First-time buyers accounted for the largest share of Ontario’s housing market demand in 2025 as price corrections nudged them off the sidelines. The trend was particularly evident in the non-condo sector, where these buyers represented 25 per cent of all purchasers—the highest level in a decade, according to a report from Teranet, the province’s land registry service.

Investors, who topped the market during the 2022 peak, have since fallen to third place due to rising interest rates and tougher lending conditions. Yet despite the decline, multiple-property owners still dominate the condo market, which offers lower price points and rental opportunities in urban centres like Toronto.

This condo concentration has also exposed investors to the sector’s recent downturn. By 2025, half of all new solo investor purchases were condos. However, when they began selling, the losses were significant. Across all property types, more than a third of homes purchased in 2022 sold at a loss in 2025. That figure rose to 40 per cent for homes under $1 million, where condos make up a large share of the market. In the Peel Region, one of Ontario’s most investor-heavy condo markets, nearly 30 per cent of properties sold at a loss last year.

This trend coincides with broader cooling in Ontario’s condo market. In Toronto, condos accounted for 66 per cent of all transactions in 2024—the highest share in a decade. By 2025, that share fell eight percentage points, even as new-build completions hit an all-time high before dropping 12 per cent in volume. Meanwhile, the province’s larger condo share declined 3 per cent year over year.

Against this shifting backdrop, mover behaviour also changed. Those buying within the same city or region continued to gain share in 2025, making them the only mover segment showing consistent growth over the past couple of years.

This data suggests a more localized approach to mobility. Many households may be adapting their housing to new life stages or needs without wandering far from existing jobs, schools, or community networks.

Overall, the number of owners moving between properties remains well below pre-2022 levels. Higher borrowing costs have reduced their mobility, and despite some easing in rates, many owners might remain “locked in” due to the high cost of carrying a new mortgage.

Teranet also uncovered behavioural shifts among sellers. Ontario homeowners seem to be holding onto their properties longer than ever, averaging 13.1 years provincially and 17.7 years for Toronto non-condo owners. In the condo segment, holding periods are sitting between six and eight years, with Peel Region disproportionately driving up that provincial average.

Longer holding periods suggest that owners are less willing or less able to sell. As a result, fewer homes are cycling back into the market, which has implications for overall supply, market liquidity, and affordability over the longer term.

To access the full report, click here: An Overview of Ontario’s Housing Market in 2025.