I hope you're doing well! I wanted to share a quick update on what we've been seeing in the GTA real estate market this past month.
November was a steady month, with 5,010 homes sold through the MLS system. With close to 25,000 listings available, buyers currently have a wide range of options, which also means that 4 out of 5 homes aren't selling right now.
The Toronto Real Estate Board reported an average selling price in November as $1,039,458, and it's interesting to break down that average into different components.
The missing 1.2% is made of 4 other categories, Link homes, Co-Op apartments, Detached Condos and Co- Ownership apts. They represent such a small % of the sales with negligible impact on the average price so I have not included them, to make the chart easier to read.
The above numbers represent November sales only. If one looks at the year-to-date average price in the GTA (January - November 30) it is $1,071,757, representing a difference of 4.3% from the start of 2025.
Even with changing interest rates and economic uncertainties, Toronto prices have held up strongly, which speaks to the continued desire for home ownership in our city. We also saw encouraging news around jobs and the broader economy in November, which may bring more buyers back into the market. Often, when interest rates begin to drop, buyers wait for the "bottom," only to end up purchasing once rates start climbing again, and the same trend applies to prices. When buyers sense prices are rising, activity picks up fast and bidding wars return.
With today's inventory levels, strategy and strong marketing matter more than ever. Many listings sit on the market simply because they aren't being marketed effectively. In a market like this, it's important to work with a professional who understands pricing, marketing, follow-up, negotiation, and who has the backing of a strong, global brand.
If you're thinking about buying or selling, or if you simply want to understand what these changes mean for you, I'd be happy to chat. There are still great opportunities in today's market, and I'm here to help you navigate them. Feel free to reach out anytime.
Have a great December!
