GTA Housing Market Shocker: Prices Down, Listings Up!
Your GTA dream home might be more affordable now! This June, we’ve seen average home prices in the Greater Toronto Area take a slight dip, making home ownership more attainable for buyers.
Monthly Mortgage Rate Update
The Bank of Canada is currently holding steady its policy interest rate at 2.75%. This decision, announced on June 4, 2025, stems from efforts to balance economic factors such as trade uncertainties with the U.S., low inflation, and cautious economic growth projections.
The prime lending rate remains at 4.95%. Great news for homebuyers: competitive mortgage rates continue!
Mortgage Rates at a Glance:
- Best Variable Rate (5-year): Approximately 5.45%
- Best Fixed Rates:
- 3-year fixed: As low as 5.19%
- 5-year fixed: About 4.99%
Experts predict potential further rate cuts, especially helpful for first-time buyers and renewing mortgage holders.
Real Estate Market Insights – GTA
Sales Activity
In May 2025, GTA home sales reached 6,244, dropping 13.3% compared to May 2024. Positively, monthly sales activity is rising slightly from last month, signalling an improving market condition.
Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule notes buyers now enjoy increased selection and improved affordability.
Listings Update
New GTA listings grew significantly in May 2025 to a total of 21,819, a noticeable 14% year-over-year increase, providing buyers greater negotiating power.
Current GTA Prices
- Average selling price: $1,120,879, down 4% from May 2024
- Benchmark Price (HPI Composite): Decreased 4.5% compared to last year
Jason Mercer, TRREB Chief Information Officer, emphasizes the importance of restored economic stability to boost future home sales.
Legal Insight: Common-Law Property Rights
Did you know? In a recent Ontario court case, a common-law couple’s home division dispute clarified that even without marriage, property jointly acquired could be equally divided upon separation. This case highlights the growing need for clear cohabitation agreements among common-law partners.
Featured Blog: Understanding Closing Costs
Closing costs can surprisingly impact your home buying budget! Our recent blog explains these essential costs, helping you better anticipate expenses beyond your down payment, ensuring a smooth closing process.
Fun Fact: Did You Know?
Historically, June in Ontario marks when services at Queen’s Park first began in 1893, a pivotal step establishing Toronto as an administrative heart of Ontario!
Events Around the GTA (June 2025)
- Taste of Little Italy Festival: June 20–22, College Street, Toronto. Enjoy amazing Italian cuisine and fun cultural celebrations.
- Toronto Craft Beer Festival: June 27–29, Ontario Place. Celebrate Ontario’s craft beer scene in style by the lake!
Closing Remarks & Next Steps
Ready to discuss your GTA housing dreams or ask market questions? I’m here to help with friendly, professional advice. Reach out today for a stress-free consultation!
Tony Sousa, GTA Realtor
tony@sousasells.ca | 416-477-2620
