The Greater Toronto Area's housing market cooled significantly in November, with sales activity and prices both falling compared to the same period last year, according to new data from the Toronto Regional Real Estate Board (TRREB).
Key Market Metrics Show Decline
Realtors reported 5,010 home sales through TRREB's MLS System in November 2025. This figure represents a substantial decline of 15.8% from the sales recorded in November 2024.
The supply of new listings also contracted, with 11,134 new properties entering the system, marking a 4% decrease year-over-year. The most striking figure for potential buyers and sellers was the drop in the average selling price, which settled at $1,039,458. This reflects a 6.4% reduction compared to November of the previous year.
Confidence and Employment Key to Recovery
TRREB President Elechia Barry-Sproule pointed to consumer confidence as the critical factor for a market rebound. "There are many GTA households who want to take advantage of lower borrowing costs and more favourable selling prices," Barry-Sproule stated. "What they need most is confidence in their long-term employment outlook."
She noted that encouraging November reports on jobs and the broader economy could signal a positive shift. "If this positive momentum continues, consumer confidence will strengthen, and more people will be in a position to consider purchasing a home in 2026," she added.
Market Balance and the Need for New Construction
TRREB CEO John DiMichele highlighted that buyers are currently benefiting from a well-supplied resale market. However, he warned that this inventory will eventually be absorbed, underscoring the ongoing need for new construction to fill the housing pipeline.
"It will be key to see projects that bridge the gap between condominium apartments and traditional single-family homes," DiMichele said. He called on all three levels of government to offer further incentives to boost home construction, citing the significant economic benefits such projects generate.
On a monthly basis, the market showed relative stability. After seasonal adjustment, November home sales were down only slightly from October 2025. Both the MLS Home Price Index Composite benchmark, which was down 5.8% year-over-year, and the average selling price remained close to their October levels.
TRREB Chief Information Officer Jason Mercer linked future improvements to economic certainty. "The Canadian economy may be weathering trade-related headwinds better than expected," Mercer noted. "More certainty on the trade front coupled with positive economic impacts of recently announced infrastructure projects could improve homebuyer confidence moving forward."
