February Toronto Real Estate Market Stats: A Cool Market, Hot Tariffs & Buyer Power Grows

Time is flying by as we step into March, and let’s be honest—we’re all relieved to see some sunshine after February’s snow-filled encore. But while the snow piles started melting, so did confidence in the housing market.

Blame it on the headlines: A provincial election, rising global tensions, and new tariffs hitting goods imported from Canada, Mexico, and China. With all that political noise, buyers seem to be sitting on the sidelines, waiting for the dust to settle. The numbers reflect this hesitation—February home sales were down 27.4% year-over-year, however, the average price only dipped slightly to $1,084,547, a 2.2% decrease compared to last year.

There’s a silver lining in all this uncertainty: opportunity. While some buyers are pressing pause, those still in the game are finding more choices and negotiating power, especially with interest rates expected to drop further in the months ahead. Could this be the perfect window for buyers to make a move before the spring market heats up? Let’s break it down.

Toronto Real Estate Market Overview: Key Insights

The city of Toronto saw 1,540 home sales, down 21.9% from February 2024. But unlike previous slowdowns, prices actually rose 1.4%, bringing the average sale price to $1,087,077.

What’s behind this resilience? The core Toronto market is still competitive, particularly in sought-after neighbourhoods, where demand remains strong despite rising inventory. However, with a 55.7% increase in active listings, buyers now have far more options than they did a year ago.

Condos in Toronto followed a different path, with sales down 18.1% and the average condo price dipping slightly to $724,632. While not a dramatic decline, it signals a shift—condo buyers have more room to negotiate than they did in 2024.

With months of inventory reaching 5.07, the city is hovering near buyer-friendly conditions, and that means negotiation is back on the table for the first time in years.

GTA Real Estate Insights

February saw 4,037 home sales, marking a 27.4% drop from last year. Prices also saw a 2.2% decline, with the average home selling for $1,084,547. However, the big story here is inventory, which surged 76% year-over-year, bringing total active listings to 19,536.

With more homes sitting on the market and months of inventory climbing to 4.84, we’re flirting with a buyer’s market—something Toronto hasn’t seen in a while.

Mississauga: A Market on the Edge of Change

Mississauga followed a similar trend with 679 home sales, marking a 20.1% decline year-over-year. Unlike Toronto, where prices held firm, Mississauga saw the average home price climb by 2.3% to $1,043,556.

More homes hit the market, with active listings up 77.9%, giving Mississauga buyers the most choice they’ve had in years.

The condo market took a bigger hit, with sales down nearly 40% and prices dropping 7.8% to $581,431. Buyers looking at condos in Mississauga may have the upper hand in negotiations, as inventory builds up.

At 5.09 months of inventory, Mississauga is nearing a full buyer’s market, meaning sellers need to be realistic with pricing to get their properties moving.

Oakville: Luxury Market Adjustments Continue

Oakville home sales fell 22.6% to 281 transactions, and the average price dropped 6.2% to $1,429,779.

With months of inventory climbing to 6.61, the luxury segment is seeing a notable correction, giving buyers a rare chance to secure deals in this high-end market. Sellers need to price aggressively and stage well to attract serious buyers.

Durham Region: Still Holding as a Seller’s Market

Durham continues to defy the broader trend, with 1,044 sales, down 18.5%, but prices barely moved, declining just 1.3% to $897,217.

Unlike the rest of the GTA, Durham’s inventory remains relatively low at 2.85 months, keeping it in seller’s market territory. Buyers can expect some competition for well-priced properties, but they still have more choice than they did last year.

York Region: High Inventory, But Holding Steady

York Region posted 1,356 sales, down 25.4%, but prices remained relatively stable, dipping just 3.4% to $1,232,166.

With 83.3% more listings on the market, the region now has 4.95 months of inventory, meaning buyers have options and leverage, particularly in the detached home segment.

Condos, however, saw sales drop nearly 20%, with prices sliding 4.7% to $658,410.

Brampton: A Flood of Listings, But Prices Hold

Brampton’s market continued its cooldown, with 617 sales, a 26.5% drop from last year. Prices also slid 3.1% to $979,104, marking one of the biggest price declines in the GTA.

Here’s the kicker: Active listings skyrocketed by 126%, leading to an inventory surge to 6.01 months. This means buyers in Brampton have the strongest negotiating power in years.

Condos were hit even harder, with sales plunging 51.6% and prices falling 15.5% to $471,033. Brampton’s condo market, in particular, is shifting to a strong buyer’s market, making it a great time for first-time buyers to jump in.

Interest Rates & Trade Uncertainty: What’s Next?

While rates are still at their lowest in over a year, economic uncertainty is keeping buyers cautious. The recent U.S. tariffs on Canadian exports have added another layer of hesitation, particularly among those concerned about job security or inflation.

However, many economists predict further rate cuts from the Bank of Canada later this year, which could spur more demand in the second half of 2025.

What This Means for Buyers and Sellers?

Between Snowmageddon and falling mortgage rates, January was anything but predictable. But if there’s one thing we can bet on, it’s that lower borrowing costs will play a big role in the spring market. With fixed mortgage rates at their lowest levels in over a year, more buyers are expected to jump back in—meaning competition could heat up just as the ice melts.

For buyers, this might be the moment to lock in an affordable rate before demand ramps up. For sellers, competitive pricing and strategic marketing will be key in standing out.

If you’re thinking about making a move, let’s chat about how to navigate the changing market! Let's chat!