GTA Housing Market Update: Sales, Listings, and Prices Decline as Buyers Await Economic Clarity

Published: December 3, 2025
Author: Nick & Zina Gewarges

The Greater Toronto Area (GTA) housing market continued to cool in November 2025, with home sales, new listings, and average selling prices all down compared to the same period last year. According to the latest Toronto Regional Real Estate Board (TRREB) report, many prospective buyers remained cautious, waiting for clearer economic signals before entering the market.

Homebuyers Hesitant Amid Economic Uncertainty

While borrowing costs have eased slightly due to multiple interest-rate holds by the Bank of Canada (source), TRREB President Elechia Barry-Sproule says buyers still need stronger confidence in their long-term employment outlook:

“There are many GTA households who want to take advantage of lower borrowing costs and more favourable selling prices. What they need most is confidence in their long-term employment outlook… If this positive momentum continues, consumer confidence will strengthen, and more people will be in a position to consider purchasing a home in 2026.”

Her comments align with encouraging national labour data released by Statistics Canada in November, which reported stronger-than-expected job gains across several sectors (source).

Market Highlights for November 2025

TRREB REALTORS® recorded 5,010 home sales, marking a 15.8% drop from November 2024. At the same time, new listings fell by 4% year-over-year to 11,134, signaling that both demand and supply slowed as the year ended.

Month-to-Month Trends

On a seasonally adjusted basis:

• Home sales slipped slightly from October 2025

• New listings also edged lower

• The MLS® Home Price Index (HPI) Composite Benchmark decreased 5.8% year-over-year

• The average selling price fell 6.4% to $1,039,458

Despite annual declines, both price metrics remained close to October figures—suggesting potential stabilization.

Explore TRREB’s methodology for price benchmarks here:
https://trreb.ca/market-data/mls-home-price-index/

What This Means for 2026 Buyers and Sellers

For Buyers

• Temporary price relief is available as average prices remain below last year’s levels

• Inventory is strong, providing more choice and less competition

• Economic indicators—employment, GDP growth, interest rates—will be key signals to watch in early 2026

For Sellers

• Realistic pricing is essential in a slower market

• Homes with upgrades, good location, or strong energy efficiency features may stand out

• Market stabilization could bring more buyers back as confidence improves

For Investors

• Soft prices may create opportunities, but rental demand and borrowing costs should be monitored

• New provincial housing policies and incentives may affect long-term supply and returns