November 2025. Beyond the Headlines

Welcome back to The Key Exchange. I’m Sushil Mishra, and today we’re digging into what’s really happening in the GTA market right now. There’s been a lot of noise about a downturn, but the numbers tell a quieter story. More of a reset than a free fall.

November’s data shows the average price sitting around one point zero three nine million, which is about six point four percent lower than last year. Sales volumes are down too, almost sixteen percent, which lines up with what most of us are feeling in the field. Buyers are taking their time. The pace has shifted from rush and bid to pause and plan.

The interesting twist is how uneven the market is. Ground oriented homes have taken the bigger hit. Detached and semis are off around eight percent. Townhouses are not far behind. Condos are holding their ground a lot better, dipping only about three point eight percent. So we’re basically watching two different markets run in parallel.

In today’s episode, we’ll break down what all of this means for real buyers and sellers, and how to navigate a market that’s cautious but still very much alive. Let’s get into it.