Single-family home prices in Ontario have been stable since November 2023, newest tatistics released Monday by the Canadian Real Estate Association show.
The release shows price data for February 2025.
Single-family homes ranged within a fairly tight band between about $940,000 and $970,000 over that 16-month period, ending up roughly where they started.
Condo prices declined consistently over that period, and townhouse prices have been steady.
The price data uses seasonally adjusted numbers without accounting for inflation. Inflation is running between 1.9 and 2.7 per cent — depending on what measure you choose.
U.S. tariff threats have cast a cold shadow over Canada's real estate market, CREA says.
“The moment tariffs were first announced on Jan. 20, a gap opened between home sales recorded this year and last. This trend continued to widen throughout February, leading to a significant, but hardly surprising, drop in monthly activity,” CREA senior economist Shaun Cathcart said in a release.
Nationally, declines in sales volumes were most pronounced in south-central Ontario, CREA said.
Across Canada, home sales dropped 9.8 per cent month-over-month in February 2025, marking the lowest level for home sales since November 2023, and the largest month-over-month decline in activity since May 2022.
“The uncertainty of the last few weeks seems to be causing some buyers to think twice about big financial decisions right now,” said CREA chair James Mabey. “For others, a softer pricing environment and now lower interest rates will be a buying opportunity.
Locally in the GTA in February, single-family house prices were down 1.6 per cent, condos were down 4.1 per cent, and townhouses were essentially unchanged at a 0.7 per cent fall compared to February of 2024, using seasonally adjusted numbers unadjusted for inflation.
Within Ontario, sales in the north continued to show stronger growth than those elsewhere in the province — prices of single-family homes in Sault Ste. Marie were up 9.4 per cent year-over-year, and those in North Bay were up 14.8 per cent.
Use the interactive below to explore your region.
