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.

We saw the year end in Toronto with some very alarming stats.  December had the lowest level of sales in more than two years, our average price dropped down to the lowest level of the year and our number of new listings was less than half of what we saw in November.  We know December is supposed to be slow, but this was a market that was basically in hibernation!

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 December, we saw the number of sales drop to around 1,300 for the month.

What’s it mean?

When we review the number of sales in Toronto, we see that there were about 33% fewer sales in December than November. In actual number of transactions, we went from 1,909 sales down to 1,282, which means on a month over month basis, there were about 630 fewer sales in Toronto.  December is almost always the slowest month of the year, so a drop was expected, but our sales in December were the lowest in more than two years.  In December 2024 we had about a hundred more sales while back in December 2023 we had just a few (ten to be exact) more sales.  Over the course of 2025, we had 23,684 sales in Toronto, which is about 2,000 transactions lower than 2024, when we had 25,690 sales.

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 24% fewer sales in December than November. We went from 837 condo apartment sales down to 633, which means on a month over month basis, there were about 200 fewer sales of condo units in Toronto.  That number means that the condo market also saw the lowest level of sales volume in more than two years.  Over the course of 2025, we had 10,804 condo units sell, which is well under the 12,532 units we saw in 2024, which at the time was considered a very bad year!

In terms of prices, December saw the average price for a home in Toronto drop to approximately $969,000.

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 December? In November the average price was approximately $1,049,000 and December saw that go down by 7.6% to about $969,000. That works out to a difference of around $79,000 when compared to last month.  We started the year with an average price of about $991,000 and our December average price of about $969,000 means that prices dropped about $22K over the course of the year.  It also means that the end of the year saw the lowest month of the year for prices, which is a far cry from past years when December’s number was significantly up from the start of the year.

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 November the average price for a condo apartment was approximately $696,000 and in December we saw that go down by 5.5% to about $658,000. In dollars, that works out to about $38,000 different than last month.  This is the lowest price for condo units in the city in more than two years, beating our previous two year low of $673K from July 2025 by about $15,000.

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 December we saw that number go down, with 2,040 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 December, we see that we had 2,040 new listings, compared to 4,321 new listings in November. That’s approximately 53% fewer new listings, on a month over month basis.  This isn’t too surprising as December is always a lot slower, as anyone who has a choice in the matter won’t list their home for sale right before the holidays.  We still had a far bit more activity than our two year low, which was back in December 2023 when we had under 1,600 properties come on the market.

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 December, we had 1,194 new listings, compared to 2,188 new listings in November. That’s about 45% fewer new condo listings, on a month over month basis.

We know the market was slow as molasses in terms of number of transactions in December, but how did it feel for those people who were buying or selling?  Well, we hit our highest average days on market in more than two years, so it absolutely felt slow.  At the same time, our average sale to list price ratio dropped to its lowest level in more than two years, so it felt very uncompetitive.  Both of those are nice for buyers but terrible for sellers, so depending on which side of the transaction you were on, you either felt like it was great or an absolute nightmare.

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 December we saw the length of time that it took for homes to sell go up to 44 days on average.

How did it feel?

One of the clearest indicators of how it felt to be buying or selling in Toronto in December is how long it took for a home to sell. The average days on market in Toronto in December was 44 days, which is up 9 days from November, when it was 35 days. That means the length of time it took to sell went up by about 25%. That’s a significant change and it would have felt slower paced if you were transacting in the market.  It also marks the slowest moving market we’ve had in more than two years, beating last December (2024) by three days and moving a full week slower than the market back in December 2023 when it took 37 days for places to sell 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 December was 47 days, which is up 6 days from November, when it was 41 days. This means the time it took condo apartment units to sell went up by about 14%. The condo market also hit a more than two year high in December, beating January 2025 when the previous record high of 43 days was reached.

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 December, the average sale to list price ratio in the city decreased to 97.2%.

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 December was 97.2%, which is down a full percentage point from November when it was 98.2%.  Our December level marks the lowest sale to list price ratio in more than two years.  In other words, we haven’t seen sellers taking this much below their list price (almost 3% on average) since sometime in 2023.  It would have felt very uncompetitive as the few buyers looking pushed hard on the sellers in the market.

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 December was 96.5%, which is down from November when it was 97.0%. This tells us the condo segment of the market was less competitive in December and in fact we also saw the condo segment hit a more than two year low in sale to list price ratio.  The condo market has hovered in the 97% range since April 2025, but we’re now down into new depths.

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. In the last couple of years January saw a dip in average price compared to December, so will we see another drop this year?  The stats certainly don’t predict a price increase and we’re going to say that 2026 is going to start off with a lowering average price in Toronto.

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 December, we saw the SNLR in Toronto increase to 63%, which means we’re in a bit of a a seller’s market but not far off from being balanced 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 increased in December, going up by 19% to 63%, which is effectively a 42% increase in one month. This is the highest SNLR since December 2024, but that isn’t unusual as December always sees a higher SNLR than most times of the year.  This is because the stat is calculated using the number of sales versus the number of new listings and new listings always plummet in December, while some sales still happen.  Our market is technically balanced and is arguably in a bit of a seller’s market right now, but we’re still saying this stat at most indicates prices should stay flat.

How will the condo market do?

The SNLR for the condo market increased in December, going up by 15% to 53%, which is effectively a 39% increase in one month. In such a market, there is strong likelihood that the average price will remain flat (unchanged) in the next month in the condo segment of the market.  Last year (December 2024) we had a SNLR for condo units of 55% and we saw a modest price increase in condo prices in January 2025, whereas in December 2023 we had a higher SNLR of 69% and the price dropped a bit in the following 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.

December saw the number of active listings in Toronto decrease, going down to 6,896 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 6,896 active listings on the market as of the end of December, which is approximately a 30% decrease compared to November when we had 9,827 listings on the market at the end of the month. As previously mentioned, December always sees modest sales but very few new listings, so it makes sense that the number of active listings on the market heading into January is down considerably.  Our current level of about 6,900 properties for sale is the lowest in 2025, but we still have about 500 more options this January than a year ago (entering into January 2025) and 1,700 more than back in December 2023/January 2024.  Put it all together and while we have less active listings than we’ve seen in a while, we still have a lot of options for the very few buyers looking right now.  As such, we’re predicting that prices should drop in Toronto based on this stat.

How will the condo market do?

We had 3,935 active condo unit listings on the market as of the end of December, which is approximately a 26% decrease over November, when we had 5,303 listings on the market at the end of the month. We see the same trends in the condo segment as in the market as a whole, with slightly more for sale now than a year ago, and considerably more inventory than two years ago.  Condo prices hit a two year low in December 2025, so we’re a bit hesitate to predict another price drop and we’re betting we’ll see condo prices stay pretty flat in January 2026.

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.

December saw Toronto’s months of inventory drop, and it is now at 5.4 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 December was 5.4 months, which means that the Toronto market remains in a buyer’s market as of right now.  If we look at what was happening with MOI in Decembers of past years, 2023 saw an MOI in the city of 4.0 and December 2024 was at 4.6 months. While we aren’t quite at our two year high of 5.7 months (which we hit in August 2025), our current months of inventory of 5.4 months predicts that the average price in Toronto should drop in January.

How will the condo market do?

The MOI for the condo segment of the market as of the end of December was 6.2 months, which means that the Toronto condo market is definitely a buyer’s market. The current months of inventory for condo units means that the average price for a condo in Toronto should drop in January.  In December 2023 it was 3.5 months and in December 2024 it was 5.5 months, so our current 6.2 months is a clear sign the condo market is not thriving.

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.