Source: TRREB MarketWatch, January 2025

MLS® Home Price Index

January 2025

What the benchmark is, and why it is the cleaner signal

The average price is the mean of everything that sold, so it moves when the mix of homes changes — a month with more detached sales lifts it even if no individual home got more expensive. The median is the middle sale, which resists outliers but still follows the mix.

The MLS® HPI benchmark instead prices a consistent, typical home for the area and adjusts for its attributes, so a change in the benchmark is closer to a change in price for the same house. That makes its year-over-year figure the most like-for-like price signal on this site — and it is why the benchmark and the average often disagree.

Benchmark against average price

All TRREB areas · 13 months to January 2025

Where these diverge, the gap is mix: the average is being pulled by what sold that month, while the benchmark holds the home constant.

Composite benchmark by region

13 months to January 2025

Movers on the index

Composite, year-over-year

Top 10

  1. Toronto W02 +13.3%
  2. Scugog +11.1%
  3. Innisfil +6.9%
  4. Toronto C03 +6.8%
  5. Toronto E02 +6.5%
  6. Burlington +4.6%
  7. Essa +4.5%
  8. New Tecumseth +4.3%
  9. Toronto W03 +4.0%
  10. Toronto E03 +3.6%

Bottom 10

  1. Toronto C01 −6.5%
  2. Toronto C08 −5.1%
  3. Toronto C10 −4.1%
  4. Markham −2.9%
  5. Toronto C14 −2.8%
  6. Whitchurch-Stouffville −2.8%
  7. Toronto C04 −2.6%
  8. Toronto E10 −2.5%
  9. Toronto W05 −2.2%
  10. Brampton −1.9%

Apartment, year-over-year

Top 10

  1. Toronto C09 +17.9%
  2. Toronto W01 +6.7%
  3. Toronto C02 +5.6%
  4. Toronto W03 +5.3%
  5. Toronto W02 +3.6%
  6. Oshawa +2.3%
  7. Toronto E03 +2.0%
  8. Toronto E05 +1.0%
  9. Newmarket +0.5%
  10. Toronto E01 +0.4%

Bottom 10

  1. Toronto C06 −11.5%
  2. Toronto C01 −8.3%
  3. Toronto C12 −7.5%
  4. Toronto W09 −7.3%
  5. Brampton −6.8%
  6. Toronto E10 −6.7%
  7. Toronto C10 −6.3%
  8. Toronto C08 −6.3%
  9. Orangeville −6.1%
  10. Toronto C07 −6.0%

Every area

71 areas × five categories · sorted by composite benchmark

Area Composite YoY MoM Single-family detached YoY MoM Single-family attached YoY MoM Townhouse YoY MoM Apartment YoY MoM
Toronto C12 $2,754,800 −1.0% −0.7% $3,629,300 +1.1% −1.0% $1,415,900 −5.7% +3.5% $1,341,400 −1.9% +0.0% $1,284,900 −7.5% +0.4%
Toronto C09 $2,044,600 +2.2% −6.3% $3,414,700 −6.3% −11.8% $2,175,400 −5.5% −12.9% $1,658,900 −0.0% +5.4% $1,225,100 +17.9% +4.0%
Toronto C04 $2,022,200 −2.6% −1.9% $2,583,700 −2.1% −1.7% $1,622,900 −1.5% −1.5% — n/a n/a $756,100 −0.2% −2.9%
King $1,839,300 +3.5% +2.4% $2,150,400 +5.2% +2.4% $980,900 +5.3% +2.9% — n/a n/a $659,300 −1.2% −0.3%
Toronto C03 $1,654,000 +6.8% +7.7% $2,127,200 +7.5% +8.3% $1,382,200 +9.5% +12.6% $1,726,900 −4.7% −0.9% $802,700 −5.3% −0.5%
Toronto C02 $1,458,400 +3.2% +4.0% $2,882,500 +0.2% +3.5% $1,971,700 −2.6% +3.6% $1,364,700 +0.6% +1.0% $990,300 +5.6% +4.0%
Toronto W07 $1,424,000 −1.5% −7.3% $1,685,300 +1.2% −7.0% $1,200,700 −2.6% −15.9% — −100.0% n/a $617,800 −2.5% +0.3%
Toronto E02 $1,407,500 +6.5% −1.7% $1,928,700 +10.6% −2.3% $1,364,100 +6.2% −3.9% $1,016,400 −8.2% −2.5% $820,200 −3.4% +4.2%
Richmond Hill $1,386,600 −1.2% +0.5% $1,839,000 +0.2% +0.7% $1,180,700 −1.0% +0.3% $894,400 −1.1% −0.2% $606,900 −2.8% +0.3%
Oakville $1,347,500 +1.1% +3.1% $1,853,000 +4.3% +3.8% $1,168,100 +2.3% +2.9% $899,000 +1.9% +1.8% $636,700 −3.5% −1.4%
Whitchurch-Stouffville $1,335,800 −2.8% −0.1% $1,473,200 −3.4% −0.4% $1,029,400 +1.1% +0.7% $846,300 −0.9% −0.1% $584,700 −3.2% +0.6%
Toronto W02 $1,331,400 +13.3% +6.8% $1,876,600 +16.4% +10.5% $1,423,600 +17.6% +5.6% $1,008,500 −1.9% −1.2% $696,800 +3.6% +1.6%
Aurora $1,330,000 −0.3% −2.4% $1,575,400 −0.4% −2.9% $1,083,800 −1.9% −1.1% $904,400 +0.4% −0.4% $628,300 −1.5% +0.2%
Vaughan $1,323,200 −1.5% +0.5% $1,740,800 −0.1% +1.0% $1,189,300 −1.6% +0.5% $904,000 +2.3% −0.8% $663,200 −2.7% −0.4%
Caledon $1,297,800 +0.4% −1.1% $1,404,700 +0.5% −1.7% $958,700 +3.4% −0.5% $1,011,400 −0.8% +2.4% $680,700 −0.2% −1.1%
East Gwillimbury $1,293,200 +2.4% −2.1% $1,330,200 +2.1% −1.9% $912,500 +2.0% −2.9% — n/a n/a — n/a n/a
York Region $1,287,000 −1.4% −0.2% $1,579,900 −0.7% −0.1% $1,140,100 −1.2% −0.1% $896,400 −1.6% −1.7% $647,300 −2.2% −0.4%
Markham $1,264,100 −2.9% −0.8% $1,725,800 −1.8% −0.9% $1,220,700 −1.5% −0.7% $915,200 −4.8% −3.3% $666,900 −1.5% −0.9%
Uxbridge $1,222,300 +3.0% −1.2% $1,307,300 +4.4% −1.3% $969,900 +4.2% −1.1% $635,100 −0.8% −0.9% $689,300 −2.0% −2.3%
Toronto C13 $1,194,300 +0.1% +0.2% $1,875,700 −0.2% +0.6% $1,027,600 +4.7% +0.3% $894,200 −3.5% −1.4% $722,000 −0.1% −2.0%
Toronto C11 $1,178,500 −0.6% −9.0% $2,177,900 −6.1% −11.6% $1,288,700 −8.8% −13.3% $736,000 +2.0% −0.3% $521,300 −0.2% −1.5%
Newmarket $1,159,300 −1.3% +0.1% $1,286,100 +0.0% +0.1% $946,900 −0.8% +0.1% $828,400 +1.9% −0.2% $574,800 +0.5% +1.0%
Toronto E03 $1,154,900 +3.6% −0.8% $1,323,000 +3.9% −1.2% $1,214,700 +4.7% −1.9% — n/a n/a $625,800 +2.0% +2.9%
Toronto C07 $1,152,800 −1.7% +0.4% $1,932,600 −0.4% +0.2% $1,185,100 −0.8% −0.3% $829,700 +3.7% +1.1% $707,400 −6.0% +0.0%
Toronto W01 $1,139,500 −0.1% −0.9% $1,976,300 −3.5% −2.0% $1,416,200 −2.7% −2.0% $866,800 −3.5% −1.2% $698,600 +6.7% +1.7%
Halton Region $1,138,700 +1.7% +4.5% $1,502,300 +4.0% +5.1% $1,026,800 +3.6% +5.5% $808,800 +1.7% +2.1% $604,000 −2.4% −0.7%
Toronto E01 $1,129,800 +1.8% −2.6% $1,510,000 +4.1% −2.2% $1,279,600 +3.2% −3.7% $910,800 −5.7% −1.8% $709,000 +0.4% +1.4%
Toronto E06 $1,128,300 +1.9% −1.5% $1,234,100 +3.0% −2.0% $990,600 +4.8% −3.5% $811,000 −1.2% +0.5% $730,200 −5.0% +1.9%
Bradford West Gwillimbury $1,114,300 +2.8% +1.5% $1,181,600 +3.3% +1.8% $907,700 +2.0% +0.4% $461,000 +1.7% +6.2% $508,900 −2.4% +1.8%
Halton Hills $1,113,700 +2.3% +3.6% $1,236,000 +3.1% +3.9% $882,700 +3.3% +4.7% $673,600 +3.4% +2.1% $615,000 −1.4% +0.7%
Toronto W08 $1,084,500 +2.1% +0.1% $1,797,300 −0.1% +0.4% $1,291,400 −2.1% −10.6% $824,800 +3.1% +1.5% $588,600 +0.1% −0.2%
Toronto C06 $1,077,800 −1.9% +0.1% $1,592,400 −1.5% +1.1% $1,212,500 −0.3% −0.2% $850,200 +3.6% +0.0% $595,700 −11.5% −4.1%
All TRREB Areas $1,070,100 +0.4% +0.8% $1,382,500 +1.3% +1.1% $1,058,900 +1.2% +0.5% $796,400 −0.2% +0.7% $642,300 −3.4% −0.8%
Toronto C14 $1,054,200 −2.8% −5.5% $2,326,400 +1.1% +0.4% $1,477,900 −3.5% −0.1% $866,800 −9.1% +2.5% $703,300 −5.1% −11.3%
City of Toronto $1,044,300 +0.4% −0.1% $1,622,900 +0.6% +0.2% $1,263,700 +2.4% −0.8% $861,700 +0.0% +0.3% $664,500 −3.8% −1.0%
Milton $1,031,100 +0.7% +3.3% $1,334,400 +1.9% +3.8% $948,600 +1.4% +3.6% $776,300 +0.6% +1.9% $603,400 −2.4% −1.2%
Peel Region $1,021,400 +0.3% +0.7% $1,315,000 +1.2% +0.5% $950,600 −0.1% +0.6% $774,700 −1.1% +0.7% $572,800 −2.5% +0.6%
Mississauga $1,019,600 +1.6% +1.1% $1,469,200 +2.7% +1.0% $1,013,900 +1.1% +0.6% $808,300 −1.3% +0.4% $583,200 −1.8% +1.1%
Burlington $1,015,500 +4.6% +6.3% $1,345,600 +7.6% +7.7% $1,017,200 +10.7% +13.6% $766,600 +2.5% +2.2% $582,700 −1.2% −0.4%
Whitby $1,009,600 +1.5% +0.2% $1,085,900 +1.4% +0.1% $847,800 +1.2% +0.4% $655,700 +1.3% −0.5% $560,000 −2.0% −2.6%
Toronto E10 $1,009,500 −2.5% +1.8% $1,193,900 −4.4% +1.9% $888,500 −5.4% +0.2% $622,200 −3.6% +0.3% $484,100 −6.7% −0.4%
Pickering $993,000 +0.4% +0.9% $1,217,600 +1.4% +1.5% $887,600 +0.1% +2.2% $661,900 −0.8% +0.1% $574,600 −2.2% −1.9%
Brampton $983,700 −1.9% +0.4% $1,160,300 −1.5% +0.4% $908,800 −1.5% +0.6% $684,600 −1.7% +1.3% $513,600 −6.8% −2.5%
Toronto C10 $980,600 −4.1% −4.3% $2,274,400 +4.6% −2.5% $1,637,400 +2.0% −4.3% $1,032,600 +4.9% +3.3% $659,700 −6.3% −4.5%
Toronto W03 $977,800 +4.0% +7.0% $1,050,500 +4.9% +9.0% $1,037,800 +5.3% +7.0% $806,200 −1.8% +0.5% $620,100 +5.3% +1.3%
Toronto W09 $973,000 −1.6% +4.1% $1,344,900 −1.5% +4.0% $1,164,100 +3.5% +2.1% $839,800 −1.1% −0.7% $477,700 −7.3% +0.5%
Ajax $962,400 +0.8% +0.6% $1,083,300 +1.0% +0.8% $882,000 +0.1% +0.7% $669,100 −0.9% −0.5% $526,300 −2.2% −1.9%
Scugog $950,900 +11.1% −0.8% $951,800 +11.5% −0.9% $755,600 +2.5% +2.1% — n/a n/a — n/a n/a
Toronto C15 $939,200 −0.8% −0.1% $1,908,800 +2.0% +0.8% $1,140,700 +2.7% +1.5% $881,800 +2.7% +3.3% $602,100 −4.9% −1.8%
Toronto E08 $938,700 +0.5% −0.4% $1,223,900 +0.3% +0.3% $845,000 +0.7% −3.2% $761,900 +3.0% +1.2% $522,500 −2.9% −1.4%
Toronto E05 $931,100 −1.7% +0.7% $1,348,000 −2.1% +2.5% $1,027,300 −3.0% +1.0% $779,300 +1.8% −1.2% $606,000 +1.0% −1.1%
Durham Region $914,000 +1.8% +0.7% $998,100 +1.9% +0.9% $804,100 +1.6% +0.9% $635,300 +0.6% +0.5% $539,900 −1.1% −2.1%
Toronto E07 $903,900 −1.6% +0.5% $1,241,000 −0.8% +1.8% $1,015,200 −0.5% +0.1% $799,200 −1.0% −3.1% $595,300 −0.5% +0.3%
Toronto W06 $903,100 −1.0% −6.1% $1,253,300 −1.3% −7.8% $1,122,300 −4.3% −16.0% $1,041,000 +2.0% +0.3% $680,300 −2.9% −3.7%
Simcoe County $894,500 +5.0% +2.0% $942,600 +5.7% +2.2% $770,300 +4.7% +0.2% $605,400 +1.0% +4.2% $563,900 −2.3% +1.3%
Toronto W04 $893,900 +1.4% +3.4% $1,153,100 +1.1% +4.7% $894,900 +2.7% −1.8% $716,500 −1.1% −0.1% $587,700 −2.6% −1.2%
Toronto E04 $879,500 +0.5% +3.2% $1,104,300 −0.3% +4.3% $933,200 +2.5% +0.1% $818,200 −0.6% +0.1% $507,600 −1.6% +1.3%
Clarington $849,800 +2.4% +1.1% $940,000 +2.2% +1.2% $753,300 +5.2% +0.6% $612,700 +1.9% +1.1% $504,100 −1.3% −2.1%
New Tecumseth $845,000 +4.3% +2.1% $933,700 +5.2% +2.1% $702,400 +4.0% +0.1% $693,800 +1.6% +3.9% $539,400 −3.3% +1.5%
Toronto E09 $844,700 +0.1% +0.8% $1,049,300 −2.5% +2.2% $881,800 −1.0% −0.3% $658,600 −3.2% +0.3% $556,900 −5.3% −3.1%
Toronto W05 $822,600 −2.2% +1.9% $1,162,200 −2.4% +5.0% $953,700 −2.6% +3.9% $644,800 −3.3% +0.7% $530,700 −1.8% −7.1%
Innisfil $819,900 +6.9% +1.7% $835,800 +7.2% +2.0% $648,800 +6.5% −1.6% $309,300 +2.0% +6.6% $611,000 −3.0% +1.1%
Georgina $807,700 +0.6% −0.2% $807,900 +0.4% −0.1% $712,000 +0.6% −0.2% — n/a n/a — n/a n/a
Oshawa $803,700 +0.8% +1.5% $856,800 +0.7% +1.8% $689,100 +1.1% +1.2% $602,800 +1.9% +1.6% $499,200 +2.3% −1.7%
Toronto E11 $791,700 −1.8% +0.9% $1,079,800 −0.5% +1.6% $889,100 −2.6% +0.4% $713,600 +6.7% +0.6% $507,100 −3.1% +1.4%
Essa $789,800 +4.5% +2.5% $823,100 +5.5% +2.5% $670,800 +3.0% +0.2% $631,000 +0.6% +4.8% — n/a n/a
Dufferin County $785,700 +2.1% +3.2% $890,900 +3.4% +3.2% $700,600 +2.2% +2.6% $576,800 +1.8% +3.6% $442,000 −6.1% −3.0%
Orangeville $785,700 +2.1% +3.2% $890,900 +3.4% +3.2% $700,600 +2.2% +2.6% $576,800 +1.8% +3.6% $442,000 −6.1% −3.0%
Toronto W10 $765,600 −1.5% −0.3% $956,800 −5.1% −0.4% $841,200 −7.2% −0.2% $675,300 −1.4% −0.4% $529,700 −2.3% −1.2%
Toronto C01 $764,400 −6.5% −0.6% $1,795,000 −1.8% −3.6% $1,450,000 −3.4% −3.4% $860,500 −1.2% −1.5% $671,900 −8.3% −0.1%
Toronto C08 $720,200 −5.1% +1.0% $2,305,200 +5.6% +1.8% $1,530,800 +3.3% +0.6% $995,600 −9.5% −0.4% $659,200 −6.3% +0.9%

Year-over-year is TRREB's own published figure. Month-over-month is computed here from the prior month's benchmark, because TRREB does not print it.