Today's Market

The Greater Toronto Area has shifted into a more balanced market. After the rapid run-up of prior years, the average selling price now sits near $1,069,700, modestly below where it was a year ago. For buyers, that means more negotiating room and far less of the frantic bidding that defined the peak.

Inventory has recovered to healthier levels, giving buyers more selection and time to conduct due diligence. Well-priced, move-in-ready homes still attract strong interest, while homes needing work or priced ambitiously are sitting longer — a classic sign of a market that rewards preparation and pricing discipline.

Borrowing costs are the key story. With the Bank of Canada overnight rate at 2.25% and competitive 5-year fixed mortgages around 3.99%, affordability has improved meaningfully from the highs of the rate-hiking cycle. Lower financing costs are gradually drawing buyers back, particularly first-timers and those who had been waiting on the sidelines.

Condos remain the most accessible entry point and have seen the largest price adjustments, creating opportunity for first-time buyers and investors with a longer horizon. Detached homes in established neighbourhoods continue to hold value best, reflecting the enduring scarcity of land close to the core.