December 5, 2025 | Buying

November brought a quieter month across the Greater Toronto Area (GTA) resale market, with sales, new listings, and average prices all trending below last year’s levels. Many potential buyers remained on the sidelines, waiting for more stability in the broader economy before making a move.

Market Overview

“There are many GTA households who want to take advantage of lower borrowing costs and more favourable selling prices. What they need most is confidence in their long-term employment outlook,” said TRREB President Elechia Barry-Sproule. “Fortunately, November delivered encouraging economic and job-market news. If this positive momentum continues, consumer confidence will strengthen, and more people will be in a position to consider purchasing a home in 2026.”

November by the Numbers

  • 5,010 homes sold through TRREB’s MLS® System — a 15.8% decline from November 2024
  • 11,134 new listings — down 4% year-over-year
  • On a seasonally adjusted basis:
    • Sales moved slightly lower month-over-month compared to October
    • New listings also edged down, suggesting a slower late-fall market
  • The MLS® Home Price Index (HPI) Composite benchmark was down 5.8% year-over-year
  • The average selling price landed at $1,039,458, marking a 6.4% decline compared to last year
  • Month-over-month, both the HPI and the average price remained close to October levels, with the HPI dipping modestly and the average price edging up

What It Means for Buyers

For those actively searching, the current market offers ample selection and reduced competition. Lower borrowing costs and softer pricing continue to work in favour of serious buyers, particularly those with secure employment and pre-approval in hand. As confidence improves and economic signals strengthen, demand is expected to pick up heading into 2026.

What It Means for Sellers

While conditions remain buyer-friendly, opportunity still exists for sellers who price strategically and present their homes effectively. With inventory gradually being absorbed, well-positioned properties continue to attract attention- especially in neighbourhoods with limited supply or strong lifestyle appeal.

Looking Ahead

“November reports on employment and economic growth were much stronger than expected,” noted TRREB Chief Information Officer Jason Mercer. “The Canadian economy may be weathering trade-related challenges more effectively than anticipated. Continued stability, alongside the economic lift from major infrastructure projects, could help boost homebuyer confidence.”

TRREB CEO John DiMichele added, “Homebuyers are currently benefitting from a well-supplied resale market. As this inventory is absorbed, new construction will be essential to keep pace with population growth. We need more housing options that bridge the gap between condo living and traditional single-family homes. All levels of government must work together to incentivize building and deliver the homes Ontarians need.”

Bottom Line

November underscored a cautious but promising transition period for the GTA market. Buyers continue to benefit from favourable conditions, while sellers who adapt to today’s dynamics can still achieve strong results. As economic confidence improves, we expect momentum to build heading into 2026. 

Whether you’re considering a move soon or simply trying to understand what these shifting numbers mean for your next step, our team is here to guide you with clarity and confidence. The right strategy matters in a transitional market, and we’re always happy to walk you through timing, pricing, neighbourhood insights, and opportunities tailored to your goals. Reach out anytime, let’s navigate the GTA market together and make your next move a smart and successful one.