Latest market stats show increased signs of a market at a standstill.
By the Numbers: May 2025
The average price for a house in the Toronto area was $1,326,418 in May, down 6% from the same month last year. Last month's median house price was $1,150,000, down 7% from the same month last year.
House sales in May were down 5% over last year, while new house listings were up 23%. The number of houses available for sale at the end of the month, or active listings, was up 52% over last year.
The current balance between supply and demand is reflected in the MOI, which measures inventory relative to the number of sales each month. In May, the MOI for houses was 4.3.
The average price for a condo in the Toronto Area was $702,389 in May, down 7% from the previous year. The median price for a condo in May was $625,000, down 7% from the previous year.
Condo sales in May were down 23% over last year, and new condo listings were up 8%. The number of active condo listings was up 36% from last year. The MOI increased to 7.2.
Browse detailed monthly statistics for May 2025 for the entire Toronto area market, including house, condo and regional breakdowns below.
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Monthly Statistics
House Statistics
House sales (low-rise freehold detached, semi-detached, townhouse, etc.) in the Greater Toronto Area (GTA) in May 2025 were down 5% compared to the same month last year but at their lowest levels in thirty years, aside from the first months of the COVID lockdowns in 2020.
New house listings in May were up 23% compared to last year.
The number of houses available for sale (“active listings”) was up 52% in May compared to the same month last year.
The Months of Inventory ratio (MOI) looks at the number of homes available for sale in a given month divided by the number of homes sold in that month. It answers the following question: If no more homes came on the market for sale, how long would it take for all the existing homes on the market to sell, given the current level of demand? The higher the MOI, the cooler the market is. A balanced market (a market where prices are neither rising nor falling) is one where MOI is between four to six months. The lower the MOI, the more rapidly we would expect prices to rise.
While the current level of MOI gives us clues into how competitive the market is on-the-ground today, the direction it is moving in also gives us some clues into where the market May is heading.
The MOI for houses was down slightly at 4.3 in May.
The share of houses selling for more than the owner’s list price decreased to 32% in May.
The average price for a house in May 2025, $1,326,418, was down 6% from the same month last year.
The median house price in May was $1,150,000, down 7% over last year.
The median is calculated by ordering all the sale prices in a given month and then selecting the price at the midpoint of that list such that half of all home sales are above that price and half are below that price. Economists often prefer the median price over the average because it is less sensitive to big increases in the sale of high-end or low-end homes in a given month, which can skew the average price.
Condo Statistics
Condo (condominiums, including condo apartments, condo townhouses, etc.) sales in the Toronto area in May 2025 were down 23% compared to the same month last year and at their lowest level in twenty years, aside from the first months of the COVID lockdowns in 2020.
New condo listings were up 8% in May over last year.
The number of condos available for sale at the end of the month, or active listings, was up 36% over last year.
Condo months of inventory increased to 7.2 MOI in May.
The share of condos selling for over the asking price increased modestly to 18% in May.
The average price of a condo in May was $702,389, down 7% from last year. The median price was $625,000, down 7% from last year.
Browse Real-Time Market Trends on Movesmartly.com:
See Market Performance by Neighbourhood Map, All Toronto and the GTA
Greater Toronto Area Market Trends
John Pasalis is President of Realosophy Realty. A specialist in real estate data analysis, John’s research focuses on unlocking micro trends in the Greater Toronto Area real estate market. His research has been utilized by the Bank of Canada, the Canadian Mortgage and Housing Corporation (CMHC) and the International Monetary Fund (IMF).
Have questions about your own moves in the Toronto area as a buyer, seller, investor or renter? Book a no-obligation consult with John and his team at a Realosophy here: https://www.movesmartly.com/meetjohn
