The November numbers are in, and the TRREB Market Watch shows a clear picture of where the GTA market is heading: slower, more deliberate, and heavily influenced by broader economic sentiment.

Buyers and sellers are not rushing decisions right now. They are watching the economy, following rate announcements, and making moves only when the timing feels right. And that is showing up in the data.

Sales: 5,010 Homes Sold (↓ 15.8% YoY)

Fewer buyers are stepping forward compared to last year, which is not surprising given higher borrowing costs and an economy still finding its footing. This does not mean confidence is gone. It means buyers are selective. Homes that are priced well and show well are still selling; they just are not selling with the intensity of previous years.

Average Price: $1,039,458 (↓ 6.4% YoY)

A dip in the average price does not mean home values across the board are falling. Instead, it reflects a shift in what is selling. More mid-range and entry-level homes traded hands in November, while higher-priced segments were quieter, which pulled the average down. This is typical in a market where affordability is a primary factor in buyer decision-making.

New Listings: 11,134 (↓ 4.0% YoY)

With fewer homeowners choosing to list this year, supply tightened slightly. Even with softer demand, this pullback helps maintain balance and prevents an oversupply scenario. Sellers who do come to market are often doing so with a specific goal, such as downsizing, relocating, or capitalizing on strong neighbourhood pockets that remain competitive.

Days on Market: 56 Days (↑ 16.7% YoY)

Homes are taking longer to sell than they did a year ago. This reflects a more thoughtful buyer pool, not a distressed market. Buyers are taking time to compare properties, evaluate affordability, and negotiate. For sellers, preparation and pricing strategy matter more than ever. The homes that stand out are still moving well.

So… What’s the Story?

This is a measured market where strategy beats speed.

Buyers benefit from having more time and choice.

Sellers benefit from understanding what today’s buyers expect and pricing accordingly.

The market is not stalled. It is simply operating with intention.

Looking Ahead

With the Bank of Canada holding its policy rate steady and inflation showing signs of easing, confidence should stabilize in the months ahead. Rate holds do not spark immediate market shifts, but they do support predictability, which is something both buyers and sellers have been waiting for.

If you want to understand what these trends mean for your neighbourhood, your timing, or your next step in the market, I am always here to walk through the data with you.