January Toronto Real Estate Market Stats: Starting the year with a Snowmageddon & Savings?
Well, that escalated quickly. January hit Toronto with a record-breaking Snowmageddon, dumping 50 cm of snow—the most the city has seen in decades. If you felt like you spent most of the month shoveling instead of house hunting, you weren’t alone. But while we were busy digging out our driveways, something else was happening in the market: borrowing costs were quietly getting more affordable.
Toronto Real Estate Market Overview: Key Insights
After a rocky 2024, interest rates have finally cooled down, much like our frozen sidewalks. Fixed mortgage rates have dropped to their lowest levels in over a year, thanks to the Bank of Canada’s recent policy rate cut to 3.0%. For buyers who’ve been on the fence, this means spring 2025 could be a golden opportunity to enter the market before demand ramps up.
Meanwhile, the Toronto Regional Real Estate Board (TRREB) released its Year in Review report, predicting that a well-supplied market will keep home price growth in line with inflation this year. TRREB is forecasting 76,000 home sales in 2025—a 12.4% increase from 2024—driven by lower borrowing costs and more available inventory. The average home price is expected to hit $1,147,000, up 2.6% year-over-year, with single-family homes likely to see stronger price growth than the well-supplied condo market.
Now that we’ve survived the Great Blizzard of 2025, let’s break down what actually happened in the market last month.
GTA Real Estate Insights
The GTA reported 3,847 home sales, a 7.9% decline from January 2024. But seasonally adjusted data shows that sales actually increased compared to December, suggesting buyers may already be thawing out from the interest rate deep freeze.
The average selling price across all home types landed at $1,040,994, marking a 1.5% increase year-over-year. While that’s not a meteoric rise, it signals stability, despite a significant surge in listings.
Speaking of supply, the GTA now has 4.46 months of inventory, putting the market on the brink of shifting into buyer-friendly territory. With more homes on the market, buyers may find they have more negotiating power this spring.
Toronto: Price Growth Despite an Avalanche of Listings
Toronto saw 1,386 home sales, down 5.8% compared to January 2024. However, home prices rose by 2.7% to an average of $985,653, proving that demand is still holding strong. Inventory surged 52.4%, pushing months of supply to 4.99 months—meaning more choice for buyers, but also more competition for sellers.
Mississauga: A Market in Balance
Mississauga recorded 346 home sales, down 8.0% from last year. Prices stayed virtually unchanged at $1,047,025, down a mere 0.2%. However, inventory climbed 72.4%, extending days on market to 41 days on average. With more options available, buyers may be able to take their time and negotiate better deals in the months ahead.
Oakville: A Price Adjustment in Progress
Oakville saw 138 sales, an 8.0% drop, with the average home price falling 6.8% to $1,352,531. While a 119.7% jump in inventory is putting downward pressure on prices, Oakville remains one of the GTA’s most desirable (and expensive) areas, meaning well-located homes are still attracting buyers.
Durham Region: More Listings, But Prices Hold
Durham Region recorded 489 sales, down 9.3% from January 2024. Prices remained flat, with the average home selling for $896,611, a 0.2% increase. Inventory nearly doubled (up 88.9%), giving buyers a greater selection. Homes here are spending an average of 30 days on the market, meaning things are still moving relatively quickly compared to other GTA regions.
York Region: Slower Sales, Steady Prices
York Region reported 620 sales, a 20.0% drop from last year, but the average home price remained stable at $1,216,183, up 0.5%. With inventory up 74.3%, York Region is trending toward a more balanced market, offering buyers more options and potentially more room to negotiate.
Brampton: A Flood of Listings, But Prices Hold
Brampton’s sales fell 10.1%, with 355 transactions in January. Despite a massive 109.8% increase in active listings, prices barely moved, landing at $985,321 (a 0.3% increase). While more homes are sitting on the market longer, the average days on market actually dropped to 31 days, suggesting that well-priced homes are still selling quickly.
The Condo Market: A Chilly Start to 2025
Condo sales softened in January, with transactions down 13% and prices down 1.7% year-over-year. The average GTA condo now sells for $670,675.
With a record number of new condo units expected to hit the market this year, condo prices are likely to remain stable throughout 2025, offering potential buyers more choice and less urgency.
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!
