Is the market crashing, or is it correcting? If you are a First-Time Home Buyer sitting on the sidelines, the difference between those two words could be worth tens of thousands of dollars to your future net worth.
The November 2025 numbers are in, and the story they tell is one of opportunity. While the headlines scream about sales dropping, the savvy observer sees something else: leverage.
Here is the breakdown of what happened in the Greater Toronto Area (GTA) real estate market this month, how the "416" compares to the "905," and why the window to get in at a discount might be closing faster than you think.
The Big Picture: Buyers Are Pausing, But Should You?
In November 2025, we saw 5,010 home sales, which is down 15.8% compared to last year. At the same time, the average selling price dipped by 6.4% to $1,039,458.
What does this mean? It means intending homebuyers are sitting on the sidelines, waiting for "more positive economic news". But here is the secret: once that "positive news" arrives and confidence strengthens, everyone will rush back into the market at the same time, driving prices up.
Currently, we have a unique combination of factors working in your favor:
Lower Borrowing Costs: The Bank of Canada Overnight Rate has dropped to 2.3%.
More Inventory: Active listings are up 16.8% year-over-year.
Less Competition: With sales down, you aren't fighting 20 other offers on offer night.
The Breakdown: 416 (Toronto) vs. 905 (Suburbs)
Real estate is hyper-local. A condo in downtown Toronto acts differently than a detached home in the suburbs. Let’s look at the prices by property type to see where the value lies.
Detached Homes: The Crown Jewel
If you are looking for the white picket fence, prices have softened, making the upgrade more attainable.
416 (Toronto): Average price is $1,545,941 (Down 9.0%).
905 (Suburbs): Average price is $1,275,289 (Down 7.9%).
Market Insight: Detached homes in the 416 saw sales drop by 16.0%, creating significant negotiating room for buyers.
Semi-Detached: The Competitive Middle Ground
416 (Toronto): Average price is $1,187,111 (Down 4.8%).
905 (Suburbs): Average price is $853,916 (Down 11.0%).
Market Insight: Note the massive gap here. You can save over $330,000 by crossing the border into the 905 for a semi-detached home. The 905 Semis took a double-digit price hit (-11.0%), making this a prime target for value hunters.
Townhouses: The First-Time Buyer Favorite
416 (Toronto): Average price is $870,793 (Down 3.7%).
905 (Suburbs): Average price is $822,549 (Down 7.4%).
Market Insight: The price gap here is narrow (approx. $48k). If you work downtown, the premium to stay in the 416 might actually be worth the commute savings.
Condo Apartments: The Entry Point
416 (Toronto): Average price is $701,259 (Down 1.7%).
905 (Suburbs): Average price is $583,547 (Down 8.7%).
Market Insight: Condo sales took the biggest hit, down over 21% across the board. With 905 condos averaging well under $600k, this is the most accessible entry point we have seen in years.
Critical Advice for November 2025
For First-Time Home Buyers (FTHB)
This is your "Goldilocks" moment. We are seeing encouraging news on jobs and the broader economy. If this momentum continues into 2026, consumer confidence will return, and prices will rise.
You have a chance right now to buy while inventory is high (24,549 active listings) and rates are trending down. Do not wait for the competition to wake up.
Are You Financially Ready to Strike?
Before you start booking showings, you need to know your numbers. Can you handle the deposit? Do you know your credit score?
Check Your Readiness: Visit our Financial Readiness Guide to calculate your budget and understand the hidden costs of closing.
The Bottom Line
The Toronto Regional Real Estate Board President, Elechia Barry-Sproule, put it best: buyers are on the sidelines waiting for confidence.
Be the buyer who acts on data, not just confidence.
If you are ready to stop renting and start owning, let’s look at the numbers for your specific neighborhood. The window is open, but it won't stay open forever.
