The November real estate data for the GTA and Toronto has arrived, and this month offers a remarkably clear picture of how the market is reshaping itself. Some areas have reached their lowest November levels in half a decade, while others have remained steady or even shown signs of renewed strength. Understanding these contrasts is essential as we move toward 2026, especially in a year marked by shifting interest rates, cautious consumer behavior, and unusual seasonal patterns.
A Market Divided: GTA vs Toronto
The wider GTA and the City of Toronto continue to move at different speeds. The GTA has seen active listings rise significantly compared to last year, although that number has dropped sharply from the peak levels recorded earlier in 2025. Sales remain lower than last year, yet still well ahead of the unusually slow years of 2022 and 2023.
In Toronto proper, the story is similar: average prices are slightly lower year over year, active listings are up, and sales have softened. However, the numbers show that the city is performing better than the more challenging years earlier in the decade, indicating that the market is stabilizing rather than weakening further.
Understanding Price Movements
A significant part of this month’s update involves comparing November 2025 to the past five years. This perspective reveals patterns that short-term data often hides.
During the peak in early 2022, both detached and semi-detached homes reached record highs. Today, detached properties in Toronto are almost $500,000 below those peak numbers, and semis are down roughly $300,000. Townhouses and condos have also pulled back from their highs, though by differing amounts.
One important factor is interest rates. With fixed rates now hovering around the 4 percent range, monthly carrying costs are noticeably more manageable than they were last year. This increased affordability has helped support prices, although not enough to erase the broader adjustments that began when rates first started rising.
Why Five-Year Comparisons Matter
Looking only at year-over-year data can give a narrow view of the market. Examining the same month across five years reveals long-term seasonal habits and structural shifts.
For example, active listings consistently fall from October to November as sellers step back for the holiday period. Sales also almost always decline from October to November, regardless of market strength. This tells us that the slowdown seen this month is seasonal rather than situational.
Another revealing trend: November 2024 performed surprisingly well compared to surrounding years, creating a high benchmark that makes this year’s numbers appear softer.
Benchmark Pricing: The Clearer Indicator
While average prices can be distorted by the types of properties sold, benchmark prices offer a more accurate reflection of true market movement.
Across the GTA:
A Market Divided: GTA vs Toronto
The wider GTA and the City of Toronto continue to move at different speeds. The GTA has seen active listings rise significantly compared to last year, although that number has dropped sharply from the peak levels recorded earlier in 2025. Sales remain lower than last year, yet still well ahead of the unusually slow years of 2022 and 2023.
In Toronto proper, the story is similar: average prices are slightly lower year over year, active listings are up, and sales have softened. However, the numbers show that the city is performing better than the more challenging years earlier in the decade, indicating that the market is stabilizing rather than weakening further.
Understanding Price Movements
A significant part of this month’s update involves comparing November 2025 to the past five years. This perspective reveals patterns that short-term data often hides.
During the peak in early 2022, both detached and semi-detached homes reached record highs. Today, detached properties in Toronto are almost $500,000 below those peak numbers, and semis are down roughly $300,000. Townhouses and condos have also pulled back from their highs, though by differing amounts.
One important factor is interest rates. With fixed rates now hovering around the 4 percent range, monthly carrying costs are noticeably more manageable than they were last year. This increased affordability has helped support prices, although not enough to erase the broader adjustments that began when rates first started rising.
Why Five-Year Comparisons Matter
Looking only at year-over-year data can give a narrow view of the market. Examining the same month across five years reveals long-term seasonal habits and structural shifts.
For example, active listings consistently fall from October to November as sellers step back for the holiday period. Sales also almost always decline from October to November, regardless of market strength. This tells us that the slowdown seen this month is seasonal rather than situational.
Another revealing trend: November 2024 performed surprisingly well compared to surrounding years, creating a high benchmark that makes this year’s numbers appear softer.
Benchmark Pricing: The Clearer Indicator
While average prices can be distorted by the types of properties sold, benchmark prices offer a more accurate reflection of true market movement.
Across the GTA:
- Detached homes sit around $1.2 million, down roughly $440,000 from the peak.
- Semis are down about $300,000 from their highs.
- Townhouses have slid from roughly $900,000 at peak to around $700,000.
- Condos, once near $730,000, now average close to $560,000.
These figures place the market in a range similar to 2020 and early 2021, essentially resetting values by several years.
In Toronto specifically, the adjustments are even more pronounced. Detached and semi-detached homes have returned to price levels last seen in late 2020, and condo prices are down almost $200,000 from their peak. This is the sharpest decline among the major property types in the city.
416 vs 905: Different Buyer Motivations
One of the most notable insights this month comes from comparing the 416 and 905 regions.
Sales of detached homes in the 905 have outpaced semis and townhouses because price points that once belonged to smaller property types now fall within reach of detached buyers. Meanwhile, condo sales in both regions have dropped sharply, although average prices appear stronger than expected because larger, higher-quality units are making up a greater share of the sales.
This shift shows that buyers are prioritizing space and value as affordability improves.
What to Expect Heading into 2026
Seasonal patterns suggest that December and early January will see fewer new listings, especially for detached and semi-detached homes. Many sellers prefer to wait until February or March, when demand typically increases.
For buyers, especially first-time buyers, late December may present opportunities. Inventory is still high enough to offer choice, yet competition is usually limited. Condos in particular show strong potential for entry-level opportunities, especially in the one-bedroom category.
Prices have stabilized in many segments, and affordability has improved compared to last year. However, the market remains sensitive to interest rate movements and overall economic confidence.
November 2025 reinforces how important it is to look beyond headlines and understand the underlying structure of the market. The GTA and Toronto remain in a transition phase, marked by higher inventory, cautious buyers, and restored affordability in several segments. While prices have adjusted from the peak, stability is emerging across most property types.
In Toronto specifically, the adjustments are even more pronounced. Detached and semi-detached homes have returned to price levels last seen in late 2020, and condo prices are down almost $200,000 from their peak. This is the sharpest decline among the major property types in the city.
416 vs 905: Different Buyer Motivations
One of the most notable insights this month comes from comparing the 416 and 905 regions.
Sales of detached homes in the 905 have outpaced semis and townhouses because price points that once belonged to smaller property types now fall within reach of detached buyers. Meanwhile, condo sales in both regions have dropped sharply, although average prices appear stronger than expected because larger, higher-quality units are making up a greater share of the sales.
This shift shows that buyers are prioritizing space and value as affordability improves.
What to Expect Heading into 2026
Seasonal patterns suggest that December and early January will see fewer new listings, especially for detached and semi-detached homes. Many sellers prefer to wait until February or March, when demand typically increases.
For buyers, especially first-time buyers, late December may present opportunities. Inventory is still high enough to offer choice, yet competition is usually limited. Condos in particular show strong potential for entry-level opportunities, especially in the one-bedroom category.
Prices have stabilized in many segments, and affordability has improved compared to last year. However, the market remains sensitive to interest rate movements and overall economic confidence.
November 2025 reinforces how important it is to look beyond headlines and understand the underlying structure of the market. The GTA and Toronto remain in a transition phase, marked by higher inventory, cautious buyers, and restored affordability in several segments. While prices have adjusted from the peak, stability is emerging across most property types.
