Bank of Canada Lifts Rate to 2.5% as Toronto Listings Climb
By YorkNine Desk · · Market watch
The Bank of Canada lifted its policy rate to 2.5 per cent on October 28. YorkNine's Toronto listing data for November 11 shows 11,249 active homes for sale and a median asking price of $778,000.
TL;DR
- The Bank of Canada raised its policy rate to 2.5 per cent on October 28, 2026, a move of 25 basis points, and did not rule out further increases.
- YorkNine's data shows 11,249 active Toronto homes for sale on November 11, with a median asking price of $778,000.
- The next Bank of Canada rate announcement is scheduled for December 9, 2026.
Bank of Canada raises its policy rate to 2.5 per cent
The Bank of Canada raised its benchmark lending rate to 2.5 per cent on October 28, 2026, a move of 25 basis points. The Bank Rate, which is the rate it charges financial institutions, now stands at 2.75 per cent. (Bank of Canada) A basis point is a hundredth of a percentage point, a unit central banks use for small changes.
The central bank pointed to inflation as the reason. Consumer price inflation has hovered around 3 per cent since April and is expected to climb to about 3½ per cent by the end of the year, driven by persistently high oil prices. Leaving out gasoline, inflation was 2.2 per cent in September, and the Bank's measures of underlying inflation remain close to 2 per cent.
The Bank said its Governing Council did not rule out additional increases, but would move carefully because the outlook is uncertain. On housing, it expects activity to stay relatively weak.
For anyone with a mortgage or planning to borrow, the direction matters more than the single step. Lenders set their own rates, and the central bank's decision is one input among several.
What Toronto's listing data shows on November 11
YorkNine's snapshot of active public MLS® listings on November 11, 2026 counts 11,249 homes for sale in Toronto. A further 1,177 came to market in the previous seven days. The median asking price is $778,000, and the median listing has been up for 41 days.
These are asking prices on active listings. They are not sale prices and not official board statistics, so they show what sellers are requesting, not what buyers are paying.
The rental side is also large: 10,402 active rentals were listed on the same date.
City · Active homes for sale · New for-sale listings (last 7 days) · Median asking price · Median days listed
Toronto · 11,249 · 1,177 · $778,000 · 41
Toronto home type · Active for sale · New (last 7 days) · Median asking price
Condo apartment · 5,829 · 625 · $589,000 Detached · 2,646 · 313 · $1,509,500 Semi-detached · 552 · 80 · $1,049,500 Townhouse · 233 · 35 · $1,089,000
Source: YorkNine analysis of active public MLS® listings (IDX) on 2026-11-11. Asking prices of homes currently for sale, not sale prices; not official board statistics.
The table above breaks the Toronto figures out by home type. To browse what is currently listed, see Homes for sale in Toronto.
Image: YorkNine, AI-generated.
How asking prices differ by home type
The citywide median hides a wide spread between property types.
- Condo apartments: 5,829 active listings, 625 new this week, median asking price $589,000.
- Detached homes: 2,646 active listings, 313 new, median asking price $1,509,500.
- Semi-detached homes: 552 active listings, 80 new, median asking price $1,049,500.
- Townhouses: 233 active listings, 35 new, median asking price $1,089,000.
Condo apartments are the largest group by count, which pulls the overall median of $778,000 well below the asking prices for houses. A single citywide figure therefore says little about any one street or building.
Each category has its own page: condo apartments, detached homes, semi-detached homes and townhouses.
What it means for you
Buyers. A large pool of active listings and a median of 41 days on the market give a wide selection to compare. Borrowing costs are a moving part, since the Bank has left the door open to further increases. (Bank of Canada) The mortgage calculator shows how different rates change a monthly payment.
Sellers. Asking prices vary sharply by home type, so a citywide figure is a poor guide to any one property. With 1,177 new listings in a week, homes compete for attention. A home value estimate is a starting point, and a licensed real estate agent can speak to local comparables.
Owners renewing a mortgage. The policy rate is higher than it was before October 28, and the Bank has not closed off more increases. Check with your lender or a mortgage professional about your own renewal terms.
Investors. With 10,402 active rentals alongside the for-sale supply, renters have plenty of choice. The evidence here does not cover rents or returns, so this is general information, not advice.
What to watch next
The Bank of Canada's next scheduled rate announcement is December 9, 2026. Its next Monetary Policy Report is due January 27, 2027. (Bank of Canada)
The Bank named developments in the Middle East and the way businesses respond to rising costs as the main sources of uncertainty in its outlook. It also described Canada-US trade relations as a source of considerable uncertainty for its growth forecast.
YorkNine will keep updating its Toronto listing counts and asking prices as new snapshots arrive. For more coverage, see the YorkNine blog.
Frequently asked questions
What is the Bank of Canada's policy rate now?
The Bank of Canada raised its policy rate to 2.5 per cent on October 28, 2026. The Bank Rate is 2.75 per cent. (Bank of Canada)
When is the next Bank of Canada rate decision?
The next scheduled announcement is December 9, 2026. The next Monetary Policy Report is due January 27, 2027. (Bank of Canada)
How many homes are for sale in Toronto?
YorkNine counted 11,249 active homes for sale in Toronto on November 11, 2026, including 1,177 new listings in the previous seven days. These are active listings, not sales.
What is the median asking price in Toronto?
The median asking price across active Toronto listings was $778,000 on November 11, 2026. It is an asking price, not a sale price or an official board statistic.
Did the Bank of Canada say more rate increases are coming?
It said further increases may be needed but that it would proceed with care given the uncertainty. This is not a forecast of any specific move. (Bank of Canada)
Sources
- Bank of Canada raises the policy rate by 25 basis points to 2½% — Bank of Canada, 2026-10-28
- YorkNine analysis of active public MLS® listings (IDX), 2026-11-11. Asking prices of homes for sale; not official board statistics.
This article is general information, not financial, legal, tax or investment advice. Speak with a licensed professional about your situation. Statistics attributed to other organisations are theirs. Images are AI-generated and do not show the actual places, people or events reported.
MLS®, Multiple Listing Service® and the associated logos are trademarks owned or controlled by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. REALTOR® is a trademark controlled by CREA that identifies real estate professionals who are members of CREA.
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