Toronto Real Estate 2025: Boom or Bust? Inside the Surprising Trends Shaping Toronto’s Market

Overview: A Shifting Market at a Crossroads in 2025

Toronto’s real estate market in 2025 finds itself at a pivotal moment. After a frenetic pandemic-era boom and a sharp cooldown in 2022–2023, the market is stabilizing with high inventory and cooling prices creating a buyer’s market in many segments wowa.ca reuters.com. Home sales have begun to pick up modestly again – GTA transactions in June 2025 were roughly flat (+0.5% year-over-year) rbc.com – but this rebound in demand has been outpaced by a surge of new listings, which jumped ~10% year-over-year rbc.com. The result is historic inventory levels (over 31,000 active listings, the highest in 30+ years) wowa.ca and far more negotiating power for buyers.

Elevated interest rates have weighed on affordability and buyer sentiment, but there’s a silver lining: mortgage rates began easing in 2024, and by mid-2025 the Bank of Canada had made a series of rate cuts to stimulate the economy wowa.ca reuters.com. Still, borrowing costs remain well above pre-pandemic lows, keeping some buyers on the sidelines. Meanwhile, record immigration and population growth continue to fuel underlying demand for housing, especially in the GTA. This push-and-pull of strong demographic demand versus high financing costs and abundant supply defines Toronto’s real estate landscape in 2025.

Major trends shaping the market include: softening prices, longer selling times, and strategic price cuts by motivated sellers – particularly at the higher end. At the same time, certain pockets of the market are bucking the trend with resilient or rebounding activity (notably entry-level detached homes in more affordable areas). In the commercial sector, the office market remains weak with high vacancies, while industrial and multi-family properties are relatively robust. Overall, Toronto’s real estate in 2025 is a story of a market in transition, offering both opportunities and challenges for investors, homebuyers, and sellers.

Residential Real Estate Trends in 2025

Home Prices and Sales: After peaking in early 2022, Toronto home prices have settled back to earth. As of mid-2025, the average GTA home price is around $1.10 million, down about 5% from a year earlier wowa.ca nesto.ca. In fact, the composite benchmark price dipped just below the psychological $1 million mark for the first time since 2021 wowa.ca. Table 1 shows the average prices by housing type in the City of Toronto (416) as of June 2025, all of which have declined year-over-year:

Table 1: Average Home Prices in Toronto (June 2025)

Source: Toronto Regional Real Estate Board data (June 2025) via Nesto

Sales activity has been subdued compared to the frenzied pace of 2021. Roughly 6,200 homes traded hands in June 2025 across the GTA, which is essentially flat from a year prior wowa.ca rbc.com. This tepid sales pace, combined with an influx of listings, has pushed the sales-to-new-listings ratio (SNLR) down to the low-30% range (about 32–34% in June) wowa.ca rbc.com. An SNLR well below 40% signifies a buyer’s market, a stark reversal from the seller’s market conditions seen during the pandemic boom. Buyers now have more choice and more leverage in negotiations – only ~29% of houses and 17% of condos are selling above asking price, indicating few bidding wars nesto.ca. Months of inventory (MOI) has swelled to about 4.6 months for low-rise homes and 7 months for condos nesto.ca, which again tilts the market in favor of buyers. Homes are taking longer to sell, and price reductions are common, especially for luxury listings. In prestigious enclaves like Lawrence Park and the Bridle Path, sellers of $3M+ properties have been slashing asking prices to attract the few buyers in that segment nesto.ca.

Hot Neighborhoods and “Rebound” Pockets: Despite the overall cool-down, not all parts of the market are languishing. A recent analysis by RE/MAX identified several “hot pocket” neighbourhoods in Toronto where demand and prices for detached homes are actually rising despite the broader slump bnnbloomberg.ca bnnbloomberg.ca. For example, an cluster of communities in the west end (Rockcliffe-Smythe, Keelesdale-Eglinton West, Corso Italia and surrounding areas) saw a +6.2% jump in median detached prices in the first half of 2025 vs. 2024 bnnbloomberg.ca. Even parts of Toronto’s luxury market showed resilience – the Bridle Path and St. Andrew–Windfields area recorded an 11.5% surge in median price (now topping $4.6 million) as high-net-worth buyers moved back in bnnbloomberg.ca. In the east end, more affordable neighborhoods like South Riverdale, Leslieville, and East Danforth saw modest price upticks (~+1–2%) year-over-year bnnbloomberg.ca, thanks to limited inventory at lower price points. These pockets of strength underscore a key trend: affordability is king. Areas with relatively lower entry prices (for Toronto standards) or unique value propositions are drawing out sidelined buyers. In fact, first-time buyers have been driving a resurgence in detached home sales in the sub-$1.2M range across the GTA bnnbloomberg.ca bnnbloomberg.ca. Homes priced between $850,000 and $1.2 million in desirable micro-markets are moving quickly as buyers realize that if prices start rising again, their window to buy an affordable detached house may be closing bnnbloomberg.ca.

Condo Market Dynamics: Toronto’s condominium segment is currently the most supplied and softest segment of the residential market. Average condo prices (~$585K in the city) are down ~8% from last year nesto.ca nesto.ca, and inventory is plentiful – the condo MOI of 7 months is well above the low-rise segment nesto.ca. A flood of new condo completions has hit the market, both for sale and for rent. Many investors who bought pre-construction condos are listing them amid higher carrying costs, contributing to the supply glut. The result is price stagnation and more negotiating room for condo buyers. That said, quality and location still matter: condos in prime downtown locations or near transit are holding value better, while cookie-cutter units in oversupplied high-rises are seeing deeper discounts. The high-end condo market (luxury units, penthouses) has a very thin buyer pool at the moment, further pressuring that sub-sector. Developers have reacted to these conditions by delaying or cancelling some planned condo projects – the new condo market has “fallen off a cliff” in sales, according to industry reports urbanation.ca. This pullback in future condo supply could eventually help the market find equilibrium, but in the near term Toronto’s condo buyers continue to enjoy abundant choices and softer prices.

Forecasts for Residential Prices: At the start of 2025, the Toronto Regional Real Estate Board (TRREB) forecasted a moderate rise in home prices (+2.6%) for the year, expecting the average selling price to reach ~$1.147M by year-end urbaneer.com. TRREB anticipated that lower mortgage rates and improved supply would bring some buyers back to the market and stabilize prices urbaneer.com. However, by mid-2025 it became clear the recovery was sluggish. Industry outlooks have been revised more cautiously. A Reuters poll of economists in June 2025 predicts Toronto home prices will actually end 2025 about 4% lower on average reuters.com reuters.com, reflecting the slower economy and an initial overshoot in interest rates. The consensus is that 2025 is a year of finding the floor, and that a more tangible recovery in prices will take hold by 2026 reuters.com. Experts from CMHC and major banks expect stagnation or slight declines through the remainder of 2025, with a return to modest growth in 2026 assuming interest rates continue to ease reuters.com cmhc-schl.gc.ca. In other words, the next few quarters may be bumpy, but most forecasters see prices bottoming out within 2025. By 2027–2028, the combination of renewed economic growth, continued high immigration, and a probable housing supply shortfall (due to today’s construction slowdown) could put Toronto back on a slow upward price trajectory. For now, though, buyers can take comfort that prices are well below their pandemic peaks, and any near-term growth is expected to be gradual. Toronto’s housing market in 2025 is not in boom mode – it’s catching its breath, and the consensus is for stability in the next year or so before a return to modest price appreciation over the 3–5 year horizon reuters.com cmhc-schl.gc.ca.

Commercial Real Estate: Office Lags, Industrial Leads

blog.remax.ca blog.remax.ca Commercial real estate in Toronto presents a mixed picture in 2025, with different sectors experiencing very different conditions. Broadly, investment and leasing activity have slowed from pre-pandemic levels across most asset classes blog.remax.ca, reflecting economic uncertainty and higher borrowing costs. However, certain sectors – notably industrial warehousing and multi-residential rental apartments – remain fundamentally strong, whereas the office market is struggling with a post-pandemic hangover of high vacancies.

Office Sector – High Vacancy and Flight to Quality: The office market in Toronto (especially downtown) is arguably the weakest link in the commercial chain right now. Downtown office vacancy has surged to approximately 18–19% in early 2025 blog.remax.ca – a stunning jump from the ~2–3% vacancy seen pre-2020. This means nearly a fifth of downtown office space is sitting empty, largely due to the remote work revolution and corporate downsizing. Older Class B and C office buildings are struggling the most to attract tenants, while top-tier AAA towers still enjoy higher occupancy rates due to a flight-to-quality by tenants blog.remax.ca. Many large employers have shrunk their office footprint, subletting or giving up excess space as hybrid work persists. Even with some companies nudging staff back to the office more frequently in 2025, overall demand for office space remains far below pre-pandemic norms renx.ca renx.ca. Landlords of less desirable buildings are responding by upping concessions (like free rent periods and higher tenant improvement allowances) and even considering repurposing opportunities. In fact, there’s growing momentum to convert underused offices into residential units or specialty uses (such as medical offices, life-science labs, or educational facilities) blog.remax.ca. The oversupply of traditional office space, contrasted with shortages in sectors like healthcare and senior living, presents an opportunity to reposition aging office inventory blog.remax.ca. It’s worth noting that some analytics suggest the office market might be nearing its bottom: national office vacancy is forecast to peak around mid-2025 (at ~15% nationally) and then stabilize renx.ca renx.ca. Toronto, being Canada’s largest office market, will be key to watch – any uptick in downtown leasing will signal a corner turned. For now, though, tenants have the upper hand, and office rents are under pressure except in the newest, most amenity-rich towers.

Industrial Sector – Still a Standout Performer: In stark contrast to offices, industrial real estate in the GTA remains the top-performing commercial sector blog.remax.ca. Warehouses, distribution centers, and logistics facilities are still in high demand thanks to e-commerce growth and the robust Ontario economy. The industrial availability rate in Greater Toronto was just 4.6% in Q1 2025, one of the lowest in Canada blog.remax.ca. This is up slightly (40 basis points) from a year prior – indicating supply loosened a bit – but it’s still a very tight market by historical standards. After years of near-zero industrial vacancy, landlords finally have a little more competition, and rents that were skyrocketing have started to stabilize. In fact, there are signs of industrial rent growth cooling: market rents, which peaked around $18+ per sq ft in 2023, have inched down to roughly $17–$17.50/sf by 2025 as new supply comes online cbre.ca. Developers have been busy expanding industrial parks to outlying areas of the GTA – new state-of-the-art warehouses are popping up along the 400-series highways in places like Whitby, Ajax, Bolton, and Caledon to satisfy tenant demand for modern, larger facilities blog.remax.ca. These newer developments offer slightly more competitive lease rates and incentives, giving tenants options beyond the tight core markets blog.remax.ca. Another interesting trend is the adaptive reuse of older industrial sites in and around Toronto: with manufacturing uses declining in some aging properties, owners are repurposing buildings into everything from self-storage to recreational facilities (e.g. indoor pickleball courts and gyms) blog.remax.ca. Overall, the industrial sector’s fundamentals remain strong – vacancy is low, and investor appetite is high for logistics assets, although cap rates have inched up alongside interest rates. Outlook: The industrial market may continue to balance out over the next 1–2 years as a significant amount of new supply is under construction in the GTA. Even so, most analysts expect demand to keep pace with supply in the medium term, keeping industrial vacancy below equilibrium and rents relatively firm goranbrelih.com. For investors, the GTA industrial segment is still attractive as a long-term play, though not the frenzy of a couple years ago.

Retail Sector – Adaptive Resilience: Toronto’s retail real estate has proven more resilient than some expected, adapting to changing consumer habits and the post-COVID world. Vacancy rates in prime retail locations remain low, and rents have generally held steady or even increased in top-tier shopping centers blog.remax.ca. A notable event was the bankruptcy (or downsizing) of the historic Hudson’s Bay Company department store operations, which could have left big holes in malls. Yet, the market has largely taken this in stride – the empty department store anchors are being backfilled by new retail and entertainment uses blog.remax.ca. Malls in the GTA are reinventing themselves by incorporating experiences: adding restaurants, cinemas, grocery stores, even residential towers on mall properties blog.remax.ca. Toronto’s best-performing malls (like Yorkdale, Eaton Centre, Square One) continue to lead the nation in sales productivity, with Yorkdale reportedly achieving over $2,300/sf in sales – by far the highest in Canada blog.remax.ca. This speaks to the strength of well-located retail. In the neighborhood retail segment, open-air shopping plazas with essential tenants (grocery stores, banks, pharmacies) are highly sought after by investors blog.remax.ca. Many such plazas also hold future redevelopment potential (for adding mixed-use density), making them even more attractive. The challenge, however, is limited supply of quality retail sites – few new retail developments are happening, and existing assets don’t trade often. Overall, retail rents in 2025 are stable and even rising in certain corridors, but success varies by location and format. Downtown high-street retail sees healthy foot traffic again as tourism and office workers gradually return, whereas some weaker suburban retail nodes still contend with e-commerce pressures. The retail sector’s outlook for the next few years is cautiously optimistic: expect further integration of retail with other uses (transit hubs, residential) and a focus on experiential draws to keep shoppers coming in person. Barring a major recession, retail in Toronto should continue to “hold firm” as it has in 2024–2025 blog.remax.ca, with incremental growth in rents and values in prime segments.

Multi-Residential & Rental Apartments: Multi-family rental properties (apartments) deserve a mention in a commercial context, as they are an increasingly important asset class for investors. In Toronto, purpose-built rental apartments have extremely strong demand – the city’s rental vacancy rate is low (around 3% or less) blog.remax.ca urbanation.ca and rents are near record highs (more on this in the rental section below). This has sparked significant interest in developing new rental apartment buildings, especially as the condo market has cooled. Indeed, over 700 new rental units started construction in Q1 2025 in the Toronto area blog.remax.ca, even as condo starts dropped sharply. Investors such as REITs and pension funds are drawn to rentals’ stable cash flow and Toronto’s seemingly endless tenant demand. The challenge is that high construction costs and financing rates make it tough to pencil out new projects. The sector is benefiting from some government incentives (like low-cost CMHC financing for rentals), but even so, the economics are tight. The recent government proposal to reintroduce the MURB program (allowing investors to write off rental building depreciation against income) could spur more investment if passed blog.remax.ca. In the meantime, activity continues: the pipeline of proposed rentals hit a record in 2025, with ~26,000 units submitted in Q1 – over double the volume a year prior blog.remax.ca. This indicates developers are positioning to build more rentals if conditions improve. For existing apartment assets, 2025’s slightly softer rent growth (due to a supply uptick) hasn’t diminished investor interest; if anything, some opportunistic buyers are hoping to acquire older rental buildings or even condo towers to convert to rentals, banking on long-term rental demand in Toronto.

Investment Market and Capital Flows: Investment activity in commercial real estate has slowed in 2025 compared to previous years. Higher interest rates have pushed up cap rates somewhat and made buyers more cautious. Large institutional players and REITs have mostly hit the pause button on big acquisitions, especially in riskier segments like office blog.remax.ca. However, private investors and smaller firms are selectively active – for instance, in the retail plaza market, local investors aggressively pursue any available grocery-anchored center blog.remax.ca. The hotel sector has also seen a surprising boom: coming out of the pandemic, Toronto’s hotel revenues rebounded strongly, and hotel property sales totaled $552 million in 2024 (up 173% from 2023) blog.remax.ca, making hospitality a standout performer recently. This momentum continued into 2025, with leisure and business travel lifting hotel occupancy and investor confidence. Overall commercial property values in Toronto are off their peaks (especially offices, which have repriced downward significantly), but the market hasn’t seen distress or fire sales at scale. Lenders have been working with landlords to extend loan terms rather than foreclosing, betting on a medium-term recovery. The outlook for commercial real estate in Toronto over the next few years is cautiously optimistic for most sectors except office. Industrial and multi-family will likely remain darlings, retail should gradually improve alongside the economy, and office may require several years (and perhaps drastic measures like conversions) to truly rebound. Investors with dry powder in 2025–2026 might find attractive buying opportunities in beaten-down asset classes (e.g. older offices ripe for redevelopment, or condos from troubled projects) – but these plays require patience and a value-add strategy. Toronto’s diversified economy and growth trajectory mean commercial real estate prospects long-term are positive, but success will depend on picking the right segment and asset in this uneven recovery.

Rental Market Trends: Soaring Rents Meet New Supply

After years of relentlessly rising rents, Toronto’s rental market in 2025 is experiencing a rare moment of relief for tenants. The combination of significant new supply coming online and a softer home resale market has caused rental conditions to ease slightly compared to the ultra-tight conditions of 2022–2023. Make no mistake – Toronto is still an expensive city for renters and demand remains high – but renters finally have a bit more negotiating power than in recent memory.

Rents and Recent Changes: The average rent for a condo or apartment in Toronto has leveled off and even ticked down slightly year-over-year. In June 2025, the average monthly rent in the city was about $2,587, roughly 5% lower than a year prior nesto.ca. This marks the first annual decline in rents after a prolonged period of rapid increases that peaked in 2022. For context, one-bedroom apartments average around $2,200–$2,400, and two-bedrooms around $2,800–$3,000 in Toronto – still very high, but no longer surging higher each month. According to Urbanation, average rents per square foot in newer purpose-built rental buildings were down ~2.2% year-over-year in Q1 2025 urbanation.ca, and when factoring in incentives (like free month rent promotions), effective rents were down as much as 7% from the previous year urbanation.ca. Even the condo rental market saw a pause: average condo apartment rents in the GTA declined annually for the fourth straight quarter in early 2025 urbanation.ca. Essentially, the feverish rent inflation of the past few years has broken, at least temporarily.

Supply Surge and Vacancy Rates: This cool-off in rents is largely supply-driven. Toronto has seen an unprecedented wave of new housing supply targeted at renters. Completions of rental apartments hit a 30-year high in early 2025 – over 2,100 new purpose-built rental units opened in Q1 alone, a 173% increase from the prior year urbanation.ca. On top of that, thousands of newly completed condos (which often end up in the rental pool) have hit the market. The influx of new units has nudged the vacancy rate up from rock-bottom levels. Citywide vacancy for newer rentals was about 3.7% in Toronto (3.5% across the GTA) in Q1 2025, up from roughly 2.5% a year earlier and the highest since mid-2021 urbanation.ca. While a 3-4% vacancy rate is still relatively low, it represents a notable loosening from the sub-2% vacancies common pre-pandemic. Renters are finally seeing a few more options: by Q1 2025 the active listings of condo rentals were up 29% year-on-year, equating to about 1.4 months of rental inventory on the market (versus less than 1 month’s supply historically) urbanation.ca. Landlords, facing more competition, have responded by offering incentives – Urbanation reports nearly 2/3 of purpose-built buildings offered some incentive (like one or two months free rent) in early 2025, double the share that did so the year prior urbanation.ca. These giveaways effectively reduce the rent that tenants pay and signal that owners are keen to keep units filled.

urbanation.ca However, this renters’ market may prove short-lived. The very factors that created this burst of supply are now reversing: higher interest rates and construction costs are causing developers to hit the brakes on new projects. Rental starts in the GTA fell 60% year-over-year in Q1 2025 (only ~731 units started construction) urbanation.ca, and the total number of rentals under construction actually declined to about 21,800 units – a two-year low urbanation.ca. In the condo sector, many planned projects are being delayed or scrapped, which will limit the flow of new investor-held condos for rent a couple of years from now cmhc-schl.gc.ca. The consensus among housing analysts is that rental demand in Toronto will continue to grow (thanks to immigration and job growth), but the supply pipeline is not keeping up in the long run. The current elevated vacancy and flat rents are likely a transient window. As Shaun Hildebrand of Urbanation put it, “improved affordability (for renters) thanks to recent increases in supply… is not expected to last much longer given the current downtrend in construction.” urbanation.ca In other words, renters should enjoy the 2025 breather while it lasts – by 2026 or 2027, Toronto could be back to a very tight rental market if new building doesn’t accelerate.

Rental Market Outlook: Over the next 3–5 years, expect rent growth to resume after this brief plateau. Toronto’s population is growing at a record pace and most newcomers rent before they buy. Even a 3.5% vacancy rate is low for a city the size of Toronto – in many global cities 5% vacancy is considered balanced, so Toronto’s rental market is still undersupplied by that measure. The slight vacancy increase in 2025 is likely to peak soon, and by late 2025 or 2026, as long as the economy stays on track, rents could start rising above inflation again. One supportive factor is policy: the Province of Ontario’s rent control (which limits rent hikes for older units to around inflation, and currently exempts new units built after 2018) could see adjustments. There are discussions about expanding rent control to newer buildings, but no changes have been implemented as of 2025 – if anything, policymakers are cautious to avoid deterring rental construction. Investors in multi-family are betting that Toronto’s severe housing shortage and high barriers to homeownership will keep rental demand robust for the foreseeable future. Indeed, institutional investors are actively developing or acquiring apartment buildings despite current cap rate pressures, confident that rents will justify it in the long term. For renters, any improvement in affordability may be temporary unless governments dramatically ramp up housing supply. Toronto’s rental market is fundamentally tight, and unless the current construction slump is reversed, we may look back at 2025 as a brief “breather” before the rental crunch worsens again.

Government Policies and Regulations Impacting the Market

Government policy has become a key factor in Toronto’s real estate market in recent years, as authorities at all levels respond to affordability concerns, rapid price growth, and housing supply shortfalls. In 2025, several policy measures and regulatory changes are influencing market conditions:

• Foreign Buyer Restrictions: Policymakers have continued to curb foreign capital in the housing market. The federal Prohibition on Purchase of Residential Property by Non-Canadians Act (foreign buyer ban) took effect in 2023 and was subsequently extended through 2026 kpmg.com. This law essentially bans foreign individuals and companies from buying residential property in Canada (with limited exceptions), removing a segment of demand that was often blamed for driving up prices. In addition, Ontario’s Non-Resident Speculation Tax (NRST) – a 25% tax on home purchases by foreigners in the province – remains in force kpmg.com. And as of January 1, 2025, the City of Toronto piled on its own Municipal Non-Resident Speculation Tax (MNRST) of 10% on foreign buyers of Toronto homes kpmg.com. These overlapping measures mean that any foreign entity looking to buy in Toronto would face prohibitive barriers (a ban, or effectively 35% extra tax if somehow eligible to purchase). The intent is to deter non-local speculation and cool investment demand, giving local residents a better shot at ownership. By most accounts, foreign buying activity in 2025 is a non-factor – it’s been largely squeezed out of the market.
• Taxes on Vacant Homes and Investors: Beyond foreign buyers, governments have targeted domestic speculators and vacant properties. Toronto implemented a Vacant Home Tax in 2022, which charges 1% of assessed value annually on homes left vacant for over 6 months (with some exceptions). This policy aims to push investors to either rent out units or sell them, rather than hold them empty, thereby increasing effective housing supply. Early data suggests thousands of units have been declared vacant and subject to the tax – a nudge for those owners to monetize or divest the asset. Ontario also raised the provincial land transfer tax for investors owning multiple properties (with a scaled speculation tax, in certain cases). Meanwhile, the federal government’s Underused Housing Tax (1% annual tax on vacant or underused homes owned by non-resident foreigners) complements these efforts. Collectively, these taxes increase the carrying cost of leaving properties empty and signal that homes are meant for housing people, not sitting as investments. While it’s hard to quantify the exact impact, anecdotal evidence suggests more secondary condo units have been put on the rental market, and some small investors are offloading properties due to higher costs and stricter rules.
• Zoning Reforms and Housing Supply Initiatives: One of the biggest shifts in housing policy has been a push to increase supply through zoning changes and faster approvals. The Ontario government’s Bill 23 (“More Homes Built Faster” Act of 2022) forced cities to allow more as-of-right density. In compliance, Toronto bylaws now permit up to four units (“plexes”) on residential lots citywide, effectively ending traditional single-family-only zoning in the city. This “missing middle” zoning reform is intended to gently densify neighborhoods with duplexes, triplexes and garden suites. While it’s only slowly catching on, over time it could add meaningful supply. The province also capped development charge increases and reduced fees for affordable housing to incentivize construction. Toronto, for its part, froze development charges at 2022 levels temporarily to avoid further burdening projects blog.remax.ca, though this has pinched city revenues. Some suburbs like Vaughan have gone even further – Vaughan cut development charges ~50% for low-rise housing to spur new building blog.remax.ca. The federal government launched the Housing Accelerator Fund, offering grants to municipalities that cut red tape and boost housing starts, and Toronto has been a recipient (though as of 2025 the application window has closed) blog.remax.ca. There’s also talk of the federal government tying infrastructure dollars to housing targets for cities. All these efforts are geared toward one thing: addressing the supply crunch. While they won’t produce results overnight, over the next several years these policy shifts could modestly increase the pace of new housing additions in Toronto, especially in the form of multiplexes, laneway houses, and mid-rise infill developments.
• Mortgage Regulations and Borrower Support: On the financing side, regulators have maintained a tight mortgage stress test, requiring buyers to qualify at interest rates ~2% above their actual rate. This has curtailed maximum borrowing and kept some demand in check. In 2025, the Office of the Superintendent of Financial Institutions (OSFI) floated potential further restrictions (like limits on high debt ratios and tightening qualifications for variable loans), though no major new rules have been implemented yet. The aim is to ensure stability in the financial system given high household debt. For buyers, especially first-timers, governments have introduced some support programs: the new First Home Savings Account (FHSA) lets Canadians save up to $40K tax-free towards a down payment; and there’s the existing First-Time Buyer Incentive (shared equity loan) and provincial land transfer tax rebates for new buyers. These help on the margins, but given Toronto’s prices, their impact is limited. One notable policy helping investors/developers in 2025 is enhanced CMHC insurance programs for rentals – through the MLI Select program, builders of rentals or affordable units can get low-rate insured financing, which has facilitated some projects. There’s also the aforementioned proposal to revive the 1970s-era MURB tax incentives, allowing rental housing investors to deduct depreciation against income – if implemented, it could catalyze rental construction by improving project viability blog.remax.ca. Lastly, the Bank of Canada’s rate decisions are arguably the biggest “policy” factor: after aggressive hikes to 5% in 2023 to fight inflation, the Bank pivoted to rate cuts in 2024–25 as the economy weakened wowa.ca reuters.com. By mid-2025, the policy rate sat around 2.75% reuters.com, and further modest cuts (perhaps to ~2.0% by early 2026) are anticipated reuters.com. This monetary easing has begun to lower mortgage rates from their peaks, improving affordability for buyers and providing breathing room to those renewing loans. Government policy – fiscal, regulatory, and monetary – will continue to play a crucial role in Toronto’s housing outcomes. The balance policymakers seek is tricky: cooling excessive price growth and speculation, while not crashing the market or halting development. As of 2025, we’re seeing a calibrated approach: heavy restrictions on non-resident buyers and empty homes, incentives for builders, and a gradual loosening of monetary policy to avoid a hard landing.

Economic Factors Influencing the Market

Economic fundamentals set the backdrop for Toronto real estate. In 2025, a number of economic factors are pulling the market in different directions:

• Interest Rates & Inflation: The interest rate environment has undergone a 180-degree turn from a few years ago. In 2020–2021, buyers enjoyed mortgage rates in the 1.5–2% range; but by 2023, the Bank of Canada hiked rates to ~5%, sending 5-year fixed mortgage rates to ~5.5–6% and variable rates even higher. This rate shock was a primary cause of the housing cooldown in 2022–2024, as higher borrowing costs slashed affordability. In 2025, however, inflation has come down from its earlier highs, and the Bank of Canada has shifted to cutting rates to support the economy wowa.ca reuters.com. Over the past year, the Bank cut its policy rate by 2.25 percentage points (225 bps) reuters.com, and mortgage lenders correspondingly lowered fixed rates. By mid-2025, typical 5-year fixed mortgages in Toronto are around the mid-4% range, down from 2023’s peak (and some competitive offers even dip into high-3% territory for well-qualified buyers). These reductions in financing costs are gradually bringing some buyers back and easing the pressure on current homeowners renewing mortgages. However, interest rates are still much higher than the ultra-low levels of the late 2010s, so affordability remains stretched. If the Bank of Canada continues on a gentle easing path – perhaps another 50–75 bps of cuts into 2026 as some expect reuters.com – this will further bolster housing demand and purchasing power. Conversely, any re-acceleration of inflation or other shock that forces rates up again would pose a downside risk to the market. For now, the baseline economic forecast is stable to slowly falling interest rates, which is a supportive factor for real estate activity going forward.
• Employment & Income Growth: Toronto’s job market has been reasonably resilient, but not without pockets of weakness. Coming into 2025, the city faced some headwinds: higher interest rates slowed the construction and real estate sectors, and some highly valued tech companies (which boomed during the pandemic) have trimmed staff. In addition, the U.S.–Canada trade tensions and tariffs in early 2025 created uncertainty for export-oriented industries reuters.com – indeed, talk of a U.S.-led trade war has dampened business confidence and could lead to job losses in manufacturing and related sectors reuters.com. This backdrop has nudged the unemployment rate in Toronto up slightly, hovering in the 6–7% range in 2025, compared to ~5–6% in 2019. Slower economic growth has made households more cautious about big purchases like homes reuters.com reuters.com. That said, Toronto’s economy is large and diversified. Sectors like finance, education, government, and services are stable and continue to add jobs. Wages are rising (partly due to inflation adjustments), which helps incomes catch up to housing costs a bit. The key factor to watch is whether Canada enters a recession in late 2025 – some economists warn that if interest rates were raised again or if the global economy falters, a mild recession could occur, temporarily hurting housing demand reuters.com. On the other hand, if Toronto’s employment picture stays reasonably solid (and early 2025 job numbers have been okay), then population growth and pent-up demand could quickly translate into more home sales once confidence improves. Essentially, the balance between job security and interest rates will dictate many buyers’ willingness to enter the market. In 2025, consumers are feeling a bit of a squeeze (higher cost of living, slower wage growth after inflation), which contributes to the cautious mood in real estate. Any improvement in economic optimism or a drop in unemployment would be a bullish signal for housing.
• Immigration and Population Growth: A huge positive driver for Toronto housing is record immigration. Canada welcomed an unprecedented ~1 million new people in 2022–2023 (combining permanent residents, work/study permit holders, etc.), and targets remain elevated – roughly 500,000 new permanent immigrants per year in 2024 and 2025. The Greater Toronto Area attracts a large share of these newcomers as Canada’s biggest job market and immigrant hub. Even as of mid-2024, Toronto’s population growth was running about 67% higher than the year before storeys.com, an astonishing surge. While there are signs the pace may moderate slightly (2024 Q2 data showed a small dip from the record high growth rates canada.ca), immigration will continue at a high level historically. This influx creates massive housing demand, especially in the rental market initially. It’s been estimated that immigration accounted for roughly 10% or more of house price growth from 2006–2021 by boosting demand instagram.com, and today that effect is even more pronounced given the sheer volume of people arriving. Importantly, immigration is a long-term demand engine: new Canadians don’t buy a house on day one, but many intend to purchase a home after a few years of renting and settling in. So the people arriving in 2023–2025 will translate into additional homebuyer demand by the later 2020s. In the short run, high immigration is tightening the rental market (though new construction has provided temporary relief) and supporting household formation which underpins housing absorption. Unless there is a significant policy shift to reduce immigration targets – which is a topic of political debate but not enacted as of 2025 – Toronto’s housing market will have a growing base of end-user demand. Over 3–5 years, that means even if domestic economic cycles slow, population growth can help put a floor under housing demand. This is one reason experts don’t foresee a protracted crash: the people need houses. The flip side is that without adequate housing supply, strong immigration can also stress affordability further (hence some calls to better align immigration levels with housing plans). For now, though, robust immigration is a bullish fundamental for Toronto real estate, supporting both resale and rental markets.
• Other Factors: A few additional economic elements bear mentioning. Consumer confidence in 2025 is lukewarm – surveys show people are concerned about the cost of living, but many are optimistic about the long-term prospects in a growing city like Toronto. Credit conditions are a factor too: banks have tightened lending a bit, especially for investors and those with weaker credit, but broadly credit is available for qualified buyers and mortgage spreads are normal. Global economic trends, such as the health of the Chinese economy or oil prices, can indirectly affect Toronto (e.g., through investor sentiment or the fortunes of Canada’s resource sector), but local real estate tends to be more driven by domestic rates and migration. One more local factor: municipal finances. Toronto has faced budget shortfalls, and how it addresses them (potentially via higher property taxes or fees) could impact the cost of homeownership. A significant increase in property tax, for example, might slightly weigh on prices, although Toronto’s property tax rates are currently among the lowest in Ontario. In summary, the economic environment in 2025 is one of high population growth but modest overall GDP growth, with the economy in a late-cycle phase. Interest rates – a crucial variable – are trending down, which should gradually stimulate housing, but buyers remain price-sensitive and jobs-sensitive. Toronto real estate doesn’t exist in a vacuum: it’s intertwined with these broader economic currents, and the next few years will be shaped by how successfully Canada navigates a soft landing and maintains confidence among its rapidly growing populace.

Investment Opportunities and Challenges

For investors, whether in residential or commercial real estate, Toronto’s 2025 market presents a landscape of both enticing opportunities and notable challenges. The days of easy, rapid price gains are over (for now), so savvy strategy and careful asset selection are paramount.

Opportunities in the Residential Sector: A cooled market is often the savvy investor’s chance to strike. Residential prices have pulled back from their highs, and motivated sellers mean investors can negotiate better deals. For those looking to invest in rental properties, this buyer’s market combined with slightly lower prices offers improved entry points. Notably, single-family homes in affordable suburbs or emerging neighborhoods present an opportunity: demand for family rentals is strong, and with new policies allowing duplexes/fourplexes in formerly single-family zones, an investor could convert a house into multiple rental units, boosting yield. Neighborhoods in the GTA’s outer ring (Durham, parts of Peel or York Region) that saw steep appreciation now have corrected somewhat – investors with a long view might target these for value. Cash flow in residential real estate is also improving due to high rents; even though prices are high, rents in Toronto have risen ~20–30% over the past few years, so rental yields, while still not great, are a bit better relative to prices. If an investor can navigate the higher financing costs (perhaps by using larger down payments or alternative lenders), they can lock in properties that will likely appreciate when the cycle turns up. Another angle: picking up condo units from distressed assignments or investors exiting. Some condo investors who bought pre-construction at the peak are now facing closing; an opportunistic buyer could take an assignment at a discount, or buy a newly completed condo from an investor who just wants out. These scenarios can result in below-market acquisitions. Additionally, small multi-unit residential buildings (like a triplex or a small apartment building) are in demand, but if you find one with some vacancy or needing reno, you could add value and benefit from economies of scale in management. It’s also worth noting government support: programs like CMHC’s MLI Select can allow investors to get favorable financing for rental properties if they incorporate affordable units or green features, improving project viability. Moreover, if the federal government brings back the MURB incentives (allowing rental building investors to write off depreciation) blog.remax.ca, it could significantly boost after-tax returns on residential rental investments, essentially giving investors a tax break to provide rental housing.

Challenges in Residential Investment: Despite cooler prices, challenges abound for residential investors. The biggest is high carrying costs: interest rates, while off the peak, are still around 4–5% for investment mortgages, which in many cases is higher than the cap rate of the property. This means many properties will run at a monthly loss (negative cash flow) unless the investor puts a very large down payment or charges top-market rent. The math is tough: for example, a $1 million duplex at 5% interest with 20% down will have a mortgage payment far exceeding the rent collected. So investors need either more equity or must accept short-term negative cash flow betting on long-term appreciation. Lending conditions are tighter as well – banks scrutinize rental income and may require higher down payments for investors. Another challenge is the tenant-friendly regulations in Ontario. Strong rent controls on older units mean if you buy a building with long-term tenants, the rents could be far below market and you have limited ability to raise them (only ~2.5% annually under provincial guideline for existing tenants). Eviction for renovations or personal use is regulated strictly, so the “value-add” strategies are more complex and sometimes contentious. On top of that, new municipal regulations like the Vacant Home Tax mean investors pay penalties if a unit is left empty (limiting flexibility), and efforts to curtail short-term rentals (Airbnb) by the city have removed that as a high-income option in many condos. Simply put, the era of “buy any condo, Airbnb it and make a killing” is over – investors must operate within a more regulated rental environment focused on long-term tenants. There’s also market risk: could prices fall further? If one subscribes to the more bearish outlooks (say, another 5–10% drop in 2025), an investor buying now could see their equity dip in the short run. For highly leveraged investors, that’s a risk if refinancing or selling soon. As such, residential investment in 2025 is a long-term, fundamentals play – it’s about buying quality properties at a reasonable price, with a plan to hold through any near-term turbulence, all while managing cash flow diligently.

Opportunities in Commercial Sector: Commercial real estate offers different opportunities. For instance, the distressed office market could be a contrarian investor’s chance to acquire prime downtown real estate at a relative bargain. Office tower values have corrected significantly (double-digit percentage declines for B-class buildings, by some estimates), and some owners under financial strain might sell. An investor with a repositioning plan – say, converting an old office building into mixed-use apartments or a medical center – could capitalize on low acquisition costs and potential future upside once the asset is repurposed. The city and province are also considering incentives to convert offices (streamlined approvals, maybe grants), which could bolster such projects. Another area is urban retail: while top malls are tightly held, a number of high-street retail properties or older strip malls might be available from owners looking to exit. Given the resilience of retail rents in good locations, these assets can provide steady income and potential redevelopment plays (e.g., adding residential above a retail plaza). Industrial and logistics properties remain a hot commodity – any investor who can find a piece of industrial-zoned land or a small warehouse condo can tap into the strong demand from businesses. Small bay industrial condos, for example, are popular with trades and small firms, and can yield good returns. In the multi-family commercial space (larger apartment buildings), opportunities are scarce because everyone wants them, but if one can be found (perhaps an older mid-rise with some deferred maintenance), an investor can finance improvements through CMHC programs and enjoy very low vacancy risk. As mentioned, the hotel sector has been booming; while large downtown hotels are institutional plays, smaller boutique hotels or motel redevelopment sites in Toronto’s periphery might present niche opportunities, riding the tourism wave. Development land is another angle – with the slower market, land values have come down from peak; a builder/investor who buys land in 2025–26 at a discount could be timing it well to start a project when the market picks up a few years out. Lastly, any commercial asset with strong environmental, social, governance (ESG) credentials (like energy-efficient buildings or affordable housing projects) might unlock special financing or grants, adding to the investment thesis.

Challenges in Commercial Investment: The commercial side is not without its headaches. High interest rates hit commercial projects hard – cap rates have moved up, reducing values, and refinancing existing properties can be tricky. The office example is double-edged: while it’s cheap, an investor might catch a falling knife if vacancies don’t improve. Carrying a half-empty building with debt is painful, so only those with deep pockets and a clear conversion plan should wade in. Regulatory hurdles can also impede certain value-add plays; for instance, converting offices to residential sounds great, but zoning, building code, and tenant relocation rules (if partially occupied) are complex. In retail, the challenge is shifting consumer patterns – e-commerce is here to stay, so an investor has to be sure the retail asset has a sustainable tenant mix or future alternative uses. Industrial’s challenge is often low yield – prices have been bid up so much that cap rates are very low (3-4%), and with financing at similar or higher rates, the spreads are thin. Essentially, you’re betting on rental growth and long-term appreciation, which likely will occur but requires patience. Multi-family’s key challenge is competition – it’s hard to find deals that aren’t already priced to perfection given every institutional investor wants apartments. If you do find one, it might be because it has issues (rent control limiting upside, major capital repairs needed, etc.). Liquidity in commercial real estate has also decreased – fewer buyers are out there in 2025, so if you invest now, be prepared to hold longer as the buyer pool for flipping an asset is smaller in a high-rate environment. Construction costs remain high, so any development or major renovation has cost-overrun risk. We’re also seeing higher property taxes and utilities costs for commercial properties, which squeeze net operating income. For example, Toronto’s commercial property tax rates are higher than residential, and if the city hikes taxes to cover budget gaps, that directly impacts investor returns. Finally, macro risks like a potential recession would hurt commercial tenants (increase defaults, vacancies), so an investor must underwrite conservatively and have cash reserves.

In summary, Toronto’s 2025 market offers investors a chance to buy on dips, diversify portfolios, and position for the next growth cycle – but success will depend on careful deal selection and risk management. Quality over quantity is key: the best locations and properties tend to hold value even in downturns. Whether it’s a duplex in a gentrifying neighborhood or an old warehouse ripe for refurbishment, the opportunities are there for those who do their homework. But one must also navigate the high costs of financing, stricter regulations, and an economy in flux. Gone are the speculative frenzy days; the 2025 environment favors disciplined, long-term investors who can seize opportunities in a cooler market and ride the wave of Toronto’s enduring fundamentals (population growth, limited land, economic vibrancy) in the years ahead.

Outlook: What to Expect in the Next 3–5 Years

Looking ahead, the expert consensus for Toronto’s real estate market over the next several years is cautiously optimistic – but with a recognition that the recovery will be gradual and not without speed bumps. Here are key elements of the 3–5 year outlook:

• Prices and Sales Trajectory: Most forecasts predict that 2025 will mark the bottom or near-bottom for prices, with either a small decline or flat performance on an annual basis reuters.com cmhc-schl.gc.ca. As noted, Reuters-polled analysts expect a ~2% national home price drop in 2025, with Toronto specifically around –4% reuters.com. By 2026, however, there’s broad expectation of a return to modest price growth. CMHC’s mid-2025 outlook calls for a recovery starting in 2026 as economic fundamentals improve cmhc-schl.gc.ca. Major banks echo this: for instance, BMO and RBC economists see stabilization by late 2025 and moderate appreciation (perhaps on the order of 3–5% per year) in 2026–2027 reuters.com. It’s important to emphasize “moderate” – we’re not talking about the 20% annual gains of the pandemic boom. Rather, something closer to the pace of income growth or inflation, which is healthier and more sustainable. This outlook assumes interest rates continue to fall gradually and no major recession hits. If that holds, sales volumes should also pick up – TRREB projected a ~12% jump in sales in 2025 urbaneer.com, and while that might be optimistic, by 2026 sales could well be running above 2024 levels as confidence returns. The backlog of sidelined buyers (especially first-timers) will re-enter as affordability improves. By 2028, Toronto home prices could potentially challenge their 2022 peak levels again, though in inflation-adjusted terms they may still be a bit lower. Essentially, the market is expected to rebound, but at a slower, steadier pace than the rollercoaster of recent years.
• Economic Wildcards: This outlook could be derailed or accelerated by certain factors. One wildcard is the broader economic cycle. If the US and global economies perform strongly, Canada could avoid any recession and see more robust growth – that would boost employment and consumer confidence, translating to a faster housing rebound. Conversely, if the trade war scenario worsens (protectionist policies, tariffs) reuters.com or if inflation flares up forcing renewed rate hikes, housing could stagnate longer. Another wildcard is policy intervention. While government actions lately have aimed to cool demand, by 2026 we could see shifts – for example, a new federal government might opt for stimulus including housing incentives if the market is too weak. Or immigration policy might be tweaked if public pressure grows, which could slightly temper housing demand. Barring these uncertainties, the base case is a soft landing economically, which means real estate will likely follow a gentle upward path after this correction.
• Supply and Construction: One concerning trend is the sharp drop in housing starts in 2024–2025 due to high construction costs and financing challenges cmhc-schl.gc.ca. Fewer new projects today means less new supply in 2026–2027, which could ironically swing the market back to undersupply just as demand is picking up. CMHC has warned that housing starts are likely to fall sharply in Ontario and BC, especially condos, as developers cancel projects that no longer make financial sense cmhc-schl.gc.ca. We are already seeing this in Toronto: unsold condo inventory is piling up and many launches are deferred. This pullback will lead to fewer completions a couple years out, which could tighten the market again. In rental, too, the slowdown in starts means the current relief for tenants might be temporary. By 2027, the housing market could be facing supply pressures once more, unless a lot of projects are revived quickly when conditions improve. In short, today’s downturn is sowing the seeds for the next upturn by curtailing new supply. That suggests that while the next year or two will favor buyers, the pendulum may swing back to a more balanced or even sellers’ market in some segments by late-decade if demand keeps growing and supply lags.
• Segments Diverging: Expect the performance gap between different segments and locations to persist. Affordable segments (starter homes, entry-level condos) are likely to see the earliest and strongest recovery in demand, simply because of sheer numbers of buyers who can afford those and are waiting. High-end luxury properties might take longer to fully recover to peak prices, as that end of the market was overheated and the buyer pool (often including foreign money) has shrunk. Downtown vs suburbs: during the pandemic boom, suburbs outperformed, but in the downturn they also fell more in percentage terms. We might see the city vs suburb dynamic even out – with urban condos and houses in prime transit-accessible areas starting to attract more interest again (especially as return-to-office stabilizes around 3-4 days a week for many companies by 2025 renx.ca, making proximity valuable). Condos vs houses: TRREB’s forecast had called for single-family homes to appreciate faster than condos in 2025 due to a “well-supplied condo market” urbaneer.com. Indeed, condos have been lagging. Over the next few years, if condo construction remains muted, the oversupply will get worked through and condos might then see a catch-up phase, but likely condos will still underperform low-rise homes in the near term. Ground-oriented homes have limited new supply (no one’s making more land in Toronto), so their long-term prospects remain solid.
• Rental Market Outlook: Rental demand will remain extremely robust thanks to immigration and job growth. After this year’s small dip, rents are forecast to resume climbing. Some forecasts see Toronto rents rising roughly in line with incomes (~3% annually) over the next 5 years, but if homeownership remains out of reach for many, rent growth could easily exceed that. Rental supply is the big question – if governments find ways to spur a lot more rental construction, that could keep rent inflation in check. But given the challenges, it’s more likely that vacancy will stay low (under 3%) and landlords will regain pricing power by 2026. The implication: housing affordability will remain a key social/political issue. We might see more creative solutions: co-living, modular homes, public-private affordable housing projects, etc., to house the growing population. From an investor standpoint, owning rental property in Toronto will continue to be attractive (strong demand, low vacancy), provided one can navigate the regulations and costs.
• Expert Sentiment: Industry leaders and economists often use the word “balanced” or “stabilizing” to describe the future Toronto market. The era of frenetic booms and busts might give way to a more normalized market cycle. Robert Hogue of RBC notes that affordability will likely improve modestly in the coming year – maybe reversing about half of the pandemic-era deterioration – but “still not back to pre-pandemic” levels reuters.com. This suggests the market will remain tough for first-time buyers but slightly less so than at the peak. He also alludes to “transformational changes” needed for true affordability (like massive supply or productivity gains) which are not on the immediate horizon reuters.com. So, without those, we’ll likely revert to the long-run Toronto story: prices rising a bit faster than incomes, unless checked by policy. Brokerage outlooks (e.g. REMAX, Royal LePage) for the next year or two tend to be mildly bullish – often predicting low-to-mid single digit percentage price increases, citing fundamentals like immigration. CMHC’s outlook is a bit more conservative, highlighting downside risks like high debt loads and economic uncertainty, but even they foresee recovery by 2026 cmhc-schl.gc.ca. A critical point many experts raise is that sentiment can shift quickly. If buyers perceive that the bottom is behind us, we could see a surge of pent-up demand releasing (as happened in 2019 after the 2017 slump, and again in early 2020 pre-COVID). Given the improved affordability from lower rates and slightly lower prices, it might only take a few months of positive news (say, a couple of months of price upticks or a pause in rate cuts) to bring back a more bullish sentiment.

In conclusion, Toronto’s real estate market is poised for a gradual recovery and a return to growth in the coming years, but it will be a different kind of growth – more measured and fragmented. The market is digesting the shocks of the past few years and resetting to a more sustainable path. End-users (families, first-time buyers) will be the drivers of the next cycle, rather than speculators, thanks in part to the policy measures in place. For investors and homebuyers with a multi-year horizon, the message from most analysts is: this period of weakness is an opportunity to get into the market before the inevitable long-term demand-supply imbalance reasserts itself. Toronto remains Canada’s economic engine and a magnet for talent; these fundamentals will underpin property values. As one economist quipped, “we expect home prices… to stabilize later this year and then resume a moderate recovery in 2026” reuters.com. By 2028, the city will likely be noticeably larger (thanks to hundreds of thousands of new residents) and housing will be as critical as ever. If the current policy focus on housing supply persists, we could see some improvement in affordability and more options for buyers. But if construction lags and demand roars back, Toronto could be in for another bout of rapid price escalation in the later part of the decade.

Bottom Line: Over the next 3–5 years, anticipate a balanced market evolving into a modest sellers’ market as the excess inventory gets absorbed. Prices are expected to rise slowly at first, then pick up a bit more steam by 2026–2027, though likely staying within single-digit annual increases reuters.com. Renters will likely face rising rents again after 2025, and housing affordability will remain challenging but slightly better than the recent worst. Toronto’s real estate will continue to be a solid long-term investment, bolstered by population and economic growth – but the road to the next upswing will reward patience and prudent planning. As the city navigates interest rate cycles, policy changes, and global economic shifts, one constant remains: demand for housing in Toronto isn’t going away, and that underpins an optimistic outlook for those who weather the current slow patch.

Sources:

• Toronto Regional Real Estate Board (TRREB) – Market Outlook 2025 press release & monthly statistics urbaneer.com rbc.com
• Reuters Housing Market Poll – June 26, 2025 (Outlook for prices and rates) reuters.com reuters.com
• REMAX Canada – 2025 Commercial Real Estate Report & Hot Pocket Communities Report blog.remax.ca bnnbloomberg.ca
• Urbanation – Rental Market Q1 2025 Report (vacancy, rents, supply) urbanation.ca urbanation.ca
• RBC Economics – Housing Trends and Affordability, July 2025 reuters.com rbc.com
• KPMG Law – Summary of Toronto’s 2025 Foreign Buyer Tax (MNRST) kpmg.com kpmg.com
• CMHC – 2025 Housing Market Outlook, Summer Update cmhc-schl.gc.ca cmhc-schl.gc.ca
• WOWA & Nesto – Toronto Housing Market Updates, mid-2025 (prices, sales, inventory) wowa.ca nesto.ca