Is the Market Quieting Down or Preparing for a Shift?

The Toronto Regional Real Estate Board (TRREB) has released the November 2025 Market Watch, and the data shows a market that is cooler than last year but also showing signs of stabilization. For buyers and sellers, this month's report offers essential clues as we head into 2026.

Below is a clear, consumer-friendly breakdown of what's happening and what it means for you.

1. Sales Are Down, But Not Collapsing

According to TRREB, 5,010 homes sold in November 2025, a 15.8% decrease compared to November 2024. November-Market-Watch-mw2511

Fewer people are transacting right now — not because demand is gone, but because buyers continue to wait for more substantial economic confidence and (hopefully) further rate adjustments.

Key takeaway:

✔ This is still a demand-delayed market, not a demand-disappearing market.

2. New Listings Also Declined Slightly

New listings came in at 11,134, down 4% year over year. November-Market-Watch-mw2511

This slight dip in supply has helped prevent steep price declines and allowed the market to remain relatively balanced even as sales slow.

What this suggests:

✔ Sellers are not rushing to list.

✔ Inventory is still healthy (active listings: 24,549).

✔ Buyers have options — but not unlimited leverage.

3. Prices Continue to Adjust — Average Price Down 6.4%

The average selling price fell to $1,039,458, representing a 6.4% decrease from last year.

The MLS® Home Price Index also dropped 5.8% year-over-year. November-Market-Watch-mw2511

Price declines were not uniform across home types:

Year-Over-Year Price Changes by Home Type:

• Detached: –7.9%
• Semi-Detached: –11.0%
• Townhouse: –7.4%
• Condo Apartments: –8.7%

What this means:

✔ Higher-priced segments (detached, semis) continue to feel the effects of affordability constraints.

✔ Condos remain the most budget-friendly but are still pressured by competition and investor selling.

4. Days on Market Are Rising

Average listing days on market (LDOM): 31 days

Average property days on market (PDOM): 34 days

November-Market-Watch-mw2511

Homes are taking longer to sell compared to earlier in the year, signalling:

✔ More negotiation room for buyers

✔ Sellers must price strategically to stay competitive

5. The Economic Picture Is Improving — A Key Shift

This month's TRREB commentary highlights unexpectedly strong economic data:

• Employment growth improved
• GDP performance beat expectations
• Unemployment held steady around 6.09% (1-year, 3-year, 5-year measure)
• Inflation continues cooling toward the Bank of Canada target

And most importantly:

“The Canadian economy may be weathering trade-related headwinds better than expected… "This could enhance homebuyer confidence in the future."

— TRREB Chief Market Analyst (November 2025) November-Market-Watch-mw2511

Many buyers have been waiting for signs of stability — and November delivered some.

6. What This Means for Buyers

This is one of the most favourable environments for buyers in years.

You're benefiting from:

• Higher Inventory
• Longer days on market
• Price adjustments across all home types
• Sellers are becoming more flexible

With mortgage rates expected to continue declining in 2026, today's buyers may look back on this period as a strategic entry point.

7. What This Means for Sellers

While competition is stronger, serious buyers are still out there — and they are motivated by improving economic signals.

To succeed right now, sellers should focus on:

• Pricing in line with current market realities
• Professional staging and presentation
• Targeted marketing to highlight value
• Flexible terms where possible

Homes that are move-in-ready, updated, and priced correctly continue to attract strong interest.

8. Outlook for 2026: A Market on the Verge of Reawakening

Based on TRREB's November report:

✔ Economic confidence is rising

✔ Inflation is trending in the right direction

✔ Mortgage rates are stabilizing

✔ Buying intentions are building beneath the surface

If this momentum continues, 2026 could mark the return of sidelined buyers, especially in the freehold market, where long-term value remains strong.

Final Thoughts

November's market wasn't explosive — but it was meaningful. Beneath the quieter sales numbers sits a market preparing to shift. Improved economic indicators, balanced Inventory, and moderating prices are laying the groundwork for renewed activity in the new year.

If you're planning to buy, sell, or make a strategic move in 2026, now is the time to build your plan.

What the Last 14 Days Are Telling Us

Looking beyond monthly statistics, short-term MLS activity often reveals where the market is heading next.

Over the past 14 days in Durham Region, we've seen:

• 306 new listings
• 453 homes sold or sold conditionally
• 207 listings terminated
• 93 price adjustments

This indicates that more homes are being taken off the market than are being added a clear sign that inventory is gradually tightening.

At the same time, buyer demand remains steady even as sellers become more selective about listing during the late-fall season.

Historically, this pattern tends to appear weeks before buyer confidence improves, especially when paired with stabilizing interest rates and improving economic signals.

While it’s not a sudden shift, it is a meaningful one — and it reinforces the idea that today’s market conditions may not last into early 2026.

📞 Ready to Talk Strategy? 416-888-4524

If you're wondering how these changes affect your next move, let's connect.

Eldon King | RE/MAX Hallmark First Group Realty Ltd.

304 Brock St S, Whitby, ON

📧 eldonking.remax@gmail.com | 🌐 eldonkinghomes.com

Market knowledge you can trust. Results you can count on.