Is now a good time to buy a Toronto detached house? Feb 2025

Prices have dropped since April 2024, which is typical of the past three years, but was unheard of between 2019 and 2022 .

Typically, Early spring is a “tighter” market with fewer detached houses for sale in Toronto and more homebuyers looking, which puts upward pressure on prices.

Then, by late Spring and Summer, there are fewer active buyers and active listings tend to accumulate. This eases the upward pressure on prices and favours buyers.

While the detached house market is a seller's market and sellers have the upper hand in negotiations, inventory levels have improved in favour of buyers. Months of inventory increased from 2.1 to 4.3 compared to last year. Up 105 percent!

The Toronto detached house market is nearly balanced. It is a better time to buy than a year ago. Buyers can expect fewer bidding wars.

The number of Toronto detached houses purchased in January was similar to last year, but the number of houses for sale has risen. That’s why the months of inventory have increased.