Source: TRREB MarketWatch, May 2025

MLS® Home Price Index

May 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 May 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 May 2025

Movers on the index

Composite, year-over-year

Top 10

  1. Toronto W02 +2.9%
  2. Scugog +2.6%
  3. Toronto E02 +2.1%
  4. Toronto W04 +0.7%
  5. Uxbridge +0.2%
  6. Toronto W09 +0.0%
  7. Innisfil −0.3%
  8. Georgina −0.5%
  9. Toronto W01 −0.5%
  10. Essa −0.7%

Bottom 10

  1. Toronto E06 −12.4%
  2. Caledon −11.1%
  3. Toronto C14 −10.0%
  4. Toronto C10 −9.7%
  5. Toronto E11 −8.7%
  6. Toronto E08 −8.5%
  7. Newmarket −8.4%
  8. Toronto E05 −8.4%
  9. Toronto C07 −8.3%
  10. Markham −8.1%

Apartment, year-over-year

Top 10

  1. Toronto W03 +2.7%
  2. Toronto W04 +2.7%
  3. Toronto W02 +1.1%
  4. Toronto E02 no change
  5. Toronto W09 −0.2%
  6. Toronto W01 −0.7%
  7. Toronto E08 −1.2%
  8. Toronto C04 −2.0%
  9. Oshawa −2.7%
  10. Toronto W10 −2.9%

Bottom 10

  1. Toronto C09 −14.0%
  2. Toronto C02 −13.1%
  3. Brampton −11.1%
  4. Toronto C14 −11.1%
  5. Toronto C11 −10.5%
  6. Toronto E01 −9.8%
  7. Toronto C10 −9.6%
  8. New Tecumseth −9.5%
  9. Toronto C03 −9.0%
  10. Oakville −8.7%

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 $2,504,300 −7.3% −0.6% $3,454,200 −4.6% −0.4% $1,402,900 −10.2% +3.2% $1,305,900 −7.0% +4.5% $1,125,200 −7.9% −2.5%
Toronto C04 $1,957,900 −4.1% −1.2% $2,558,600 −5.0% −1.0% $1,537,500 −7.3% −1.8% — n/a n/a $746,300 −2.0% −0.7%
Toronto C09 $1,954,400 −3.5% +1.6% $3,707,500 −2.6% +2.8% $2,329,200 −4.0% −1.7% $1,655,600 +5.7% +6.9% $893,900 −14.0% −1.7%
King $1,754,500 −4.6% +1.0% $2,006,800 −4.5% +0.7% $889,100 −5.1% +0.4% — n/a n/a $659,500 −4.8% −2.8%
Toronto C03 $1,524,100 −7.3% −3.4% $1,952,300 −7.6% −4.0% $1,300,000 −4.5% −1.0% $1,551,400 +4.2% +6.5% $757,100 −9.0% −1.1%
Toronto E02 $1,432,600 +2.1% +0.9% $1,907,700 +4.4% +0.8% $1,368,100 −0.3% −0.2% $1,011,400 −1.0% +2.5% $792,400 no change +5.2%
Toronto C02 $1,361,300 −4.9% −4.8% $2,716,400 −6.5% −5.3% $1,966,400 −2.3% −5.1% $1,680,500 +5.8% +9.4% $838,400 −13.1% −5.1%
Toronto W07 $1,357,800 −6.5% +4.2% $1,601,100 −4.1% +5.3% $1,248,000 −1.1% +6.3% — n/a n/a $575,600 −8.1% −1.4%
Richmond Hill $1,329,200 −5.9% −1.0% $1,756,300 −5.0% −0.4% $1,120,800 −7.8% −2.2% $863,300 −4.0% +0.9% $569,500 −7.9% −2.9%
Whitchurch-Stouffville $1,295,300 −6.1% −2.1% $1,443,500 −5.5% −1.7% $943,200 −7.7% −3.4% $734,300 −6.8% −3.6% $610,500 −7.6% −4.1%
Oakville $1,284,700 −3.0% +5.2% $1,790,300 −2.8% +3.7% $1,110,500 −4.8% +3.5% $812,100 −9.0% −4.5% $622,300 −8.7% −1.1%
Aurora $1,282,700 −4.3% −0.4% $1,512,700 −4.8% −0.2% $1,057,800 −4.9% +0.8% $867,400 −4.6% −2.7% $570,300 −6.5% −3.9%
Toronto W02 $1,264,000 +2.9% −1.5% $1,766,600 +2.3% −1.8% $1,322,800 +2.3% −2.6% $853,700 −2.5% +3.1% $684,700 +1.1% −0.4%
East Gwillimbury $1,251,100 −5.6% −0.8% $1,293,400 −5.5% −0.6% $890,600 −7.6% −2.3% — n/a n/a — n/a n/a
Vaughan $1,241,500 −5.2% −0.9% $1,660,900 −4.2% −0.6% $1,138,700 −3.9% −0.6% $854,400 −2.8% −1.1% $586,300 −6.5% −2.0%
York Region $1,220,300 −6.2% −0.7% $1,503,300 −5.8% −0.5% $1,078,700 −6.6% −1.4% $843,300 −4.5% +0.1% $588,000 −7.0% −1.5%
Toronto C11 $1,175,800 −1.0% +0.9% $2,320,400 −1.5% +2.1% $1,428,700 −3.0% +1.2% $674,000 −7.5% +1.2% $468,000 −10.5% +0.0%
Markham $1,174,900 −8.1% −0.4% $1,603,200 −8.5% −0.3% $1,137,400 −7.7% −1.3% $850,700 −4.7% +2.1% $607,200 −7.0% +0.5%
Uxbridge $1,174,500 +0.2% −1.3% $1,244,800 +0.7% −1.2% $920,100 +0.8% −0.7% $715,500 −3.3% −1.9% $646,400 −4.9% −0.2%
Caledon $1,164,800 −11.1% −3.3% $1,280,400 −9.7% −2.5% $864,200 −8.7% −4.2% $785,900 −7.1% −2.2% $680,600 −5.6% −1.8%
Toronto C13 $1,147,200 −5.9% +0.6% $1,887,700 −6.1% +1.7% $1,039,600 −5.3% −0.4% $859,700 −6.3% +2.7% $659,200 −3.5% −1.6%
Toronto E01 $1,130,400 −3.4% −0.0% $1,532,000 −3.4% +0.2% $1,321,300 −1.2% +0.5% $882,500 +0.8% +3.2% $658,100 −9.8% −1.6%
Toronto E03 $1,108,500 −5.6% −2.4% $1,288,200 −6.5% −2.1% $1,166,400 −6.4% −2.7% — n/a n/a $523,100 −4.5% +2.6%
Toronto C07 $1,107,500 −8.3% −0.7% $1,846,100 −9.3% −0.4% $1,102,300 −8.1% +0.8% $802,000 −4.5% +2.7% $688,300 −5.9% −1.2%
Bradford West Gwillimbury $1,105,500 −0.8% +2.3% $1,156,900 −0.1% +2.2% $863,200 −0.5% +1.9% $645,700 −3.3% +2.1% $530,700 −8.3% −3.8%
Newmarket $1,101,700 −8.4% −1.8% $1,221,800 −8.2% −1.7% $890,000 −7.9% −2.0% $796,300 −5.2% −2.5% $508,200 −5.2% −3.4%
Toronto W01 $1,087,300 −0.5% −0.9% $2,128,700 −2.7% −0.8% $1,401,600 −2.0% −1.1% $703,100 −12.0% −2.9% $624,900 −0.7% −0.2%
Halton Hills $1,084,300 −2.3% +3.7% $1,175,300 −2.5% +2.5% $838,900 −1.7% +3.2% $632,500 −5.6% −1.6% $589,700 −7.2% −0.2%
Halton Region $1,051,900 −4.7% +2.5% $1,434,200 −4.7% +1.7% $975,600 −3.5% +3.5% $743,200 −7.4% −2.8% $580,500 −7.8% −0.8%
Toronto C06 $1,046,400 −2.5% −1.0% $1,577,500 −8.0% −1.7% $1,180,400 −10.9% −4.1% $837,700 −4.5% +4.3% $545,300 −3.1% +2.5%
Toronto W08 $1,030,300 −1.7% +3.2% $1,733,700 −4.1% +5.5% $1,220,300 −4.4% +4.7% $805,100 −0.9% +3.0% $568,800 −6.0% −0.8%
All TRREB Areas $1,012,800 −4.5% +0.3% $1,322,400 −4.8% +0.3% $1,007,900 −4.8% −0.7% $755,500 −5.2% −0.4% $593,200 −7.0% +0.0%
Scugog $988,700 +2.6% −1.4% $989,800 +3.7% −1.2% $757,800 −1.6% +0.1% — n/a n/a — n/a n/a
Whitby $987,200 −2.8% −0.6% $1,070,100 −3.3% −0.6% $806,700 −2.8% −0.7% $634,900 −2.3% −1.1% $560,700 −5.1% −1.4%
Toronto E10 $986,900 −4.5% −2.1% $1,149,100 −6.4% −2.1% $853,000 −6.6% −2.9% $640,200 −2.3% +2.4% $476,200 −4.5% −3.2%
City of Toronto $986,800 −4.0% +0.1% $1,564,100 −5.7% +0.3% $1,235,300 −3.8% −1.1% $799,100 −4.0% +1.3% $610,200 −6.7% +0.6%
Toronto E06 $981,300 −12.4% −2.1% $1,080,800 −14.0% −2.6% $885,600 −15.6% −4.0% $727,700 −6.3% +2.3% $625,300 −3.0% +4.5%
Toronto C14 $974,400 −10.0% +1.1% $2,182,900 −8.3% +1.8% $1,381,400 −10.1% +1.6% $776,000 −10.5% −3.4% $646,300 −11.1% +1.4%
Toronto W03 $969,700 −2.8% +2.5% $1,061,800 −2.1% +3.9% $1,030,200 −2.5% +1.2% $733,200 −5.7% +0.3% $580,500 +2.7% −0.4%
Toronto W09 $969,000 +0.0% +8.2% $1,339,500 −1.0% +8.7% $1,006,300 −6.7% +2.6% $719,000 −11.6% −3.7% $510,600 −0.2% +10.5%
Mississauga $965,300 −3.3% +0.1% $1,409,700 −4.2% −0.0% $973,300 −5.1% −0.1% $786,400 −4.2% +0.0% $557,200 −8.3% +0.2%
Peel Region $959,900 −4.8% +0.0% $1,245,100 −5.1% +0.1% $891,400 −5.5% +0.1% $752,100 −4.6% −0.2% $543,900 −8.6% −0.2%
Milton $957,900 −2.8% +3.0% $1,279,700 −1.9% +3.9% $885,200 −2.1% +3.2% $683,000 −9.5% −4.8% $561,800 −8.0% −1.0%
Pickering $952,200 −4.3% −0.8% $1,157,000 −4.7% −0.6% $856,900 −4.1% −0.6% $685,000 −2.6% −0.2% $539,200 −6.2% −1.6%
Brampton $921,700 −6.3% +0.6% $1,089,400 −6.3% +0.9% $839,500 −6.1% +0.8% $651,400 −7.5% −1.3% $465,400 −11.1% −2.4%
Ajax $921,100 −4.3% +0.1% $1,004,800 −4.8% −0.2% $837,800 −3.9% +0.0% $688,600 −2.3% −0.5% $511,500 −6.1% −1.5%
Toronto C10 $915,400 −9.7% +0.0% $1,992,900 −9.1% −0.0% $1,518,200 −10.5% +1.1% $998,100 +7.0% +6.4% $632,500 −9.6% +0.1%
Burlington $899,100 −7.8% −0.7% $1,260,700 −8.9% −2.5% $947,100 −7.2% +0.3% $728,300 −5.1% −0.4% $558,400 −7.3% −0.5%
Toronto C15 $895,400 −4.1% −0.1% $1,773,500 −5.6% −1.6% $1,079,200 −6.0% −1.0% $812,800 −6.9% −2.4% $595,800 −4.8% +1.8%
Toronto W04 $890,400 +0.7% +2.9% $1,162,100 −1.7% +4.9% $921,300 −3.8% −0.5% $657,200 −5.4% +0.4% $575,300 +2.7% −0.4%
Durham Region $888,800 −3.0% −0.3% $968,400 −3.1% −0.3% $770,000 −3.0% −0.4% $630,800 −3.8% −0.6% $525,000 −4.8% −1.3%
Simcoe County $868,000 −0.2% +2.4% $909,300 −0.1% +2.3% $733,600 −2.8% −1.6% $658,500 −4.8% +0.4% $528,800 −7.8% −3.5%
Toronto W06 $858,200 −3.9% +3.6% $1,265,400 −4.3% +5.8% $1,183,200 −1.4% +7.3% $869,000 −3.0% +1.7% $628,500 −8.4% +1.5%
Toronto E08 $844,600 −8.5% −2.2% $1,098,800 −12.3% −2.2% $800,300 −17.8% −4.9% $673,200 −4.4% +1.8% $536,100 −1.2% −1.5%
Toronto E05 $840,900 −8.4% +0.4% $1,195,200 −10.9% −0.9% $918,000 −11.6% −2.6% $772,600 −4.7% +7.2% $540,000 −5.5% +0.5%
New Tecumseth $830,100 −2.2% +1.6% $913,100 −2.2% +1.5% $707,400 −2.7% −0.0% $656,200 −6.0% −1.3% $495,900 −9.5% −3.5%
Toronto E07 $827,900 −7.5% −0.4% $1,178,800 −7.8% −1.4% $937,700 −7.7% −1.7% $817,600 −6.4% −2.4% $563,300 −4.9% +1.5%
Clarington $821,200 −1.2% +0.5% $912,500 −1.1% +0.5% $710,600 −0.5% −0.3% $603,200 −5.8% +0.2% $518,700 −4.1% −1.0%
Georgina $814,100 −0.5% +1.2% $808,300 −0.5% +1.4% $699,000 −6.2% −1.5% — n/a n/a — n/a n/a
Toronto W05 $801,400 −4.3% −1.2% $1,149,200 −5.5% −1.5% $942,300 −5.4% −1.0% $609,100 −10.0% −0.7% $514,600 −4.0% −2.6%
Toronto E04 $788,000 −7.4% +1.9% $986,000 −9.1% +3.4% $826,600 −8.3% +0.2% $739,200 −6.4% +2.3% $468,500 −7.4% −2.7%
Oshawa $784,300 −5.3% −0.3% $839,300 −5.8% −0.3% $675,500 −4.1% −0.5% $563,100 −6.2% −1.0% $464,600 −2.7% −0.9%
Toronto E09 $781,200 −5.3% −0.5% $974,100 −10.2% −1.0% $810,600 −10.2% −1.2% $640,700 −2.8% +0.3% $518,200 −5.0% +1.1%
Essa $779,700 −0.7% +4.0% $808,100 −1.3% +2.5% $670,000 −2.5% +0.9% $616,500 −5.9% −0.8% — n/a n/a
Toronto W10 $771,600 −2.2% +0.4% $989,100 −6.7% −0.8% $871,500 −6.1% −1.8% $651,300 −8.4% −0.1% $509,700 −2.9% +1.3%
Innisfil $767,600 −0.3% +2.0% $782,500 −0.5% +2.0% $604,600 −6.3% −4.4% $895,500 +6.6% +13.4% $556,300 −7.6% −3.6%
Dufferin County $756,400 −3.9% −1.3% $871,900 −3.2% −0.6% $685,000 −5.2% −2.2% $546,500 −6.7% −2.9% $428,500 −8.4% −2.9%
Orangeville $756,400 −3.9% −1.3% $871,900 −3.2% −0.6% $685,000 −5.2% −2.2% $546,500 −6.7% −2.9% $428,500 −8.4% −2.9%
Toronto E11 $736,600 −8.7% −0.7% $992,600 −9.3% −0.9% $812,300 −9.8% −0.5% $684,000 −4.3% −1.5% $484,200 −4.5% +0.5%
Toronto C01 $713,200 −6.3% +0.8% $1,778,000 −6.4% −1.9% $1,428,300 −8.4% −2.0% $783,300 −4.5% +0.7% $618,500 −7.3% +1.6%
Toronto C08 $617,700 −6.2% +2.7% $2,141,800 −5.2% +0.2% $1,396,600 −7.0% −1.7% $952,600 −2.2% +2.9% $558,900 −7.4% +3.5%

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.