Toronto’s housing market has taken a noticeable turn as prices continue to adjust through late 2025. According to the latest housing market update from Royal LePage, national home prices have remained mostly flat, while certain regions of Canada are showing distinct upward or downward trends.
The Greater Toronto Area (GTA) remains a focal point of these shifts. While national averages suggest stability, the Toronto region tells a more complex story. Detached homes, semis, and condos are all performing differently, with variations depending on whether you’re in the downtown core (416) or surrounding suburbs (905).
National Overview
Across Canada, the national aggregate home price has decreased slightly—around 1% from Q2 to Q3 2025. The Greater Montreal Area stands out as one of the strongest performers, posting a nearly 5% increase year-over-year. Toronto and Vancouver, however, have both seen prices decline, with Toronto down approximately 3.5% and Vancouver just over 3%.
While these numbers might sound alarming, they should be viewed within context. Royal LePage forecasts a modest 1% increase by the end of Q4 2025 compared to the same time last year. Essentially, the market remains stable but subdued.
Regional Differences
Montreal continues to outperform, with projections showing another 6.5% rise in 2025. Quebec City is expected to jump by 15%, although it starts from a much lower price point than major urban centers. Meanwhile, regions like Regina and Ottawa are also expected to experience moderate growth.
In contrast, the GTA shows a 3% decline expected from Q4 2024 to Q4 2025. September data indicates average prices were nearly $100,000 lower than earlier in the year, though October numbers may show a modest rebound as sales data completes.
Inside the GTA: 416 vs 905
Within the GTA, performance differs sharply. Detached home sales in the City of Toronto rose 13% year-over-year, compared to 9% in the 905 suburbs. Semi-detached homes saw even greater contrast—up 28% in the city but flat outside of it.
Prices tell a similar story. Detached homes in Toronto only declined about 1% year-over-year, while the 905 saw drops of around 8%. These figures underline how resilient core urban markets can be compared to the surrounding areas.
Condo Market Update
Condo performance has been a major talking point this year. Toronto West, including desirable neighborhoods like High Park, has seen a 4% increase in condo prices. Central Toronto, home to the bulk of the city’s condos, fell by 5%, while Toronto East saw a 12% decline. The overall average is down about 4% year-over-year.
Outside Toronto, condo prices dropped in most regions, led by Peel with a 12% decline. This pattern suggests that while the core remains competitive, outer markets are adjusting more sharply to buyer hesitation and higher borrowing costs.
What It Means Moving Forward
The forecast for late 2025 shows gradual stabilization rather than a full recovery. Markets like Montreal and Quebec City are thriving, while Toronto and Vancouver continue to adjust after years of significant price growth.
For buyers, this may represent an opportunity to enter the market with less competition. For sellers, realistic pricing remains key, especially in areas outside the city core. As government policies focus on increasing supply, meaningful long-term improvement will depend on how effectively new housing projects are implemented.
The Greater Toronto Area (GTA) remains a focal point of these shifts. While national averages suggest stability, the Toronto region tells a more complex story. Detached homes, semis, and condos are all performing differently, with variations depending on whether you’re in the downtown core (416) or surrounding suburbs (905).
National Overview
Across Canada, the national aggregate home price has decreased slightly—around 1% from Q2 to Q3 2025. The Greater Montreal Area stands out as one of the strongest performers, posting a nearly 5% increase year-over-year. Toronto and Vancouver, however, have both seen prices decline, with Toronto down approximately 3.5% and Vancouver just over 3%.
While these numbers might sound alarming, they should be viewed within context. Royal LePage forecasts a modest 1% increase by the end of Q4 2025 compared to the same time last year. Essentially, the market remains stable but subdued.
Regional Differences
Montreal continues to outperform, with projections showing another 6.5% rise in 2025. Quebec City is expected to jump by 15%, although it starts from a much lower price point than major urban centers. Meanwhile, regions like Regina and Ottawa are also expected to experience moderate growth.
In contrast, the GTA shows a 3% decline expected from Q4 2024 to Q4 2025. September data indicates average prices were nearly $100,000 lower than earlier in the year, though October numbers may show a modest rebound as sales data completes.
Inside the GTA: 416 vs 905
Within the GTA, performance differs sharply. Detached home sales in the City of Toronto rose 13% year-over-year, compared to 9% in the 905 suburbs. Semi-detached homes saw even greater contrast—up 28% in the city but flat outside of it.
Prices tell a similar story. Detached homes in Toronto only declined about 1% year-over-year, while the 905 saw drops of around 8%. These figures underline how resilient core urban markets can be compared to the surrounding areas.
Condo Market Update
Condo performance has been a major talking point this year. Toronto West, including desirable neighborhoods like High Park, has seen a 4% increase in condo prices. Central Toronto, home to the bulk of the city’s condos, fell by 5%, while Toronto East saw a 12% decline. The overall average is down about 4% year-over-year.
Outside Toronto, condo prices dropped in most regions, led by Peel with a 12% decline. This pattern suggests that while the core remains competitive, outer markets are adjusting more sharply to buyer hesitation and higher borrowing costs.
What It Means Moving Forward
The forecast for late 2025 shows gradual stabilization rather than a full recovery. Markets like Montreal and Quebec City are thriving, while Toronto and Vancouver continue to adjust after years of significant price growth.
For buyers, this may represent an opportunity to enter the market with less competition. For sellers, realistic pricing remains key, especially in areas outside the city core. As government policies focus on increasing supply, meaningful long-term improvement will depend on how effectively new housing projects are implemented.
