The Toronto Regional Real Estate Board (TRREB) has just reported the best July sales figures since 2021, marking the strongest performance in four years. But beyond the headlines, what do the numbers truly say about the state of the market?
The Numbers at a Glance
The Greater Toronto Area (GTA) recorded five months of inventory in July, a level consistent throughout much of 2025. The average price across the GTA was $1.05 million, representing a 5.5% decline from the same month last year. Active listings increased by 26% year-over-year, surpassing the 30,000 mark — nearly double the inventory levels of July 2022 and 2023.
Sales were up 11% compared to last year, driven in part by increased buyer activity in certain property segments. However, when compared to the record-breaking market of early 2022, the gap remains significant.
Toronto vs. GTA
While the GTA encompasses a broad two-hour radius around the city, Toronto’s core continues to show relative resilience. Average prices in the city were down around 4%, but remained just above $1.045 million. Inventory levels were steady at five months, with condos leading the way in active listings.
Seasonal Trends
July is historically a slower month for Toronto real estate. With school out and many residents away on summer vacations, activity naturally tapers off. This year was no exception in terms of seasonal patterns, but the sales numbers still outperformed recent Julys, suggesting underlying demand remains steady.
Property Type Breakdown
Economic and Interest Rate Factors
Interest rates have held steady for five consecutive months. Historically, rate stability has supported gradual price increases, as buyers regain confidence. With 60,000 bank employees scheduled to return to downtown offices starting in September, October, and November, additional market activity could follow.
What’s Next?
The upcoming fall market will be closely watched. If rates remain stable and economic conditions improve, buyer activity could pick up. However, high inventory levels mean competition among sellers will remain a key factor.
Toronto’s July performance shows that, despite seasonal slowdowns and economic uncertainty, the city’s real estate market remains active and adaptive. The months ahead will reveal whether this momentum can be sustained into the fall and winter seasons.
The Numbers at a Glance
The Greater Toronto Area (GTA) recorded five months of inventory in July, a level consistent throughout much of 2025. The average price across the GTA was $1.05 million, representing a 5.5% decline from the same month last year. Active listings increased by 26% year-over-year, surpassing the 30,000 mark — nearly double the inventory levels of July 2022 and 2023.
Sales were up 11% compared to last year, driven in part by increased buyer activity in certain property segments. However, when compared to the record-breaking market of early 2022, the gap remains significant.
Toronto vs. GTA
While the GTA encompasses a broad two-hour radius around the city, Toronto’s core continues to show relative resilience. Average prices in the city were down around 4%, but remained just above $1.045 million. Inventory levels were steady at five months, with condos leading the way in active listings.
Seasonal Trends
July is historically a slower month for Toronto real estate. With school out and many residents away on summer vacations, activity naturally tapers off. This year was no exception in terms of seasonal patterns, but the sales numbers still outperformed recent Julys, suggesting underlying demand remains steady.
Property Type Breakdown
- Detached Homes: Average prices climbed in the early part of the year but declined in June and July. Many of the highest-quality listings hit the market between February and May, leaving fewer premium options during the summer months.
- Semi-Detached Homes: Remain a sought-after segment, with roughly one in every two properties selling. Prices, however, have edged down from their spring peaks.
- Townhouses: Average prices have fallen, partly due to smaller units coming to market later in the year. Inventory has hovered around three months.
- Condos: A standout trend this year. July saw the most condo sales in 2025 so far, with average prices falling to $684,000 — the lowest level this year. Downtown core (C01) and surrounding areas (C08) both saw improved sales absorption rates.
Economic and Interest Rate Factors
Interest rates have held steady for five consecutive months. Historically, rate stability has supported gradual price increases, as buyers regain confidence. With 60,000 bank employees scheduled to return to downtown offices starting in September, October, and November, additional market activity could follow.
What’s Next?
The upcoming fall market will be closely watched. If rates remain stable and economic conditions improve, buyer activity could pick up. However, high inventory levels mean competition among sellers will remain a key factor.
Toronto’s July performance shows that, despite seasonal slowdowns and economic uncertainty, the city’s real estate market remains active and adaptive. The months ahead will reveal whether this momentum can be sustained into the fall and winter seasons.
