Toronto and GTA Housing Market: The November 2025 Numbers

As of November 2025, the Toronto and GTA housing market did not crash and it did not recover. Sales came in about 15.8% below November 2024, new listings were down roughly 4% from a year earlier, and the average selling price was $1,039,000, about 6.4% lower than the same month in 2024.

I am Moe Asgarian, a Principal Real Estate Broker in Toronto with RE/MAX, ranked #47 worldwide and in the top 1% in Canada. In November 2025 my team closed seven transactions for clients, three sales and four purchases, so much of what follows is what I watched happen in my own deals that month rather than only in a report.

What the November 2025 Numbers Showed Across the GTA

Three things moved in the same direction in November 2025. Sales, new listings and the average selling price were all lower than in November 2024. On a seasonally adjusted basis, both sales and new listings were also slightly below October 2025. My read is that buyers were standing to one side again, waiting for better economic news before committing to anything.

The news that arrived was better than most people expected. Employment and economic growth reports for November 2025 came in well above forecast, and the Canadian economy looked like it was absorbing the pressure of the tariff dispute better than we had assumed. There was also talk of large infrastructure investment, which over time tends to rebuild confidence in Canadian markets. If that trend held, consumer confidence would strengthen and more households could start thinking seriously about buying in 2026. Plenty of GTA families want to use lower borrowing costs and softer prices. What holds them back is usually not the price. It is whether their job feels safe.

Why Condos Held Up Better Than Detached Homes in the City of Toronto

Against expectations, condos were the best performing segment in the City of Toronto in November 2025. Sales did not fall off a cliff, and the month to month pattern was close to the October to November slowdown we see every year. But the headline hides a shift in the mix. About 55% of the condos that sold in November 2025 were two bedrooms or larger, a bigger share than a year earlier, and the share of more expensive condos rose too. Condo prices had already taken a heavy drop the year before, so the year over year decline this time was smaller.

The opposite happened with detached homes. A larger share of what sold was smaller detached stock, which pulls the average down and makes the statistics look worse than the segment is. So detached homes are not as weak as the numbers suggest, and condos are not as strong. In November 2025 the average condo price in the City of Toronto was back above $700,000 and the average semi-detached price sat around $1.2 million. Detached is still expensive.

Months of Inventory Told You Which Market You Were Standing In

Averages are less useful than months of inventory, which tells you how long it would take to clear everything on the market at the current pace. At the end of November 2025 the spread was wide. Semi-detached homes sat at 2.2 months in November 2025, which makes for a somewhat competitive market, and the reason is that the semis trading in good Toronto neighbourhoods are few and move quickly. Freehold townhouses were near 3 months in November 2025, a balanced market. Detached homes were at 4.2 months in November 2025, fully balanced. Condo townhouses were at 5 months in November 2025 and condo apartments at 6 months, which put buyers in charge in that part of the market.

What is sitting in the listing pool matters just as much. At the end of November 2025, condo apartments were 57% of all listings and condo townhouses another 7%, so condos made up the largest share of everything for sale. At the end of November 2025, detached homes were 27% of listings and semi-detached only 5%. If you are shopping for a semi in a good pocket of Toronto, you are competing over a very small pool, and that is why it feels nothing like the condo market a few blocks away.

Aurora and Newmarket in November 2025

North of the city the picture split. In Aurora, transaction volume came in below average and it was a buyers' market, with the average detached price in November 2025 still above $1.4 to $1.5 million. In Newmarket the market was more balanced, prices were lower than in Aurora, and transaction volume improved. The numbers point to more demand in Newmarket, and affordability is a big part of the reason. That pattern repeats across the GTA: when two neighbouring towns look different, the cheaper one is usually busier.

What This Meant for Buyers and Sellers

The market in November 2025 was not a frightening market. Sellers who genuinely wanted to sell, and who brought the property to market at a real price, found buyers. Serious buyers were making very good purchases. In November 2025, one of our listings came to market at $1,400,000 and sold in two days at the asking price. Correct pricing still works, and it works faster than most sellers expect.

If you are selling, start with the price. This is not the 2021 market, and it asks much more of you on staging, pricing and overall preparation before you go live. If you are buying, be ready but do not rush. There is room to negotiate on price to a degree, and the opportunities in a market like this one go to the people who did the preparation first. November did not crash and it did not return to a boom. What I see is buyers making smarter and more selective choices.

If you want a straight answer about your own street, your own building or your own timing, fill out the form at the bottom of this page or book a free consultation and we will go through the numbers together. Stay well and take care.