Greater Toronto Area Market Update – September 2025
Renewed Activity Amid Elevated Inventory
The Greater Toronto Area (GTA) housing market demonstrated renewed strength in September as buyers appeared more motivated to re-engage. Elevated inventory levels and moderating price trends created favourable conditions across all major property types.
Average home values rose 3.6% month-over-month, bringing the region’s average sale price to $1,059,377. Inventory closed the month with 29,394 active listings, 72% above the ten-year historical average. After several months of uneven activity, September delivered gains on both a monthly and annual basis, with sales up 7.3% compared with August and 12% year-over-year.
Buyer Sentiment & Market Dynamics
Lower borrowing costs and more stable pricing are prompting many prospective purchasers to revisit their plans. While some remain cautious due to ongoing economic uncertainty, others are preparing for entry into the market over the next 12 to 24 months, taking advantage of current conditions.
The recent interest rate cut by the Bank of Canada has provided a welcome boost to affordability, enabling more households to consider ownership. For buyers who have been waiting, elevated inventory and favourable financing conditions offer increased choice and negotiating power.
Market by Property Type
Detached Homes
Average sale price reached $1,359,030 in September, up 3.5% month-over-month. Inventory rose to 13,684 active listings, a 9% increase over August and 22% higher year-over-year. Detached transactions climbed 10% monthly, totalling 2,661 sales.
Condominiums
The average condo price across the GTA rose 2% month-over-month to $655,231. Sales increased by 5% compared with August, with 1,437 units trading hands. Active listings remained elevated at 9,233, 74% above the ten-year average. Despite improved activity, sales remain 25% below long-term norms.
Semi-Detached Homes
Average sale price rose 3.6% to $1,015,543, with sales climbing 14.7% to 506 transactions. Inventory remains high, with 1,659 active listings on the market.
Townhomes
Average sale price held steady at $947,928, while sales increased 4% year-over-year to 517. Inventory rose 12% compared with August, reaching 2,224 active listings.
Key Market Indicators
* Average GTA sale price (September): $1,059,377 (vs. $1,022,143 in August)
* Compared with September 2024: Average price down from $1,112,113
* Average days on market: 33 (unchanged from August)
* Active listings: Up 18.9% year-over-year
* New listings: Up 3.9% year-over-year (19,260 in September 2025 vs. 18,529 in September 2024)
Benchmark Prices (All TRREB Reporting Areas, Year-over-Year)
* Detached: $1,250,200 (↓ 5.7%)
* Attached: $953,300 (↓ 6.0%)
* Townhouse: $719,200 (↓ 6.6%)
* Condo Apartment: $563,100 (↓ 8.1%)
Average Prices (416 & 905 Combined, Year-over-Year)
* Detached: $1,359,030 (↓ 5.1%)
* Semi-Detached: $1,015,543 (↓ 6.8%)
* Townhouse: $859,593 (↓ 4.7%)
* Condo Apartment: $655,231 (↓ 4.3%)
The GTA market continues to balance on the edge of opportunity and caution. With interest rates easing and inventory at historic highs, buyers are benefiting from greater selection and stronger negotiating leverage. Still, overall activity remains below long-term norms, reflecting measured confidence. Whether momentum builds through the fall will depend largely on further rate adjustments and the pace at which buyers step off the sidelines.