The Greater Toronto Area housing market recorded 6,138 home sales in October, marking a 9.8% increase from September’s 5,592 transactions, but a 9.5% decline compared to October 2024. The month-over-month growth indicates a modest rebound in market activity following a slower September, while the annual decrease reflects continued adjustment to higher interest rates and affordability challenges.
Sales activity strengthened across all major property types on a month-to-month basis. Detached home sales rose 7.3%, semi-detached sales increased 17.6%, townhouses were up 13%, condo townhouses advanced 14.7%, and condo apartments climbed 8.4%. These increases suggest improved buyer engagement as we head into the final quarter of the year.
Prices Slide, Giving Buyers More Leverage
The average selling price across all home types was $1,054,372, down from $1,135,694 in October 2024—a 7.2% annual decrease that underscores a slowdown in price growth and greater negotiating power for buyers. Homes also spent more time on the market, averaging 31 days compared to 27 days in 2024, a 14.8% y-o-y increase.
Inventory Levels Continue to Climb
Furthermore, active listings climbed 17.2% year-over-year, rising from 23,722 to 27,808, reinforcing a well-supplied market with more options for prospective buyers.
“Buyers who are confident in their employment situation and ability to make their mortgage payments over the long term are benefitting from affordable housing market conditions relative to the past few years. However, many intending homebuyers remain on the sidelines due to uncertainty about their economic future,” said TRREB President Elechia Barry-Sproule.
Detached Homes Lead the Market, Though Prices Soften
Detached homes accounted for the largest share of the GTA market in October, averaging $1,355,506, a 7.3% year-over-year decline. With 2,856 transactions, they remained the most active segment, despite slower sales activity compared to the previous year.
In the City of Toronto, detached properties averaged $1,619,047 (down 9.1%), while those in the 905 area averaged $1,262,161 (down 6.6%). Even with softening prices, demand for detached homes underscores the continued appeal of extra space, private yards, and long-term value.
Demand Remains Steady for Semi and Towns Despite Price Softening
Meanwhile, semi-detached properties held relatively steady, with an average price of $1,033,770, down 6.5% year-over-year. Sales totaled 595 across the GTA, marking only a modest 2.8% decline from last October. This stability suggests that semi-detached homes remain a popular compromise between affordability and space, especially for move-up buyers and growing families. The average Toronto semi-detached sold for $1,219,254, while in the 905 region, prices averaged $886,836.
Townhouses saw a notable 12.6% increase in sales within Toronto, even as overall GTA townhouse sales slipped 8.5% year-over-year to 1,052 units. This uptick in the city hints that first-time buyers and downsizers are finding renewed opportunity as prices continue to adjust.
Across the GTA, the average townhouse sold for $846,105, representing an 8.3% annual decline. In Toronto, prices dropped 13.8% to $890,678, while in the 905 region, they fell 7.1% to $832,210. Despite lower prices, the relative affordability and practicality of townhouses are helping sustain steady interest among buyers seeking multi-level living at a lower price point than detached homes.
Condo apartments continued to experience a more measured cooldown, with the average price across the GTA down 4.7% year-over-year to $660,208. Total sales declined 11%.
As highlighted in TRREB’s recent Q3 Condo Market Statistics report, “Active condo listings at the end of the third quarter were up by a greater annual rate than sales, keeping the market well-supplied. With listing inventory high historically, buyers continued to benefit from substantial choice and negotiating power on price.” Condos averaged $699,241 in the city of Toronto, down 2.7%, while in the 905, prices fell more sharply by 10.4% to $574,111.
These price shifts set the stage for broader changes across the GTA housing market. Here’s how listings, sales, and inventory changed month-over-month across the GTA.
Related: What’s the Difference Between Freehold, Condo, and Townhouse Owner
City of Toronto: Balanced Market
- New Listings: 5,988 (-16.6% m-o-m)
- Sales: 2,351 (+14.0% m-o-m)
- Active Listings: 10,357 (-2.8% m-o-m)
- Months of Inventory: 4.8 (+2.1% m-o-m)
Peel Region: Balanced Market
- New Listings: 2,911 (-18.6% m-o-m)
- Sales: 1,097 (+10.1% m-o-m)
- Active Listings: 5,174 (-9.1% m-o-m)
- Months of Inventory: 5.2 (+2.0% m-o-m)
York Region: Balanced Market
- New Listings: 3,027 (-13.9% m-o-m)
- Sales: 1,050 (+1.7% m-o-m)
- Active Listings: 5,486 (-3.3% m-o-m)
- Months of Inventory: 5.1 (+4.1% m-o-m)
Halton Region: Balanced Market
- New Listings: 1,654 (-21.2% m-o-m)
- Sales: 694 (+18.6% m-o-m)
- Active Listings: 2,860 (-8.6% m-o-m)
- Months of Inventory: 4.3 (+2.4% m-o-m)
Durham Region: Seller’s Market
- New Listings: 1,792 (-13.9% m-o-m)
- Sales: 715 (+1.1% m-o-m)
- Active Listings: 2,571 (-8.5% m-o-m)
- Months of Inventory: 3.2 (+3.2% m-o-m)
Buyer Budgets Benefit from Softer Prices
As reported in a new Zoocasa reader survey, budget is the most important consideration for prospective buyers, and recent market conditions are starting to work in their favour.
As TRREB Chief Information Officer Jason Mercer explains, “The monthly mortgage payment for an average-priced GTA home continued to trend lower in October, benefiting from both lower borrowing costs and lower selling prices. This means more buyers can now afford to purchase a home that meets their housing needs. Once we have more certainty on the economic front, including trade with the U.S. and China, home sales should increase.”
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