Button CopyPathCircle CloseCircle Left ArrowArrow Down Icon GreyClosecirclecircleBurger
FR

Your personal VOWS Listing Portal is provided by Royal LePage Real Estate Services, Brokerage

Housing Price Report: Greater Toronto Area Market Report – Q3 2025

Today, Royal LePage® released its Q3 2025 House Price Survey. Below are highlights from the report for the Greater Toronto Area, Ontario, housing market.

  • In the Greater Toronto Area, the aggregate[1] home price decreased 3.5% year over year to $1,114,900 in Q3 2025, and decreased 3.5% from Q2 2025.
  • The median price of a single-family detached home decreased 1.2% year over year to $1,403,800.
  • The median price of a condominium decreased 7.4% year over year to $668,700.
  • In the city of Toronto, the aggregate home price decreased 4.6% year over year to $1,076,700 in Q3 2025.
  • In the City of Toronto, the median price of a single-family detached home decreased 7.4% year over year to $1,548,700, while the median price of a condominium decreased 5.6% year over year to $644,700.
  • Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will decrease 3.0% in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down to reflect current market conditions.

October 15, 2025 – “The GTA housing market remains firmly in favour of buyers. Sales activity has been gradually increasing, however, this has not translated into price appreciation due to higher-than-normal levels of available inventory,” said Shawn Zigelstein, broker and leader of Team Zold, Royal LePage Your Community Realty. “Active listings are well up, with the influx of new listings consistently outpacing sales, providing prepared buyers with a significant advantage in both negotiating power and choice.”

Zigelstein also noted that properties are spending significantly more time on the market. “The average days on market is now edging towards two months – a stark contrast to the pandemic real estate frenzy, when properties were selling in just a few days. Sellers who price their homes too high are finding them languishing, as buyers remain cautious, selective and still highly price-sensitive.”

“Buyer confidence, while showing incremental improvement with clearer interest rate signals, is still restrained by a broader sense of unease about the job market and the stability of the economy overall. This lack of urgency is the defining characteristic of the current market – buyers are actively searching, but many appointments and showings are not yet converting into sales. With an unusual amount of housing stock available and affordability continuing to improve, very few people are in a hurry to buy.”

Looking ahead, Zigelstein expects this trend to continue through the remainder of the fall. He added, however, that policy reform will be necessary before activity inevitably picks up again.

“This is a rare moment of opportunity for buyers in Toronto, but the long-term health of the housing market requires special focus on increasing the right kind of housing supply – not just at the right price point, but also the right size. Development processes will need to be easier, cheaper and faster in the future.”

Nationally, the aggregate price of a home in Canada recorded virtually no change in the third quarter of 2025, increasing just 0.1 per cent year over year to $816,500. However, on a quarter-over-quarter basis, the national aggregate home price posted a decline of 1.2 per cent, driven by depreciation in many major markets across the country over the summer.

“Canada’s housing market is shifting toward balance, as easing prices, rising listings and renewed rate cuts improve affordability across most regions,” said Phil Soper, president and CEO, Royal LePage. “For the first time in years, buyers – especially in previously supply-strapped markets – have real choice and negotiating power. With confidence returning and further rate reductions expected into early 2026, we anticipate noticeably stronger activity by the spring.”

Following a slower-than-usual start to the year, home sales picked up late in the spring and have consistently increased over the last five months, according to the Canadian Real Estate Association (CREA).[2]

“Affordability is improving and the economic backdrop remains remarkably stable, yet consumer confidence is lagging,” said Soper. “Many buyers remain hesitant – some worried about broader economic uncertainty, others waiting to see if prices dip a little further before stepping in.”

The Royal LePage National House Price Composite is compiled from proprietary property data nationally and regionally in 64 of the nation’s largest real estate markets. When broken out by housing type, the national median price of a single-family detached home increased 1.2 per cent year over year to $860,600, while the median price of a condominium decreased 1.6 per cent to $580,700. On a quarter-over-quarter basis, the median price of a single-family detached home and a condominium declined 1.1 and 1.9 per cent, respectively. Price data, which includes both resale and new build, is provided by RPS Real Property Solutions, a leading Canadian real estate valuation company.

Compared to the peak of pandemic pricing in the spring of 2022, national home prices have come down by approximately five per cent, driven by depreciation in the urban centres of Toronto and Vancouver, where prices are currently sitting more than 12 per cent below the peak. Meanwhile, home prices have continued to appreciate in Quebec, the Prairies and Atlantic Canada.

“Buyer sentiment is being influenced by a complex mix of economic and psychological factors,” said Soper. “Despite materially improved affordability in major cities, many Canadians – particularly younger ones – remain cautious amid high post-pandemic living costs, perceived job uncertainty, and general unease about our economic prospects. It’s understandable that some are waiting before making such a significant purchase.”

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 1.0 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down to reflect price depreciation across Ontario and British Columbia, and slowing growth in other major markets. 

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q3-2025  
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q3-2025   

[1] Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build.

[2] Canadian Home Sales Post Best August in Four Years, September 15, 2025