GTA homes sales improved slightly from May to June: TRREB
June 2025 TRREB Recap
The Greater Toronto Area housing market improved slightly between May and June, though ongoing economic unease kept on a lid on year-over-year sales.
The latest data from the Toronto Regional Real Estate Board (TRREB) shows a total of 6,243 homes traded hands, down by 2.4% compared to the same period last year. Compared to May, actual transactions were virtually unchanged, though the board says activity increased from a seasonally adjusted perspective.
The number of homes brought to market also decreased on a short-term basis, amping up competition slightly among buyers, with a total of 19,839 newly listed. Buyers are still spoiled for choice, however. Compared to last year, new listings are up by 7.7%, with a total of 31,603 homes available for sale by the end of June – still over 2024 levels by 30.8%.
“The GTA housing market continued to show signs of recovery in June. With more listings available, buyers are taking advantage of increased choice and negotiating discounts off asking prices. Combined with lower borrowing costs compared to a year ago, homeownership is becoming a more attainable goal for many households in 2025,” said Toronto Regional Real Estate (TRREB) President Elechia Barry-Sproule.
GTA home prices dip further
Those who are actively looking for a home are enjoying lower prices than in recent years; according to TRREB, the average price in the region was 5.4% lower than in June 2024, at $1,101,691. This drop was also reflected in the benchmark home price – a measure of the most typical type of home sold with the upper and lower price extremes stripped out – which came in 5.5% below last year’s levels.
Compared to May, both measures edged down slightly, with the average down by 1.7%, below last month’s selling price of $1,120,879.
Economic doubt continues to plague home buyers
While affordability factors such as prices and mortgage rates have dropped, many would-buyers continue to hesitate due to lingering economic worry.
“A firm trade deal with the United States accompanied by an end to cross-border sabre rattling would go a long way to alleviating a weakened economy and improving consumer confidence,” stated TRREB’s Chief Information Officer Jason Mercer in the board’s June release. “On top of this, two additional interest rate cuts would make monthly mortgage payments more comfortable for average GTA households. This could strengthen the momentum experienced over the last few months and provide some support for selling prices.”
While it’s largely anticipated by economists that the Bank of Canada will pass along another two rate cuts this year – which would pull variable mortgage rates lower – the timing of those cuts is unclear. The Bank must balance its rate approach between potential economic fallout from tariffs – a recession and widespread job losses would call for lower interest rates – and the risk of rising inflation, which has proven stubborn in recent months. The Bank has opted to leave its trend-setting overnight lending rate unchanged in its last two rate announcements in June and April.
The May 2025 Consumer Price Index reading showed that while inflation was unchanged from April at 1.7%, its “core measures” – the ones closely watched by the Bank – are still above 3%. That will lead the central bank to hold off on further rate cuts, unless compelled to do so by weaker economic data.
For the time being, both variable and fixed mortgage rates have been largely stagnant in recent weeks, the latter due to elevated bond yields. While borrowing costs are lower than they were in 2023 and 2024, rate shoppers won’t see much in terms of discounts for the foreseeable future, while upward pressure steadily grows on rates. It’s a good idea for anyone looking for a new mortgage rate, or coming up for renewal, to take out either a rate hold or full pre-approval as soon as possible to secure access to today’s rates pricing.
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Condo sales see slight improvement
Source: Toronto Regional Real Estate Board
While year-over-year sales declines were seen across all home types, there were small signs of improvement in the condo market, which has absorbed a steep correction over the past year. A total of 1,510 units were sold in June, up slightly from 1,482 transactions in May. That activity still sits 2.5% below last year’s levels. The average price for a unit fell by 4.5% on an annual basis, to $696,424.
Detached houses, meanwhile, still lead the market in terms of sales volume by a large margin, with 3,011 properties sold, down 2.9% year over year. Those looking to score a single-family home have the chance to pay 6% less than they would have last year, at an average price of $1,392,033.
Semi-detached sales were largely unchanged, down 0.7% annually with 601 units sold, at an average price of $1,089,751 (-1%), while townhouse sales fell by 4% year over year with 1,048 sales, at an average price of $871,652 (-6.3%).
905 market declines pull down sales average
Source: Toronto Regional Real Estate Board
The decrease in sales activity in June was concentrated in the “905”-region markets surrounding the City of Toronto, marking a 5.5% decline from June 2024, with 3,924 homes sold. In contrast, transactions actually increased in the 416 by 3.4%, with a total of 2.319 homes trading hands. However, new listings ticked higher in both regions, easing conditions somewhat for buyers; a total of 12,786 homes were listed in the 905, marking a 10.7% increase, while 7,053 homes came online in Toronto, up 2.7% year over year.
The average home price softened in both areas; Toronto properties sold for an average of $1,132,709, down 3.6% from June 2024, while the average 905-area property fetched a sale price of $1,083,361 down 6.5% year over year.
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Penelope Graham, Head of Content
Penelope has over a decade of experience covering real estate, mortgage, and personal finance topics and her commentary on the housing market is featured on both national and local media outlets.