Here is your February Real Estate Market Report for the GTA and surrounding areas.
The Toronto Regional Real Estate Board (TRREB) has released its January 2025 market stats, showing a 7.9% drop in home sales compared to the same time last year, with 3,847 transactions recorded on the local MLS.
New listings have increased at a faster rate than sales, keeping the market well-supplied as we head into February. A total of 12,392 new listings were reported—up 48.6% year-over-year—while active listings surged 70.2% to 17,157, leaving housing inventory at about 4.5 months.
Despite the boost in available homes, prices have remained stable with slight growth. The average sale price came in at $1,040,994, reflecting a 1.5% increase from January 2024. The MLS Home Price Index (HPI) Composite Benchmark also edged up by 0.44% year-over-year, with Toronto specifically seeing a 0.41% gain.
On average, properties took 37 days to sell, with most closing at 99% of the listing price. A majority (70.8%) of sales fell within the $600,000 to $1,500,000 range. Meanwhile, sales of homes priced above $2,000,000 declined by 4.9%, making up a smaller share of the market than the previous year. Detached homes accounted for 41.1% of sales, followed by condo apartments at 30.2%.
Breaking it down by property type, detached homes sold for an average of $1,377,430—up 2.1% year-over-year but down 1.6% from December. Semi-detached homes averaged $1,047,728 (+1.1% YoY, -3.7% MoM), townhomes averaged $904,986 (+1.6% YoY, -0.6% MoM), and condos saw a slight dip, selling for an average of $670,675 (-1.6% YoY and MoM).
Looking ahead, the increased inventory should continue to benefit buyers, keeping prices stable. With expected interest rate cuts on the horizon, affordability is likely to improve, drawing more buyers back into the market. However, economic uncertainties, including trade disruptions and shifts in consumer confidence, could impact these trends. The situation will be closely monitored in the coming months.
Looking to invest, sell or lease in GTA? Then contact Michael Kelly today!
Michael Kelly
Sutton Group Realty Systems Inc.
đ§ info@michaelkellyhomes.com
âď¸. 647-408-5226
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