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.

June was like May’s little brother.  Things were mostly the same in Toronto as last month, but just at a smaller scale.  Sales dropped by a tiny amount, the average price dropped just a bit and the number of new listings decreased a small amount.

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 June, we saw the number of sales drop to around 2,400 for the month.

What’s it mean?

When we review the number of sales in Toronto, we see that there were 2,426 sales in June, compared to 2,442 sales in May. That was only a small change, with just 16 fewer sales than in May. Compared to June of last year, sales were up about 2%, or 43 sales higher.  We started off the year in Toronto with just 1,115 sales, which is a two year low, and our current level is not too far off from what we’ve seen in the past couple of years.  June sometimes sees a slight increase in the number of sales compared to May, but a drop is not particularly unusual.

If that’s the market as a whole, what happened in the condo market?

Looking specifically at condo apartment sales in Toronto, there were 1,098 sales in June, compared to 1,015 sales in May. That was a meaningful increase, with condo sales up about 8% from May, or 83 sales higher month over month. Compared to June of last year, condo sales were up about 9%, or 93 sales higher.  Condo sales in the city have been at very low levels for a couple of years now, so when we say that sales are up, we’re still not at anything approaching reasonable numbers of condo units transacting on the market.

In terms of prices, June saw the average price for a home in Toronto drop to approximately $1,085,000.

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 June? In May, the average price was approximately $1,109,000, and in June, it was about $1,085,000. That was a modest decrease, with the average price down about 2% from May, or $23,000 lower month over month. Compared to June of last year, the average price is down about 4%, or roughly $42,000.  We’re now more than two years out from our recent highest sale price, which was in May 2024 at $1.199M.  June is the first month of the year since February that we haven’t seen a price increase.  It’s not unusual for prices to drop in the city in June, so it wasn’t an unexpected result.

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

Condo prices can move differently than the broader market, so it is worth looking at them separately. In Toronto in June, the average condo sale price was about $674,000, compared to approximately $672,000 in May. That was a small increase, with the average condo price just $2,000 higher month over month. Compared to June of last year, the average condo price is down about 8%, or roughly $58,000.  That’s hard news for condo owners, particularly for those who bought a year ago thinking that the condo market was due for a recovery.

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 June we saw that number go down, with 6,336 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 June, we see that there were 6,336 new listings, compared to 6,635 new listings in May. That was a modest decrease, with new listings down about 5% from May, or 299 fewer new listings month over month. Compared to June of last year, new listings were down about 13%, or 967 new listings lower.  We had been seeing the level of new listings rise at a rate that was proportionally higher than the change in sales, but this month we saw sales drop by almost nothing, while new listings went down 5%.  This is good news, as we’ve been worried about the level of active listings on the market.  More on that when we review that stat below!

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

On the supply side of the condo market, June brought 2,916 new listings to market in Toronto, compared to 3,028 new listings in May. That was a modest decrease, with new condo listings down about 4% from May, or 112 new listings lower month over month. Compared to June of last year, new condo listings were down about 19%, or 662 new listings lower.  This is even better than the market as a whole, as the condo market saw more sales, while there were fewer new listings.  That will result in a lower level of active listings on the market.  Considering the dire condition of the condo market, that is a very good thing!

Real estate is strongly driven by buyer and seller confidence and when it came to how June felt for people transacting in Toronto, it was a bit of a blow to sellers.  The length of time it takes properties to sell in the city went up by four days to 31 days on average and at the same time, the average sale to list price dropped half a percent to 99.2%.  That means it felt slower paced and also less competitive.  Good news if you’re a buyer, but decidedly not if you’re a seller!

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 June we saw the length of time that it took for homes to sell go up to 31 days on average.

How did it feel?

One of the clearest indicators of how it felt to be buying or selling in Toronto in June is how long it took for a home to sell. The average days on market in Toronto in June was 31 days, compared to 27 days in May. That was a pretty substantial increase, with average days on market up about 15% from May, or four days higher month over month. In practical terms, the market would have felt somewhat slower. Compared to June of last year, average days on market was up about 15%, or 4 days higher, so we’re also slow for June in general.

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

Speed matters in the condo market because it shapes how much urgency buyers and sellers feel. In Toronto in June, the average condo apartment took 39 days to sell, compared to 34 days in May. That was also a pretty substantial increase, with average days on market up about 15% from May, or five days higher month over month. As such, the condo market would have felt somewhat slower. Compared to June of last year, average condo days on market was up about 18%, or six days higher, so it was a slow June for the condo market as well.

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 June, the average sale to list price ratio in the city decreased to 99.2%.

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 June was 99.2%, compared to 99.7% in May. That was a modest decrease, with the ratio down 0.5 percentage points from May. While this stat is influenced by sellers listing below market value and setting offer dates, in practical terms, the market would have felt somewhat less competitive. Compared to June of last year, the sale-to-list price ratio was down 0.5 percentage points, so we are less competitive this June than we were a year ago.

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

For condos, the sale to list price ratio gives us another read on how much leverage sellers had when deals were actually coming together. In Toronto in June, the average condo sale to list price ratio was 97.1%, compared to 97.6% in May. That was a modest decrease, with the ratio down 0.5 percentage points from May.  As such, in terms of the level of competition, the condo market would have felt somewhat less competitive. Compared to June of last year, the condo sale to list price ratio was down 0.7 percentage points, so somehow the condo market continues to soften.  Good news for would be condo purchasers, but bad news for condo owners looking to sell their unit.

To forecast where prices may go next in Toronto, we’ve reviewed three predictive stats: the sale-to-new-listing ratio, active listings, and months of inventory. Together, the indicators lean in one direction and suggest moderate downward pressure on average prices in July. Our prediction is that the average price in Toronto in July will fall by about 1% to 2%. In dollar terms, using the midpoint of that range, that would mean a drop of somewhere around $16,000 from June’s average price. That would put the July average price in Toronto at about $1,069,000.  July often sees a price drop compared to June, but this year has been anything but typical!

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 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 June, we saw the SNLR in Toronto increase to 38%, 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-listings ratio, or SNLR, which compares the number of sales to the number of new listings coming onto the market. In June, Toronto’s SNLR was 38%, up 1 percentage point from 37% in May. That puts Toronto in a buyer’s market, where new supply is outpacing demand. On its own, the SNLR is pointing to some downward pressure on prices heading into July, which means prices should drop next month.

How will the condo market do?

For the condo market, the sales-to-new-listings ratio gives us a useful read on whether buyers or sellers had more leverage. In Toronto in June, the condo SNLR was 38%, up 4 percentage points from 34% in May.  Despite that rise, the condo market is still very much a buyer’s market, where there are far more new listings than sales. On its own, this points to downward pressure on condo prices heading into July and a corresponding drop in the average condo price in the city.

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.

June saw the number of active listings in Toronto down, going down to 10,570 options for buyers as of the end of the month.

What does this predict?

The second predictive stat is active listings, which tells us how many properties buyers had to choose from at the start of July. In Toronto at the end of June, there were 10,570 active listings, compared to 10,581 at the end of May. That was a small change, with active listings effectively the same as in May, just 11 listings lower month over month. Compared to June of last year, active listings were down about 14%, or 1,776 listings lower. We’re happy to see those active listings stop rising as last year we saw it hit an all time high in the city of just over 12,000 properties for sale.  We’re comfortably below that number, but overall, the number of active listings is still substantial and that predicts that prices should drop in July.

How will the condo market do?

For condos, active listings tell us how much choice buyers had as we moved into July. In Toronto at the end of June, there were 5,433 active condo listings, compared to 5,556 at the end of May. That was a modest change, with active condo listings down about 2% from May, or 123 listings lower month over month. Compared to June of last year, active condo listings were down about 20%, or 1,382 listings lower. Compared with the last two years, the current level of active condo listings is normal. Overall, the active listing count points to lower average condo prices in July.

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.

June saw Toronto’s months of inventory rise, and it is now at 4.4 months.

What does this predict?

The third predictive stat is months of inventory, which tells us how long it would take to sell through the available listings at the current pace of sales and, as a result, gives us a useful read on whether buyers are gaining or losing leverage. In Toronto at the end of June, there were 4.4 months of inventory, which was up about 2% from May, or just 0.1 months higher month over month. This June’s level was lower than June of last year by 0.8 months, or about 15%. When we look at the last two June levels, June 2024 was at 4.4 months and June 2025 was at 5.2 months. Even with that historical context, current supply conditions are elevated. Broadly speaking, with 4.4 months of inventory available for buyers, that leaves enough supply relative to sales that prices should drop in July.

How will the condo market do?

For condos, months of inventory helps us understand how much choice buyers had relative to the pace of sales. In Toronto at the end of June, there were 4.9 months of condo inventory, which was down about 11% from May, or 0.6 months lower month over month. This June’s level was lower than June of last year by 1.9 months, or about 28%. Compared with the last two June levels, June 2024 was at 6.0 months and June 2025 was at 6.8 months, which means we’re at a surprising good MOI level compared to the historical context.  This is more a function of sellers not entering the market rather than condo buyers arriving, and at 4.9 months of inventory available for condo buyers, we think that condo prices should drop in July.

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

June saw weaker sales, lower prices, and fewer new listings.  In a word, slow.

• Overall, June was a slower month than May in terms of activity, although sales are still above what we saw two years ago. Sales fell 1% month-over-month (2,442 to 2,426, just 16 fewer), but that’s still above June 2025 (2,383) and above June 2024 (2,308). For condo apartments, sales rose 8% (1,015 to 1,098, about 83 more), which is welcome news.
• The average sale price fell 2.1% ($1.11M to $1.09M, about $20,000 lower). For condo apartments, the average price remained more or less unchanged ($672,000 to $674,000, about $2,000 different).
• New listings fell 5% overall (6,635 to 6,336). For condo apartments, new listings fell 4% (3,028 to 2,916).

Toronto felt somewhat slower paced and less competitive.  There’s that word again.

• Overall, June was slower than May. Average days on market rose to 31 days from 27 (up 4 days or about 14%). That is not an improvement, as when compared with the last two June levels, the overall market is slower.  In June 2025, homes took 27 days on average to sell, and we’re also moving slower than back in June 2024, when homes took 22 days on average to sell. For condo apartments, days on market rose to 39 days from 34. Compared with the last two June levels, that is slower than June 2025, when condo apartments took 33 days on average to sell, and also slower than June 2024, when they took 27 days on average to sell.  Put succinctly, June was slower than May and this June was slower than past Junes for sales.
• Our sale-to-list ratio tells a similar story. Overall, it was down at 99.2% (down from 99.7%) and for condo apartments, the sale-to-list was down at 97.1% (down from 97.6%). That does not point to a meaningfully more competitive market and in fact it would have felt less competitive in the market as a whole as well as the condo market.

July prices will drop in Toronto, with condo apartments also facing strong downward pressure.

When we review three predictive stats (the sale to new listing ratio, active listings, and months of inventory), we see that the SNLR rose to 38% from 37%, active listings held broadly steady at 10,570 (a negligible month-over-month change), and months of inventory held at 4.4 months. Taken together, the indicators are giving a clear signal of strong downward pressure on average prices in July. Our prediction is that the average price in Toronto in July will fall by about 1% to 2%. In dollar terms, using the midpoint of that range, that would mean a drop of somewhere around $16,000 from June’s average price. That would put the July average price in Toronto at about $1,069,000.

For condo apartments, conditions are better than they have been, but they still ain’t good. The SNLR was 38%, active listings were 5,433 (down 2%), and months of inventory moved to 4.9 months. For condo apartments, these stats are pointing pretty clearly in one direction, with strong downward pressure on average condo prices. Based on that, our prediction is that the average condo price in Toronto will fall by about 1% to 2% in July. In dollar terms, using the midpoint of that range, that would mean a drop of somewhere around $10,000 from June’s average condo price, putting the July average at about $663,000.

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!