GTA housing market cools in October
Aditi Gupta, Content Specialist
The Greater Toronto Area housing market continued to cool in October, as home sales fell 9.5% year-over-year, according to the latest report from the Toronto Regional Real Estate Board (TRREB).
With sales declining and new listings up 2.7% to 16,069, the market is tilting further in favour of buyers — offering more inventory and prompting downward price adjustments after months of subdued demand. The average selling price across the GTA fell to $1,054,372, a 7.2% drop from October 2024, marking one of the steepest annual declines since mid-2023.
TRREB President Elechia Barry-Sproule noted that while confident buyers are starting to take advantage of improved affordability, uncertainty continues to weigh on overall activity. “Buyers who are confident in their employment situation and ability to make their mortgage payments over the long term are benefiting from affordable housing market conditions relative to the past few years,” Barry-Sproule said. “However, many intending homebuyers remain on the sidelines due to uncertainty about their economic future.”
Low-rise homes see the steepest price corrections
Detached and townhouse segments continued to lead price declines across the GTA in October, reflecting the affordability challenges still facing higher-value properties. Detached home sales fell 11% year-over-year to 2,856, with the average selling price down 7.3% to $1,355,506. Townhouses saw a similar pullback, with sales down 8.5% and prices dropping 8.3% to $846,105. Semi-detached homes proved slightly more resilient, recording a 2.8% decline in sales and a 6.5% drop in average price to $1,033,770.
Condo apartments remained the most stable segment, with sales down 11% year-over-year and prices easing a modest 4.7% to $660,208. This relative stability suggests that demand at the lower end of the market continues to hold, cushioning the broader price correction across the region.
City prices fall faster as suburban values hold steadier
Home prices declined across the Greater Toronto Area in October, but the City of Toronto saw steeper adjustments compared to surrounding regions. In the City, the average home sold for $1,069,807, down 8% year-over-year. Sales fell to 2,351 units from 2,506 last October, marking a continued slowdown in higher-priced urban segments.
Meanwhile, the suburban market recorded an average price of $1,044,790, down a milder 6.7% year-over-year, with 3,787 sales versus 4,278 a year ago.
Across the GTA, the average selling price dropped to $1,054,372, down from $1,135,694 in October 2024 — a 7.2% annual decline, the sharpest since mid-2023. The data suggests urban markets are correcting more rapidly, reflecting softer demand for premium detached properties. Despite the year-over-year drop, month-over-month price movements were largely flat, indicating that values may be stabilising after several months of adjustment.
A calm fall sets the stage for a slow rebound
TRREB CEO John DiMichele described housing as “essential economic infrastructure,” emphasizing that renewed confidence and coordinated policy efforts will be key to sustaining long-term growth. He called for innovation and private investment in new construction, along with government action to modernise tax rules, reduce buyer costs, and eliminate exclusionary zoning that limits housing supply.
Even as sales slow, DiMichele noted that the structural imbalance between supply and demand remains the market’s most persistent challenge. The fall data reflects a period of rebalancing after years of volatility. He noted “October marked another step toward balance — more listings, more options, and a gradual return to affordability across the GTA.”
Looking ahead, TRREB expects activity to strengthen gradually once broader economic confidence improves and interest rates stabilise further.
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Aditi Gupta, Content Specialist
Aditi Gupta is a content specialist at Ratehub, with a focus on creating informative content about mortgages.