TORONTO – The real estate market in Toronto experienced a notable decline in activity during November, as the Toronto Regional Real Estate Board (TRREB) reported decreases in sales, new listings, and average selling prices. This shift is attributed to potential homebuyers being cautious and opting to stay on the sidelines.

In November, a total of 5,010 homes were sold, marking a significant drop of 15.8 percent compared to the same month in the previous year. On a seasonally adjusted basis, sales also saw a slight decrease of 0.6 percent compared to October. The average selling price for homes fell by 6.4 percent year-over-year, landing at $1,039,458, while the composite benchmark price declined by 5.8 percent.

TRREB president Elechia Barry-Sproule highlighted that many households in the Greater Toronto Area (GTA) are eager to capitalize on lower borrowing costs and more favorable selling prices. However, their lack of confidence in long-term employment prospects has deterred them from actively participating in the market.

The report also indicated that new listings in November totaled 11,134, which represents a decrease of four percent from the previous year. Conversely, the overall inventory of homes available for sale increased by 16.8 percent, resulting in a sum of 24,549 active listings across the GTA.

This data reflects the ongoing challenges faced by the Toronto housing market, driven by economic uncertainties and evolving buyer sentiment. The decline in sales activity, paired with an increase in inventory, paints a picture of a market in transition as buyers and sellers navigate the current economic landscape.