Market Report – November 2025
Stability Beneath the Surface as Buyers Wait for Confidence to Return
November 2025 delivered a revealing snapshot of the Greater Toronto Area housing market. While year-over-year comparisons remain negative, the month-to-month trends suggest the market may be entering a stabilizing phase. This is a transition market—one where both opportunities and risks exist depending on how buyers and sellers approach it.
According to the latest Toronto Regional Real Estate Board (TRREB) data, there were 5,010 home sales in November, a 15.8% decline from the 5,947 sales recorded in November 2024. New listings also declined slightly, coming in at 11,134, about 4 percent lower than a year ago. The average selling price across the GTA dipped to $1,039,458, down 6.4 percent year-over-year. These indicators continue to reflect a more cautious environment where many consumers remain on the sidelines.
However, a deeper look shows that November was not simply a repeat of the previous year’s slowdown. On a seasonally adjusted month-over-month basis, both sales and prices held relatively steady. TRREB reports that the average selling price for November edged slightly higher compared to October, and the MLS® Home Price Index Composite showed only marginal movement. In other words, while the market is softer than last year, it is not weakening at the same pace—and may be starting to form a base.
A Market Defined by Hesitation, Not Withdrawal
One of the most important observations in TRREB’s November release is the emphasis on consumer confidence, or rather, the lack of it. Households are clearly interested in taking advantage of:
Lower borrowing costs
Reduced competition
Softer selling prices
But interest does not yet translate into action. Buyers remain hesitant due to lingering concerns about economic uncertainty, employment stability, and global trade developments. TRREB notes that encouraging employment news and improved economic indicators in November are positive signs, but meaningful shifts in consumer behaviour often lag behind such announcements.
This distinction matters. The market is not losing buyers permanently; it is simply delaying them. Once confidence improves, these sidelined buyers can re-enter the market quickly, creating a surge in activity. This suggests that 2026 has the potential for a more meaningful rebound—especially if interest rates remain stable or move slightly lower.
A Well-Supplied Market Offering Buyers More Leverage
The GTA continues to benefit from a healthy level of resale inventory. Homes are spending more time on the market than they did last year, giving buyers more choice and more negotiating room. Even as new listings were down compared to last year, the overall supply available is sufficient to avoid the kind of tight conditions that previously drove rapid price appreciation.
This environment means:
Buyers can take more time before making decisions.
Conditional offers (financing, inspection, status review) are being accepted more often.
Properties priced above market often sit without offers, reinforcing the need for accurate positioning and strategy.
TRREB cautions, however, that this balance may not last indefinitely. As existing inventory gets absorbed, new construction must play a larger role to keep the market supplied. If development slows or gets delayed—something Ontario has experienced in past cycles—the GTA could quickly swing back to tighter conditions.
For now, buyers who want more control and choice in their home search have an advantage they may not have in a year.
Segment Breakdown: The Gap Between Condos and Low-Rise Homes
The November data reinforces the traditional price hierarchy within the GTA:
Detached homes remain the most expensive, reflecting land scarcity and ongoing demand from move-up families and multi-generational households.
Townhouses and semi-detached homes sit in the middle, filling the critical “missing middle” segment where affordability and space intersect.
Condo apartments continue to be the most accessible ownership option for first-time buyers and investors.
TRREB highlighted the continued need for housing that bridges the gap between condominium apartments and traditional detached homes. Future demand will remain strong for stacked towns, urban towns, semis, and compact detached homes in transit-oriented areas. These property types offer an affordable pathway for buyers moving out of condos but not yet ready for higher-priced detached homes.
For agents and investors, this segment represents one of the most strategic opportunities going into 2026 and beyond.
Economic Signals Shaping 2026
November’s surprising economic resilience adds another layer of optimism. TRREB references:
Stronger-than-expected employment growth
Improved economic activity despite global trade pressures
Long-term benefits from major infrastructure projects
The combination of a stable job market and improving economic conditions can significantly influence buyer confidence. When consumers feel secure in their long-term financial outlook, they are more likely to make major decisions such as buying a home. If the current momentum continues, it could shift the housing market’s trajectory by early or mid-2026.
Government action also remains important. TRREB continues advocating for incentives to build more homes, emphasizing that increased housing supply directly supports affordability, economic growth, and market stability.
What This Market Means for Buyers, Sellers, and Investors
For Buyers
This period offers opportunities that were not available in previous years:
More inventory
Less competition
Greater negotiating flexibility
Reduced pressure to waive conditions
If you are planning to buy in 2026, the current environment may allow you to secure more value before demand intensifies again.
For Sellers
Success in today’s market requires strategy:
Pricing must reflect current market conditions, not the highs of 2021–2022 or early 2024.
Strong digital marketing—photography, video, targeted advertising—is essential to stand out.
Homes that present well and are priced correctly continue to attract strong interest.
Even in a balanced market, well-positioned properties still achieve excellent results.
For Investors
Opportunities exist in:
Transit-oriented condo markets
Properties with rental potential (e.g., basement units, duplex conversions)
Townhomes and semis in high-demand neighbourhoods
With softer prices and stable rents, disciplined investors can secure assets that perform well over the long term.
Conclusion: A Market in Transition, Not Decline
November 2025 confirms that the GTA real estate market is transitioning, not tumbling. Year-over-year figures reflect a slowdown, but month-over-month data shows early signs of stabilization. Buyers are cautious, but not absent. Sellers must adapt, but well-prepared listings continue to succeed.
The shift that will drive the next chapter is consumer confidence. As economic signals strengthen, the GTA is positioned for a gradual recovery—one that could accelerate quickly once sentiment improves.
If you would like a neighbourhood-level breakdown for your home, investment property, or buying plans, I can prepare a detailed analysis based on your specific location and goals.
Prepared by Sami Chowdhury, Broker
RE/MAX Realtron Realty Inc., Brokerage
End Notes & References
This GTA November 2025 Market Report is based on verified data published by the Toronto Regional Real Estate Board (TRREB). All statistics, charts, and year-over-year or month-over-month comparisons referenced in this report were sourced directly from the official November 2025 Market Watch, Quick Market Overview Charts, and related TRREB publications.
For full details, Please click the follow links:
Official TRREB Market Watch – November 2025
Quick Market Overview Charts – TRREB
These resources provide comprehensive breakdowns of GTA sales, new listings, pricing trends, home types, and regional performance insights.
If you require a neighborhood-specific breakdown or customized real estate analysis for your property, please contact me directly for a personalized report.
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