DECEMBER 2025 MARKET UPDATE

In line with typical seasonal trends, sales, new listings and inventory levels all slowed relative to last month. The 1,553 sales were met by 2,251 new listings, improving the sales-to-new-listings ratio to 69%. This also helped support some of the inventory adjustments. However, with 5,581 units in inventory, levels are still 28% higher than last year and over 15% higher than typical levels reported in November. 

“Supply levels have been sitting higher than typical levels for the past three months, mostly due to the gains occurring in the higher-density sectors of row and apartment style units,” said Ann-Marie Lurie, CREB®’s Chief Economist. “This is partially related to the additional supply choice coming from the new homes sector, some of which end up on the resale market, especially near the end of the year. While buyer’s market conditions are more prevalent for apartment-style homes and to a lesser extent row homes, outside of a few pockets of the market, both the detached and semi-detached markets are relatively balanced.”   

The additional supply choice across the resale, new, and rental markets is having the most impact on apartment and row-style home prices, which are reporting year-over-year price declines of seven and 6%, respectively. In comparison, detached home prices are down 2% from last November but remain higher than last year on a year-to-date basis. Overall, the unadjusted total combined residential benchmark* price in November was $559,000, nearly 5% lower than last year. 

*To keep the benchmark price relevant, once a year, the attributes of a benchmark home are reviewed, and the benchmark prices are updated. The review is complete, and the data has been updated. Although all historical adjustments have been made, the old PDF monthly reports have not been adjusted.

October sales reached 1,012 units, an improvement over last month, but still 5% lower than last year’s levels. At the same time there were 1,593 new listings that came onto the market, causing the sales-to-new-listings ratio to rise to 64% and inventories to trend down over last month to 2,913. Inventory levels remain slightly higher than long-term trends for the month, but with just under three months of supply, conditions remain relatively balanced and far better than conditions reported during the 2015 to 2019 period.

Despite relatively balanced conditions, there are pockets of the market that are experiencing buyer’s market conditions, which is impacting prices. Citywide detached benchmark prices eased to $744,400 in October, 1% lower than last year. However, price adjustments ranged from a year-over-year gain of nearly 2% in the City Centre to a decline of over 5% in the North East district. Despite recent adjustments, year-to-date prices remain over 1% higher than last year.  

Sales improved over last month while new listings slowed, causing the sales-to-new-listing ratio to rise to 57%, which is slightly lower than typical levels for this time of year, but high enough to prevent any significant change in inventory levels compared to last month. With 186 sales and 613 units in inventory, the months of supply was over three months, higher than last year’s extremely low levels, but lower than last month.

More inventory choice has weighed on prices over the past several months. However, with an October benchmark price of $683,100, prices remain nearly 1% higher than last year and on a year-to-date basis are over 3% higher than last year. 

With 275 sales in October, year-to-date row sales totaled 3,412 units, a 17% decline over last year. While row sales remain well above long-term trends, new listings have been on the rise and reached record highs so far this year. As of October, there were 1,054 units in inventory, the highest ever reported for the month and nearly 32% higher than long-term averages. This also caused the months of supply to remain around four months.

The additional supply choice has weighed on prices. The October benchmark price was $431,200, over 1% lower than last month and nearly 6% lower than prices reported last year at this time. The steady slide in row prices have caused year-to-date prices to drop by 1.5%. Price adjustments did vary across the city with the largest year-to-date declines occurring in the North East and North districts. 

The pullback in new listings relative to sales this month did help prevent further gains in inventory levels. However, with 1,891 units in inventory and 412 sales, the months of supply remained elevated at nearly five months. Apartment condominiums have been experiencing buyer’s market conditions for nearly 6 months, placing downward pressure on prices. As of October, the benchmark price was $318,200, down over 1% compared to last month, and nearly 7% lower than last October.

On a year-to-date basis, prices are nearly 2% lower than last year’s levels. The largest year-to-date price declines occurred in the North East and South East districts at 4%, as those districts are either reporting the highest months of supply on the resale market or are facing significant competition from the new home market.