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Toronto & Greater Toronto Area (GTA) Housing Market — September 2025 Toronto Regional Real Estate Board (TRREB) Report: What the Numbers Mean

Posted on October 12, 2025 by Sami Chowdhury

Market overview

TRREB (Toronto Regional Real Estate Board)’s September 2025 data show a GTA (Greater Toronto Area) market that is firmer on the sales side but still price-sensitive.

Ø Sales rose 8.5% YoY (year over year) to 5,592,

Ø New listings grew 4% YoY (year over year) to 19,260,

Ø Active listings remained high at 29,394.

Ø The average price settled at $1,059,377 (–4.7% YoY [year over year]),

Ø MLS® HPI (Home Price Index) Composite declined 5.5% YoY (year over year).

On a seasonally adjusted basis, price levels were flat to slightly down (HPI –0.5% MoM [month over month]; average price +0.2% MoM [month over month]). In short: more deals are getting done after the Sept 17 BoC (Bank of Canada) rate cut to 2.50%, but buyers still have leverage. (Toronto Regional Real Estate Board)

Price, sales, and listings trends (YoY [year over year] and MoM [month over month])

Sales: 5,592 (Sep-25) vs 5,155 (Sep-24): +8.5% YoY (year over year). Lower borrowing costs combined with accumulated demand from spring/summer helped momentum. (Toronto Regional Real Estate Board)
New listings: 19,260 (Sep-25), +4% YoY (year over year); SNLR (Sales-to-New-Listings Ratio) ≈ 34.6%, indicating conditions favourable to buyers in many sub-markets. (Toronto Regional Real Estate Board)
Active listings: 29,394, sustaining MOI (Months of Inventory) ≈ 4.6, a level historically consistent with balanced to slightly buyer-tilted conditions. (Toronto Regional Real Estate Board)
Prices: Average price $1,059,377 (–4.7% YoY [year over year]);
HPI (Home Price Index) Composite –5.5% YoY (year over year);
MoM (month over month): HPI –0.5%, average +0.2% —. (Toronto Regional Real Estate Board)

Market pace & absorption

LDOM (Listing Days on Market) ~33;
PDOM (Property Days on Market) ~51:
- Listings take about a month, but cumulative time for re-listed properties is longer. That corroborates a bid-ask gap that narrows via price adjustments or concessions. (Toronto Regional Real Estate Board)

Segment breakdown (Detached / Semi / Town / Condo)

Detached: $1,359,030 average [Toronto Regional Real Estate Board] total) on 2,661 sales. Freehold remains the “needs-based” segment; pricing is micro-neighbourhood specific with bigger swings in luxury bands. (Toronto Regional Real Estate Board)
Semi-detached: $1,297,830 on 506 sales — smaller sample sizes create more volatility; well-renovated semis in the 416 (Toronto core area code) continue to command premiums. (Toronto Regional Real Estate Board)
Townhouse (att/row): $1,015,543 on 517 sales — the “missing middle” alternative offers price efficiency but competes with detached at the margin when rates ease. (Toronto Regional Real Estate Board)
Condo apartment: $681,115 on 1,437 sales — the price leader for entry buyers and investors, but facing inventory pressure and investor cash-flow math. (Toronto Regional Real Estate Board)

City (416) vs 905 notes

416 (Toronto core) condo pricing is modestly higher than 905 (surrounding GTA suburbs) (e.g., condo apartment $681,115 in 416 vs $653,407 in 905 during September), reflecting location premiums and amenity density. Freehold premiums persist in central corridors with constrained lot supply. (Toronto Regional Real Estate Board)

References

TRREB — Market Watch, September 2025 (release Oct 3, 2025): topline sales/listings/prices, HPI, MoM SA, segments, DOM, MOI. Toronto Regional Real Estate Board+1
Bank of Canada — Policy Decision (Sept 17, 2025): rate cut to 2.50%. Bank of Canada
Statistics Canada — CPI (Aug 2025): +1.9% YoY. Statistics Canada
CMHC — Housing Supply Report (Sept 9, 2025): flat H1-2025 starts; Toronto slowdown. Canada Mortgage and Housing Corporation
CREA — National stats context (Aug/Sept updates). CREA Statistics+1
Media confirmation — Global News (Oct 3, 2025): recaps TRREB figures. Global News

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