Greater Toronto home sales fall in November as prices, new listings decline: board

TORONTO — Toronto’s real estate board says activity, new listings and average selling prices were down last month as potential homebuyers stayed on the sidelines.

The Toronto Regional Real Estate Board said 5,010 homes changed hands in November, down 15.8 per cent from the same month last year. Sales ticked 0.6 per cent lower on a seasonally adjusted basis from October.

The average selling price was down 6.4 per cent from last year to $1,039,458, and the composite benchmark price was down 5.8 per cent. Month-over-month, the average price ticked up 0.6 per cent from October.

Despite generally lower prices, Toronto-area broker Cameron Forbes said many would-be buyers who can afford to enter the market are still taking a wait-and-see approach.

“With price adjustments, which has been happening of course for some time now, unfortunately what ends up happening is buyers … think that ‘I’ll get a better deal tomorrow.’ So that’s the challenge,” he said.

TRREB president Elechia Barry-Sproule said many GTA households want to take advantage of lower borrowing costs and more favourable selling prices, but have been held back by a lack of confidence in their long-term employment outlook.

“Fortunately, we saw encouraging news on jobs and the broader economy in November,” she said in a press release.

“If this positive momentum continues, consumer confidence will strengthen, and more people will be in a position to consider purchasing a home in 2026.”

Statistics Canada said last month the economy added 67,000 jobs in October, driving the national unemployment rate down two-tenths of a percentage point to 6.9 per cent.

The Canadian economy also topped expectations as real gross domestic product rose 2.6 per cent on an annualized basis in the third quarter, marking a rebound from a contraction of 1.8 per cent in the second quarter.

TRREB chief information officer Jason Mercer said that could indicate the Canadian economy is weathering trade-related headwinds better than expected.

“More certainty on the trade front coupled with positive economic impacts of recently announced infrastructure projects could improve homebuyer confidence moving forward,” he said.

But Forbes said subdued buyer demand could still be reflecting trade-related worries.

In the City of Toronto, there were 1,912 sales last month, a 14.2 per cent decrease from November 2024. Throughout the rest of the GTA, home sales were down 16.7 per cent to 3,098.

Overall, all property types across the region saw fewer sales in November compared with a year ago.

The largest drops were in the condo market, which had 21.7 per cent less activity. Townhouses saw a 15.5 per cent decrease in sales, while detached home sales were down 14.8 per cent and the semi-detached market was down 5.5 per cent.

“People just really have no clue the full impact of what may happen and whether we may negotiate something that’s more favourable for Canada or not,” said Forbes, general manager at Re/Max Realtron Realty Inc.

“If not, what does that mean for industry, particularly in Ontario? In a time … when people are uncertain, they usually don’t act and that’s what we’re experiencing right now.”

There were 11,134 new listings on the market in November, down four per cent from last year. Meanwhile, inventory rose 16.8 per cent as there were 24,549 total active listings in the Greater Toronto Area.

Forbes added he expects a similar market in the new year, with well-stocked supply and lower prices leading to favourable conditions for buyers. He said he’s also hopeful that mortgage rates will continue to drop, which could bring first-time buyers off the sidelines.

“If mortgage rates go down, it certainly would be helpful to get more people into the market purchasing,” he said.

“It’s a great time to be a buyer. You’ve got more choice and … fewer competitive situations that you would have had, and most people were dying to have, three years ago.”

This report by The Canadian Press was first published Dec. 3, 2025.

Sammy Hudes, The Canadian Press