Toronto Real Estate Market Update — October 2025
October wasn’t the kind of month that makes headlines, but it did say a lot about where the market is settling. Prices softened again, buyers stayed selective, and sellers continued to adjust to today’s realities. It felt like one of those steady, subtle months where the story isn’t change — it’s confirmation of the direction we’re already heading.
Prices Ease as Confidence Remains Mixed in the GTA
October didn’t bring a surge of activity, but it did reveal something useful: clarity on who’s actually active in the market, and right now, clarity is valuable.
Sales were down 9.5% year-over-year, totalling 6,138, while new listings rose 2.7% to 16,069. Buyers continued to hold the advantage, but behind the headline numbers, something meaningful shifted. Monthly mortgage payments on an average-priced GTA home trended lower in October, thanks to a combination of easing borrowing costs and softer selling prices.
That shift opened the door for more end-users to step in and afford homes that better suit their needs — something we haven’t seen in a while.
For buyers who feel secure in their jobs and confident about the long term, this market is quietly becoming more favourable than anything we’ve seen in the past few years.
A Toronto Market Quietly Recalibrating
I wouldn’t go as far as calling this a full market reset, but if there’s one theme this fall, it’s adjustment. Prices are adjusting. Expectations are adjusting. Even the way people negotiate is adjusting.
October wasn’t a big movement month, but you could feel a shift in how people approached the market. Sellers are becoming more open to realistic pricing, and buyers expecting deep discounts are seeing that well-positioned homes still draw solid interest.
The days of every listing holding offer nights and every negotiation being clouded by multiple offers have faded for now. In their place, accurate, market-based pricing and proper preparation have become the key differentiators.
This kind of recalibration often happens before a more meaningful shift in activity, once confidence starts to rebuild and the broader economic picture feels steadier.
Condos: More of the Same
Condo activity continued its now-familiar decline in October, with an 11% year-over-year drop in sales and a 4.7% year-over-year decline in the average price across the GTA. These figures have been remarkably consistent over the past few months, showing little indication of any significant shift in momentum.
The story this month wasn’t about change — it was about continuity. Demand remained steady but highly selective, and the segment continued to reflect softer sales, ample choice, and cautious decision-making from both end-users and investors.
In short, October didn’t alter the direction of the condo market — it simply continued it.
Looking Ahead
As we move into the final stretch of the year, the market feels steady, measured, and largely shaped by economics rather than emotion. Lower borrowing costs and softer prices have improved monthly affordability on paper, but wider uncertainty is still keeping many would-be buyers on the sidelines.
For those actively in the market, this fall has been about clarity. Buyers have more time and more choice. Sellers are adjusting expectations and leaning on strategy instead of momentum. And across the board, decision-making has become more practical and less reactive.
Nothing in October suggested a dramatic shift is around the corner — but it did reinforce where we stand: a market defined by balance, patience, and gradual adjustment.
Check out the September Market Update
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