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.

Let’s review the big picture before we get into the details below. In April, sales in Toronto rose by about 17% compared to March. At the same time, the average sale price rose by about $77,000. On the supply side, new listings rose by about 15% compared to March. When we put it all together, April looked like a busier and more active market, with more buyers and sellers stepping in and prices moving higher.

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 April, we saw the number of sales rise to around 2,300 for the month.

What’s it mean?

When we review the number of sales in Toronto, we see that there were 2,341 sales in April, compared to 2,008 sales in March. That was a big increase, with sales up about 17% from March, or 333 sales higher month over month. Compared to April of last year, sales were up about 7%, or 155 sales higher.

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

Looking specifically at condo apartment sales in Toronto, there were 1,020 sales in April, compared to 980 sales in March. That was a modest increase, with condo sales up about 4% from March, or 40 sales higher month over month. Compared to April of last year, condo sales were up about 9%, or 86 sales higher.

In terms of prices, April saw the average price for a home in Toronto rise to approximately $1,097,000.

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 April? In March, the average price was approximately $1,020,000, and in April, it was about $1,097,000. That was a meaningful increase, with the average price up about 8% from March, or $77,000 higher month over month. Compared to April of last year, the average price was down about 4%, or roughly $46,000.

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 April, the average condo sale price was about $675,000, compared to approximately $637,000 in March. That was a meaningful increase, with the average condo price up about 6% from March, or $38,000 higher month over month. Compared to April of last year, the average condo price was down about 4%, or roughly $31,000.

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 April we saw that number go up, with 6,367 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 April, we see that there were 6,367 new listings, compared to 5,544 new listings in March. That was a meaningful increase, with new listings up about 15% from March, or 823 new listings higher month over month. Compared to April of last year, new listings were down about 14%, or 1,018 new listings lower.

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

On the supply side of the condo market, April brought 3,054 new listings to market in Toronto, compared to 2,903 new listings in March. That was a modest increase, with new condo listings up about 5% from March, or 151 new listings higher month over month. Compared to April of last year, new condo listings were down about 18%, or 656 new listings lower.

To understand how it felt to buy or sell in Toronto in April, we can look at how quickly homes were selling and how close sellers were getting to their list price. Homes were selling a little bit faster than in March, but the market probably would not have felt much faster. At the same time, sellers were getting a very similar share of their list price, so the market would have felt about as competitive as it did in March. Let’s get into the details below.

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 April we saw the length of time that it took for homes to sell go down to 30 days on average.

How did it feel?

One of the clearest indicators of how it felt to be buying or selling in Toronto in April is how long it took for a home to sell. The average days on market in Toronto in April was 30 days, compared to 32 days in March. That was only a very small change, with homes taking 2 days less time to sell than in March. In practical terms, the pace of the market would not have felt much different. Compared to April of last year, average days on market was up about 15%, or 4 days higher.

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 April, the average condo apartment took 37 days to sell, compared to 38 days in March. That was only a very small change, with units taking just one day less time to sell than in March. In practical terms, the pace of the condo market would not have felt much different. Compared to April of last year, average condo days on market was up about 12%, or 4 days higher.

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 April, the average sale to list price ratio in the city decreased to 99%.

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 April was 99.2%, compared to 99.3% in March. That was essentially unchanged from March, with a difference of just 0.2 percentage points. While this stat is influenced by sellers listing below market value and setting offer dates, in practical terms, that monthly movement was too small to suggest the market felt noticeably more or less competitive. Compared to April of last year, the sale-to-list price ratio was down 1.4 percentage points.

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 April, the average condo sale to list price ratio was 97.0%, compared to 97.1% in March. That was essentially unchanged from March, with a difference of just 0.1 percentage points. This number can be influenced by underpricing strategies and offer dates, so it should not be read too literally on its own. In terms of the level of competition, that month-to-month movement was too small to suggest the condo market felt noticeably different. Compared to April of last year, the condo sale to list price ratio was down 0.8 percentage points.

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 give a clear signal and suggest strong downward pressure on average prices in May. Our prediction is that the average price in Toronto in May will fall by about 2% to 4%. In dollar terms, using the midpoint of that range, that would mean a drop of somewhere around $33,000 from April’s average price. That would put the May average price in Toronto at about $1,064,000.

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 April, we saw the SNLR in Toronto increase to 37%, 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 April, Toronto’s SNLR was 37%, up 1 percentage point from 36% in March. 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 May.

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 April, the condo SNLR was 33%, down 1 percentage point from 34% in March. That puts condos in a buyer’s market, where there were far more new listings than sales. On its own, this points to some downward pressure on condo prices heading into May.

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.

April saw the number of active listings in Toronto up, going up to 9,503 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 May. In Toronto at the end of April, there were 9,503 active listings, compared to 8,761 at the end of March. That was a meaningful change, with active listings up about 8% from March, or 742 listings higher month over month. Compared to April of last year, active listings were down about 15%, or 1,671 listings lower. Looking at the last two years, the current level of active listings is normal. Overall, the number of active listings predicts that prices should drop in May.

How will the condo market do?

For condos, active listings tell us how much choice buyers had as we moved into May. In Toronto at the end of April, there were 5,146 active condo listings, compared to 4,944 at the end of March. That was a modest change, with active condo listings up about 4% from March, or 202 listings higher month over month. Compared to April of last year, active condo listings were down about 19%, or 1,174 listings lower. Compared with the last two years, the current level of active condo listings is normal. Overall, the active listing count does not point clearly to condo prices rising or falling in May.

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.

April saw Toronto’s months of inventory drop, and it is now at 4.1 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 April, there were 4.1 months of inventory, which was down about 7% from March, or 0.3 months lower month over month. This April’s level was lower than April of last year by 1.0 months, or about 20%. That puts the current months of inventory between the last two April levels, with April 2024 at 3.0 months and April 2025 at 5.1 months. As such, we’d say that supply conditions are normal for this time of year. Broadly speaking, with 4.1 months of inventory available for buyers, that still leaves enough supply relative to sales that prices should drop in May.

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 April, there were 5.0 months of condo inventory, which was unchanged from 5.0 months at the end of March. This April’s level was lower than April of last year by 1.8 months, or about 26%. That puts the current condo months of inventory between the last two April levels, with April 2024 at 3.6 months and April 2025 at 6.8 months. As such, we’d say that condo supply conditions are normal for this time of year. Broadly speaking, with 5.0 months of inventory available for condo buyers, that still leaves enough supply relative to sales that condo prices should drop in May.

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.

April saw stronger sales, higher prices, and more new listings.

Overall, April was a better month than March in terms of activity, although sales are still below what we saw two years ago. Sales rose 17% month-over-month (2,008 to 2,341, about 333 more), which is above April 2025 (2,186) and below April 2024 (2,674). For condo apartments, sales rose 4% (980 to 1,020, just 40 more).

The average sale price rose 7.5% ($1.02M to $1.10M, about $80,000 higher). For condo apartments, the average price rose 6.0% ($640,000 to $680,000, about $40,000 higher).

New listings rose 15% overall (5,544 to 6,367). For condo apartments, new listings rose 5% (2,903 to 3,054). For condo apartments, the balance is less favourable because new listings increased faster than sales did.

Toronto felt a little faster paced, but not meaningfully more competitive.

Overall, April was faster than March. Average days on market fell to 30 days from 32 (down 2 days or about 5%).

That is a small improvement. Compared with the last two April levels, the overall market is slower than April 2025, when homes took 26 days on average to sell, and slower than April 2024, when homes took 22 days on average to sell. For condo apartments, days on market fell to 37 days from 38. Compared with the last two April levels, that is slower than April 2025, when condo apartments took 33 days on average to sell, and slower than April 2024, when they took 27 days on average to sell.

Sale-to-list tells a similar story. Overall, it was basically flat at 99.2% (compared to 99.3%). For condo apartments, sale-to-list was basically flat at 97.0% (compared to 97.1%). That tells us the overall market moved faster, but sellers did not gain much negotiating leverage.

May 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 37% from 36%, active listings rose to 9,503 (up 8%), and months of inventory moved to 4.1 months. Taken together, the indicators are giving a clear signal of strong downward pressure on average prices in May. Our prediction is that the average price in Toronto in May will fall by about 2% to 4%. In dollar terms, using the midpoint of that range, that would mean a drop of somewhere around $33,000 from April’s average price. That would put the May average price in Toronto at about $1,064,000.

For condo apartments, conditions are weaker. The SNLR was 33%, active listings were 5,146 (up 4%), and months of inventory held at 5.0 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 May. In dollar terms, using the midpoint of that range, that would mean a drop of somewhere around $10,000 from April’s average condo price, putting the May average at about $665,000.

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!