GTA Housing Market Summary | November 2025
The Greater Toronto Area housing market has shifted into balanced territory, with clear trends favouring buyers across all major home types.
While buyers and sellers currently have equal negotiating power, key indicators, including rising inventory, softening prices, and an increase in financially distressed sales, suggest the market is cooling further.
Overview:
The overall market is characterized by lower purchase demand and growing supply. This shift has led to falling prices, providing buyers with more options, less competition, and better value-for-money than in recent years.
Detached House Market: Balanced and Tipping to Sellers
The detached house market is balanced; in October, it tilted in favour of sellers, but one month doesn’t make a trend. Conditions favour buyers.
Market Balance:
Months of Inventory (MOI) has risen to 4.5, a significant 32% increase from 3.4 last year. This indicates a clear move from a seller’s market to a balanced market.
Supply & Demand:
Purchase demand has decreased by 9% compared to the same time last year, but still outperformed 2023 and 2022. There has been an uptick in completed sales that some might attribute to demand, but others believe that the incremental rise in sales could be the result of a surge in forced sales by banks. That’s when banks force homeowners to sell their homes, because they’re unable to repay the mortgage.
The supply of active listings has grown by 21% year-over-year, that’s more than double the pace of the purchase and sales growth.
House Prices:
The benchmark price for a detached house is $1,247,600, which represents a 2% decrease over the past three months. The median price is currently $1,165,000, showing a 1% decline compared to the same period last year.
Over the past 12 months, the benchmark price has dropped by 8.7% and has decreased by 27.1% from its peak. While this may seem discouraging, it’s important to note that the house market remains balanced.
Prices are not falling due to an oversupply. They are declining as supply levels are returning to normal after a decade of extremely tight conditions during what was commonly referred to as a housing crisis.
Power of Sale Listings:
Financial pressure from higher interest rates and the rising cost of living is leading to a notable, albeit still small, increase in distressed sales, primarily affecting the detached house market.
Trend: Power of sale listings, where a lender forces the sale of a property due to mortgage default, are increasing across the GTA. In Toronto's downtown core, there have been 49 such listings so far this year, more than four times the total for all of 2023.
Buyer Considerations: While these listings can present opportunities, buyers should be aware that lenders are legally required to seek fair market value given current market conditions. However, they have time constraints because the bank won’t wait for months to find a better price. The potential for a "steal" is limited, but these are an excellent opportunity for a good “deal”. These listings can involve more complex purchasing processes and should be approached with caution.
Townhouse Market: Balanced and Trending for Buyers
The townhouse market also presents a balanced environment that is tilting towards buyers.
Market Balance: The months of inventory have increased to 4.5, up 7% from 4.2 last year. This market was balanced a year ago and remains balanced.
Supply & Demand: This segment shows a similar pattern of softening demand and increasing available supply.
Condo Apartment Market: Balanced and Trending for Sellers
The condo apartment market is balanced, with the most pronounced increase in inventory among major home types.
Market Balance:
Months of Inventory has risen to 5.7, a 12% increase from 5.1 last year. The market was balanced a year ago and recently tipped into balance. However, it is nearly a buyer’s market, and it has been a buyer’s market for most of 2025.
Supply & Demand:
Purchase demand has fallen by 10% compared to 2024.
The supply of active listings has risen to 8,896, which represents only a slight increase from 2025. However, there are 1,700 newly completed homes for sale by developers that have not yet been sold and are not listed on the Multiple Listing Service (MLS). A couple of years ago, most new builds were pre-sold by the time construction was completed, but today, developers are left with unsold inventory.
If we factor in the "shadow supply" of unlisted units held by developers, the total increase in the supply of active listings for sale would amount to 10,596. A 20% increase from 2024 to 2025.
Condo Apartment Prices:
The benchmark price for condo apartments currently stands at $559,800, reflecting a 3% decrease over the past three months. The median price is $565,000, which is down by 1% during the same period.
Over the last 12 months, the benchmark price has fallen by 6.1% and has decreased by 26.1% from its peak.
Since April 2022, a benchmark condo has lost nearly $200,000 in value.
The Bottom Line
Across the GTA, housing markets are in a balanced state but are likely to trend in favour of buyers over the winter months. Winter is not considered the best time to sell a home, so many of the listings this time of year are motivated to complete a sale sooner than Spring.
Rising months of inventory and falling prices all point to a cooling market. For buyers, this translates into more choice, less urgency, and increased negotiating power.
