Homebuyers stick to the sidelines as sales drop 8 per cent in October - Toronto Star

Economic uncertainty and borrowing costs are keeping buyers from entering the market, says Toronto's real estate board.

October sales fell 8 per cent over the same month in 2025, according to the Toronto Regional Real Estate Board.

Toronto-area average home sales were down eight per cent in October, while both prices and sales fell across all major housing types as economic uncertainty continued to keep buyers on the sidelines.

The Toronto Regional Real Estate Board (TRREB) attributed the year-over-year declines to homebuyers holding off amid uncertainty around inflation, borrowing costs and the economy, according to its monthly report released Wednesday.

“There are a lot of homebuyers that would like to take advantage of improved affordability, yet at the same time are concerned about their economic prospects moving forward, like the cost of living and their job situation,” said TRREB chief information officer Jason Mercer.

The average selling price in the Toronto region fell by nearly three per cent to $1.024 million in October, compared to just over $1.05 million during the same time last year.

October’s average selling price was higher than in January, when it dipped below $1 million for the first time since 2021, but it was still a drop of more than 26 per cent when compared to the February 2022 peak.

Though average prices for all home types in the Toronto area fell in October, condos saw some of the sharpest declines, down six per cent from a year earlier to just over $621,000.