Loading...As we head into the holiday and winter season, we expect to see sales and prices to drop. By the end of November, there were 9913 active listings in Toronto. The abundance of new listings is one of the driving factors contributing to the housing prices decline, and market slowdown. This may be because owners are choosing to sell instead of renting out their properties – rents are also going down for a lot of landlords. Some owners are stuck with a negative cashflow for a long time and some choose to sell and cut their losses. In short, the supply is far outweighing the demand. Let’s take a look at what the GTA housing market in November looked like for buyers, sellers, and renters.
For Buyers
The overall sentiment is that it’s a great time to be a buyer right now. The amount of inventory in December is astounding. Detached sales in Toronto are down by 12.3% year-over-year equating to 4.3 months of inventory. Meanwhile condo inventory has increased annually to. Compared to last November’s 4.7 month of inventory, this year’s November experienced 6.43 months of inventory.. By months of inventory we mean that even if there were no new listings to come up, it would still take that many months to sell the remaining inventory at the rate that the homes are selling.
For Sellers
Now that we are in the later months of the year, we can see where sales have peaked in the Toronto real estate market – which was in June (which also consequently was also the month with the most number of active listings). While the market slowdown is quite real, it’s not completely dead. In November, there were 824 condo sales and 885 freehold sales. Comparing this to the previous month in October, it was a decrease from the 1086 freehold sales and 1058 condos sales. Compared year over year, the number of condo sales have dropped 27.2% in Toronto; and decreased in number of freehold sales by 8.67%.
What do all of these numbers mean for sellers? The November real estate trends show that both GTA home sales are down and pricings are also down. Don’t expect multiple offers anymore. If you really need to sell, talk with your realtor to come up with a realistic strategy that will get your property sold without having to sit too long on the market.
For Renters
If you’re looking to rent now, November’s real estate trends for lease listings has matched that for home sales – lots of inventory putting a downward pressure on lease prices. Great news for renters with prices going down. Average lease prices in October was $2809, and in November it was $2745. The amount of new listings are partially attributed to a record number of developments coming to completion (finished construction). According to Urbanation, newly completed projects in 2025 added a record-high of 31,422 units to the market (majority of them being bought by investors thus highly to be rented out). It will take time for the market to absorb all of these new units available for rent.
The main reasons for the sale prices dropping in November is because there are so many listings. And in order to compete competitively – sellers will drop the prices on their properties until it sells. Until buyer confidence comes back, sales may remain at the current trend. There’s a number of economic factors at play here and buyers are being especially cautious.