The GTA housing market in November saw slower activity as sales fell almost 16 per cent compared to last year. The Toronto Regional Real Estate Board (TRREB) reported that the intent to purchase a home and take advantage of lower borrowing costs and lower prices was impeded by economic uncertainty as buyers waited it out, though positive signs in recent economic data is reason for optimism.
Statistics Canada reported that the country added 67,000 jobs in October, blowing past expectations and lowering the country's unemployment rate to 6.9 per cent. Meanwhile, Canada's gross domestic product also beat expectations, as the economy avoided a recession and grew by 2.6 per cent in the third quarter.
TRREB predicts that the uptick in the economy will help boost the housing market. "November reports on employment and economic growth were much stronger than expected. 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," says TRREB Chief Information Officer Jason Mercer.
Year-over-year, GTA average selling price at $1,039,458, was down by 6.4 per cent compared to November 2024. However, on a month-over-month basis, sales and listings were down slightly, but the average selling price remained close to October figures.
In the City of Toronto, a detached home sold at $1,545,941 on average (down 9.0 per cent); the semi went for $1,187,111 (down 4.8 per cent); a townhouse for $870,793 (down 3.7 per cent), and a condo apartment for $701,259 (down 1.7 per cent). In the suburbs, a detached home sold at $1,275,289 on the average (down 7.9 per cent); the semi went for $853,916 (down 11.0 per cent); a townhouse for $822,549 (down 7.4 per cent), and a condo apartment for $583,547 (down 8.7 per cent).
Home ownership remains very much on the wish list for Canadians. The results of recent Leger surveys indicate approximately 10 per cent of Canadians are ready to bite the bullet and buy a home in 2026 (versus just 7 per cent earlier in 2025).