Source: TRREB MarketWatch, December 2025

MLS® Home Price Index

December 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 December 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 December 2025

Movers on the index

Composite, year-over-year

Top 10

  1. Toronto C09 +6.8%
  2. Toronto C11 +6.8%
  3. Toronto C02 +4.2%
  4. Toronto C03 +1.4%
  5. Toronto W09 −0.9%
  6. Toronto W08 −1.5%
  7. Toronto W02 −2.1%
  8. Toronto E10 −2.2%
  9. Toronto W01 −3.0%
  10. Toronto E03 −3.2%

Bottom 10

  1. Toronto C13 −12.8%
  2. Toronto E07 −12.2%
  3. Toronto C15 −12.0%
  4. Toronto E06 −11.9%
  5. Aurora −10.9%
  6. Burlington −9.7%
  7. Toronto E08 −9.6%
  8. Oakville −9.2%
  9. East Gwillimbury −9.2%
  10. Newmarket −9.0%

Apartment, year-over-year

Top 10

  1. Toronto C03 +1.6%
  2. Toronto C02 +1.0%
  3. Toronto C12 −1.0%
  4. Toronto C06 −1.8%
  5. Toronto C04 −3.1%
  6. Toronto C01 −4.9%
  7. Toronto C10 −4.9%
  8. Toronto W04 −5.0%
  9. Toronto E05 −5.2%
  10. Toronto C11 −5.3%

Bottom 10

  1. Toronto E10 −18.9%
  2. Toronto C13 −16.1%
  3. Toronto E06 −15.4%
  4. Toronto E11 −14.8%
  5. Orangeville −13.5%
  6. Brampton −13.5%
  7. Toronto E08 −13.3%
  8. Toronto E02 −13.3%
  9. Markham −12.4%
  10. Toronto E07 −12.3%

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 $2,316,000 −6.7% −2.9% $3,185,200 −5.1% −3.2% $1,373,900 −2.8% −4.4% $1,111,300 −13.8% −3.5% $1,106,100 −1.0% −0.7%
Toronto C09 $1,899,600 +6.8% −4.2% $3,482,800 +8.8% −4.8% $2,304,800 +9.2% −3.3% $1,562,700 no change +0.5% $876,700 −10.4% −1.1%
Toronto C04 $1,868,000 −4.3% −3.9% $2,409,500 −5.5% −4.6% $1,433,300 −5.8% −4.3% — n/a n/a $710,700 −3.1% −1.0%
King $1,611,200 −8.9% −2.4% $1,833,100 −9.5% −2.5% $800,800 −9.4% −2.5% — n/a n/a $617,700 −7.4% −2.4%
Toronto C03 $1,459,500 +1.4% +2.0% $1,875,100 +1.1% +2.5% $1,154,800 +1.5% +0.3% — −100.0% n/a $746,400 +1.6% +2.9%
Toronto C02 $1,397,400 +4.2% +2.1% $2,708,800 +3.3% +1.7% $1,984,200 +7.2% −1.2% $1,531,700 −3.4% −0.8% $896,100 +1.0% +4.7%
Toronto W07 $1,304,100 −8.2% +1.4% $1,541,900 −6.0% +1.6% $1,259,600 −2.6% +4.2% — n/a n/a $554,200 −8.2% −0.8%
Toronto E02 $1,262,200 −8.8% +1.1% $1,646,100 −8.7% +1.4% $1,209,400 −9.8% +0.7% $964,000 +0.3% −3.4% $691,000 −13.3% +5.6%
Richmond Hill $1,224,400 −7.7% −0.2% $1,615,900 −7.0% no change $1,051,500 −7.0% +0.6% $777,700 −10.8% −1.7% $533,600 −9.8% −2.3%
Whitchurch-Stouffville $1,192,700 −7.3% −0.6% $1,304,900 −7.8% +0.1% $895,000 −7.0% −1.2% $660,800 −12.3% −5.1% $583,900 −8.2% −3.0%
Toronto W02 $1,186,000 −2.1% −0.7% $1,660,000 −1.6% −0.7% $1,224,300 −6.1% −0.4% $782,300 −8.7% −1.7% $616,800 −6.5% +1.2%
East Gwillimbury $1,165,300 −9.2% −0.9% $1,199,700 −9.1% −1.1% $835,100 −9.6% −1.7% — n/a n/a — n/a n/a
Toronto C11 $1,159,200 +6.8% −1.7% $2,198,600 +7.8% −4.2% $1,346,900 +8.5% −4.0% $549,200 −17.4% −4.9% $466,100 −5.3% −0.6%
Vaughan $1,149,000 −8.2% −1.1% $1,534,600 −7.7% −1.2% $1,057,000 −7.1% −1.1% $793,900 −9.9% −0.5% $537,500 −9.9% −1.0%
Caledon $1,145,600 −8.6% −0.9% $1,262,300 −7.5% −0.4% $832,600 −8.8% −1.6% $801,800 −10.2% −2.3% $621,000 −9.5% −1.0%
Aurora $1,143,400 −10.9% −3.0% $1,348,400 −10.9% −3.1% $938,800 −9.5% −1.9% $788,600 −9.8% −5.0% $542,300 −7.4% −3.7%
York Region $1,131,600 −8.2% −0.8% $1,393,800 −7.8% −0.6% $1,010,900 −7.4% −0.6% $768,200 −9.6% −3.4% $540,700 −10.5% −1.9%
Oakville $1,110,600 −9.2% −2.5% $1,552,000 −8.3% −3.1% $985,600 −9.3% −2.2% $698,800 −11.3% −0.4% $569,300 −11.2% −1.4%
Markham $1,108,200 −8.1% −0.2% $1,524,000 −7.8% +0.7% $1,081,000 −7.6% −0.3% $771,200 −9.2% −3.8% $549,000 −12.4% −2.3%
Uxbridge $1,085,900 −3.6% −2.2% $1,145,800 −3.8% −2.6% $864,300 −3.0% −3.2% $617,700 −8.9% +0.5% $579,000 −10.5% −1.0%
Toronto E01 $1,068,100 −5.3% −1.3% $1,438,600 −6.6% −2.8% $1,240,400 −5.3% −1.3% $828,900 −1.1% −0.3% $609,700 −8.7% −2.4%
Toronto W01 $1,055,700 −3.0% +0.5% $2,154,300 +0.9% +0.8% $1,397,500 −0.1% +2.4% $683,100 −8.7% −4.1% $553,500 −11.3% −2.5%
Toronto E03 $1,046,800 −3.2% −2.3% $1,217,400 −3.3% −2.4% $1,107,100 −1.8% −2.7% — n/a n/a $475,600 −11.1% +2.2%
Newmarket $1,027,600 −9.0% −0.9% $1,141,600 −8.8% −0.7% $828,100 −8.7% −0.8% $724,300 −8.5% −5.7% $491,100 −5.4% −3.2%
Toronto C07 $1,023,100 −8.9% −0.8% $1,671,100 −9.6% −1.2% $1,019,900 −6.5% −1.1% $732,000 −6.2% −1.9% $659,800 −6.7% −1.0%
Bradford West Gwillimbury $1,009,300 −6.3% −0.9% $1,054,300 −5.6% −1.1% $802,600 −5.0% −1.0% $581,100 −7.3% +1.6% $509,300 −7.6% −2.8%
Toronto C13 $1,005,600 −12.8% −3.2% $1,668,800 −11.1% −2.2% $967,100 −6.4% −0.8% $756,500 −9.2% −1.9% $580,900 −16.1% −4.6%
Toronto W08 $1,001,900 −1.5% −1.4% $1,652,400 −2.5% −1.9% $1,267,800 −1.1% +1.4% $722,100 −8.4% −2.8% $544,300 −6.5% −0.2%
Halton Hills $988,100 −5.4% −0.7% $1,084,000 −5.0% −0.7% $779,900 −3.9% −0.1% $524,600 −10.6% −0.2% $531,500 −11.1% −1.5%
Toronto C06 $976,600 −5.9% −2.4% $1,424,000 −10.3% −2.6% $1,119,800 −9.2% −0.8% — −100.0% n/a $530,600 −1.8% −1.6%
Toronto E06 $962,100 −11.9% −3.4% $1,071,600 −11.8% −4.4% $886,700 −11.6% −4.4% $661,200 −14.7% −2.1% $528,900 −15.4% +2.4%
Halton Region $943,200 −7.9% −1.7% $1,290,500 −7.2% −2.1% $880,200 −7.2% −1.3% $654,000 −10.8% −0.5% $533,600 −10.1% −1.2%
All TRREB Areas $942,300 −6.3% −1.0% $1,229,200 −6.1% −1.1% $938,700 −6.3% −0.9% $688,900 −8.3% −1.1% $553,500 −8.2% −0.9%
City of Toronto $934,800 −4.3% −1.1% $1,465,600 −5.4% −1.6% $1,157,200 −4.7% −1.3% $738,400 −6.8% −1.6% $573,600 −6.9% −0.5%
Whitby $926,500 −5.3% −0.5% $1,002,700 −5.3% −0.6% $750,800 −6.3% −0.3% $681,600 +6.9% +1.6% $511,100 −9.7% −0.9%
Toronto C14 $924,500 −6.5% −0.6% $1,984,400 −7.0% +0.4% $1,311,100 −2.4% +0.3% $755,800 −4.6% −2.7% $611,900 −9.6% −1.3%
Toronto E10 $919,000 −2.2% −0.2% $1,069,600 −2.7% −0.5% $798,400 −2.2% −1.4% $603,900 −0.5% +2.3% $386,800 −18.9% −2.4%
Toronto C10 $901,000 −5.1% −0.4% $1,933,200 −9.7% −1.4% $1,409,900 −12.4% −1.7% $876,700 −9.7% −1.0% $613,000 −4.9% −0.6%
Peel Region $892,400 −8.0% −0.4% $1,153,700 −8.1% −0.2% $826,800 −8.7% −0.3% $690,500 −8.1% −0.6% $502,200 −11.0% −1.6%
Mississauga $887,300 −7.5% −0.4% $1,284,500 −8.0% −0.2% $896,200 −8.2% −0.2% $713,500 −8.3% −0.7% $513,800 −10.7% −1.6%
Milton $882,200 −3.9% +0.4% $1,195,100 −3.4% +0.4% $817,500 −5.1% +0.4% $597,100 −10.8% −0.5% $523,400 −9.4% −1.1%
Scugog $876,000 −7.5% −4.2% $881,000 −7.3% −4.1% $700,300 −1.7% −3.9% — n/a n/a — n/a n/a
Toronto W09 $872,900 −0.9% −5.4% $1,188,200 −3.4% −5.0% $933,100 −5.2% −4.1% $714,200 −8.5% −4.0% $415,300 −6.5% −10.1%
Ajax $870,200 −6.1% −0.2% $952,800 −5.8% −0.4% $772,400 −8.0% −1.1% $635,000 −6.4% +0.9% $460,700 −10.8% −2.2%
Pickering $863,500 −8.7% −1.5% $1,067,900 −8.3% −1.6% $773,000 −8.9% −2.5% $601,800 −9.9% +0.1% $485,600 −11.3% −1.2%
Brampton $860,200 −8.8% −0.3% $1,014,000 −8.6% −0.2% $779,700 −9.3% −0.2% $617,600 −8.0% −0.1% $431,000 −13.5% −2.2%
Toronto W03 $856,300 −4.5% −1.7% $925,600 −6.0% −2.4% $892,300 −3.2% −2.4% — −100.0% n/a $523,200 −5.9% +3.4%
Durham Region $827,500 −5.5% −0.7% $905,900 −5.2% −0.9% $713,300 −6.7% −0.8% $588,600 −6.1% +0.3% $476,900 −9.7% −0.9%
Toronto W06 $824,600 −6.1% +1.1% $1,215,800 −6.6% +1.6% $1,165,200 −4.7% +2.8% $819,100 −5.5% −2.1% $576,400 −9.9% +0.9%
Burlington $818,800 −9.7% −2.2% $1,151,900 −9.1% −2.8% $839,200 −7.7% −3.4% $650,500 −10.8% −0.7% $511,800 −9.8% −1.2%
Toronto E08 $818,200 −9.6% −2.6% $1,066,700 −10.6% −3.3% $808,800 −11.1% −3.8% $607,100 −13.8% −4.0% $458,900 −13.3% −1.8%
Toronto W04 $799,200 −7.5% −1.6% $1,037,400 −9.8% −2.6% $816,200 −9.1% −3.3% $635,700 −5.2% −1.4% $525,100 −5.0% +1.6%
Simcoe County $792,600 −5.1% −1.3% $828,700 −5.2% −1.3% $671,900 −5.6% −1.5% $620,300 −6.9% −0.7% $512,500 −6.4% −2.9%
Toronto E05 $792,200 −8.7% −1.7% $1,128,000 −11.6% −1.2% $880,600 −10.3% −1.3% $668,400 −13.1% −2.5% $505,900 −5.2% −3.0%
Toronto C15 $771,900 −12.0% −0.4% $1,519,600 −15.4% −0.6% $937,600 −13.3% −0.8% $745,100 −7.5% +1.0% $516,900 −11.1% −0.9%
Toronto W05 $765,700 −4.0% −0.8% $1,077,300 −6.2% −0.5% $876,600 −6.7% −0.8% $626,400 +0.1% −1.4% $475,800 −10.2% −1.5%
New Tecumseth $761,200 −6.9% −1.9% $831,700 −7.3% −1.9% $648,100 −6.3% −1.8% $626,300 −6.8% −1.6% $480,300 −7.5% −2.7%
Clarington $756,200 −6.2% −0.6% $848,500 −5.7% −0.8% $657,000 −7.0% −0.8% $574,900 −6.2% −1.1% $467,800 −9.5% −1.1%
Georgina $756,000 −5.0% −1.1% $751,400 −5.4% −1.1% $689,900 −3.5% −0.9% — n/a n/a — n/a n/a
Toronto E07 $751,900 −12.2% −1.6% $1,081,900 −12.1% −0.6% $860,800 −11.8% +0.7% $728,400 −6.7% −3.0% $496,200 −12.3% −3.9%
Toronto E04 $743,300 −9.0% −1.3% $922,500 −10.3% −1.0% $777,000 −9.9% −0.5% $663,800 −14.8% −2.7% $441,600 −9.5% −0.7%
Toronto E09 $737,900 −7.8% −0.5% $911,000 −10.5% −1.2% $771,300 −10.1% +0.8% $612,200 −1.1% +1.3% $484,200 −6.6% −0.2%
Oshawa $735,800 −4.3% +0.0% $786,400 −4.2% −0.0% $632,800 −4.3% +0.3% $529,300 −6.9% no change $432,800 −7.4% +1.2%
Essa $709,900 −4.4% −1.1% $742,200 −3.8% −0.9% $578,800 −6.4% −2.2% $556,500 −11.4% −1.8% — n/a n/a
Dufferin County $705,100 −7.2% −1.9% $839,700 −4.3% −0.8% $651,800 −5.9% −1.2% $500,200 −11.1% −2.9% $391,100 −13.5% −4.3%
Orangeville $705,100 −7.2% −1.9% $839,700 −4.3% −0.8% $651,800 −5.9% −1.2% $500,200 −11.1% −2.9% $391,100 −13.5% −4.3%
Toronto E11 $698,800 −8.3% −2.8% $980,500 −4.4% −2.4% $790,800 −6.3% −2.5% $596,500 −12.7% −3.4% $427,300 −14.8% −3.2%
Toronto W10 $695,900 −5.8% −1.8% $891,500 −5.7% −0.8% $795,100 −6.1% −2.3% $593,600 −9.4% −0.4% $454,100 −11.4% −4.9%
Innisfil $691,000 −5.0% −1.8% $702,100 −5.6% −1.8% $557,200 −11.5% −1.7% $743,000 +13.1% +57.3% $535,100 −6.9% −3.3%
Toronto C01 $680,800 −3.6% −0.9% $1,669,300 −3.6% −3.8% $1,303,300 −5.9% −3.7% $717,200 −6.7% −0.7% $590,600 −4.9% −0.1%
Toronto C08 $575,200 −7.0% −1.7% $2,036,400 −10.4% −4.3% $1,323,800 −11.1% −4.1% $884,200 −2.7% −3.1% $518,100 −7.0% −1.3%

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.