January home sales in the Greater Toronto Area were nearly eight per cent lower than last year, though a new report from the Toronto Regional Real Estate Board still anticipates a larger number of annual home sales in 2025.
The GTA Realtors Group reported 3,847 home sales in January 2025, down from 4,177 (or 7.9 per cent) during the same month in 2024.
Despite the dip in January's numbers, experts in the real estate market are still hopeful. New home listings shared through the Toronto Regional Real Estate Board (TRREB) totalled 12,392 for 2025 — up by 48.6 per cent year-over-year.
TRREB also reported that on a seasonally adjusted basis, January sales were up month-over-month compared to December 2024.
The average selling price of a home in the GTA is now over $1.04 million, a 1.5 per cent bump compared to January 2024 when it was over $1.02 million.
In its January 2025 market report, TRREB said it anticipates a total of 76,000 home sales in 2025, up by 12.4 per cent from 2024.
"Lower borrowing costs coupled with ample supply will improve affordability and prompt more buyers to move off the sidelines," the report reads.
The average selling price for all home types in the GTA is expected to grow to over $1.14 million in the GTA this year, a 2.6 per cent boost from 2024. The price growth is expected to be strongest for the sale of single-family homes.
TRREB President Elechia Barry-Sproule said prioritizing housing diversity is "paramount" in sustaining the real estate market's future.
"Encouraging the development of missing-middle housing—such as townhomes, duplexes, and low-rise multi-unit buildings—is critical to delivering a range of attainable options for individuals and families," she said. "Purpose-built rentals also play a vital role in ensuring everyone has access to a place they can call home."
In January 2025, TRREB reported the sale of 351 detached homes, 132 semi-detached homes, 147 townhouses and 747 condo apartments in the Toronto alone.
Across the GTA, January 2025 saw the sale of 1,229 detached homes, 217 semi-detached homes, 578 townhomes and 414 condo apartments.
