Market Report·2 min read

GTA Multifamily 2025 Year-End Report

Dayma Itamunoala

February 20, 2026

To predict the future - you have to understand the past.

With that in mind, today we're releasing our 2025 Year-End Report for the GTA multifamily market.

Report Highlights

$1.99 billion in sales volume, down just 1.0% year-over-year, with suites traded increasing 3.9% to 6,300 units - underscoring continued investor engagement

Average price per suite of $292,901, reflecting valuation adjustments as financing conditions evolved. Larger assets continued to command premiums

Average cap rate of 4.63%, up 39 bps year-over-year, as return expectations aligned with the current interest rate environment

Transaction count increased 33%, with activity strengthening meaningfully in the second half of the year

Vacancy normalized to 3.0% amid new supply delivery, while average two-bedroom rents increased 3.5% to $2,034 - reinforcing the durability of GTA rental demand

Report Authors: Dayma Itamunoala, Kyle Lindsay, Zoe Prachter, and Matthew Bruchkowsky.

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GTA Multifamily 2025 Year-End Report

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