The average selling price in the region fell 5.4% year-over-year to $1,101,691, while the composite benchmark price dropped 5.5%. Despite overall sales remaining down from a year ago, TRREB reported that seasonally adjusted home sales rose over 8% from May, indicating that the market “continued to show signs of recovery.”
One of the major factors holding back a stronger recovery is uncertainty surrounding Canada’s relationship with the United States. A potential trade agreement with the U.S. could provide the boost the housing market needs.
Interest rates also remain a critical factor. The Bank of Canada has held its overnight interest rate steady at 2.75% through two consecutive decisions after a streak of seven rate cuts since June of last year. As the market slowly regains momentum and prices become more approachable, buyers who were previously hesitant may begin to re-enter. With more certainty on the horizon, both politically and economically, the second half of 2025 could present new opportunities for those looking to buy a home in the GTA.
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