November 2025 Real Estate Market Update
The Greater Toronto Area (GTA) housing market recorded another soft month in November, as homebuyers remained on the sidelines awaiting more positive economic news.
The region’s average sale price declined to $1,039,458, a drop of 1.3% compared to October.
Notably, the average sale price has now fallen 22% from the February 2022 high.
Sales activity followed suit, slipping to 5,010 transactions — an 18% 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. However, on a longer horizon, sales remain 27% below the 10-year November average.
Inventory levels also moved lower, with 24,549 active listings at month end, and 11,134 newly listed properties introduced during November.
While supply tightened in the short-term, active listings remain elevated relative to historical norms, sitting 76% above the 10-year average of 13,904.
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 less than 1%, resulting in an average selling price of $1,346,017. While the monthly loss is modest, 10 negative months out of the past 12 have accumulated to a 7.3% year-over-year decline and a 25% drop from the all-time high recorded in February 2022. Monthly sales fell by 18%, while inventory decreased by 14%.
The condominium 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 saw a monthly decline of 16.6%, while inventory dipped 8%.
Townhomes experienced a 2% decrease in the average sale price, now sitting at $913,078, the lowest level since January 2021. Sales declined 11%, and inventory fell 17%.
The semi-detached market saw the largest monthly decline among the asset classes, with a 3.5% 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%, while inventory decreased by 15% month-over-month, yet still sits 16% higher than the same time last year.
As 2025 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 November reports on employment and economic growth much stronger than expected, indicating Canada may be weathering trade-related headwinds better than anticipated, and interest rate sentiment gradually improving, early 2026 may bring renewed confidence and a more active market environment on both sides of the transaction.
If you would like to know how the real estate market performed in a specific neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.
