you are curious about your home or area specifically, please reach out we’re here to help. 

Milton Real Estate Market

The average price in Milton $1,040,242

Burlington Real Estate Market

The average price in Burlington $1,088,016

Oakville Real Estate Market

The average price in Oakville $1,495,46

 

Have questions about the market? Contact us today to learn more!

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September August July

September 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

Additionally, the government announced last month positive changes to mortgage lending guidelines. Firstly, the ability for existing mortgage holders to shop around for the best rate without facing the stress test will help with affordable mortgage renewals. Secondly, insured mortgages will have the option of longer amortization periods. Lastly, the ability to insure mortgages for purchases under $1.5 million (currently under $1 million) will allow buyers with less than 20% down to purchase homes between $1 million and $1.5 million. These changes will give buyers more flexibility when purchasing homes.

If you are curious about your home or area specifically, please reach out we’re here to help. 

Milton Real Estate Market

The average price in Milton $1,021,471

Burlington Real Estate Market

The average price in Burlington $1,159,810

Oakville Real Estate Market

The average price in Oakville $1,585,452

 

Have questions about the market? Contact us today to learn more!

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August 2024– GTA Housing Market News

Here is our quick market update for the Toronto Real Estate Board and Milton area.

Milton Real Estate Market

The average price in Milton $1,064,460

Burlington Real Estate Market

The average price in Burlington $1,178,429

Oakville Real Estate Market

The average price in Oakville $1,430,334

 

Have questions about the market? Contact us today to learn more!

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