As we enter the final month of 2025, the Greater Toronto Area (GTA) housing market presents a rare window of opportunity—especially for buyers. According to the Royal LePage Q3 2025 House Price Survey, the GTA saw a 3.5% year-over-year decline in the aggregate home price, landing at $1,114,900. Quarter over quarter, prices also dipped by the same margin, confirming a cooling trend that contrasts sharply with the highs of recent years.
What’s Happening in Toronto’s Housing Market?
The GTA continues to shift into a buyer’s market, with inventory levels remaining high and average days on market stretching to nearly two months. That’s a far cry from the pandemic boom, where homes would sell within days, often with multiple offers.
In the City of Toronto, the numbers reflect even more price movement:
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Aggregate price: ↓ 4.6% to $1,076,700
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Single-family detached: ↓ 7.4% to $1,548,700
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Condo apartments: ↓ 5.6% to $644,700
These figures underscore a key market theme: lots of choice, cautious buyers, and realistic sellers.
“This is a rare moment of opportunity for buyers in Toronto,” says Shawn Zigelstein, broker with Royal LePage. “But the long-term health of the market still depends on building the right kind of housing supply — at the right size, at the right price point.”
What’s Driving This Shift?
Several factors are creating this uniquely balanced market:
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High listing inventory: More homes are being listed than sold, giving buyers negotiating power.
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Bank of Canada rate cuts: The overnight lending rate was reduced to 2.5% in September, easing mortgage pressure and improving affordability.
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Improved affordability: Home prices in Toronto are down more than 12% from their 2022 peak.
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Economic uncertainty: While inflation is under control and unemployment is stable, consumer confidence remains tentative.
“Buyers are actively searching,” notes the Royal LePage report, “but many are waiting to see if prices dip further or are simply cautious due to job market unease.”
National Context
The GTA isn’t alone. Other urban markets, such as Vancouver, also saw price declines, while Montreal and cities in Quebec and the Prairies experienced year-over-year growth. Nationally, the aggregate home price was flat year over year, down 1.2% from Q2.
What’s Next for Toronto Real Estate?
Looking ahead, Royal LePage forecasts a 3.0% year-over-year price drop for the GTA in Q4 2025. That means prices are likely to remain soft through the winter before a stronger spring market emerges — especially if the Bank of Canada introduces further rate cuts in early 2026.
Meanwhile, the federal government’s Build Canada Homes initiative targets new supply through factory-built homes—including in Toronto—but the impact will take time.
Advice from Silver Burtnick & Associates
The Silver Burtnick & Associates team — including Richard Silver, Jim Burtnick, Celia Alves, Jose Sanchez, Bill Johnston — has decades of experience navigating shifting markets like this one.
Whether you’re thinking about:
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Buying your first home or moving up
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Downsizing or investing
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Timing your listing for the spring market
Now is the time to strategize, not sit on the sidelines.
Let’s talk about your next move before the market picks up.
Let’s Connect
For detailed neighbourhood stats, listing alerts, or a personalized market update, visit:
You can also explore our seasonal buyer and seller guides and book a consultation with any member of our expert team.
Silver Burtnick & Associates
Your Toronto Real Estate Experts
📍 Toronto | Sotheby’s International Realty Canada
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