The Greater Toronto Area housing market recorded another soft month in November, as the area’s average sale price declined to $1,039,458, a drop of 1.3 per cent compared with October. Notably, the average sale price has now fallen 22 per cent from the February 2022 high. Sales activity followed suit, slipping to 5,010 transactions, an 18 per cent monthly decline. Although November sales fell both month over month and year over year, activity still outpaced the totals recorded in November 2022 and 2023. On a longer horizon, sales remain 27 per cent below the ten year November average. Inventory levels also moved lower, with 24,549 active listings at month end
and 11,134 newly listed properties introduced during the month. While supply tightened in the short term, active listings remain elevated relative to historical norms, sitting 76 per cent above the ten year average of 13,904.
“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. Fortunately, we saw encouraging news on jobs and the
broader economy in November. If this positive momentum continues, consumer confidence will strengthen, and more people will be in a position to consider purchasing a home in 2026,” said TRREB President Elechia Barry-Sproule.
Market performance varied notably across asset classes in November, highlighting the different pressures and motivations shaping buyer and seller behaviour.
Detached properties saw a slight pullback of seven-tenths of one per cent, resulting in an average selling price of $1,346,017. While the monthly loss is modest, ten negative months out of the past twelve have accumulated to a 7.3 per cent year-over-year decline and a 25 per cent drop from the all-time high recorded in February 2022. Monthly sales fell by 18 per cent, with 2,296 homes placed under contract. Inventory decreased by 14 per cent, leaving 11,094 active listings at month end.
The condo segment continued its trend of cautious improvement, with the average sale price increasing in five of the past seven data reports. November’s average reached $663,290, a level consistent with pricing seen throughout much of 2021. Sales totalled
1,299, a monthly decline of 16.6 per cent, while inventory dipped 8 per cent to 8,225 active listings.
Townhomes experienced a 2 per cent decrease in the average sale price, now sitting at $913,078, the lowest level since January 2021. Sales declined 11 per cent to 516 transactions, while inventory fell 17 per cent to 1,737 active listings.
The semi-detached market saw the largest monthly decline among the asset classes, with a 3.5 per cent drop to an average sale price of $997,499. Although this is not the lowest figure recently recorded, it returns pricing to levels last seen in January 2021. Sales dipped 18 per cent to 485 properties, while inventory decreased by 15 per cent month over month, yet still sits 16 per cent higher than at the same time last year, reaching 1,288 active listings.
As the year draws near to a close, the GTA market continues to operate within a cautious but steady rhythm. Buyer enthusiasm is tempered by economic uncertainty, yet improved affordability and healthier inventory levels are keeping many engaged.
Sellers are increasingly aligning expectations with current conditions, allowing well priced homes to attract committed buyers. With economic signals trending positively and interest rate sentiment gradually improving, early 2026 may bring renewed confidence and a more active market environment on both sides of the transaction.