Toronto Real Estate Market Update — November 2025
Overview
November continued the pattern we’ve been seeing all fall: softer sales, modest price adjustments, and a market shaped heavily by borrowing costs. Nothing shifted dramatically—it was a month that confirmed just how much affordability and confidence are steering the direction of the GTA market right now.
Across the region, there were 5,010 sales, down 15.8% from last year, while new listings declined 4.0% to 11,134. With less movement on both sides, the overall pace of the market stayed measured. The average selling price landed at $1,039,458, a 6.4% decrease from November 2024.
These numbers don’t signal a sudden change — they reflect a market adjusting gradually to a higher-rate environment, where affordability remains the central obstacle for many buyers.
Affordability Is Still the Gatekeeper
The strongest influence on buyer decision-making right now isn’t the price of a home — it’s the monthly payment attached to it. Even though prices have eased year-over-year, higher borrowing costs continue to limit what many households feel comfortable taking on. As a result, buyers are approaching the market cautiously, taking more time to compare options, and only moving forward when the financial picture feels manageable.
Sellers, meanwhile, are finding that success hinges on how accurately they price for today’s environment. Those who come to market with strategic pricing and strong preparation are securing solid outcomes, while listings that stretch beyond current market expectations are spending more time on the market.
Rather than one consistent trend, the GTA is showing a segmented landscape. Certain pockets and price ranges remain relatively stable, while others are noticeably softer. The pace — and the confidence behind it — varies widely by property type and location.
Condos: Still Searching for Momentum
The condo segment continued to show softness in November, extending a trend that has been in place throughout most of 2025. Inventory stayed elevated, sales trailed last year’s levels, and buyers remained selective in their approach. This is not a sudden shift but a continuation of the gradual adjustment that has defined the condo market over the past several months.
For sellers, this environment requires accuracy and intention. Pricing must reflect current realities, and presentation plays a meaningful role in attracting motivated buyers. For buyers, the conditions offer more choice and more negotiating power than we’ve seen in years. Many are taking advantage of that flexibility, especially those planning to hold their purchase over the long term.
Bill 60: What Renters Actually Need to Know
Bill 60 has been circulating widely online, and for many renters, the biggest question is whether anything has changed for them. Despite some of the conversation on social media, the reality is straightforward: rent control did not change, and the core structure of how tenancies can be ended remains the same.
Landlords still require a legal reason, proper notice, and an LTB order to end a tenancy. Bill 60 primarily updates timelines and procedures at the Landlord and Tenant Board — not the rights tenants rely on day-to-day.
For renters, this means the practical impact is minimal. What may feel different over time is how quickly certain matters move through the system, not the rules themselves.
See my full post on Bill 60 HERE
This post is for general information only and does not constitute legal advice. For guidance on specific situations, please consult a legal professional or the Landlord and Tenant Board.
Looking Toward Year-End
As 2025 wraps up, the market feels clearer and more grounded than it did earlier in the year. Prices have adjusted, activity has settled into a slower rhythm, and both buyers and sellers have a better understanding of the environment they’re navigating. TRREB notes that meaningful affordability improvements will depend on further declines in borrowing costs — something many buyers are waiting for.
December traditionally brings quieter conditions, and this year is expected to follow suit. The market continues to function, but at a deliberate, segmented pace that reflects the broader economic backdrop. Opportunities still exist for both buyers and sellers who approach the market with strategy and realistic expectations.
To view previous Market Reports Click HERE
Need Advice? I’m Here to Help.
If you’re curious about how things are moving in your specific area — or you just want to talk strategy — feel free to reach out anytime. Whether you're ready to jump in or just gathering info, I'm happy to help you make sense of the market.
