Greater Toronto Area (GTA) home sales, new listings and average selling price were down compared to a year earlier in November 2024, as intending homebuyers remain on the sidelines awaiting more positive economic news, according to the Toronto Regional Real Estate Board (TRREB).

Lower borrowing costs

“There are many GTA households who want to take advantage of lower borrowing costs and more favourable selling prices,” says 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.”

GTA realtors reported 5,010 home sales through TRREB’s MLS System in November 2025 – down by 15.8 per cent compared to November 2024. New listings amounted to 11,134 – down by four per cent year-over-year.

On a seasonally adjusted basis, November home sales were down slightly month-over-month compared to October 2025. New listings also edged lower compared to October.

The MLS Home Price Index (MLS HPI) Composite benchmark was down by 5.8 per cent year-over-year in November 2025. The average selling price, at $1.03 million, was down by 6.4 per cent compared to November 2024.

On a month-over-month seasonally adjusted basis, both the MLS HPI Composite and the average selling price remained close to October figures. The MLS Composite was down slightly, whereas the average selling price edged up.

Large economic benefits

“November reports on employment and economic growth were much stronger than expected,” says TRREB Chief Information Officer Jason Mercer. “The Canadian economy may be 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.”

“Homebuyers are currently benefitting from a well-supplied resale market,” adds TRREB CEO John DiMichele. “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,” says DiMichele.