Market Insight for November 7

Toronto’s real estate board says home sales and prices were down in October from a year earlier as economic uncertainty persists.

The latest data from the Toronto Regional Real Estate Board (TRREB) highlights continued market challenges affecting homeowners and sellers, while the ever-falling cost of a home in the region offers a ray of hope for would-be homebuyers who have been priced out of the market throughout the last decade.

The Toronto Regional Real Estate Board said home sales totalled 6,138, down 9.5 per cent from last year. On a seasonally adjusted basis, the GTA saw a 2.3 per cent drop in sales from September.

The board said new listings totalled 16,069, up 2.7 per cent from last year, while active listings of 27,808 were up 17.2 per cent.

The rise in listings and drop in sales put pressure on prices as the benchmark index fell five per cent from last year, while the average selling price of $1,054,372 was down 7.2 per cent from last year.

It will now cost you an average of $1,054,372 to purchase a home in the region, or $81,322 cheaper than the same average in Oct. 2024. Average home prices were also down month-over-month from Sept. 2025.

Buyers who are confident in their employment situation and ability to make their mortgage payments over the long term are benefiting from affordable housing market conditions compared to the past few years.

However, many intending homebuyers remain on the sidelines due to uncertainty about their economic future.

The average price for a detached home was down 7.3 per cent to $1,355,506. The average price for a semi-detached home was down 6.5 per cent to $1,033,770. And the average price for a condo was down 4.7 per cent to $660,208.

In the City of Toronto, there were 2,351 sales last month, a 6.2 per cent decrease from October 2024. Throughout the rest of the GTA, home sales were down 11.5 per cent to 3,787.

Overall, all property types saw fewer sales in October compared with a year ago throughout the region.

TRREB chief information officer Jason Mercer said he expects the market to rebound once we have more certainty on the economic front, including trade with the U.S. and China.