As a lifelong resident of the city, home has always been in midtown Toronto. In creating TorontoLivings, I wanted a place to share my experiences in the city, to educate our clients on the ever-changing market, and show people a side of the City that most don’t see every day.
According to the calendar, we’re officially in “hot chocolate and thicker jackets” season… and according to November’s numbers, the Toronto real estate market has also settled into full fall mode.
November wasn’t dramatic or chaotic. Instead, it felt like a market catching its breath—slower pace, fewer listings, and more thoughtful buyers. But tucked inside the overall cool-down was a standout story: freehold homes between $1M and $1.5M were buzzing with real activity. Let’s break down what actually happened.
What Happened in the Toronto Market This November?
Sales Slipped—But It’s Not the Plot Twist You Might Expect
Toronto recorded 5,010 sales, an 18.38% drop from October. On the surface, that might look like a steep fall… but November is historically a slower month as buyers shift into “holiday mode” and sellers decide to wait out the year.
The interesting part? Even with fewer deals happening, conversations with buyers stayed lively. This wasn’t a demand problem—it was a “let’s be picky” moment.
New Listings Dropped Harder Than Sales
Only 11,134 new listings hit the market in November—a sharp 30.7% drop. That’s the real story of the month. Sellers stepped back in a big way, which meant that buyers who were actively shopping suddenly had fewer homes to choose from.
When new listings fall faster than sales, the market tightens. And that’s exactly why prices held steady.
Even Active Listings Declined More Than Usual
Active inventory fell to 24,549—nearly 12% lower month-over-month.
Buyers who remained committed in late fall described the experience as “I’m ready… but there’s nothing to see.” Anyone who has been through a November search knows the feeling.
Prices Held Steady (All Things Considered)
Average Price: $1,039,458 (Down just 1.4%)
You might expect a bigger price swing with slower sales, but Toronto homes proved resilient. Prices barely budged and stayed right in line with where they’ve been for most of the year.
Think of it as the market saying: “Relax, nothing dramatic happening here.”
Days on Market Hit Their Longest Stretch This Year
The ‘Days on Market” rose to 56 days, the slowest pace we’ve seen in 2025.
This doesn’t mean homes aren’t selling—it means buyers are taking their time, comparing options, and running the numbers twice. But again… this was not the case everywhere.
The Breakout Segment: Freehold Homes Between $1M and $1.5M
Here’s where things get fun.
Detached & Semis in This Range Moved Faster Than the Market
Despite the overall slowdown, this pocket of the market stayed lively. In the 416:
Detached homes saw 600 sales
Semis hit 209 sales
Not record-breaking, but the energy was noticeably stronger. Freeholds that were move-in ready, offered rental potential, or were located near transit didn’t sit long.
Why? Because this price band continues to hit that Toronto sweet spot: attainable for move-up buyers, attractive to investors, and competitive enough to avoid the bidding-war chaos of earlier years.
Condos and Townhouses: Softer Demand, Stable Pricing
Condos Took a Breath After October’s Spike
Condo sales dipped to 880 (a 17.9% decline). No surprise here—condo buyers tend to be more rate-sensitive, and many are waiting for early 2026 announcements before locking in.
Yet, the average condo price actually inched up to $701,259. That’s the stability story again.
Townhouses Were a Mixed Bag
Townhouses landed at an average price of $870,793, a modest 2.2% dip.
Still, they continue to appeal to buyers who want the space of a freehold but not the price tag of one. The townhouse segment is very much alive—it’s just quieting down with the rest of the market.
Big Picture Trends Shaping Toronto’s Market Right Now
Mortgage Rates Are Finally Helping
After the Bank of Canada’s gradual cuts, many 5-year fixed rates now sit in the mid-4% to low-5% range. Buyers aren’t sprinting back, but confidence is noticeably higher than in 2023–2024.
If you talk to anyone who started a pre-approval a year ago and renewed it recently, they’ll tell you the same thing: “This feels manageable again.”
Consumers Are More Hopeful—But Still Cautious
Renewals at higher rates are still holding some would-be sellers back, especially those locked into ultra-low pandemic mortgages.
But newcomers, families, and investors are fueling the activity we do see—especially where rental income or multi-unit potential exists.
Policy Shifts Are Playing a Quiet but Important Role
With Bill 60 improving LTB timelines and clarifying the N12 process, landlords and investors are planning ahead with more certainty.
Meanwhile, Toronto’s ongoing gentle-density permissions are quietly changing how buyers view freehold lots—especially those with laneway or basement suite potential.
What Buyers Should Take Away From November 2025
Where the Opportunities Are
Freeholds under $1.5M: competitive, but not overwhelming.
Condos: stable prices + motivated sellers = room to negotiate.
If confidence rises, expect buyers to move from browsing to buying.
Thinking of Buying or Selling?
Whether you’re upsizing, downsizing, or investing, November’s data tells us the same thing: this is still a market with opportunities—just not the loud, dramatic kind.
If you’re shopping for a home in Toronto over $3 million, you’re not just buying into a neighbourhood—you’re buying into a tax bracket.
Between the provincialland transfer tax and Toronto’s own municipal land transfer tax, high-end buyers are paying some of the steepest closing costs in the country. And now, with talk of even higher taxes on “luxury” homes, the $3M line has become a psychological—and financial—wall for a lot of buyers.
Let’s break down what’s really going on at the top end of the market, and what it means if you’re buying or selling above $3M in Toronto.
Toronto’s Luxury Land Transfer Tax in Plain English
Toronto is unique in Canada because you pay two land transfer taxes on a purchase:
Ontario’s provincial land transfer tax (LTT)
Toronto’s municipal land transfer tax (MLTT)
Both are tiered taxes—different portions of the purchase price are taxed at different rates. For provincial LTT, Ontario applies: 0.5% on the first $55,000, 1% up to $250,000, 1.5% to $400,000, 2% up to $2,000,000, and 2.5% on anything over $2,000,000.
Toronto’s municipal tax mirrors those lower tiers, but as of January 1, 2024, the City introduced new luxury brackets for high-value homes:
3.5% on the portion between $3M–$4M
4.5% on $4M–$5M
5.5% on $5M–$10M
6.5% on $10M–$20M
7.5% on $20M+
These luxury rates apply only to properties with at least one, and not more than two, single-family residences—think detached, semi, or certain townhomes—inside Toronto’s boundaries.
So if you’re buying in Forest Hill, Lawrence Park, the Bridle Path, or a renovated detached in central Toronto, you’re very much in luxury-tax territory.
How Much Tax Are We Actually Talking About?
To keep things simple, let’s look at approximate totals for a buyer in Toronto (provincial + municipal combined), using the current bracket structure:
$3,000,000 purchase
Roughly $61,500 in Ontario LTT
Roughly $61,500 in Toronto MLTT
Total: about $123,000 in land transfer tax
$4,000,000 purchase
Roughly $86,500 in Ontario LTT
Roughly $96,500 in Toronto MLTT (thanks to that 3.5% luxury tier)
Total: about $183,000 in land transfer tax
$5,000,000 purchase
Roughly $111,500 in Ontario LTT
Roughly $141,500 in Toronto MLTT
Total: about $253,000 in land transfer tax
These are ballpark figures based on the official rate structure from the Province and the City; every deal should still be run through a lawyer or a reliable calculator for precise numbers.
The takeaway? Once you cross into the $3M+ bracket, your land transfer tax bill alone can rival the price of a condo parking spot… or three.
Why $2.99M Has Become the New Line in the Sand
Here’s what we’re seeing on the ground: buyers are pushing hard to cap their purchase at or below $3M.
When you know that every extra dollar above $3M gets hit with a 3.5% municipal luxury levy on top of the provincial 2.5% over $2M, it’s no surprise that:
Some buyers are setting their saved searches to $2.8M or $2.9M max
Offer strategies are being crafted very intentionally around “Do not cross $3M”
Properties listed just above $3M are facing more resistance—and sometimes longer days on market—than those priced just under
From our side at TorontoLivings, we’ve seen more purchasers push to get their luxury house “until $3 million.” That behaviour lines up with what other brokers and analysts are calling “threshold compression”—activity bunching just below key policy lines.
How Sellers Are Responding
Sellers above $3M are adapting too:
Pricing homes at $2,995,000 instead of $3,050,000
Being more open to offers just under $3M to keep buyers out of the higher tax band
Investing more in presentation and marketing to justify a price that does cross the line
When tax policy starts driving list prices and offer strategies, it’s a sign the luxury LTT isn’t just a background closing cost anymore—it’s actively shaping the market.
If you’re thinking about selling in that range, it’s worth a conversation about strategy—especially around pricing. Our Sell Higher guide walks through how we position listings in shifting markets like this.
Did the Luxury Tax Actually Raise Revenue—or Just Headaches?
The stated goal of Toronto’s luxury MLTT changes was to raise more money from a relatively small slice of high-value deals. Law firms and policy observers noted that City Hall was trying to plug budget gaps, alongside other tools like higher parking fees and calls for new revenue sources.
On the flip side, industry groups—especially the Toronto Regional Real Estate Board (TRREB)—have been blunt: they argue that piling more tax onto home purchases, particularly in a city already dealing with affordability issues, could drive buyers away and reduce transaction volume at the top end.
You don’t have to read the full policy submissions to see the impact. Just look at:
Slower absorption above $3M in certain neighbourhoods
More buyers comparing “Toronto vs just outside of Toronto”
A growing sense, especially among move-up buyers, that “maybe we don’t need that extra bedroom if it comes with six-figure tax”
We’ve seen this play out before with other city policies—think of the Toronto Vacant Home Tax and how it changed the calculus for certain owners. The luxury LTT is doing something similar, just at a different price band.
And Now… Talk of Even Higher Taxes on “Luxury” Homes
Just as the market was getting used to the new 2024 brackets, the conversation moved again.
Recent reporting has highlighted that Mayor Olivia Chow is proposing to increase the tax rates on higher-value home sales even further, including those between $3M and $4M and above. In broad strokes, the idea is to bump the municipal luxury rates by roughly 0.9 to 1.1 percentage points in the upper tiers, pushing the MLTT on a $3M–$4M home toward the mid-4% range.
The pitch from City Hall is simple: these are the wealthiest buyers in the city, and asking them to contribute more helps fund services that everyone uses.
TRREB’s counter-argument is just as simple: stacking more tax on already expensive homes risks slowing the market and pushing activity outside city limits.
Why This Matters Even If You’re “Just Browsing”
Even without exact implementation details, the message to luxury buyers is loud and clear:
Taxes at the top end are not done evolving
The $3M line is likely to become even more sensitive over time
If you’re considering a long-term primary residence in the $3M–$5M range, you’ll want to model closing costs carefully
It also means that timing—and where you buy—matters more than ever.
How Toronto’s Luxury Tax Compares to Buying Just Outside the City
Here’s where things get interesting.
If you buy in Oakville, Mississauga, Vaughan, Markham, or other 905 municipalities, you still pay Ontario’s provincial LTT, but you do not pay a municipal land transfer tax like Toronto’s.
On a multi-million-dollar purchase, skipping the municipal side can mean tens of thousands of dollars in savings.
Roughly speaking:
A $3M home in Toronto = two layers of land transfer tax
A $3M home in Oakville or Vaughan = one layer (provincial only)
Of course, that doesn’t mean everyone should default to the 905. You’re also trading:
Commute time
School options
Neighbourhood character
Access to downtown amenities
But it does explain why we’re seeing some luxury-segment buyers:
Cross-shopping central Toronto vs. Oakville waterfront, or
Looking at newer builds in Vaughan instead of a slightly dated detached in the city core
If you’re shopping above $3M in Toronto, here are a few practical moves:
1. Model the Total Cost, Not Just the Purchase Price
Run scenarios at:
$2.95M
$3.05M
$3.5M
You’ll see how quickly the combined land transfer taxes add up as you cross different thresholds. A good real estate lawyer or a reputable online calculator can give you precise numbers.
2. Build the Tax Into Your Negotiation Strategy
If you’re hovering around $3M, consider:
Structuring offers to stay under the threshold
Highlighting the tax jump when negotiating with the seller
Looking slightly under your max budget, knowing the tax bill will fill in the gap
We’re seeing many buyers treat the luxury LTT as part of the “effective price” of the home—not an afterthought.
3. Think Long-Term, Not Just “Sticker Shock”
Yes, the upfront tax is painful. But if you’re buying a home you’ll live in for 10–15 years, the question becomes:
“Is this the right home, in the right area, for the life I want… even with the tax?”
That’s where conversations about schools, commute, future renovation potential, and resale come into play. We’re big believers in matching the home and the life, not just the budget.
What Sellers Above $3M Need to Watch
On the selling side, the luxury LTT changes should play into your pricing and marketing decisions.
1. Pricing Around the Threshold
If your home’s fair-market value is somewhere between $2.9M and $3.2M, the difference between listing at $2,995,000 vs $3,099,000 is no longer just a rounding error—it’s a psychological barrier for buyers who’ve already run the tax math.
A thoughtful pricing strategy can:
Expand your buyer pool
Reduce friction during negotiations
Shorten days on market in a segment that’s naturally thinner
2. Justifying a Price Above $3M
If you are clearly above the line—say in the $3.5M+ range—your marketing needs to answer:
“Why this house?”
“Why this neighbourhood?”
“Why is it worth the extra tax, not just the extra price?”
This is where high-quality visuals, floor plans, neighbourhood storytelling, and a strong digital strategy matter. You’re not just selling a house—you’re selling the argument that this specific property is worth carrying the tax burden.
If you’re curious how we approach that, our Sell Smarter page walks through our system for maximizing value in markets exactly like this.
Final Thoughts: Is Toronto’s Luxury Market Adapting… or Migrating?
Luxury buyers in Toronto are facing a triple reality:
High base prices for quality homes
Stacked land transfer taxes (provincial + municipal, with luxury tiers over $3M)
Talk of even higher rates on “luxury” properties going forward
Some will adapt—tightening their search to just under key thresholds, negotiating harder, and focusing on homes they’ll keep for the long haul.
Others will migrate—to neighbouring municipalities with similar homes but lighter tax loads.
Either way, if you’re buying or selling above $3M in Toronto, this isn’t background noise anymore. It’s a core part of your strategy.
If you’re trying to make sense of your own numbers—whether you’re on the buy side or the sell side—feel free to reach out. And if you want to keep tabs on how policy and market trends evolve from here, make sure you’re subscribed to our market updates so you’re never guessing about what City Hall (or the market) is planning next.
What’s Changing — Bathurst & Dufferin’s New Priority Lanes
Toronto is rolling out priority transit lanes along two of the city’s busiest north–south corridors: Bathurst Street and Dufferin Street. If you’ve driven, ridden, or walked these stretches recently, you’ve likely felt the congestion firsthand.
The new configuration introduces red-painted priority lanes designed to keep TTC vehicles moving. On Bathurst, the priority lanes run roughly 3.4 km from Bathurst Station down to Lake Shore, converting centre lanes to streetcar-only sections and removing pockets of on-street parking. Dufferin will see curbside bus/streetcar lanes from Dufferin Station down to King Street West, paired with new signage, turn restrictions, and loading-zone adjustments.
It’s a major shakeup for two corridors that serve tens of thousands of daily riders — and thousands of drivers who now have one less lane to work with.
Why the City Is Doing This — Transit, Congestion & the 2026 World Cup
According to the City of Toronto and the TTC, both streets have reached a breaking point. Streetcars are routinely slowed to a crawl by general traffic, frequent stops, and parked or turning vehicles. Bus service on Dufferin — one of the busiest surface routes in the city — faces the same fate.
The plan is part of RapidTO, a city-wide initiative investing in dedicated transit lanes to improve reliability. And yes, there’s also a deadline: Toronto is hosting World Cup 2026 events, meaning the city needs faster and more predictable ways to move huge crowds along these central corridors.
In theory, riders should see:
Shorter travel times
More reliable service
Fewer “bunching and gaps” on streetcar and bus routes
But there’s a tradeoff — and it’s a big one.
What Riders & Drivers Should Expect — Gains, Losses & Growing Pains
Let’s be honest: traffic on Bathurst and Dufferin already feels painfully inefficient, especially during rush hours. Removing mixed-traffic lanes won’t magically unclog the streets — if anything, drivers may feel the pinch even more.
Drivers may experience:
Longer north–south travel times
More congestion from lane reductions
Loss of on-street parking in key segments
New turn restrictions
Transit riders may experience:
Faster, more predictable streetcar/bus trips
Fewer service delays caused by stalled traffic
Local businesses are watching closely. Beyond concerns about customer parking, many will face tougher delivery logistics. With curb lanes shifting to transit‑only use, delivery trucks will have fewer legal loading zones, forcing drivers to circle longer, park farther away, or schedule drop‑offs during off‑peak hours. For businesses that rely on frequent shipments — restaurants, retail shops, service vendors — even small delays can add up quickly. Some rely heavily on street parking and fear these changes could redirect customers elsewhere. Residents have also voiced concerns about cars diverting onto side streets — a natural byproduct of any major lane reallocation.
RapidTO: Bathurst Street
What It Means for Neighbourhoods & Real Estate
Transit accessibility has always played a big role in Toronto’s real estate story. When commuting becomes easier, neighbourhood desirability often rises with it.
For many buyers, being close to a reliable transit line is a bigger priority than owning a parking spot. These changes could boost the appeal of homes, condos, and rentals along Bathurst and Dufferin — especially for people who value car-free or car-light living.
For drivers? The reaction might be mixed. Increased congestion or reduced parking could nudge some homeowners toward quieter streets or areas with better road access.
But overall, improvements to public transit tend to strengthen neighbourhood demand over the long term.
Our Take — A Tough Transition, with Long‑Term Gains
From our experience moving around the city daily, we know how frustrating things already are: Traffic is already jammed, and these improvements won’t fix driving anytime soon.
But if the goal is to move the most people efficiently, dedicated transit lanes make sense. And in a city growing as fast as Toronto, prioritizing the TTC — the system most people rely on — feels like the right long-term play.
Will it be painful for drivers? Absolutely.
Will it help transform two notoriously slow corridors into reliable transit spines over time… we’ll see!
One more wrinkle worth noting: it’s still unclear when the lanes will officially become enforced TTC-priority lanes, and the City hasn’t yet confirmed what fines drivers might face for entering or stopping in them once enforcement begins. Until those details are finalized, expect a transition period where rules, signage, and compliance continue to evolve.
Introduction — A Big Shift in Ontario’s Rental Rules
Ontario’s rental market has been running hot for years — rising demand, tight supply, and a Landlord and Tenant Board (LTB) so backlogged that some hearings took months, even years. Both landlords and tenants felt stuck in a system that wasn’t working.
Enter Bill 60, a sweeping update to Ontario’s Residential Tenancies Act. It’s designed to speed up decisions, reduce delays, and (according to the province) help restore fairness between tenants and landlords.
And from where we sit, this bill feels like a welcome shift — one that begins to balance the scales of fairness while creating clearer, more predictable rules for everyone involved.
What Is Bill 60?
Bill 60 — formally known as the Fighting Delays, Building Faster Act — introduces several changes to how rental disputes are handled in Ontario. It tightens timelines, limits last-minute curveballs at hearings, and adjusts how certain evictions work.
The goal? Faster resolutions. More predictability. And fewer situations where good landlords (and good tenants) are stuck navigating endless delays.
Key Changes Landlords & Tenants Need to Know
1. Faster Path to Eviction for Non-Payment of Rent
Under previous rules, landlords needed to wait 14 days after a missed payment before issuing an N4 notice. Bill 60 cuts that in half — just 7 days of arrears can trigger the notice.
What it means:
For landlords: quicker action on serious arrears.
For tenants: less buffer for late payments — communication is crucial.
2. Limits on Tenants Raising New Issues at LTB Hearings
Historically, tenants could introduce last-minute concerns (maintenance, safety, harassment) during a non-payment hearing — often leading to adjournments.
With Bill 60, new issues can only be raised if the tenant prepays 50% of the arrears being claimed.
It’s a big shift, aiming to reduce delays — but critics argue it may silence legitimate tenant concerns.
3. Shorter Appeal Windows at the LTB
Appeal periods shrink from 30 days down to 15 days.
Faster decisions mean:
Landlords can regain units sooner.
Tenants need to act quickly if they plan to challenge a ruling.
4. Changes to Landlord-Use Evictions (N12)
When a landlord or an immediate family member wants to move into a rental unit, Bill 60 removes the requirement to:
offer the tenant another available unit, or
provide one month’s rent as compensation.
As long as proper 120-day notice is given, compensation is no longer mandatory.
This reduces costs for landlords — and may reduce disputes around bad-faith claims — but raises questions about tenant security.
5. Other Process Improvements
Future system upgrades aim to:
Digitize more of the LTB process
Increase staffing
Reduce decision timelines
We’ll be watching closely to see how quickly these improvements materialize.
Investors pulling back due to risk and unpredictability
Rapid growth in renter households
The province claims a faster system benefits everyone — tenants get timely decisions, and landlords avoid months of uncertainty.
How Tenants Are Affected
Reduced Security of Tenure
Cutting timeframes makes eviction processes faster and more decisive. For tenants who fall behind due to emergencies, this leaves less flexibility.
Barriers to Raising Maintenance Concerns
If a tenant can’t pay 50% of arrears, it becomes harder to bring legitimate complaints forward during a hearing.
Concerns Around Personal-Use Evictions
Without compensation requirements, displaced tenants must navigate Toronto’s high rental prices without financial support.
How Landlords & Investors Are Affected
More Predictability and Stability
Bill 60 brings clearer expectations around timelines — reducing risk for small landlords who depend on rental income.
Fewer Bad-Faith Claims
Limiting last-minute hearing surprises should reduce delays and adjournments.
Greater Confidence for Purpose-Built Rentals
With smoother dispute resolution, developers may feel more comfortable building much-needed rental supply.
Our Take: Does Bill 60 Actually Balance Things Out?
The rental system wasn’t working — not for landlords, not for tenants. Bill 60 doesn’t fix everything, but it does introduce more structure, fewer delays, and clearer expectations.
From our perspective, this is a welcome change. It begins to restore balance, making the process more fair for everyone involved.
Practical Advice for Tenants and Landlords
For Tenants:
Stay on top of payments — the 7-day grace period is strict.
Document all issues with the unit.
Know your rights around eviction and notices.
For Landlords:
Update your tenant communication and onboarding materials.
Keep records of all correspondence.
Use N12 responsibly — penalties for misuse still apply.
Conclusion — A New Chapter for Ontario’s Rental Landscape
Bill 60 brings meaningful updates to an overburdened system. While not perfect, the changes aim to improve predictability, fairness, and efficiency.
For landlords and tenants navigating Toronto’s tight rental market, understanding these new rules is essential — and staying informed will help everyone adapt to this new chapter.
After a quieter summer and a cautious start to the fall market, October delivered the clearest sign yet that Toronto’s real estate landscape is stabilizing. Sales activity continued to improve, inventory eased from September’s surge, and prices held firm month-over-month. While the market is not roaring forward, October showed a meaningful shift in sentiment as buyers re-engaged and competition tightened slightly across several segments.
Below is a full breakdown of how the market performed and what it means for buyers and sellers heading into the final stretch of the year.
October at a Glance
Sales: Up 9.76% month-over-month
New Listings: Down 16.57% month-over-month
Active Listings: Down 5.40% month-over-month
Average GTA Price: Down 0.47% month-over-month
Average Days on Market: 50 days (down from 51 in September)
October 2025 Toronto Real Estate Market Update
GTA Market Overview
October delivered a second consecutive month of sales growth, rising nearly 10% from September. Buyers who had previously stepped to the sidelines over the summer began returning, encouraged by improved affordability expectations, increased negotiation power, and a sense that prices may have reached a temporary floor after months of softening.
Inventory also pulled back in October. New listings dropped more than 16% month-over-month, and active listings declined just over 5%. While supply remains higher than last year, the month-over-month easing helped bring the market closer to balance. With fewer new listings coming online, sellers benefited from slightly less competition than they faced in September.
Prices remained stable, dipping less than half a percent. Considering the broader downward pressure over the past year, October’s minimal price movement suggests values may be flattening as the market finds an equilibrium between what sellers are willing to accept and what buyers are prepared to pay.
Key Takeaway: October showed improving buyer engagement and tightening inventory – two key ingredients for price stabilization.
Key Market Drivers in October
Improved Buyer Confidence The fall market saw stronger engagement as buyers adjusted to borrowing costs and gained clarity around pricing. This confidence translated into increased sales activity across both freehold and condo segments.
Inventory Eased After a September Surge September’s spike in listings created temporary pressure on prices. With fewer new listings in October, buyers had less choice, helping restore some balance.
Price Stability Encouraged Move-Ups and First-Timers Stable pricing helped both move-up buyers and first-time purchasers make more confident decisions, especially in the condo and semi-detached segments.
GTA Market Performance: Month-Over-Month
Sales increased by 9.76% (+546 sales)
New listings declined by 16.57% (-3,191 listings)
Active listings dropped by 5.40% (-1,586 listings)
Average price decreased slightly by 0.47% (-$5,005)
Days on Market improved from 51 to 50 days
Key Takeaway: The combination of rising sales and falling listings is a positive directional shift for market balance.
GTA Market Performance: Year-Over-Year
Sales down 7.81% from October 2024
New listings up 4.83% from last year
Active listings up 13.59% from last year
Average price down 7.12% year-over-year (-$80,843)
Days on Market up 16.28% from last year (+7 days)
Key Takeaway: While the month-to-month narrative has improved, year-over-year comparisons continue to show a softer market with more choice and lower prices than last fall.
416 Market Breakdown by Property Type
Sales Activity (Month-Over-Month)
Detached: Up 10.67% (+72 sales)
Semi-Detached: Up 22.90% (+49 sales)
Townhouse: Up 13.64% (+30 sales)
Condo: Up 14.04% (+132 sales)
Sales growth was seen across all housing types, marking one of the broadest improvements this year. Semi-detached homes led the month, followed closely by the condo sector, which regained momentum after a slower summer.
Key Takeaway: Buyer interest strengthened across all segments, showing renewed confidence in the market.
Pricing Trends (Month-Over-Month)
Detached: Down 3.97% (-$66,966)
Semi-Detached: Up 3.18% (+$37,582)
Townhouse: Down 4.19% (-$38,919)
Condo: Up 2.66% (+$18,126)
Freehold properties saw mixed performance. Detached and townhouse values experienced modest declines, while semis posted the strongest price gains of the month. Condos also saw average prices rise, supported by an uptick in demand and more motivated fall buyers.
Key Takeaway: Semi-detached homes stood out as the strongest performer, while condos continue to offer value-driven opportunities for buyers.
October 2025 Toronto Real Estate Market Update
What This Means for Buyers
With inventory easing and sales strengthening, buyers considering a purchase in the next three to six months may want to take advantage of current conditions. Prices have shown signs of stabilizing, and as competition picks up, the negotiation leverage seen through the summer could begin to narrow.
Key Takeaway: Buyers still hold advantages, but conditions are shifting. Acting before inventory tightens further could be beneficial.
What This Means for Sellers
October offered sellers a more encouraging landscape than earlier in the fall. With fewer new listings entering the market, properly priced homes saw more consistent showings and engagement. Attractive, well-prepared properties continue to see the strongest results.
Key Takeaway: Sellers who position their home strategically and price with the current market will find more motivated buyers than in recent months.
Our Take
October marked an important turning point for Toronto real estate. While we’re not seeing dramatic price growth or frenzied bidding wars, the combination of stronger sales and softer listing numbers suggests the market is working toward balance. Confidence has improved, and both freehold and condo buyers are moving more decisively than they did over the summer.
Heading into the final months of the year, the market appears more stable and predictable than it has been for most of 2025. For both buyers and sellers, clarity is returning, and informed strategies are key. As always, reach out any time if you’d like to learn more!
When most people picture a townhouse, they imagine a row of homes neatly connected by shared walls — but in Toronto, that’s only half the story. What really defines a townhouse isn’t its look, but how you own it. From full land ownership to shared maintenance agreements, understanding the difference between freehold, condo, and POTL townhouses can save you surprises (and thousands of dollars) down the line.
Let’s break down the three main types you’ll find across Toronto — and help you decide which one fits your lifestyle best.
Freehold Townhouses: Complete Ownership, Maximum Control
Toronto Row House
A freehold townhouse is the closest thing you’ll find to owning a detached home in a connected row. You own both the building and the land it sits on — from the basement floor to the patch of grass out front.
With no condo board or management company, there are no monthly maintenance fees. But that independence comes with full responsibility. You’ll handle the roof repairs, lawn care, snow shovelling, and any exterior upkeep yourself. For some, that’s freedom. For others, it’s a to-do list that never ends.
Freehold townhomes are often found in mid-density pockets like Queen West, and older pockets of the city, where lots are deep enough to support row-style development. They’re also becoming more common in outer neighbourhoods of Scarborough and Etobicoke where builders can offer fee-free ownership.
Pros:
Full control over your home and land
No monthly maintenance or condo fees
Greater long-term appreciation tied to land value
Cons:
All exterior and structural maintenance is on you
Costs can add up for major repairs (roof, driveway, etc.)
A condo townhouse blends home-like living with the convenience of shared maintenance. You own the interior of your unit, but the exterior, land, and shared amenities belong to a condominium corporation. That means you’ll pay monthly condo fees, which typically cover landscaping, snow removal, roof repair, insurance on the exterior, and sometimes even utilities.
In exchange, you’ll have fewer weekend chores — but a bit less autonomy. The condo board oversees what you can and can’t do with your home’s exterior. Want to change your front door or install a satellite dish? You might need board approval first.
These townhouses are common in Liberty Village, East Bayfront, and along major transit corridors where land is scarce and vertical living makes sense. For many, they strike the right balance between ownership and ease.
Pros:
Lower individual maintenance responsibilities
Shared upkeep through predictable monthly fees
Often include amenities or shared green space
Cons:
Monthly condo fees can rise over time
Limited control over exterior appearance and common areas
If you’re exploring condo living in Toronto, visit our Buy Better guide for expert insights.
POTL Townhouses: The Best of Both Worlds
Toronto POTL Townhouse
A POTL townhouse — short for Parcel of Tied Land — sits somewhere between a freehold and a condo. You own your home and the land beneath it, but it’s “tied” to a Common Elements Condominium Corporation (CEC). That means you also own a share of certain shared spaces — think private laneways, visitor parking, or landscaped courtyards.
You’ll pay a monthly POTL fee for maintenance of those shared elements, but otherwise, you control your property much like a freehold owner. It’s a hybrid model that gives you autonomy with a touch of community upkeep.
POTL developments are increasingly common in suburban pockets of Vaughan, Brampton, and North York (Downsview Park is a big fav of ours), where builders include private roads and shared driveways. They offer the best of both worlds — independent living without the full burden of maintenance.
Pros:
You own both the home and land
Shared maintenance of common areas like roads and landscaping
Typically lower fees than a full condo townhouse
Cons:
Still subject to condo-style rules for shared spaces
Legal structure can be complex — always review the status certificate
Want to hear us talk through these townhouse types in real time?
Tune into our latest Toronto Livings Podcast episode, where Mark and Joey break down the differences between freehold, condo, and POTL townhouses — with real examples from Toronto neighbourhoods.
When it comes to townhouses in Toronto, the right choice depends on how you want to live — and what you’re willing to manage.
Type
Ownership
Fees
Control
Maintenance
Freehold
Home + Land
None
Full
100% Yours
Condo
Interior + Shared Land
Monthly
Limited
Shared
POTL
Home + Land + Shared Elements
Small Monthly Fee
Moderate
Shared
Before you buy, ask your agent (hi 👋) to check the property’s title and status certificate — it’s the best way to confirm what you’re actually buying. Whether you want full control, minimal upkeep, or a balanced middle ground, there’s a townhouse type that fits your lifestyle.
Ready to explore what’s on the market? Start with our Buy Better guide or contact us below for personalized advice!
September brought a noticeable pulse back to the Greater Toronto Area housing market. TRREB reported 5,592 homes sold across the region — an 8.5% increase compared to the same time last year. This rebound comes alongside a 4% increase in new listings, with 19,260 properties entering the market.
While activity picked up, prices continued their modest retreat. The MLS Home Price Index Composite Benchmark dipped 5.5% year-over-year, while the average selling price landed at $1,059,377, down 4.7% annually. On a seasonally adjusted basis, the average price held relatively flat month-over-month (up 0.2%), while the benchmark dipped slightly (-0.5%).
With more homes for sale and increased buyer negotiation power, the market remained competitive — but not chaotic. This remains a market driven by opportunity-seeking buyers and realistic sellers.
The move came in response to softening inflation, weaker job creation, and ongoing global trade challenges. It also provided a notable psychological and financial boost for homebuyers, many of whom had been sidelined by borrowing constraints.
Lower rates mean more manageable monthly payments — especially for variable-rate borrowers or those renewing mortgages. According to Global News, some households are now able to qualify for homes that had previously been out of reach.
Expectations are building for two more 25-bps cuts before spring 2026. If realized, this could significantly improve affordability metrics and buyer confidence.
Deep Dive: Sales, Listings & Price Trends
The September landscape was defined by:
More sales: 5,592 transactions (up 8.5% YoY)
More choice: 19,260 new listings (up 4% YoY)
Lower prices: Benchmark HPI down 5.5%, average price down 4.7%
Subtle shift: Sales up vs August, but listings down → signs of slight tightening in certain pockets
This mild tightening suggests some segments — especially entry-level freeholds and move-in-ready condos — may see more bidding activity heading into the fall.
Condo Market & Our Brokerage Lens
Here’s where things got interesting for us at Toronto Livings.
While broader TRREB data showed continued softness in the condo market, our listings told a different story. Every condo we had on the market in September sold faster than expected — often within a week, and in some cases with multiple offers.
Buyers seem to be responding to three things:
Relative affordability: Condos offer a lower price point for end-users and investors alike.
Inventory balance: With listings plateauing, urgency is returning.
This isn’t a market-wide shift yet — but it’s a trend we’re watching closely, especially downtown and in midtown nodes like Yonge & Eglinton and Liberty Village.
What Buyers & Sellers Should Watch
For buyers:
Affordability is trending in your favour. Lower mortgage rates = more purchasing power.
There’s still room to negotiate. Prices are down YoY, and sellers are motivated.
For sellers:
Well-prepped, well-priced homes are moving. Especially in the condo and mid-tier freehold space.
Professional staging, marketing, and pricing strategy matter more than ever.
For everyone:
Inventory may tighten further if new listings continue to slow and sales ramp up.
October and November often bring strategic buying opportunities before the winter slowdown.
Outlook & Forecast
TRREB expects 76,000 total sales by year-end, with modest price growth returning in early 2026 — assuming more rate cuts are on the table.
But there are caveats:
Construction activity is falling — new housing starts have slowed considerably.
Policy coordination is lacking — TRREB is calling for better alignment between all levels of government and industry players.
Supply chain and labour constraints continue to weigh on delivery timelines.
Still, with borrowing costs easing and buyer sentiment rising, the stage may be set for a more active close to the year.
Thinking of making a move this fall? Let’s talk — the market may offer more opportunities than you think.
As 2026 approaches, all eyes are once again on the Bank of Canada (BoC) and its interest rate announcements. After a period of steady adjustments through 2024 and 2025, the BoC has published its official 2026 schedule—dates that will shape everything from mortgage rates to Toronto’s housing market. With Toronto real estate highly sensitive to rate changes, this calendar matters to both buyers and sellers.
The 2026 Announcement Calendar
The BoC has confirmed eight interest rate decision dates in 2026 (Bank of Canada):
January 28
March 18
April 29
June 10
July 15
September 2
October 28
December 9
Each announcement is released at 9:45 a.m. ET. Four of these dates—January, April, July, and October—also come with a full Monetary Policy Report, offering deeper insight into the BoC’s outlook.
Luxury Penthouse in Midtown Toronto
Forecasts & Drivers in 2026
So what’s at stake? As of mid-2025, the policy interest rate sits at 2.75%, with economists anticipating gradual cuts through 2025 and into 2026. Forecasts suggest we could see rates ease closer to 2.00%–2.50% by year’s end (True North Mortgage).
The key drivers the BoC will weigh:
Inflation trends – whether price growth holds steady within the 2% target range.
Economic growth – Canada’s GDP recovery pace, especially as tariffs and global trade pressures evolve.
Labour markets – employment strength and wage growth as signs of consumer demand.
Global risks – from U.S. interest rate policies to energy prices and supply chain stability.
Sales activity – recent TRREB data shows summer 2025 home sales rising modestly compared to last year.
Average prices – while sales are up, prices have faced downward pressure, with buyers negotiating more aggressively in a high-inventory market.
Inventory & listings – more active listings mean more choice for buyers; months of inventory (MOI) is trending higher (Move Smartly).
Condo vs. low-rise – low-rise homes have seen stronger year-over-year recovery, while the condo segment remains softer.
This real-time tracking helps us anticipate how the BoC’s decisions will ripple through Toronto’s housing market.
How Rate Changes Could Affect Toronto Real Estate in 2026
If rates fall: Lower borrowing costs could spur demand, especially among first-time buyers and move-up families. Low-rise homes may see renewed bidding wars if affordability improves.
If rates hold steady: Market momentum may remain muted, with price growth restrained and condos facing continued challenges.
If cuts are slower than expected: Buyers may stay cautious, and new construction projects—already at lower than historical levels—could face further delays.
What Buyers and Sellers Should Watch For
Key dates – mark the BoC’s eight announcements on your calendar.
Statements & reports – focus on inflation commentary, labour market analysis, and forward guidance.
Local market data – keep an eye on TRREB monthly updates for sales, listings, and pricing.
For buyers: staying pre-approved and watching for rate dips could provide an edge. For sellers: higher inventory means standing out matters more than ever—pricing and presentation will be critical.
Conclusion
The BoC’s 2026 rate decisions are poised to shape not only mortgage costs but also the rhythm of Toronto’s real estate market. With forecasts leaning toward modest easing, the year could bring more opportunities for buyers while keeping sellers on their toes. We’ll continue to track the data and provide insights to help you navigate what’s ahead.
If it felt like the market hit pause in August… it kind of did.
Between vacations, back-to-school prep, and one last cottage weekend, it’s no surprise that activity slowed across the board. For our team — and many of our clients — the majority of the month was spent away from the action. Historically, August tends to be one of the sleepiest months in Toronto real estate, and this year followed that familiar script.
That said, a quiet market doesn’t mean a stagnant one. Beneath the surface, some subtle (and potentially significant) shifts took place.
Sales Slow, Listings Rise – A Buyer’s Market (On Paper)
The Toronto Regional Real Estate Board (TRREB) reported 5,211 sales in August 2025 — a 2.3% increase year-over-year, but a sharp 14% decline from July. That drop wasn’t unexpected, given the seasonal slowdown. What stood out more was the surge in new listings: 14,038 properties hit the MLS, up 9.4% from last year and higher than July’s tally.
TRREB President Elechia Barry-Sproule put it this way: “With the economy slowing and inflation under control, additional interest rate cuts by the Bank of Canada could help offset the impact of tariffs. Greater affordability would not only support more home sales but also generate significant economic spin-off benefits.” (FYI, the Bank of Canada is meeting on Sept 17th to decide on the policy interest rate)
You can almost hear the fall market gears warming up… but then again, who really know!?!
Toronto Skyline
Pricing Holds Steady — But Down From Last Year
The average selling price in the GTA came in at $1,022,143 — down 5.2% year-over-year and 2.81% from July. The MLS Home Price Index (HPI) Composite also fell 5.2% annually but held flat month-over-month.
That month-over-month stability may seem like good news for sellers, but context is everything. Properties sat longer, with average days on market rising to 49 — the second slowest pace of the year (only January was slower at 55 days).
In short: homes are still selling, but not without negotiation — and patience.
Condos: The Softest Spot on the Map
Of all housing types, the condo segment saw the steepest summer dip. Just 890 condo sales were recorded — making it the third weakest month of 2025. Prices followed suit, with the average condo selling for $667,660, marking the worst monthly performance of the year.
That said, inventory remains healthy and choice is abundant — which could be a silver lining for buyers looking to enter the market or make a move-up purchase.
What This Means for Fall (And Why September Matters More Than Ever)
August may have been sluggish, but fall could be a different story. With many buyers and sellers returning from summer break, we expect momentum to pick up in September.
TRREB Chief Information Officer Jason Mercer noted that, even with lower borrowing costs and softer pricing, affordability remains a challenge. But any additional cuts from the Bank of Canada — like the ones forecasted this fall — could bring sidelined buyers back into the game.
What Buyers and Sellers Should Know Right Now
For Buyers:
Inventory is your advantage. With listings up and competition low, now’s the time to shop around and negotiate with confidence.
Interest rate cuts may be coming. Acting before they hit the headlines could save you from bidding wars down the road.
Condos are especially soft. If you’ve been eyeing a unit downtown or looking for an investment property, this could be the moment to pounce.
For Sellers:
Buyers are cautious, not absent. Presentation, pricing, and patience are key.
Prep now for the fall surge. We expect renewed activity in September — having your listing market-ready could pay dividends.
Highlight value. With affordability still a top concern, make sure your home’s best features are front and centre.
Final Thoughts – Don’t Sleep on the Slow Months
Yes, August was quiet. But that silence came with a lot of signal: more listings, longer days on market, and room for negotiation across nearly every housing segment.
Sellers: now’s the time to prep your listing for fall. Presentation, pricing, and timing will matter more than ever.
Buyers: if you’ve been waiting on the sidelines, this might be the moment to step in. Less competition. More inventory. And the possibility of more favourable rates ahead.
After a well-earned summer breather, Toronto’s market is gearing up again — and we’re here to help you navigate what’s next.
Looking to buy or sell this fall? Reach out to the Toronto Livings team — even if August was all about rest, we’re ready to help you move forward in September.
The Toronto real estate market delivered its strongest July sales performance since 2021 — a welcome shift after a slow start to the year. According to the Toronto Regional Real Estate Board (TRREB), 6,100 homes were sold across the GTA last month. That’s a 10.9% increase over July 2024.
New listings also climbed to 17,613, up 5.7% year-over-year. But with sales rising faster than listings, the market saw a modest tightening — signalling that more buyers are finding opportunities to jump in.
Are Prices Still Falling?
Yes — but there’s more to the story.
The MLS®Home Price Index (HPI) Composite Benchmark was down 5.4% compared to last year, while the average selling price dropped 5.5% to $1,051,719.
Month-over-month, prices held steady — suggesting the bottoming-out trend we started to see in June may be sticking around.
“Improved affordability, brought about by lower home prices and borrowing costs, is starting to translate into increased home sales,” said TRREB President Elechia Barry-Sproule.
Between back-to-back interest rate cuts earlier in 2025 and greater affordability in key segments (especially entry-level condos and townhomes), buyer activity is up. Homes are selling faster, showing traffic has picked up, and serious buyers are making moves.
This is the second month in a row that sales have outpaced new listings on a seasonally adjusted basis — a trend worth watching as we head into the fall market.
Rate Relief & Economic Outlook
While the Bank of Canada held its key rate at 4.25% in July, economists expect another cut may be on the table this fall (September is the next meeting).
Mortgage rates have already reacted, with many 5-year fixed options dipping below 5% — making ownership slightly more attainable for buyers who were previously priced out.
But the economic picture remains mixed. As TRREB’s Chief Market Analyst Jason Mercer notes:
“Recent data suggest that the Canadian economy is treading water… further interest rate cuts would spur home sales and see more spin-off expenditures, positively impacting the economy and job growth.”
What About the Foreign Buyer Ban?
Despite its name, the foreign buyer ban isn’t an outright block. There are several exemptions that allow non-residents to purchase real estate in Canada, including:
Multi-unit buildings with 4+ units
Vacant land and development parcels
Recreational and rural properties
Purchases by international students and temporary workers under defined rules
This is important context for developers and investors looking at multiplex conversions or purpose-built rentals.
Key Stats at a Glance (July 2025)
Metric
Value
YoY Change
Home Sales (GTA)
6,100
+10.9%
New Listings
17,613
+5.7%
Avg. Selling Price
$1,051,719
-5.5%
MLS® HPI Composite
—
-5.4%
BoC Key Interest Rate
4.25%
—
5-Year Fixed Mortgage Rates
~4.89%
Lower than 2024
What Buyers and Sellers Should Know Right Now
For Buyers:
Timing is on your side. With prices flat month-over-month and rates slowly trending down, conditions are more favourable than they’ve been in years.
Competition is still manageable, but we expect that to shift as fall approaches — don’t sleep on pre-approval and fast decision-making.
Condos and townhomes are heating up, especially in midtown and west-end pockets. If you’ve been on the sidelines, now’s the time to revisit your strategy.
For Sellers:
Pricing matters more than ever. Overpricing is a fast track to stagnation — strategic pricing is key in this transitional market.
Presentation counts. With more motivated buyers, staging, pre-inspections, and marketing make a real difference.
We’re seeing faster sales for homes that show well and are priced right — especially in walkable, transit-connected neighbourhoods.
Final Thoughts
Affordability is improving. Buyer confidence is growing. And if July’s numbers are any indication, we’re moving toward a more balanced market.
With fall just around the corner, there’s likely more activity — and more competition — to come.
If you’re planning to buy, sell, or just want to know how the shifting market affects your next move, reach out to us here.
Want a better sense of your home’s current value? Get your free evaluation and we’ll show you what today’s buyers are paying.
