The Greater Toronto Area's housing market cooled further in November 2025, with home sales, prices, and the number of new listings all trending downward, according to data released by the Toronto Regional Real Estate Board (TRREB).
Key Market Indicators Show Widespread Decline
The board reported a noticeable dip in residential real estate activity compared to the same period last year. Home sales fell by approximately 12% in November 2025, indicating a continued slowdown in buyer activity. This decline was not isolated to sales volume; it was accompanied by a drop in the average selling price across most home types in the region.
Furthermore, the supply of new homes coming onto the market also shrank. The number of new listings declined, suggesting that potential sellers may be holding back in the current climate, waiting for more favourable conditions before putting their properties up for sale. This combination of lower sales and reduced new supply points to a market experiencing a period of adjustment and heightened caution from both buyers and sellers.
Factors Influencing the November Slowdown
While the TRREB report, issued on December 3, 2025, outlines the statistical trends, it reflects broader economic pressures. Market analysts often attribute such cooldowns to factors including sustained higher borrowing costs, economic uncertainty, and seasonal patterns. The typical slowdown during the late fall and winter months appears to have been amplified this year by these persistent financial headwinds.
The data suggests a shift from the intense seller's market conditions witnessed in previous years towards a more balanced, or even buyer-friendly, environment in certain segments. This can provide some relief to purchasers who have been facing intense competition and rapidly escalating prices, though affordability remains a significant challenge for many.
What This Means for Buyers and Sellers
For prospective homebuyers, the current conditions may present increased negotiating power and more time to make decisions, compared to the frenzied bidding wars of the recent past. However, access to mortgage financing remains a key hurdle due to elevated interest rates.
For sellers, the market requires realistic pricing and an understanding that properties may take longer to sell. The decline in new listings indicates that some homeowners are choosing to wait out the current cycle rather than list at potentially reduced price points.
The November 2025 figures from the Toronto Real Estate Board serve as a clear indicator that the GTA housing market is in a corrective phase. All eyes will be on the December and early 2026 data to see if these trends solidify or if the market finds a new equilibrium as it heads into the new year.