HIGH INVENTORY, LOW SALES. WHY? WATCH NOW TO FIND OUT.
Average Sale Prices of Detached Homes in November in Comparison to November of 2024:
• Toronto: -7.61% at $1,57M
• Vaughan: +0.68% at $1,65M
• Richmond Hill: -15.49% at $1,72M
• Mississauga: +0.01% at $1,43M
• Markham: -5.45% at $1,59M
• King City: +51.10% at $4.26M
• Newmarket: -14.03% at $1,06M
• Aurora: -11.10% at $1,66M
• Bradford: -7.65% at $1,04M
• Milton: -23.83% at $1,14M
• Stoufville: -11.46% at $1,35M
• Innisfil: +7.03% at $985,000
• Alliston: +7.84% at $815,000
• Burlington: -9.23% at $1,32M
• East Gwillimbury: -17.17% at $1,24M
• Barrie: -4.36% at $732,000
• Oakville: -17.78% at $1.86M
November finally gave us some clarity. The Bank of Canada is basically done cutting rates and most signs point to things staying put for a while. Rates are low and stable now, which is good, but it doesn’t automatically mean the market takes off.
Looking at the latest TREB numbers, sales are still down from last year, but listings keep piling up, especially condos. That’s why buyers don’t feel rushed right now. This isn’t a bad market, it’s just calmer. Homes priced right are still selling, but the days of throwing any number on a listing and hoping for chaos are gone.
Another big factor is population. Ontario actually saw a population drop this year after limits were put on international students and temporary residents. Toronto felt that pretty quickly, especially in rentals and entry-level condos. Less demand means less pressure.
And you can really see it in rents. Toronto rents are at their lowest level since the pandemic. One and two-bedroom units are cheaper than last year in many areas, with some neighbourhoods seeing big drops. That said, not everywhere is cheap, places like North York and Oakville are still expensive. Location matters more than ever.
Even with prices and rents coming down a bit, owning is still tough. The average Toronto mortgage now costs more than the entire after-tax income of the average family and saving for a down payment takes close to two years. So people aren’t sitting on the sidelines because they are scared, they are waiting because the numbers just don’t work yet. This isn’t a boom or a crash - it’s a reset.
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