Home Sales in Greater Toronto Area Continue to Decline Amid Economic Uncertainty
In December, Greater Toronto saw a decrease in home sales as buyers held back due to economic concerns. According to the Toronto Regional Real Estate Board, 3,697 homes were sold in the GTA, marking an 8.9% drop from the previous year. The average selling price also fell by 5.1% to $1,006,735, with the composite benchmark price down by 6.3%.
Throughout the year, economic uncertainty impacted the housing market, resulting in an 11.2% decrease in total sales compared to 2024. Despite increased inventory, new listings rose by 10.1% year-over-year, offering buyers the opportunity to negotiate lower prices.
TRREB president Daniel Steinfeld remains optimistic, noting that improved affordability and lower borrowing costs could pave the way for a market recovery in 2026, once buyer confidence in the economy and job market strengthens.