A total of 5,010 home sales were transacted through the Toronto Regional Real Estate Board’s (TRREB) MLS System in November, down by 15.8% from one year earlier. New listings entered into the MLS System amounted to 11,134, a 4% year-over-year decline. On a seasonally adjusted basis, November home sales and new listings were down slightly month-over-month compared to October.
The MLS Home Price Index (HPI) Composite benchmark was down by 5.8% last month while the average selling price of $1.03 million was 6.4% lower compared to November 2024. On a month-over-month seasonally adjusted basis both the MLS HPI Composite and the average selling price remained close to October figures.
“Homebuyers are currently benefitting from a well-supplied resale market. However, as this inventory is absorbed, new construction is required to fill the housing pipeline,” said TRREB CEO John DiMichele. “It will be key to see projects that bridge the gap between condominium apartments and traditional single-family homes. Home construction results in large economic benefits that would help in today’s economic climate. All three levels of government should offer further incentives to build more homes for Ontarians.”
