Toronto Market Analysis

We know your market and here’s where we prove it.

Below you’ll find the latest statistics on what’s going on in the Toronto area and our take on what it means.  We do that by answering three questions for you.

Let’s get started.

August continued the trend we saw start in the city in July, namely a drop in the number of sales, lower average sale price and fewer new listings.  August saw under 1,400 sales in Toronto and another drop in our average sale price (down to the 2nd lowest of 2025 so far), plus we saw the level of new listings plummet.  It was a very slow August!

Let’s look at the specifics for what was going on in Toronto in our three big categories.

If we begin by looking at the number of sales that happened in August, we saw the number of sales drop to around 1,400 for the month.

What’s it mean?

When we review the number of sales in Toronto, we see that there were about 38% fewer sales in August than July. In actual number of transactions, we went from 2,209 sales down to 1,374, which means on a month over month basis, there were about 840 fewer sales in Toronto.  We’re currently running a deficit of about 2,000 fewer sales in Toronto so far this year compared to the same first eight months of 2024, so it looks like we’ll see even lower annual number of sales than last year!

Tale of two markets – what’s going on with condos?

If we look just at the condo segment of the market in Toronto, there were about 37% fewer sales in August than July. We went from 1,021 condo apartment sales down to 646, which means on a month over month basis, there were about 380 fewer sales of condo units in Toronto.  That’s the lowest level of sales of condo units in Toronto in over two years, so it was definitely a slow time for condo sales.

In terms of prices, August saw the average price for a home in Toronto drop to approximately $1,018,000.

What’s it mean? 

While how many sales took place is important, the big question is what happened to the average sale price in Toronto in August? In July the average price was approximately $1,036,000 and August saw that go down by 1.7% to about $1,018,000. That works out to a difference of around $17,000 when compared to last month.  Keep in mind that we saw about an $88K drop from June to July, so while $17K may not be much in the grand scheme, it is a second drop after a very large decrease.  August saw the second lowest average price in Toronto for 2025, after January, when it was just $991,000 on average.  We’re down about $22K from a year ago in August 2024, when the average price in the city was $1,040,000.

Tale of two markets – what’s going on with condos?

For the condo market, this is what we saw happen to the average price for a unit. In July the average price for a condo apartment was approximately $673,000 and in August we saw that go down by 0.4% to about $671,000. In dollars, that works out to about $3,000 different than last month.  More crucially, we hit another two year low of average condo prices, which was previously set last month.  A year ago, the average price for a condo unit in the city was $691,000, so it’s down about $21,000 compared to August 2024.  Despite the difference in average price for the market as a whole and the condo segment, condo units saw pretty much the same drop as the market as a whole!

Our final source for what’s been happening this month in the Toronto real estate market is the number of new listings that came on the market. In August we saw that number go down, with 3,990 new listings in the city.

What’s it mean? 

Turning to the supply side, when we review the number of new listings that came onto the market in Toronto in August, we see that we had 3,990 new listings, compared to 6,190 new listings in July. That’s approximately 36% fewer new listings, on a month over month basis.  August almost always sees a drop in the level of new listings, but our current level of new listings is lower than we’ve seen in August of either 2024 or 2023, to the tune of close to 10% lower.  Our problem in Toronto this year has been too many active listings, so we’re not unhappy with a slow down in more properties coming on the market, particularly given we continue to see low levels of actual sales.

Tale of two markets – what’s going on with condos?

In terms of the the number of new condo apartment listings that came onto the market in Toronto in August, we had 2,237 new listings, compared to 3,330 new listings in July. That’s about 33% fewer new condo listings, on a month over month basis.  Just like the market as a whole, that is a drop in the typical level of condo listings that come on the market in August, which typically is between 2,500 to 2,700 listings.

August was a better time to be a buyer than a seller, a situation we’ve been largely seeing for most of the year in Toronto.  Our average days on market went up by three days to 35 days, so it felt slower paced, and the average sale to list price ratio dropped by 0.7%, which means it also felt less competitive.

Let’s look in detail at the two specific stats that tell us how it felt to buy and sell in Toronto this month.

One of the best indicators of how a market feels is how long homes remain on the market.  The quicker they fly off the market, the more frantic and stressful it can be for both sides.  While it may seem like that is always positive for sellers, make no mistake, it can be stressful when sellers receive lots of attention or offers quickly.  The fear of making a mistake and pressure to decide quickly is hard on both buyers and sellers.

In August we saw the length of time that it took for homes to sell go up to 35 days on average.

How did it feel?

One of the clearest indicators of how it felt to be buying or selling in Toronto in August is how long it took for a home to sell. The average days on market in Toronto in August was 35 days, which is up three days from July, when it was 32 days. That means the length of time it took to sell went up by about 10%. That’s a small change but it would have felt slower paced if you were transacting in the market.  Our days on market have ranged this year from 26 days to 40 days, so we’ve definitely seen markets that felt faster or slower than other times of the year.  Our current 35 days is actually the second slowest market so far this year, after January when it was 40 days on average.

Tale of two markets – how did it feel if you were buying or selling condos?

In the condo market, the average days on market in Toronto in August was 39 days, which is up one day from July, when it was 38 days. That’s a pretty insignificant change but it would have felt slower paced if you were transacting in the market for a condo in August.  This is particularly evident if we look at historic data and see that in August 2024 it took 35 days on average to sell a condo.  Back in August 2023 it took 24 days, so August keeps getting worse in the city for condo sellers looking for a quick sale!

The other statistic that gives us a good idea of how it feels to buy and sell in this month’s market is the sale to list price ratio.  This is a percentage that tells us how close to the price the sellers wanted they actually received from buyers.  If the sale to list price ratio is 100%, it means buyers paid exactly what the sellers were asking for the property.  If it’s under 100%, then the buyers negotiated a discount and if it’s over 100%, then the sellers got even more than they were asking for as a sale price.

In August, the average sale to list price ratio in the city decreased to 98%.

How did it feel?

The average sale to list price ratio (how much of their list price sellers are actually getting when they sell) in Toronto in August was 98.1%, which is down from July when it was 98.8%. While this stat is influenced by sellers listing below market value with an offer date, the fact that this stat decreased compared to last month is an indication that the market felt less competitive in August.  March 2025 was the high point of the year so far, with sellers getting 100.9% of their list price, or about 1% over asking.  Since then we’ve had five straight months of sellers getting less and less of their asking price.  The moral of the story seems to be, don’t wait for the market to improve if you’ve got a property for sale!

Tale of two markets – how did it feel if you were buying or selling condos?

In the condo segment of the market, the average sale to list price ratio in Toronto in August was 97.4%, which is down a bit from July when it was 97.7%. The fact that the sale to list price ratio decreased for condo sellers compared to last tells us the condo segment of the market was less competitive in August.  While that wasn’t a huge drop, it was enough to officially land us at the lowest sale to list price ratio in more than two years.  If you were selling a condo, it absolutely felt like buyers were in the driver’s seat and that it was not a competitive market.

In order to predict what is coming next for Toronto’s real estate market, we can look at three predictive stats, which we go into in detail below. While September often sees a price increase, we think it will be mostly flat in the city, with perhaps just a slight increase.  If we’re wrong, we’ll make sure to go back and edit this page so it looks like we were right.  Check out our thinking on why prices will stay mostly flat below!

Let’s take a more detailed look at the three predictive stats we have for what comes next in the Toronto market.

Let’s start with an acronym!  The Sales to New Listing Ratio (SNLR) tells us how many of the sales we saw this month were new listings in the month versus existing listings that had been on the market from previous months.  It’s considered a strong predictor of what happens in the next month because it tells us if inventory is sticking around or selling quickly.

• If the SNLR is around 50%, we have a balanced market, with sales equal to half the number of new listings coming on the market. A good amount of sales and a good amount of new options means reasonable price increases.
• Over 50% is heading towards a seller’s market, as we have sales outpacing the new inventory coming on the market. In extreme cases, we can have an SNLR of over 100%, which means we saw more sales in a month than inventory came on the market, meaning next month is very likely to see a price increase.
• Under 50% tells us that the we are headed towards a buyer’s market. The lower the SNLR, the more of a net increase in properties available the following month.  This means prices typically drop as buyers react to having lots of choices by pushing down the price they are willing to pay.

In August, we saw the SNLR in Toronto decrease to 34%, which means we’re in a buyer’s market right now in the city.

What does this predict?

The first of our three predictive stats is the sales to new list ratio (or SNLR) which decreased in August, going down by 2% to 34%.  That’s not too significant a change from what we’ve been seeing the last few months, when it was 33% (June) and 36% (July), but those two months saw the average price drop down significantly.  On it’s own, this stat would predict that prices in Toronto should drop in September, as there are just not enough sales to compensate for the level of new listings, which means buyers have a growing pool of options.

How will the condo market do?

The SNLR for the condo market decreased in August, going down by 2% to 29%, which is effectively a 6% decrease in one month. In such a market, there is moderate likelihood  that the average price will drop next month in the condo segment of the market.  Given that we hit a two year low for the average price for a condo unit in August in the city, we’re a bit less confident that it will drop again, but this stat does predict a lower price for condo units next month.

As we turn to active listings, we need to be clear about what that means.  The number used for active listings is the number of actual, currently for sale properties at the end of the month.  This number is therefore comprised of the older listings already on the market at the start of the month, plus any new listings that didn’t sell in the month, less any older or new listings that did sell before the end of the month.

August saw the number of active listings in Toronto decrease, going down to 10,891 options for buyers as of the end of the month.

What does this predict?

The second predictive stat is the number of active listings in Toronto. We had 10,891 active listings on the market as of the end of August, which is approximately a 5% decrease compared to July when we had 11,444 listings on the market at the end of the month. On it’s own, this sort of change in the number of active listings would predict that prices would rise as the level of available options for buyers has decreased. While that may be technically true, we’re still sitting at near record levels of active listings in Toronto.  We hit our all-time high of over 12,000 properties for sale in the city in May 2025, and we’re just down about 1,500 since that level.  September always sees a bump in new listings and yet we haven’t had the sales in September in the past couple of years to support that level of active listings.  Combine the two and we’re also predicting that we’ll hit a new all time record for active listings in Toronto next month.  We’re betting that the high level of options for buyers will moderate any price increase and prices will stay flat or only increase by a small amount.

How will the condo market do?

We had 6,163 active condo unit listings on the market as of the end of August, which is approximately a 4% decrease over July, when we had 6,408 listings on the market at the end of the month.  A reminder that August saw just 646 condo sales in Toronto, so when we have almost 6,200 condo units for sale, a price increase in September seems very unlikely despite it typically happening.  The few condo buyers out there have a tremendous number of options and as such prices should remain flat for the condo market, or even drop next month.

Finally, let’s look at the Months of Inventory in Toronto.

This statistic tracks how long it would take for all properties on the market in Toronto to sell if we stopped having any new listings.  The higher the MOI, the more of a buyer’s market, the lower the MOI, the more of a seller’s market.  Somewhere between three to four months is considered a balanced market, but Toronto is almost always significantly below that level.

August saw Toronto’s months of inventory rise, and it is now at 7.9 months.

What does this predict?

Let’s look at what our current months of inventory for Toronto predict what will happen to prices next month. The MOI as of the end of August was 7.9 months, which means that Toronto is most definitely a buyer’s market as of right now. In general, if the MOI is going up, it is an indicator that prices will drop as there are fewer buyers than sellers in the market, and we saw our months of inventory go up by over two months compared to July!  Our current MOI is the highest in more than two years and we simply don’t have very many buyers compared to the sellers with homes on the market.  As such, we’re predicting that prices will remain flat or even drop in Toronto in September.

How will the condo market do?

The MOI for the condo segment of the market as of the end of August was 9.5 months, which is also a two-year high for the months of inventory of condo units in the city.  That’s a more than three month increase compared to July, and the only mitigating factor (if you can call it that) is the fact that August was the lowest average price in more than two years.  Perhaps that news will push some buyers off the fence as they grasp that yes, this is in fact a very good time to buy a condo in the city.

There is a lot of information in the above charts and analysis and it’s worth taking a step back to understand what it all means.

August was just like July, and by that we mean slow, with less happening and lower prices and levels of activity.

• Sales activity slowed sharply in August, with overall transactions dropping 38% from 2,209 in July to 1,374, while condo sales fell 37% from 1,021 to 646 — this was the lowest level of condo sales in Toronto in over two years.
• Prices edged down last month: the average home price in Toronto fell 1.7% from about $1,036,000 in July to $1,018,000 in August (≈ $17,000), reaching the second-lowest average of 2025 after January; condo prices dipped 0.4% from $673,000 to $671,000 (≈ $3,000), also hitting a two-year low.
• New supply contracted significantly, with new listings dropping 36% overall (from 6,190 in July to 3,990 in August), and condo new listings down 33% (from 3,330 to 2,237); August’s level of new listings is lower than in August of 2024 or 2023 by about 10%, showing fewer sellers coming to market in a sluggish demand environment.

If you were buying in August, it felt relaxed with little competition.  If you were selling, it felt like it took forever and the one buyer you found pushed hard on the sale price.

• Homes took longer to sell, with the average days on market rising from 32 in July to 35 in August; condos also saw a small increase from 38 to 39 days — this is the second slowest pace for home sales so far in 2025, only behind January.
• Sellers received slightly less relative to their asking price: the overall sale-to-list ratio fell from 98.8% in July to 98.1% in August, while the condo segment dropped from 97.7% to 97.4%; for condos it was the lowest sale-to-list price ratio in more than two years, making the market feel clearly more favorable to buyers.

September should be unusual, with little to no price increase predicted and we’ll likely hit a new all-time high for active listings.

• The Sales to New Listing Ratio (SNLR) dropped to 34% overall (29% for condos), confirming a buyer’s market; this suggests a moderate likelihood that average prices will decline in September if these trends continue, or remain flat.
• Active listings declined modestly, with overall stock falling about 5% from July to August (from ~11,444 to ~10,891), and condo inventory down about 4%; while fewer listings might support price stability or small gains in some segments, low sales volume tempers that outcome.
• Months of Inventory rose: 7.9 months for the overall market, ~9.5 months for condos, both pointing toward buyer-market dynamics; these levels are among the highest in recent years, suggesting continued downward pressure on prices ahead unless demand strengthens.  Put it all together and it seems unlikely we’ll see the typical fall market price jump in most of the market in Toronto.

There you have it, the Toronto market in a nutshell! 

We hope you found this review and analysis of Toronto helpful and check back in near the start of the next month for the latest update on what is happening in Toronto!