RARE’s Economic Research Department meticulously examines TREB’s monthly data releases, distilling them into an easily digestible and insightful format within our market report.
The market softened again in November, but not without a few quiet changes beneath the surface. As demand stayed muted and supply held elevated, subtle signs of stabilization began to emerge. Here’s what shaped the month—and what it may signal moving forward.
In November, Toronto’s housing market showed typical seasonal softness. Sales edged lower and remained below historical norms, while new listings and active inventory also declined but stayed above long-term averages. Market balance indicators continued to point to weakness and ongoing price pressure, with prices easing further. The rental market softened slightly, while new-construction activity was mixed: starts fell sharply, but completions surged, keeping annual levels above average. Fixed mortgage rates dipped, supporting a fifth straight month of improved affordability. Unemployment rates declined modestly across all levels, but mortgage arrears continued to rise. Overall, the market features ample supply and muted demand, with early signs of gradual stabilization.
In November, Toronto Metro sales continued to weaken, which is not uncommon for this time of year, as sales usually decline between May and December. Sales fell to 5,010, down 18% compared to the previous month, 15% lower year-over-year, and 25% below the 10-year average. After seasonal adjustment, sales slipped 1%.
New listings fell to 11,134 in November, down 31% month-over-month but up 4% year-over-year, and 3% above the 10-year average. The decline aligns with typical seasonal patterns, as activity typically slows from May through January except for September’s uptick.