#MarketSnapshot
The Greater Toronto Area (GTA) housing market continued to rebalance this November, with home sales, new listings, and average selling prices all trending lower compared to the same period in 2024. Many prospective buyers remained cautiously optimistic, waiting for improved economic news before making their move.
Market Activity: Sales & Listings Down Year-Over-Year
GTA REALTORS® reported 5,010 home sales through TRREB’s MLS® System in November 2025, a 15.8% drop compared to November 2024. New listings followed a similar trend, totalling 11,134, down 4% year-over-year.
On a seasonally adjusted basis, both sales and new listings dipped slightly compared to October, reflecting a market adjusting to shifting economic conditions.
Home Prices: Stability Month-to-Month, Declines Year-to-Year
The MLS® Home Price Index (HPI) Composite Benchmark fell 5.8% year-over-year in November 2025. The average selling price reached $1,039,458, down 6.4% compared to November 2024.
Despite these annual declines, prices remained relatively stable month-to-month. The HPI inched down slightly from October, while the average selling price showed a modest uptick, a sign that stabilization may be underway.
Economic Outlook: Confidence Could Fuel 2026 Activity
According to TRREB President Elechia Barry-Sproule, many GTA households are eager to benefit from lower borrowing costs and more favourable pricing, but long-term confidence in employment remains key. Encouraging job numbers and stronger-than-expected economic performance in November could help bring more buyers into the market in 2026 if the momentum continues.
TRREB Chief Information Officer Jason Mercer added that Canada may be “weathering trade-related headwinds better than expected,” noting that economic certainty and upcoming infrastructure projects could help support buyer confidence moving forward.
A Well-Supplied Market For Now
For current buyers, the resale market remains well-supplied, offering choice and negotiating power. However, TRREB leadership warns that this inventory won’t last forever. As existing listings are absorbed, new construction will be crucial to maintain balance and affordability.
TRREB CEO John DiMichele emphasized the need for projects that fill the gap between condominium living and traditional single-family homes, highlighting the broader economic benefits of building more housing options. He notes that “all three levels of government should offer further incentives to build more homes for Ontarians.”
What This Means for You
Whether you’re a buyer, seller, or investor, the GTA market continues to evolve, and opportunities remain for those who understand the trends. As confidence strengthens and economic conditions improve, we expect more activity heading into 2026.
Need help navigating this changing market?
Our experienced team is here to guide you, whether you’re planning to buy your first home, upgrade, or list your property. Let’s talk strategy and make your move with confidence.
