Many households in the GTA are eager to buy a home, but current mortgage rates make it challenging for the average household to comfortably afford monthly payments on a typical property. However, borrowing costs are expected to decline in the coming months, which should help improve affordability,” said TRREB President Elechia Barry-Sproule.
“In addition to ongoing affordability concerns, home buyers appear to have less confidence in the economy. Uncertainty surrounding Canada’s trade relationship with the United States has likely led some households to adopt a wait-and-see approach to home buying. If trade concerns ease and borrowing costs continue to decline, we could see significantly stronger home sales in the latter half of the year,” said TRREB Chief Market Analyst Jason Mercer.
GTA REALTORS® reported 4,037 home sales through TRREB’s MLS® System in February 2025—a 27.4% decline compared to February 2024. Meanwhile, new listings rose 5.4% year-over-year, reaching 12,066. On a seasonally adjusted basis, February home sales also dipped compared to January 2025.
The MLS® Home Price Index (HPI) Composite Benchmark declined by 1.8% year-over-year in February 2025, while the average selling price fell by 2.2% to $1,084,547 compared to February 2024. On a seasonally adjusted month-over-month basis, both the MLS® HPI Composite and the average selling price saw modest declines.
“With the Ontario provincial election behind us and ongoing uncertainty at the federal level, housing policy remains a key issue. Policymakers and political leaders must clearly outline their plans for housing supply and affordability, while also addressing broader economic and trade concerns. A well-defined strategy will be crucial in restoring consumer confidence,” said TRREB Chief Executive Officer John DiMichele.