Toronto: Royal LePage has reported a decline in home prices within the Greater Toronto Area (GTA). In the second quarter of 2025, the aggregate price of homes in the region decreased by three percent year-over-year, settling at $1,155,300. Specifically, within the city of Toronto, home prices saw a more significant annual drop of 5.2% to $1,151,600. Single-family homes, in particular, recorded a 4.7% decline in value.
According to Phil Soper, President and CEO of Royal LePage, various factors such as tariff and trade disputes, the federal election, and international conflicts deterred potential homebuyers at the start of the 2025 spring market. He also noted a slowdown in the condo market. Soper explained that with a decrease in the number of international students and newcomers relying on rental housing, investor interest in condos has waned. In the second quarter, the average price of a condo in Toronto was $675,800.
Despite the recent dip, Royal LePage forecasts a rebound, predicting that the aggregate price of a home in the GTA will increase by two percent in the fourth quarter of 2025 compared to the same period last year. Nationally, Royal LePage also projects a 3.5% increase in the aggregate price of a home across Canada.
