Greater Toronto Area (GTA) home Sales, New Listings, and the Average Selling Price all declined year-over-year and month-to-month in November 2025, with many prospective buyers remaining cautious as they waited for more apparent signs of economic stability.
Although lower borrowing costs and greater housing choices are appealing, buyers are seeking greater confidence in their long-term employment outlook before re-entering the market.
However, recent encouraging job and economic data suggest that momentum may be shifting, and if this trend continues, consumer confidence is expected to improve. This could position more buyers to return to the market in 2026.
Here are the statistics from November:
GTA
After a slight decline (-0.5%) in the Average Sales Price from September to October 2025, the fall was slightly steeper from October to November, at -1.4% ($1,054,372 to $1,039,458). This decrease is typical for the season, and the year-over-year trend stayed true: November 2025’s Average Sales Price was 6.4% lower than in November 2024 ($1,110,415).
Total Sales
Sales declined significantly, month-to-month, by 18.4%. After 6,138 sales in October, only 5,010 homes were sold last month. And as we continue to look back to 2024 for further comparisons, last November registered 5,947 sales, 15.8% higher than November 2025. It’s nearly certain that 2025 will end with lower Sales and Average Sales Prices than in 2024.
New Listings
It’s now four consecutive decreases in New Listing numbers, and the drop from October to November was substantial. Only 11,134 new homes were put on the market last month, after 16,069 were listed in October. That’s a tumble of 30.7%. Interestingly, 11,602 were posted in November 2024, a 4.0% year-over-year plummet.
Active Listings
It was the same in the Active Listings metric, which saw a 11.7% drop. After 27,808 homes were on the market in October, only 24,549 were available in November. However, the one trend that outpaced 2024 was Active Listings, as last month outpaced the 23,722 in November 2024. Even with this decline, 2025 is still outpacing 2024 in this particular metric.
Toronto
After falling $20K last month, the 416’s Average Sales Price fell a further $30K+, from $1,069,807 to $1,036,362 (-3.1%). In November 2024, the Average Sales Price was $1,080,167, which is 4% higher than in Nov 2025.
Following a 14.0% increase from September to October, Total Sales plunged from 2,351 in October to under 2K in November (1,912). That’s an 18.7% decrease.
New Listings also dropped by a wide margin in November, to 4,171 from 5,988 in October (-30.3%). Active Listings in the City finally came in under 10K, sinking from 10,357 in October to 9,365 in November (-9.6%). While supply levels seem abundant, anecdotally, buyers continue to cite frustration with the lack of desirable options.
The Sales-to-New-Listings Ratio (SNLR) in Toronto dipped to 34.1%. In the GTA, the SNLR fell to 33.7% from 34.1%. We are still squarely in buyer’s market territory – with a more noticeable disadvantage to condo sellers than freehold sellers.
Outlook
As we continue to see a stronger effort in return to office agendas from major institutions and employers, I anticipate seeing more resilience and possibly growth in 2026 in average sales price for properties in close proximity to Toronto or close to transit. Conversely, areas that are not an ideal commute from Toronto, particularly areas that grew rapidly during the covid years, may be more vulnerable to further price reductions.
Recent reports showing stronger-than-expected results for employment and economic growth in November imply the Canadian economy may be handling trade-related challenges better than anticipated. Greater certainty around trade, combined with the positive effects of newly announced infrastructure projects, could help boost homebuyer confidence in the months ahead. A stronger economy however means that it’s unlikely that interest rates will soften at the same trajectory we anticipated earlier this year.
Thinking of moving to the next stage? Let’s chat. Send me an email (hillary@hillarylane.ca) or text/phone (416-882-4707).
