According to the calendar, we’re officially in “hot chocolate and thicker jackets” season… and according to November’s numbers, the Toronto real estate market has also settled into full fall mode.
November wasn’t dramatic or chaotic. Instead, it felt like a market catching its breath—slower pace, fewer listings, and more thoughtful buyers. But tucked inside the overall cool-down was a standout story: freehold homes between $1M and $1.5M were buzzing with real activity. Let’s break down what actually happened.
What Happened in the Toronto Market This November?
Sales Slipped—But It’s Not the Plot Twist You Might Expect
Toronto recorded 5,010 sales, an 18.38% drop from October. On the surface, that might look like a steep fall… but November is historically a slower month as buyers shift into “holiday mode” and sellers decide to wait out the year.
The interesting part? Even with fewer deals happening, conversations with buyers stayed lively. This wasn’t a demand problem—it was a “let’s be picky” moment.
New Listings Dropped Harder Than Sales
Only 11,134 new listings hit the market in November—a sharp 30.7% drop. That’s the real story of the month. Sellers stepped back in a big way, which meant that buyers who were actively shopping suddenly had fewer homes to choose from.
When new listings fall faster than sales, the market tightens. And that’s exactly why prices held steady.
Even Active Listings Declined More Than Usual
Active inventory fell to 24,549—nearly 12% lower month-over-month.
Buyers who remained committed in late fall described the experience as “I’m ready… but there’s nothing to see.” Anyone who has been through a November search knows the feeling.
Prices Held Steady (All Things Considered)
Average Price: $1,039,458 (Down just 1.4%)
You might expect a bigger price swing with slower sales, but Toronto homes proved resilient. Prices barely budged and stayed right in line with where they’ve been for most of the year.
Think of it as the market saying: “Relax, nothing dramatic happening here.”
Days on Market Hit Their Longest Stretch This Year
The ‘Days on Market” rose to 56 days, the slowest pace we’ve seen in 2025.
This doesn’t mean homes aren’t selling—it means buyers are taking their time, comparing options, and running the numbers twice. But again… this was not the case everywhere.
The Breakout Segment: Freehold Homes Between $1M and $1.5M
Here’s where things get fun.
Detached & Semis in This Range Moved Faster Than the Market
Despite the overall slowdown, this pocket of the market stayed lively. In the 416:
- Detached homes saw 600 sales
- Semis hit 209 sales
Not record-breaking, but the energy was noticeably stronger. Freeholds that were move-in ready, offered rental potential, or were located near transit didn’t sit long.
Why? Because this price band continues to hit that Toronto sweet spot: attainable for move-up buyers, attractive to investors, and competitive enough to avoid the bidding-war chaos of earlier years.
Condos and Townhouses: Softer Demand, Stable Pricing
Condos Took a Breath After October’s Spike
Condo sales dipped to 880 (a 17.9% decline). No surprise here—condo buyers tend to be more rate-sensitive, and many are waiting for early 2026 announcements before locking in.
Yet, the average condo price actually inched up to $701,259. That’s the stability story again.
Townhouses Were a Mixed Bag
Townhouses landed at an average price of $870,793, a modest 2.2% dip.
Still, they continue to appeal to buyers who want the space of a freehold but not the price tag of one. The townhouse segment is very much alive—it’s just quieting down with the rest of the market.
Big Picture Trends Shaping Toronto’s Market Right Now
Mortgage Rates Are Finally Helping
After the Bank of Canada’s gradual cuts, many 5-year fixed rates now sit in the mid-4% to low-5% range. Buyers aren’t sprinting back, but confidence is noticeably higher than in 2023–2024.
If you talk to anyone who started a pre-approval a year ago and renewed it recently, they’ll tell you the same thing: “This feels manageable again.”
Consumers Are More Hopeful—But Still Cautious
Renewals at higher rates are still holding some would-be sellers back, especially those locked into ultra-low pandemic mortgages.
But newcomers, families, and investors are fueling the activity we do see—especially where rental income or multi-unit potential exists.
Policy Shifts Are Playing a Quiet but Important Role
With Bill 60 improving LTB timelines and clarifying the N12 process, landlords and investors are planning ahead with more certainty.
Meanwhile, Toronto’s ongoing gentle-density permissions are quietly changing how buyers view freehold lots—especially those with laneway or basement suite potential.
What Buyers Should Take Away From November 2025
Where the Opportunities Are
- Freeholds under $1.5M: competitive, but not overwhelming.
- Condos: stable prices + motivated sellers = room to negotiate.
What’s Likely Coming Next
Expect December to stay quiet—it always does. The real moment to watch is early 2026, when the Bank of Canada sets the tone for the year.
If confidence rises, expect buyers to move from browsing to buying.
Thinking of Buying or Selling?
Whether you’re upsizing, downsizing, or investing, November’s data tells us the same thing: this is still a market with opportunities—just not the loud, dramatic kind.
When you’re ready to talk strategy, we’ve got your back!
