The November Housing Market numbers are in and as the Greater Toronto Area settled into the chill of the winter, the housing market mirrored the season’s quietude. Home sales, new listings, and average selling prices all cooled compared to the same time last year, reflecting a market still blanketed by economic uncertainty. Like footprints paused in fresh snow, many would-be buyers remained on the sidelines, waiting for signs of a spring-like thaw in financial conditions.
“There are many GTA households who want to take advantage of lower borrowing costs and more favourable selling prices,” said TRREB President Elechia Barry-Sproule. “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.”
According to TRREB’s MLS® System, GTA REALTORS® reported 5,010 home sales in November 2025—a 15.8% drop compared to November 2024. New listings also declined, with 11,134 properties entering the market, down 4% year-over-year. On a seasonally adjusted basis, both sales and listings edged lower compared to October, suggesting a market gently settling into winter dormancy.
The MLS® Home Price Index (HPI) Composite benchmark fell 5.8% year-over-year, while the average selling price dipped 6.4% to $1,039,458. Month-over-month, the benchmark remained close to October’s figures, with the HPI Composite slipping slightly and the average price nudging upward—like a snowflake resisting gravity.
“November reports on employment and economic growth were much stronger than expected,” noted TRREB Chief Information Officer Jason Mercer. “The Canadian economy may be weathering trade-related headwinds better than anticipated. More certainty on the trade front, coupled with the positive economic impacts of recently announced infrastructure projects, could improve homebuyer confidence moving forward.”
TRREB CEO John DiMichele emphasized the importance of maintaining housing supply as the market eventually warms. “Homebuyers are currently benefitting from a well-supplied resale market. However, as this inventory is absorbed, new construction is required to fill the housing pipeline. It will be key to see projects that bridge the gap between condominium apartments and traditional single-family homes. Home construction results in large economic benefits that would help in today’s economic climate. All three levels of government should offer further incentives to build more homes for Ontarians.”
As the GTA housing market hibernates through the winter months, all eyes are on the horizon. If economic conditions continue to brighten, 2026 may bring a renewed sense of optimism—and a fresh start for homebuyers ready to make their move when the snow begins to melt.
What the November Numbers Mean for Today’s Market
For Buyers - with active listings up, more properties are available than we’ve seen in months. Buyers can take more time, compare options, and negotiate with greater confidence.
For Sellers - homes are taking longer to sell. This makes pricing, presentation, and professional marketing more important than ever. In a competitive environment, sellers must stand out to secure strong offers.
Now is a strategic moment to buy, sell, or invest in the GTA. Whether you’re entering the market or evaluating your current property’s value, we can help you make informed decisions backed by the latest market data.
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