Is it a good time to buy a house in Toronto? The honest answer for November 2026
What the October numbers say, who should buy now, who should wait, and what to watch on December 9.
By Inderpal Sidhu · Updated November 2026 · 5 min read
Quick answer
Is it a good time to buy a house in Toronto?
For buyers with a secure income, yes: November 2026 is one of the better windows in years. GTA prices are down 2.7% from a year ago (average $1,024,108 in October), homes are selling below asking (97% of list) with 4.6 months of inventory, and new homes get up to $130,000 of HST relief until March 31, 2027. The risks are rising rates (the Bank of Canada hiked to 2.5% on October 28) and a weaker job market.
Updated November 12, 2026 · Inderpal Sidhu, Salesperson, HomeLife Silvercity Realty Inc., Brokerage
What the October 2026 numbers say
| GTA | City of Toronto | |
|---|---|---|
| Average price | $1,024,108 (−2.7% y/y) | $1,075,627 |
| Median price | $860,000 | $835,000 |
| Sale-to-list | 97% | 98% |
| Days on market | 31 | 30 |
| Months of inventory | 4.6 | 4.6 |
| New listings | 14,173 (−11.9% y/y) | — |
Source: TRREB Market Watch, October 2026. Prices are below last year, but new listings are falling, which usually means the discount window does not stay open for long.
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Reasons to buy now
- Negotiating power: homes are selling at 97% to 98% of asking with 4.6 months of inventory; conditions (financing, inspection) are back.
- Prices below last year: the benchmark price is down 4.3% year over year.
- HST relief on new homes: up to $130,000 if you sign by March 31, 2027 and live in the home. See which homes qualify.
- Rents are rising again: Toronto asking rents rose 1.6% in October, so renting is getting more expensive. See rent vs buy.
Reasons to wait
- Rates are rising: the Bank of Canada hiked to 2.5% on October 28; the next decision is December 9. Variable payments went up.
- Jobs: Ontario unemployment hit 7.3% in October. If your income is not secure, buying stretches you.
- Short horizon: if you might move within 3 years, closing costs usually make renting cheaper.
Who should buy now, and who should wait
| Buy now if… | Wait if… |
|---|---|
| Your job is secure and you plan to stay 5+ years | Your income is uncertain |
| You are pre-approved with a rate hold | You have less than 3 to 6 months of payments saved after closing |
| You are buying a new build under $1.5M before March 31, 2027 | You might move in under 3 years |
Next steps: get pre-approved, check the monthly market update, and read the rate hike guide.
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Is it a good time to buy a house in Toronto?
For buyers with a secure income, yes: November 2026 is one of the better windows in years. GTA prices are down 2.7% from a year ago (average $1,024,108 in October), homes are selling below asking (97% of list) with 4.6 months of inventory, and new homes get up to $130,000 of HST relief until March 31, 2027. The risks are rising rates (the Bank of Canada hiked to 2.5% on October 28) and a weaker job market.
Are house prices dropping in Toronto?
Yes, modestly. The GTA average price was $1,024,108 in October 2026, down 2.7% year over year, and the benchmark price was down 4.3% (TRREB).
Will prices go up in 2027?
No one can promise that. Falling new listings, rising rents and population growth support prices; higher rates and job losses hold them back.
Should I wait for rates to drop?
The Bank of Canada raised rates in October 2026. If you buy, get a rate hold and plan for a payment you can carry even if rates rise again.
Questions? Call, text or WhatsApp me. I answer personally.
Call or text 647-338-6875Sources
TRREB Market Watch, October 2026
Bank of Canada: Oct 28, 2026 rate announcement
Statistics Canada: Labour Force Survey, October 2026
Canadian Press via CHCH: asking rents, October 2026
General information only, not legal, tax, mortgage or financial advice. Rules and rates change; confirm with a real estate lawyer, mortgage professional and the CRA before you act. Inderpal Sidhu, Salesperson, HomeLife Silvercity Realty Inc., Brokerage.