The following numbers represent the overall averages for the sales of single family dwellings in the GTA, including detached, semis, townhouses and condominiums. It illustrates exactly how buyers and sellers are interacting with the market conditions.
The overall Bank of Canada rate was 0.25% in February 2022, the height of the market and peak of Covid 19. Everyone wanted a house and there was lots of free money. The Bank of Canada rate is now 9 times that rate at 2.25%. Mortgage rates have more than doubled over that same time period.
The lowest price this year was August, and rather surprisingly was very close to the January 31st 2024 price.
Relatively speaking, the numbers have been fairly consistent. We saw $1,028,699 January 31st 2024 and we are now at $1,039,458 at the end of November 2025. That’s an escalation of $10,759 over the best part of two years.
However, the good houses are being withheld from the market. Sellers who don’t have to sell are waiting. Inventories are down substantially. Buyers are reluctant to commit. They think that there will be even better deals in the months ahead.
The consequence is that everyone will change their minds at the same time. If you are a Buyer, this is a good time to get into the market. If you are a Seller, and you can wait, then wait, the market will improve.
Here are the average prices:
2025
$1,039,458 November
$1,052,985 October
$1,060,188 September
$1,021,626 August
$1,051,919 July
$1,102,050 June
$1,120,544 May
$1,106,556 April
$1,090,326 March
$1,086,744 February
$1,041,171 January 31st
$1,060,496 January 1st
2024
$1,060,496 December
$1,110,415 November
$1,135,694 October
$1,112,113 September
$1,077,825 August
$1,113,116 July
$1,164,491 June
$1,167,807 May
$1,155,260 April
$1,125,794 March
$1,114,829 February
$1,028,699 January 31st
Brian Madigan LL.B., Broker