The Toronto real estate market continued to show signs of softness through November. The quantity of overall sales declined for the second month in a row and all property types recorded lower median prices year-over-year. Here is a clear breakdown of what happened this month and how different segments of the market performed.

Sales Activity Continued to Ease

In October we saw the first dip in year-over-year sales activity since June. That trend continued in November. Toronto recorded 1,898 sales this month compared to 2,222 in November 2024. This is a decline of 14.6% and it marks a sharper slowdown than what we saw in October.

A closer look at the numbers shows that this decline came from the condo and detached markets. Condo sales were down 21.9% year-over-year and detached sales were down 11.9%. Semi-detached homes and townhouses recorded very similar sales totals to last year which suggests that demand in the mid-priced freehold segments has held up better than the higher and lower ends of the market.

Detached Home Prices in November

The median price for a detached home was $1,200,000. That is down from October’s median of $1,245,000 and well below last year’s median of $1,330,000.

Semi-Detached Home Prices in November

Semi-detached homes recorded a median price of $1,050,000. This is slightly below the October median of $1,057,000 and well below last November’s median of $1,165,000.

Townhouse Prices in November

Townhouses had a median price of $1,035,000. That represents only a small change from October’s $1,050,000 median and it is almost identical to the $1,040,000 median from November 2024. This segment is showing more stability than the others.

Condo Apartment Prices in November

Condo apartments recorded a median price of $580,000. This is modestly below October’s $588,000 median and significantly lower than the $625,000 median from last November.

How the Numbers Fit Together

All four property types saw minor month-over-month decreases and three of them recorded noticeable year-over-year declines. Townhouses were the only segment that held relatively steady compared to last year. This aligns with the overall slower sales environment we have been watching throughout the fall.

Economic Notes for November

While the real estate numbers leaned softer, the broader economic picture brought some encouraging signs. Canada added more jobs than expected and several indicators suggested that the economy remained stable. These developments do not translate immediately into higher sales activity, but they may help support buyer confidence as we move into the new year.

Looking Ahead

I will be back next month with the December breakdown and a full look at how the Toronto market wrapped up in 2025. If you want help understanding how these trends relate to your buying or selling plans, feel free to reach out any time.

Thanks for reading!