Canadian Housing Market Report

*Seasonally Adjusted

Note: Data sourced from the Canadian Real Estate Association (CREA)

Canada’s housing market cooled modestly in November 2025, with prices and sales both edging lower as seasonal softness combined with still-elevated borrowing costs. The national average home price fell to $682,219, down 1.2% month-over-month and 1.8% lower than a year earlier. The national benchmark home price declined for the sixth consecutive month to $664,900, down 0.9% from October and 3.7% year-over-year, confirming that price normalization continues into late 2025.

Note: Sales are seasonally adjusted

Nationally, 40,389 homes were sold in November 2025 on a seasonally adjusted basis, down 0.6% from October and 7.6% below last year’s level.

The national sales-to-new-listings ratio (SNLR) edged higher to 52.7%, up slightly from 52.2% in October 2025. New listings slowed seasonally, while inventory continued to rebuild modestly, giving buyers more negotiating leverage than earlier in the year without tipping conditions decisively in their favour.

Both Quebec and Newfoundland saw their average home prices reach new all-time highs in November 2025, making them the hottest provincial housing markets in Canada.

Benchmark prices declined monthly across all provinces in November 2025, consistent with seasonal patterns and continued affordability constraints. The national benchmark fell 0.9% month-over-month, extending its downward streak to six consecutive months.

Annual benchmark declines remain concentrated in Ontario (-5.2%) and British Columbia (-5.8%), while Quebec (+6.5%), Saskatchewan (+7.2%), Nova Scotia (+5.9%), and Newfoundland (+10.3%) continue to post strong year-over-year gains. Alberta’s benchmark slipped slightly annually (-1.6%), reflecting softer resale demand despite population growth.

Note: Canada’s SNLR value uses seasonally adjusted sales. SNLR is not the sole indicator of market conditions and can be influenced by seasonal factors, particularly in November and December.

Canada’s national SNLR continues to point to a balanced market, but regional divergence remains stark. Seller’s markets dominate much of Atlantic Canada, the Prairies, and Quebec, while Ontario remains the only large province firmly balanced. Rising SNLRs across provinces largely reflect seasonal declines in new listings rather than renewed demand strength.

British Columbia's housing market softened notably in November. The average home price declined 1.3% month-over-month to $965,914, and the benchmark price fell 0.4% to $901,100, leaving the benchmark 5.8% lower year-over-year. That’s the eighth consecutive monthly decrease in BC’s benchmark home price.

Sales dropped to 5,052, down 20.7% from October and 13.3% year-over-year. Greater Vancouver's average home price for November 2025 was $1,235,575, down 3.2% year-over-year.

Quebec remained one of Canada’s strongest housing markets in November 2025. The average home price increased 0.1% month-over-month to $558,440, now 7.1% higher than it was at the same time last year. The benchmark price dipped modestly to $527,300, still 6.5% higher year-over-year.

Sales totalled 7,486, down 12.7% month-over-month, though still robust by historical standards. With an SNLR of 78%, Quebec firmly remains a seller’s market.

Quebec City continues to outperform, with average prices surging 16.4% year-over-year to $487,863, while Montreal housing market saw its average home price rise 5.0% annually to an average price of $674,335 for November 2025.

Alberta

Alberta’s housing market cooled seasonally in November. The average home price fell 2.0% month-over-month to $511,217, though it remains 2.2% higher than a year ago. The benchmark price declined 1.4% to $498,400, down 1.6% year-over-year.

Sales dropped sharply to 4,922, down 19.2% month-over-month. Despite this, the SNLR surged to 75%, pushing Alberta deeper into seller’s market territory due to a steep pullback in new listings.

Average home prices in Calgary are unchanged year-over-year at $615,986, while Edmonton home prices had a 2.4% annual increase to $447,005. Both Calgary home sales and Edmonton home sales are down 14% year-over-year.

Saskatchewan

Saskatchewan’s average price dipped 0.9% month-over-month to $334,785, while the benchmark price fell 0.4% to $360,500, maintaining a strong 7.2% annual gain. Sales fell to 1,073, down 25.1% from October 2025.

Saskatoon's average home price reached $406,720 in November 2025, up 3% year-over-year. Regina's average home price rose to $311,291, up 1% year-over-year.

Nova Scotia

Nova Scotia remained one of Canada’s tightest markets in November. The average home price rose 1.2% month-over-month to $469,940, while the benchmark price slipped slightly to $426,400, still 5.9% higher year-over-year.

Sales declined to 754, down 15% year-over-year, but with an SNLR of 81%, market conditions remain firmly tilted toward sellers. In Halifax’s housing market, the average price reached $594,365, up 3.7% annually, despite softer transaction volumes.

Prince Edward Island

The average home price in PEI in November 2025 was $407,587, up 1.6% year-over-year.

New Brunswick

The average home price in New Brunswick in October 2025 was $339,917, up 7.8% year-over-year.

Newfoundland and Labrador

The average home price in Newfoundland in November 2025 was $359,558, up 8.7% year-over-year.

📊 2026 Canada Housing Market Forecast

The national housing market in 2026 is forecast to see muted sales growth and stagnant national prices, driven by a dynamic conflict between demand (immigrants) and supply-side costs (trade war) that is left unbalanced by a stable interest rate environment.

1. 🏦 Constraint from Stable Interest Rates

Market expectation of stable BoC rates until 2027 acts as a brake on sales activity.

• No "Unleashing" of Demand: The market will not benefit from the "powerful boost" of further rate cuts that some forecast.

• Mortgage Renewal Headwind: A large portion of all outstanding Canadian mortgages are expected to renew in 2026. Since many of these renewals will be at higher rates than their initial contracts (especially five-year fixed mortgages), homeowners will face payment increases for those renewing in 2026. This rising cost of ownership will force/encourage some sellers to list.

2. ⚔️ Damage from Trade Conflict

The trade conflict is a net negative that hits both the supply and demand sides of the market simultaneously.

• Supply Crisis Deepens: Retaliatory tariffs on key imports (e.g., steel, aluminum, glass, and major appliances) from the U.S. will drive up the price of building materials. This added expense will cause developers to delay or scrap new projects, reducing housing starts and prolonging the supply crisis.

• Confidence Sinks: The primary risk is the "overall economic slowdown" caused by trade uncertainty, which translates directly into lower consumer confidence and a hesitation to make a large purchase, further muting sales activity.

3. 🌍 Stabilization from Established Immigrants

The sustained underlying demand from recent immigrants who are now credit-ready will be the market's main stabilizing force.

• Demand Maturation: Immigrants from the last few years are now meeting the necessary two years of Canadian residency and job stability required for favourable mortgage financing and are transitioning from the rental market to the ownership market.

• Price Floor: This structural demand will be concentrated in major urban markets (Toronto, Vancouver, Montreal, Calgary), acting as a floor under prices and likely preventing the very steep annual declines that some forecast for Ontario and BC from being realized. This sustained demand will offset economic softness caused by trade anxiety.