Buyers wait for stability as GTA sales and prices dip in November
Aditi Gupta, Content Specialist
November painted a cautious picture for the GTA housing market. Even with softer prices and lower borrowing costs, many households pulled back, unsure about where the economy is headed next.
According to the latest report from the Toronto Regional Real Estate Board (TRREB), GTA home sales continued to soften in November as many would-be buyers stayed on the sidelines, waiting for clearer signs of economic stability. A total of 5,010 homes were sold across the region, a 15.8% decline year over year, reflecting a market where sentiment, rather than affordability alone, is shaping activity.
Even though borrowing costs have eased from their 2023–2024 highs and average prices have moved lower, psychological factors are now playing a larger role. Concerns about job security, inflation, and broader economic uncertainty are prompting buyers to delay major financial decisions, even when conditions are more favourable than in recent years.
On a seasonally adjusted basis, sales also edged down slightly compared to October, signalling that the market remains in a holding pattern as households wait for stronger confidence before re-entering.
New listings pull back, but the market remains well supplied for now
New listings also saw a modest decline in November, signalling that sellers are becoming more cautious alongside buyers. A total of 11,134 homes were brought to market, down 4% year over year, with both annual and month-over-month drops pointing to a slower pace of new inventory entering the system.
Despite this pullback, the GTA remains well supplied. The active listings accumulated over the past several months continue to give buyers a wide range of options, even as fewer new properties are hitting the market. This dynamic is helping to keep conditions balanced for now, but if inventory continues to be absorbed without sufficient new supply in early 2026, the market could begin tightening again.
Low-rise homes see deeper price cuts, while condo sales fall the most
Source: Toronto Regional Real Estate Board
November’s slowdown showed up differently across home types, with low-rise properties leading on price declines, and condos seeing the sharpest drop in sales. Detached homes saw one of the most notable pullbacks. GTA sales fell to 2,296 units and the average detached price dropped 8.0% to $1,346,017. Townhouses had a similarly uneven month. Sales declined to 867 units, and prices eased 6.4% year-over-year to $834,179.
Semi-detached homes were slightly more resilient on the sales side. Toronto saw a 1.5% increase in semi-detached sales, while the 905 recorded a 10.1% decline, bringing total GTA sales to 485. Prices still moved lower, down 7.2% year over year to $997,499.
Condo apartments remained the most stable segment on price, but not on activity. GTA condo sales dropped to 1,299 units, marking the steepest decline among all home types. However, condo prices saw the smallest adjustment, slipping 3.8% to $663,290.
City home prices fall faster than in the suburbs
Source: Toronto Regional Real Estate Board
Home prices declined across the GTA in November, but the City of Toronto continued to see slightly steeper adjustments than the surrounding 905 region. The average home in Toronto sold for $1,036,362, down from $1,080,055 last year — a 4.0% year-over-year decline. This mirrors the softer demand seen across higher-priced urban segments, where buyers remain cautious despite lower borrowing costs.
In the suburban 905 market, the average selling price fell to $1,041,369, an 7.7% decline from $1,128,616 in November 2024. While the percentage drop was larger in the 905 this month, prices across both regions have been trending lower as buyers wait for more economic certainty.
Across the GTA as a whole, the average selling price dropped to $1,039,458, down 6.4% year-over-year from $1,110,415. Despite these annual declines, month-over-month price movements were relatively stable, suggesting that values may be nearing a floor after several months of adjustment.
Economic signals improved in November, and confidence may follow
One of the most encouraging developments this month came from outside the housing market. November’s jobs and GDP data came in stronger than expected, suggesting the Canadian economy may be weathering trade-related challenges better than many anticipated. TRREB Chief Market Analyst Jason Mercer noted that the economy is showing more resilience than previously assumed, even as global trade tensions continue to create uncertainty.
These signs matter for housing. Stronger employment data typically translates to greater financial stability for households, while recently announced infrastructure projects promise additional long-term job creation across the region. Together, these factors help reinforce the kind of economic backdrop that supports more confident homebuying decisions.
But confidence — not just affordability — is the missing spark. Even with lower borrowing costs and softer home prices, many buyers remain focused on job security, recession risks, and overall economic clarity. If the momentum seen in November continues into early 2026, improving sentiment could be the turning point that brings more buyers back into the market.
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Aditi Gupta, Content Specialist
Aditi Gupta is a content specialist at Ratehub, with a focus on creating informative content about mortgages.