In real estate, people love to try to time the market.

In Toronto, we saw the average prices for properties hit an all time high in early spring of 2022.  February, March and April of that year saw huge levels of sales and correspondingly high prices.  How high you ask?

  • The average price for a detached home was $2.1M
  • The average price for a semi-detached house was $1.54M
  • The average price for a townhouse was $1.12M
  • The average price for a condo apartment was $830K

We haven’t reached those heights since, with significant fluctuations in average price since that time.  We often get asked when prices are going to drop and the short answer is they already did.  As we’ve not seen higher prices for any of the home types above since spring of 2022, real estate is in fact cheaper than it was back at that point.

The longer answer to the question of when prices are going to drop is that it all depends on what you’re comparing against.  The year over year average price for a detached house in Toronto is down by 6.5%, so by that metric, it’s definitely down.  In fact, for both Toronto as well as the GTA regions, all housing types are cheaper now than they were a year ago.

We pulled the data so we could tell you exactly when the highest price took place for each housing type, as well as the lowest price since that point, plus the current average price.  It reveals some very surprising truths about the market.  Let’s get into it!

Detached homes are down 29%

In February, 2022, the average price for a detached home in Toronto hit an all time high of $2.106M.  Less than a year later, the price had dropped by 29% to $1.502M.  That’s a drop of over $600K in less than one year!

Since then, we’ve seen lots of fluctuations between that range and our current average sale price as of June, 2025, is $1.641M.  That means as of right now, we’re down 22% from our all-time high for average price for a detached house in the city.  If you think you missed the boat on buying the most desired home type in Toronto though, you’d be wrong.  Our current average price is just 9% higher than that low point we saw in January, 2023.  While it would have been great to time the market exactly and buy when they were $139,000 cheaper on average than now, you’re still saving $465K compared to their highest point.

Semi-detached houses are down $433,000

If we look at the market segment for semi-detached houses, we hit our all time high of $1.538M in March, 2022.  Just nine months after that high point, prices had dropped to $1.105M, meaning the average price for a semi went down 28%, or about $433,000!

Our current average price for a semi-detached house in Toronto is $1.278M, which means that it now costs you about $173,000 more to buy one these days.  That’s 16% higher than the lowest recent price, but you’d still save about $260K by avoiding buying back in early 2022.

Townhouses cost 15% less now

Turning to townhouses, the highest prices ever took place in February 2022, when they reached $1.121M on average.  The current price for a townhouse as of June 2025 is $957,605, which means they are still trading at about a 15% discount from that highest ever price.

The lowest level for average price since that all time high took place in December 2022, when it dropped to about $879,000.  That’s down 22% from their all time high and prices for townhomes haven’t recovered as fully as they did for detached and semi-detached houses.  In fact, you can buy a townhouse now for only about $78,000 more (on average) than their lowest point.

Condo apartments are just up $17K from their low point

Finally, the most affordable option in the city, condo apartments, remain within reach for entry level buyers.  The highest ever price for condo units took place in April 2022, when it hit $830K on average.  It took until September 2024 for us to hit the low point since then, when the average price for a condo unit in the city was $691,000.

Our current average price for condo apartments is about $708,000, which means we’re just $17,000 more expensive now compared to the lowest point in recent history.  It is absolutely a good time to buy a condo based solely on this price history!

If you want us to do a dive into the changes in your particular area and housing type, we’d be happy to do so.  Get in touch with us to get the ball rolling!