Home sales across the Greater Toronto Area continued to slow in October, with Total Sales declining compared to both September 2025 and October 2024. While New Listings also fell, they’re still higher than last year.
Prices also declined, with the average home selling for just over $1M. Month over month, both sales and listings dropped slightly from September, suggesting a slower pace heading into the final quarter of the year. However, it’s further evidence that conditions continue to favour buyers more than last year.
And with another rate cut in October, lowering the rate to 2.25%, the potential is there for a run on the available inventory, which remains high.
Here are all of the numbers from October:
GTA
The Average Sales Price performance from September to October wasn’t typical. Almost every year we see an increase for this month-to-month period, but in 2025, there was a decline. While the fall was only 0.5% ($1,059,377 to $1,054,372), the buck in the trend is noteworthy. And when compared to last October, the Average Sales Price was $1,135,694 (7.2% higher than last month).
Total Sales
Conversely, the trend of steady Sales growth for this month-to-month period held. October’s 6,138 Sales outpaced September’s by 9.8% (5,592). But when compared to 2024, Sales were 9.5% lower than last October (6,784). This continues the trend of lower Average Sales Prices and Total Sales in 2025 versus 2024.
New Listings
After the run of three straight declines in New Listings was broken by an increase from August to September, another decline occurred from September to October. Only 16,069 new homes were listed for sale last month, a 16.6% fall from the 19,260 posted in September. However, the 16,069 New Listings last month were still 2.7% higher than in October 2024.
Active Listings
Active Listings also fell, from 29,394 in September to 27,808 in October (-5.4%). Despite the month-to-month decrease, October 2024 posted only 23,722 Active Listings, 17.2% lower than last month’s number. While the trend in Active Listings indicates a decline (indicating to some degree that supply is moving better than before), the GTA is still seeing some of the highest numbers recorded for this inventory metric.
Toronto
The 416’s Average Sales Price stayed above $1M, but fell by 1.8% from September to October ($1,089,918 to $1,069,807). Just like the GTA, this isn’t a typical trend for Toronto sale prices. When looking at September 2024, the Average Sales Price was $1,165,660, which is 8.2% higher than in 2025. Keep in mind though that this is heavily swayed by the soft condo market rather than a depressed freehold market.
Total Sales rose by a double-digit percentage for the second straight month, from 2,063 in September to 2,351 in October. That’s an increase of 14.0%.
Following a 36.8% leap from August to September, New Listings fell from 7,182 new homes to 5,988 (-16.6%). Active Listings remained above 10K, but fell from 10,653 in September to 10,357 in October (-2.8%). Total sales and new listings numbers are an indication that supply is starting to be absorbed.
The Sales-to-New-Listings Ratio (SNLR) in Toronto remained at 34.5%. In the GTA, the SNLR fell to 34.1% from 34.6%. We are securely in buyers market territory making it an excellent time to purchase but a tougher time to sell.
Outlook
Lower mortgage rates and more negotiable prices are creating opportunities for qualified buyers. For others, ongoing uncertainty around the economy and job stability continues to delay purchases. As borrowing costs decline and affordability improves, confidence should return to the market.
In the meantime, housing experts continue to call for increased construction, modernized tax policies, and zoning reform to address long-term supply challenges and meet the growing demand for GTA housing.
What does this all mean for you? It’s important now more than ever, to ensure you receive expert guidance tailored to your specific situation, market conditions and goals.
Thinking of moving to the next stage? Let’s chat. Send me an email (hillary@hillarylane.ca) or text/phone (416-882-4707).
