Ontario

Toronto Multifamily Market Report 2025 — Prices, Cap Rates & Trends

In the Toronto multifamily market, the median recorded sale price is $2,900,000, across 1,462 recorded transactions, between 2021-09-15 to 2025-12-29.

Analyze a deal

$2.9M

Median sale price

1,462

Recorded transactions

-6.5%

YoY change in median

Price distribution

Where Toronto multifamily sale prices sat across 1,462 recorded transactions.

Median sale price by year

5 of 5 years in the window carried enough recorded sales to plot a median for Toronto multifamily.

Recorded transaction volume by year

Year	Recorded transactions
2021	48
2022	252
2023	336
2024	409
2025	417

This market vs. Ontario overall

Metric	Toronto	Ontario
Median sale price	$2,900,000	$2,194,500
25th percentile	$1,650,000	$1,325,000
75th percentile	$7,925,000	$4,750,000
Recorded transactions	1,462	29,749
Year-over-year change	-6.5%	-5.5%

Asset classes in Toronto

Asset class	Median price	Transactions
Industrial	$2.8M	1,836
Land	$8.5M	617
Multifamily	$2.9M	1,462
Office	$2.5M	772
Other	$3.3M	1,047
Retail	$2.1M	1,287

Multifamily across Ontario markets

Market	Median price	Transactions
Barrie	$1.7M	94
Belleville	$2.1M	24
Brantford	$2.1M	60
Greater Sudbury	$1.5M	71
Guelph	$2.5M	75
Hamilton	$1.8M	295
Kingston	$1.8M	104
Kitchener-Cambridge-Waterloo	$2.5M	383
London	$2.2M	198
Oshawa	$2.1M	150
Ottawa	$2.1M	467
Peterborough	$2.6M	35
St. Catharines-Niagara	$1.7M	174
Thunder Bay	$1.3M	29
Toronto	$2.9M	1,462
Windsor	$1.8M	107

Rental market context

The CMHC Rental Market Survey reports a 3.0% purpose-built rental vacancy rate for Toronto (2025). This is residential rental context, not a commercial metric.

Recent recorded sales

Month	Area	Price band	Type
2025-12	Toronto, ON	$1.0M–$1.5M	Multifamily
2025-12	Newmarket, ON	$1.0M–$1.5M	Multifamily
2025-12	Brampton, ON	$80M–$85M	Multifamily

Municipality, month and price band only.

Common questions

What is the median multifamily sale price in Toronto?

$2,900,000, across 1,462 recorded transactions in our dataset.

Are Toronto multifamily prices rising or falling?

The median recorded sale price changed -6.5% year over year in the most recent full comparison.

Methodology

This page draws on 1,462 recorded commercial transactions in Toronto between 2021-09-15 and 2025-12-29, from the EVALUAITE Market Intelligence dataset. A city and asset class is published only once it carries at least 50 recorded transactions.

Too few of these sales reported a cap rate to publish a range, so none is shown. All 5 years in the window carried enough sales to plot a median. The year-over-year comparison had enough sales on both sides to compute. CMHC rental context is available for this market.

Prepared by the EVALUAITE Market Intelligence team.