Current pricing, inventory trends, and neighbourhood-level data across the GTA — updated for Spring 2025.
Market Overview · Q1 2025
After a period of recalibration in 2023–2024, the Greater Toronto Area real estate market entered 2025 with renewed confidence. Back-to-back Bank of Canada rate cuts — totalling 200 basis points — have restored purchasing power for thousands of sidelined buyers, and the effect is visible in transaction volumes across the freehold segment.
The story, however, is not uniform. Freehold properties (detached, semi-detached, and townhouses) are experiencing renewed competition and modest price appreciation, while the condominium market continues to absorb elevated inventory from completed pre-construction projects. Buyers who understand this bifurcation can make significantly more strategic decisions.
Richmond Hill, Vaughan, and Markham are outperforming the broader GTA, driven by migration from the 416 core, excellent school catchments, and relative value compared to equivalent Toronto properties. The 905 is no longer the consolation prize — for many buyers it is the primary destination.
Spring 2025
Freehold inventory at 5-year low
The GTA needs to build 40,000+ new homes annually to keep pace with population growth. In 2024 it delivered 28,000. That gap is structural support for prices.
By Property Type
Each property type tells a different story right now. Understanding the segment you are buying into changes your entire strategy.
Avg Days on Market
19
Detached
Average Price
$1,124,000
Detached homes in the 416 remain the most contested asset class. Spring 2025 has seen multiple-offer situations return on anything priced below $1.3M. Bidding premiums of 3–8% over asking are common in North York and Etobicoke.
Avg Days on Market
16
Semi-Detached
Average Price
$998,000
Semis are the fastest-moving segment right now. East-end semis in Leslieville and Riverdale routinely sell in under 10 days. Buyers competing here need pre-approval letters and the ability to waive conditions on inspection.
Avg Days on Market
34
Condominiums
Average Price
$682,000
The condo market faces headwinds from elevated inventory — particularly investor-held units returning to market. Downtown Toronto condos under $750K sit on average 34 days. Buyers have rare negotiating leverage; expect 2–4% below asking on most units.
Neighbourhood Data
Price performance varies dramatically street by street. The table below reflects Q1 2025 averages. Areas marked Hot are seeing above-average competition with multiple offers on well-priced listings.
Greater Toronto Area
12 neighbourhoods tracked
| Neighbourhood | Property Type | Avg. Price Q1 2025 | YoY Change | Status |
|---|---|---|---|---|
| Forest Hill | Luxury Detached | $3.2M | +5.1% | Hot |
| Leslieville | Semi / Detached | $1.34M | +6.8% | Hot |
| Riverdale | Semi / Detached | $1.52M | +4.4% | Active |
| The Annex | Condo / Detached | $1.18M | +2.9% | Active |
| North York | Detached | $1.41M | +3.6% | Active |
| Scarborough | Detached | $912K | +5.9% | Hot |
| Etobicoke | Detached / Condo | $1.05M | +3.2% | Active |
| Vaughan | Townhouse / Detached | $1.19M | +4.7% | Hot |
| Richmond Hill | Detached / Luxury | $1.38M | +4.1% | Active |
| Markham | Detached / Town | $1.22M | +3.8% | Active |
| Aurora | Detached | $1.31M | +2.6% | Active |
| Downtown Core | Condo | $715K | −2.1% | Active |
Source: TRREB MLS® data, Q1 2025. All figures are averages and for informational purposes only.
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FAQ
Honest answers to the questions buyers and sellers are asking about the Toronto market right now.
For detached homes and semis: yes, if you are financially ready. Prices are rising modestly but inventory remains low — waiting typically costs more than it saves. For condos, buyers have rare leverage as inventory remains elevated. The right time to buy is always driven by your personal financial readiness, not market timing.
The divergence is structural. A wave of investor-held condos — units purchased pre-construction 2019–2022 that are now completing — has flooded the resale market. Meanwhile, detached and semi-detached inventory remains constrained by low turnover. Buyers seeking long-term appreciation are favouring freehold; investors seeking cash flow are finding it difficult in the condo segment.
Three forces: (1) The Bank of Canada cut rates 200bps between mid-2024 and early 2025, restoring affordability for many sidelined buyers. (2) Immigration targets of 400,000+ annually continue to underpin demand. (3) A chronic shortage of housing supply — Toronto issued only 28,000 new housing starts in 2024 against projected demand of 40,000+.
Areas benefiting from transit infrastructure investment lead the list: East Harbour (Ontario Line), Leslieville, Scarborough (Eglinton Crosstown extension), and Vaughan Metropolitan Centre. Richmond Hill and Aurora are performing well due to population growth from the 905 migration corridor. Avoid buying solely on speculation — local school catchment, walkability, and employer proximity are the fundamentals that sustain value.
There is no universal number — it depends entirely on the property's list price strategy and comparable sales. In Toronto, many agents deliberately under-list to generate offers. A reliable method: review the last 6–10 comparable closed sales in the immediate area and determine fair market value independently. Offer based on value, not on the list price. An experienced agent will build you a custom comparative market analysis before any offer.
A 'crash' implies a sustained drop of 20%+. The consensus among economists is that Toronto condos are in a correction (−5% to −10% from 2022 peaks), not a crash. Population growth, mortgage rule changes, and limited new supply post-2026 are all structural supports. However, investors with thin cash-flow margins on overleveraged units face real pressure if rates do not fall further.
