GTA home sales fell 11.2% last year compared to 2024, report says
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Home sales in the Greater Toronto Area fell 11.2 per cent last year compared to 2024, according to a new report released Wednesday.
“Economic uncertainty likely to impact consumer confidence in 2025,” the Toronto Regional Real Estate Board (TRREB) said in its December Market Watch report.
“Over the same period, listing inventory remained high, allowing sales prices to decrease, helping to improve affordability,” the report said.
Realtors in the GTA reported 62,433 home sales in 2025 through TREB’s MLS system, the report said. New listings numbered 186,753, an increase of 10.1 percent year-on-year.
The annual average sales price last year was $1,067,968, down 4.7 percent from $1,120,241 in 2024.
Real estate board seeks tax relief to reduce cost of living
According to TRREB President Daniel Steinfeld, the GTA housing market became more affordable last year as sales prices and mortgage rates declined.
Steinfeld said “improved affordability” means the market is ready to recover.
“Once households feel confident that the economy and labor market are in strong shape, sales will pick up once pent-up demand is satisfied,” Steinfeld said in a news release Wednesday.
Nevertheless, TRREB CEO John DiMichele said the board is urging all levels of government to provide tax relief to help reduce the cost of living.
“Families and individuals need financial relief so they can afford a home or apartment and meet their basic needs,” DeMichele said in the release.
“Fair and responsible tax policies can put more money back in people’s pockets, restore consumer confidence, and restore confidence in the economy. These actions are essential to supporting stable families and creating an economy that works for everyone.”
Official says national projects could boost home sales
Jason Mercer, TRREB’s chief information officer, said in the release that federal actions to boost the economy will help the GTA housing market.
“Reaffirmed trade ties and large-scale domestic economic development projects will be key to improved domestic sales,” Mercer said.
In November and December, Prime Minister Mark Carney announced two batches of nation-building projects aimed at helping Canada become more economically self-reliant in the face of US tariffs.
(Ivan Mitsui/CBC)
Mercer said: “GTA households should be confident in their employment situation before committing to long-term monthly mortgage payments, even in this more affordable market.”
Home sales declined 8.9% in December year-on-year
Notably, December 2025 recorded 3,697 home sales, down 8.9 percent compared to December 2024, the report said.
The number of new listings entered into the MLS system that month was 5,299, an increase of 1.8 percent year-over-year.
The average sales price in December 2025 was $1,006,735, down 5.1 percent from December 2024.
On a seasonally adjusted basis, home sales declined slightly month-over-month in December compared to November 2025, while new listings rose, the report said.
