Toronto’s real estate market took a noticeable dip in November, with fewer buyers jumping in despite a slight shift toward more affordable conditions. According to the Toronto Regional Real Estate Board (TRREB), sales, new listings, and prices all trended downward as uncertainty continued to shape buyer behaviour.

Only 5,010 homes changed hands last month — a 15.8% drop from November 2023 — and sales slipped another 0.6%compared to October on a seasonally adjusted basis. Prices also softened: the average selling price fell 6.4% year over year to $1,039,458, while the composite benchmark price declined 5.8%.

TRREB president Elechia Barry-Sproule says many GTA residents are eager to take advantage of lower borrowing costs and easing home prices, but lingering concerns about long-term job security are keeping potential buyers on the sidelines.

New listings also dipped 4% to 11,134, yet total inventory inched up. The region ended November with 24,549 active listings, a 16.8% increase that suggests more homes are sitting on the market longer.

For now, confidence — not price — appears to be the biggest barrier to getting the GTA market moving again.