TRREB numbers showed a bruising year for condo sellers and investors
Toronto’s condo market ended 2025 markedly weaker than it began, with sales and prices sliding across the board as higher rates, investor fatigue and swelling inventory weighed on demand.
Across the Toronto Regional Real Estate Board (TRREB) area, condo apartment sales for the year totaled 16,425, down roughly 14.7% from 2024, while the average price fell about 5.1% to $667,235.
In the 416, annual condo sales dropped 13.4% to 10,859, with prices down 4.5% to $698,957; in the 905, sales sank 17.2% to 5,566 and prices fell 6.8% to $605,349.
In December alone, TRREB recorded just 1,029 condo sales, an 11.2% year‑over‑year decline, with the average price slipping to $628,029, about 7.3% lower than a year earlier.
Sales fell as inventory climbed
Across all property types, December brought 3,697 sales, down 8.9% from 2024, even as new listings edged up 1.8% and active listings jumped 17.5%.
“The GTA housing market became more affordable in 2025 as selling prices and mortgage rates trended lower. Improved affordability has set the market up for recovery. Once households are convinced that the economy and labour market are on a solid footing, sales will increase as pent-up demand is satisfied,” TRREB president Daniel Steinfeld said.
Home sales in the Greater Toronto Area fell 8.9% year-over-year in December, while average prices dropped 5.1%, according to TRREB’s latest report. https://t.co/ri96xA9Zf1
— Canadian Mortgage Professional Magazine (@CMPmagazine) January 7, 2026
Investors felt the squeeze
Condo sales in the 416 region slipped in most months last year as buyers fled to the sidelines amid a deepening crisis.
In April alone, they tumbled 29.9% year over year,, while the 905 saw a 31.5% slide in the same month with average prices down 3.4% and 4.8% respectively.
Many Toronto condos have also become a toxic asset with investors no longer able to count on the same demand from renters and many owners bleeding cash because rental income has fallen while mortgage rates rose.
“I feel like there’s a long way to go because there’s just so many [smaller units],” DLC Clear Trust broker Micky Khaneka told Canadian Mortgage Professional in recent months. “The product is just not the most desired, most favourable for people who want to buy it as a rental.
“The rates, at this point, still don’t make sense when you add in the monthly mortgage payment or property tax and throw in the maintenance fees. It’s just not an attractive product, which makes it very tough to see a light on that front. I think we’re probably a few years out from there.”
A national condo slump with Toronto at the core
The weakness extends beyond the GTA. A 2025 Canadian Condominium Report found that GTA condo resales fell 11.9% year over year between January and October, while values softened by 5.1%.
“Pre-construction condominium sales have slowed considerably from peak levels in 2021–2022,” the report said, pointing to financing challenges, high construction costs and a widening affordability gap that “further eroded achievability in 2025, particularly in Toronto and Vancouver.”
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