November 2025 Toronto/GTA Residential Market Update

Buyers / Home-Buying Market — Still Tilted Toward Buyers

Sales & Prices

According to Toronto Regional Real Estate Board (TRREB) data: in October 2025 the GTA saw 6,138 home sales, which is 9.5% lower than October 2024.
Meanwhile, new listings rose ~ 2.7% year-over-year. Active listings reached around 27,808 — about 17% higher than a year ago.
The average selling price across the GTA dropped to about C$1,054,372, a 7.2% year-over-year decline.
By property type: detached homes averaged ~ C$1,355,506; condos around ~ C$660,208.

Market Dynamics: More Leverage for Buyers

With more listings and fewer sales, the market is described as “balanced to buyer-leaning.”
Homes are taking a bit longer to sell compared to last year; sale-to-list price ratios suggest buyers are often able to negotiate a discount off asking.
For buyers confident in stable employment and mortgage eligibility, this environment offers one of the better windows in recent years.

What It Means if You’re Buying Now

More choice and less bidding-war pressure — you might negotiate better deals.
For detached and freehold homes: price reductions compared with recent highs — potentially good for families or longer-term buyers.
For condos: softer demand and lower prices may present opportunities, but expect slower resale dynamics and smaller price drops in exchange for patience.
If you don’t need to act fast, getting pre-approved and timing the purchase right could yield solid value — especially if mortgage rates remain favourable.

Rents Cooling & Vacancy Softening

The third-quarter 2025 rental report from TRREB notes the condominium-apartment rental market in the GTA has tightened compared to Q3 2024, but other sources show a broader softening in rents and longer vacancy periods.
For purpose-built rentals (newer buildings), rents — when accounting for incentives — have declined: average asking rents fell ~ 2.6% year-over-year, and many landlords are offering incentives such as free rent months or bonuses to attract tenants.
In the secondary condo rental market, average rents have dropped ~ 4–5% compared with last year.

Supply Is Growing, Especially for Rentals

There has been a boom in purpose-built rental construction: in Q3-2025 alone, nearly 1,798 new rental apartment units started construction in the broader region — a 25% increase compared to last year. Year-to-date starts are up 32% from 2024.
Many former condo projects are being re-purposed as rentals, reflecting shifting demand.

What This Means for Renters

More available units and increased competition among landlords — meaning better chances to find something within budget, and often with incentives.
Especially for newer or purpose-built rentals: deals like free rent, bonuses, or reduced fees may be on offer — worth exploring.
If you don’t need to rush, there’s less pressure to take the first option; you may have bargaining power now.
For longer-term renters — this period may be an opportunity to lock in reasonable rents ahead of any future up-swings.

Overall supply remains elevated compared with demand. This imbalance gives buyers more negotiating power and renters more options and incentives.
With lower average sale prices and softening rents, the affordability gap has narrowed somewhat — making homeownership or renting more realistic for many.
However — economic uncertainty (jobs, borrowing costs, inflation) continues to make many prospective buyers and renters cautious.