Source: TRREB MarketWatch, November 2025

Greater Toronto Area · TRREB MarketWatch

GTA Real Estate Market Report

November 2025

In November 2025 the average selling price across the Greater Toronto Area edged down 1.4% to $1,039,458 versus October 2025, and sales dropped 18.4% to 5,010.

Published September 9, 2026 · Source: Toronto Regional Real Estate Board MarketWatch, November 2025

Headline indicators

All TRREB areas · all home types

Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.

$1,039,458

MoM −$14,914 −1.4% YoY −6.0%

Median price — The midpoint sale price. Less affected by a few very high or low sales than the average.

$875,000

MoM −$25,000 −2.8% YoY −7.4%

MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.

$951,700

MoM −$5,100 −0.5% YoY −5.8%

Sales — Firm transactions reported through the MLS® System during the month.

5,010

MoM −1,128 −18.4% YoY −14.7%

Dollar volume — Total value of all sales in the month.

$5.21B

MoM −$1,264,050,894 −19.5% YoY −19.9%

New listings — Properties newly listed during the month.

11,134

MoM −4,935 −30.7% YoY −4.0%

Active listings — Listings available at month end.

24,549

MoM −3,259 −11.7% YoY +12.5%

Avg. LDOM — Average days on market for the current listing. Not reported before 2020.

MoM +3 days +9.7% YoY +9.7%

Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.

MoM +6 days +12.0% YoY +14.3%

Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.

97%

MoM −1.0 pp −1.0% YoY −2.0%

SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.

45.0%

MoM +6.8 pp +17.8% YoY −11.2%

Months of inventory — Active listings divided by monthly sales — how long the current stock would take to sell. Computed here, not TRREB’s trend figure.

4.9

MoM +0 +8.2% YoY +31.9%

The month in 60 seconds

Across all TRREB areas, new listings dropped 30.7% to 11,134 versus October 2025.
Across all TRREB areas, sales dropped 18.4% to 5,010 versus October 2025.
Across all TRREB areas, active listings dropped 11.7% to 24,549 versus October 2025.
Across all TRREB areas, the median selling price edged down 2.8% to $875,000 versus October 2025.
Across all TRREB areas, the average selling price edged down 1.4% to $1,039,458 versus October 2025.

Generated from the figures above. Ordered by size of month-over-month move.

Economy

Indicators published with this edition

Real GDP growth

-1.6%

Q2 2025

Toronto employment growth

0.5%

September 2025

Toronto unemployment rate

8.9%

September 2025

Inflation (CPI, year-over-year)

2.4%

September 2025

Bank of Canada overnight rate

2.3%

October 2025

Prime rate

4.7%

October 2025

1-year mortgage rate

6.09%

October 2025

3-year mortgage rate

6.05%

October 2025

5-year mortgage rate

6.09%

October 2025

Full economic indicators for November 2025 →

By home type

All TRREB areas

Home type	Sales	MoM	Average price	MoM	YoY
Detached	2,296	−560 −19.6% down 560, 19.6% versus October 2025	$1,346,017	−$9,489 −0.7% down $9,489, 0.7% versus October 2025	−7.3% down 7.3%
Semi-detached	485	−110 −18.5% down 110, 18.5% versus October 2025	$997,499	−$36,271 −3.5% down $36,271, 3.5% versus October 2025	−7.4% down 7.4%
Att/row/townhouse	516	−68 −11.6% down 68, 11.6% versus October 2025	$913,078	−$21,964 −2.3% down $21,964, 2.3% versus October 2025	−8.2% down 8.2%
Condo townhouse	351	−117 −25.0% down 117, 25.0% versus October 2025	$718,191	−$16,932 −2.3% down $16,932, 2.3% versus October 2025	−4.7% down 4.7%
Condo apartment	1,299	−259 −16.6% down 259, 16.6% versus October 2025	$663,290	+$3,082 +0.5% up $3,082, 0.5% versus October 2025	−3.8% down 3.8%
Link	44	−8 −15.4% down 8, 15.4% versus October 2025	$878,564	−$40,644 −4.4% down $40,644, 4.4% versus October 2025	−14.1% down 14.1%
Co-op apartment	7	−5 −41.7% down 5, 41.7% versus October 2025	$387,643	−$279,708 −41.9% down $279,708, 41.9% versus October 2025	−47.7% down 47.7%
Detached condo	6	−2 −25.0% down 2, 25.0% versus October 2025	$784,000	−$269,219 −25.6% down $269,219, 25.6% versus October 2025	−3.5% down 3.5%
Co-ownership apartment	6	+1 +20.0% up 1, 20.0% versus October 2025	$420,333	−$55,267 −11.6% down $55,267, 11.6% versus October 2025	−1.0% down 1.0%

Average price by home type

13 months to November 2025

Average selling price for the five main home types across all TRREB areas, for the 13 months ending November 2025.
Month	Detached	Semi-detached	Att/row/townhouse	Condo townhouse	Condo apartment
Nov '24	1452518	1077254	994251	753352	689599
Dec '24	1399209	1088543	1015505	767688	681855
Jan '25	1377430	1047728	983856	802905	670675
Feb '25	1445879	1079996	991066	802862	688055
Mar '25	1439268	1111791	1001043	789129	682019
Apr '25	1431495	1088848	1005487	783935	678048
May '25	1425264	1098447	995662	763172	683413
Jun '25	1392033	1089751	965792	761106	696424
Jul '25	1361660	1041359	929524	743469	651483
Aug '25	1312240	980102	946395	739341	642195
Sep '25	1359030	1015543	947928	747658	655231
Oct '25	1355506	1033770	935042	735123	660208
Nov '25	1346017	997499	913078	718191	663290

Full home-type breakdown →

Movers this month

Ranked across 54 of the 55 required areas · minimum 10 sales to qualify

Average price, month-over-month

Top 5

King +39.4% up 39.4%
Toronto C03 +16.4% up 16.4%
Toronto W01 +12.9% up 12.9%
Toronto E09 +9.2% up 9.2%
Toronto E05 +9.1% up 9.1%

Bottom 5

Toronto C09 −36.5% down 36.5%
Toronto C06 −14.0% down 14.0%
Toronto E07 −12.8% down 12.8%
Toronto W02 −12.3% down 12.3%
Scugog −10.3% down 10.3%

Sales, month-over-month

Top 5

Toronto W09 +75.0% up 75.0%
East Gwillimbury +37.9% up 37.9%
Toronto C07 +34.8% up 34.8%
Toronto W01 +10.8% up 10.8%
Toronto C13 +10.5% up 10.5%

Bottom 5

Toronto E05 −44.3% down 44.3%
Toronto E03 −41.4% down 41.4%
Toronto C14 −40.0% down 40.0%
Toronto E02 −38.8% down 38.8%
Toronto C09 −38.5% down 38.5%

Areas below the sales threshold are excluded — with a handful of sales, a couple of transactions can invent a swing that is not a market move.

Market balance

Sales-to-new-listings and months of inventory, computed from this month’s counts

All TRREB areas

SNLR

45.0%

prior month 38.2%

Months of inventory

4.9

All TRREB areas sits in balanced conditions: 45.0% of new listings sold and 4.9 months of inventory on hand.

City of Toronto (416)

SNLR

45.8%

prior month 39.3%

Months of inventory

4.9

City of Toronto (416) sits in balanced conditions: 45.8% of new listings sold and 4.9 months of inventory on hand.

905 total

SNLR

44.5%

prior month 37.6%

Months of inventory

4.9

905 total sits in balanced conditions: 44.5% of new listings sold and 4.9 months of inventory on hand.

These are computed here from the month’s raw counts. TRREB also publishes its own trend-smoothed SNLR and months-of-inventory figures, which are shown separately on the area pages and are not the same measure.

Where I work

Downtown TorontoMidtownScarboroughYork RegionDurham Region

Downtown

$784,669

Sales: 389
SNLR: 45.1%
MOI: 5.6

Aggregated across 2 districts · View →

Midtown

$1,688,601

Sales: 237
SNLR: 44.7%
MOI: 5.1

Aggregated across 6 districts · View →

Scarborough

$817,481

Sales: 325
SNLR: 45.7%
MOI: 4.3

Aggregated across 8 districts · View →

York Region

$1,208,487

Sales: 893
SNLR: 42.1%
MOI: 5.4

Region total · View →

Durham Region

$840,833

Sales: 622
SNLR: 52.4%
MOI: 3.5

Region total · View →

Average price for a multi-district group is weighted by dollar volume, not an average of averages — that would give a district with three sales the same weight as one with three hundred.

GTA Real Estate Market Report

Headline indicators

The month in 60 seconds

Economy

By home type

Average price by home type

Movers this month

Average price, month-over-month

Sales, month-over-month

Market balance

All TRREB areas

City of Toronto (416)

905 total

Where I work

The rest of this month’s report