É«É«À²

Aggregate prices are calculated using a weighted average of the median values of all housing-type transactions in the region, the report says.

Condos saw a significant price drop; median prices decreased 5.6 per cent year-over-year toÌý$699,700, while single-family home prices decreased 1.2 per cent toÌý$1,448,700.

While real estate activity has historically increased in the spring, many buyers decided to wait at the start of this year, saidÌýGTA-focused brokerÌýShawn Zigelstein.

“We had so much economic uncertainty coming into 2025,”ÌýsaidÌýZigelstein, pointing to the Canadian and U.S. federal elections, newÌýtariffs and potential job losses.

Concerns from buyers may have stalled the market, Zigelstein said.

“That was the biggest difference we saw: a lot of people sitting on the sidelines waiting to see what happens and always asking the question ‘how is this going to affect me?’”

Buyers are being “patient,” rather than rushing to make offers on homes, he added.

Royal LePage expects prices in the region to rise two per cent year-over-year in the fourth quarter of 2025.

While there’s still uncertainty around tariffs,ÌýZigelstein said buyers may be better informed now about the situation in the U.S. and Canada and will be able to make a “better judgement call” about purchasing.

Additionally, homeownership is becoming more realistic for first-time homebuyers with lower prices and lower interest rates than last year,ÌýZigelstein explained.

The report also highlighted a recent Royal LePage survey conducted by communications agency Burson, which found 28 per cent of Canadian renters said they considered buying a property before signing or renewing their current lease.

As these renters move into homeownership,ÌýZigelstein said he believes there will be more sales in lower-priced properties.

“We are starting to see increased traffic across listings throughout the entire GTA when it comes to townhouses, semi-detached homes and small detached homes,” he said. “You’re starting to see that volume of showings increase substantially from where it was even just a couple of months ago.”

Meanwhile, in the City of É«É«À², home prices dropped 5.2 per cent year-over-year to $1,151,600. É«É«À² prices overall, however, were steady across the country, rising 0.3 per cent year-over-year to $826,400.

Of the markets that saw prices decline, most were in Ontario, the report said, while Quebec led the country in price growth with a 13.5 per cent increase year-over-year.Ìý

Markets outside of Ontario may have experienced more activity due to affordability,ÌýZigelstein added.

“The affordability there is so much greater that people can start to get into (homeownership) with much less down.”