Demand for MLS® listed homes in Ontario declines in November; active listings remain elevated heading into the end of the year
Residential sales activity reported through the MLS® Systems of real estate boards in Ontario numbered 12,087 units in November 2025, a decrease of 13.1% from November 2024.
Home sales were 10.2% below the five-year average and 20.9% below the 10-year average for the month of November.
On a year-to-date basis, home sales totalled 154,160 units over the first 11 months of the year. This was a moderate decrease of 4.6% from the same period in 2024.
Nationally, home sales activity was down by 10.7% from year-ago levels in November 2025.
The average price of resale residential homes sold across the province in November 2025 was $819,356, decreasing by 5.8% from November 2024.
The more comprehensive year-to-date average price was $837,920, a modest decline of 3.8% from the first 11 months of 2024.
The national average price, by comparison, marked a small reduction of 2% on a year-over-year basis to $682,219 in November 2025.
The number of new listings on MLS® Systems of real estate boards in Ontario saw a minor decrease of 2.1% from November 2024. There were 24,606 new residential listings in November 2025.
New listings were 5.7% above the five-year average and 8.3% above the 10-year average for the month of November.
Active residential listings numbered 62,868 units on the market at the end of November, a sizable gain of 14.3% from the end of November 2024. Active listings haven’t been this high in the month of November in more than 15 years.
Active listings were 45.5% above the five-year average and 55.2% above the 10-year average for the month of November.
Months of inventory numbered 5.2 at the end of November 2025, up from the 4 months recorded at the end of November 2024 and above the long-run average of 2.9 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The dollar value of all home sales in the province in November 2025 was $9.9 billion, down sharply by 18.2% from the same month in 2024.
| Ontario Monthly Summary | ||||
|---|---|---|---|---|
| November 2025 | Residential Sales | Year-over-year % change | Residential Average Price | Year-over-year % change |
| Central1 | 5,412 | -14.1 | $1,051,711 | -6.2 |
| Eastern2 | 1,470 | -15.0 | $620,540 | 0.9 |
| Northeastern3 | 1,171 | -20.8 | $725,856 | -2.0 |
| Northern4 | 662 | 4.4 | $394,088 | -1.1 |
| Southern5 | 1,869 | -11.0 | $717,344 | -6.4 |
| Western6 | 1,503 | -9.8 | $564,151 | -7.3 |
| Ontario | 12,087 | -13.1 | $819,356 | -5.8 |
| Ontario Year-To-Date Summary | ||||
|---|---|---|---|---|
| YTD 2025 | Residential Sales | Year-over-year % change | Residential Average Price | Year-over-year % change |
| Central1 | 63,585 | -8.5 | $1,083,527 | -4.4 |
| Eastern2 | 21,074 | 1.0 | $642,466 | 3.0 |
| Northeastern3 | 16,719 | -5.6 | $761,348 | -1.6 |
| Northern4 | 8,671 | 6.5 | $409,919 | 3.8 |
| Southern5 | 24,593 | -4.5 | $766,475 | -2.2 |
| Western6 | 19,518 | -0.6 | $594,583 | -1.2 |
| Ontario | 154,160 | -4.6 | $837,920 | -3.8 |
1 Oakville-Milton, Greater Toronto
2 Cornwall, Kingston and Area, Ottawa, Renfrew County, Rideau-St. Lawrence
3 Bancroft & District, Barrie & District, Kawartha Lakes, Lakelands, Northumberland Hills, Peterborough and the Kawarthas, Quinte & District
4 North Bay, Saul Ste. Marie, Sudbury, Thunder Bay, Timmins, Cochrane & Timiskaming Districts
5 Brantford Region, Guelph & District, Hamilton-Burlington, Kitchener-Waterloo, Niagara Region, Simcoe, and Cambridge
6 Chatham-Kent, Grey Bruce Owen Sound, Huron Perth, London & St. Thomas, Sarnia-Lambton, Windsor-Essex, Woodstock-Ingersoll-Tillsonburg
BOARD & ASSOCIATION INFORMATION
The Ontario Real Estate Association represents nearly 100,000 brokers and salespeople who are members of the 29 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of support services, educational programs, advocacy, standard forms, and other offerings.
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Cathy Polan
