Canadian Housing Market Report
*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for November 2025
Canada Real Estate Market Trends
Average Home Prices by Province (November 2025)
Provincial Average Home Sale Prices
Canada
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.
Market Insights for November 2025
| Sales | -7.6% Year-over-Year |
| New Listings | -1.6% Month-over-Month |
| Active Listings | +8.5% Year-over-Year |
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.
Provincial Price Record Breakers for November 2025
| Quebec | 🏆 | Record-Breaking Average ($558,440) Price |
| Newfoundland | 🏆 | Record-Breaking Average ($359,558) Price |
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 Home Prices by Province (November 2025)
| Province | November 2025 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $901,100 | -0.4% | -5.8% |
| Ontario | $757,400 | -0.9% | -5.2% |
| Quebec | $527,300 | -0.9% | 6.5% |
| Alberta | $498,400 | -1.4% | -1.6% |
| Nova Scotia | $426,400 | -0.4% | 5.9% |
| PEI | $369,900 | -1.7% | -1.1% |
| Saskatchewan | $360,500 | -0.4% | 7.2% |
| Newfoundland | $335,100 | -0.3% | 10.3% |
| New Brunswick | $334,000 | -0.7% | 2.3% |
| Canada | $664,900 | -0.9% | -3.7% |
Benchmark Prices Across 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.
Canada: Seller’s or Buyer’s Markets?
| Province | November 2025 Sales-to-New-Listings Ratio (SNLR) | October 2025 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Canada | 53% | 52% | Balanced Market | |
| Alberta | 75% | 64% | Seller's Market | |
| Saskatchewan | 78% | 75% | Seller's Market | |
| Manitoba | 76% | 81% | Seller's Market | |
| Ontario | 49% | 42% | Balanced Market | |
| Quebec | 78% | 64% | Seller's Market | |
| Nova Scotia | 81% | 76% | Seller's Market | |
| PEI | 71% | 68% | Seller's Market | |
| Newfoundland | 97% | 84% | Seller's Market |
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.
SNLR
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.
Today’s Mortgage Rates
| 1-Year Fixed | 2-Year Fixed | 3-Year Fixed | 4-Year Fixed | 5-Year Fixed | 5-Year Variable | |
|---|---|---|---|---|---|---|
| Lowest Rates | % | |||||
| Average Rates (10 Lenders) | 5.29% | 5.04% | 4.39% | 4.47% | 4.4% | 4.03% |
| 30-Days Change of Average Rates | -5 bps lower | -2 bps lower | 6 bps higher | 2 bps higher | 6 bps higher | 1 bps higher |
| Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
|---|---|---|---|
| -Year Fixed | % | 5.29% | -5 bps lower |
| -Year Fixed | % | 5.04% | -2 bps lower |
| -Year Fixed | % | 4.39% | 6 bps higher |
| -Year Fixed | % | 4.47% | 2 bps higher |
| -Year Fixed | % | 4.4% | 6 bps higher |
| undefined-Year Variable | % | 4.03% | 1 bps higher |
The basket of 10 lenders includes: , BMO, TD, Scotiabank, RBC, National Bank, Desjardins, nesto, Tangerine, First National.
Regional Analysis
Ontario
Ontario's housing market cooled further in November 2025 after a brief October rebound. The average home price fell 1.7% month-over-month to $819,356, leaving prices 5.6% lower than a year earlier and one of the steepest annual declines nationally.
The benchmark price declined 0.9% to $757,400, now 5.2% below last year’s level. Sales dropped sharply to 12,087, down 19.8% month-over-month, while the SNLR rose to 49% from 42% in October 2025.
The average home sold price in the GTA was $1,039,458 in November 2025, representing a decrease of 6.0% year-over-year and 1.4% month-over-month. Meanwhile, the GTA’s benchmark home price is down 5.8% year-over-year to $951,700. GTA home sales are down 14.7% year-over-year, with 5,010 transactions in November 2025. The GTA's SNLR was 45% in November 2025.
British Columbia
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
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.
The Prairies
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.
Atlantic Canada
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.
| Category | Outlook for 2026 | Primary Drivers |
|---|---|---|
| National Average Price | Flat to Slight Decline | High construction costs (trade war) and low buyer confidence counteract sustained immigrant demand. |
| Sales Volume | Muted Recovery | Pent-up demand from established Canadians is constrained by stable, non-stimulative interest rates, leading to smaller-than-expected growth. |
| Supply (New Construction) | Decline | Trade tariffs on building materials will raise construction costs, potentially causing developers to postpone or cancel new projects, worsening the long-term supply shortage. |
| Affordability | Worsens for New Homes | Stable rates keep borrowing costs high, while tariffs add an estimated $30,000−$50,000 to the cost of a new build, increasing the price gap between new and resale homes. |
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.
Breakdown By Region
New Housing Price Index
The New Housing Price Index (NHPI) is a housing price index published by Statistics Canada that measures the change over time in selling prices of new residential properties. It is published by Statistics Canada and used by governmental agencies, market analysts, and real estate businesses. The index is relative to a standard of 100 set in 2017.
Other Real Estate Statistics
Homeownership Rate: 66.5% (2021)
Vacancy Rate: 1.5% (2023)
Housing Construction
Housing Starts: The trend is 244,800 units per year, the actual number of housing starts is 14,878 (January 2024)
Housing Under Construction: 353,361 units (Jan 2024)
Housing Completions: 187,630 units (2023)
Investment in Residential Construction: CAD $157.7 billion (2023)
Investment in Non-Residential Construction: CAD $71.4 billion (2023)
Average Rent for a 2-Bedroom Unit
As reported by the CMHC for purpose-built rentals in 2023
| Region | Average Rent for a 2-Bedroom Unit |
|---|---|
| Greater Toronto Area, ON | $1,940 (8.7%) |
| Ottawa, ON | $1,698 (4%) |
| Vancouver, BC | $2,181 (8.6%) |
| Victoria, BC | $1,839 (7.9%) |
| Quebec City, QC | $1,040 (4.8%) |
| Montreal, QC | $1,096 (7.9%) |
| Edmonton, AB | $1,398 (6.4%) |
| Calgary, AB | $1,695 (14.3%) |
| Winnipeg, MB | $1,427 (4.4%) |
| Saskatoon, SK | $1,360 (9.0%) |
| Halifax, NS | $1,628 (11%) |
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view and tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to cover damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owners of the buildings have leased the land and pay rent to their landlord while owning the building on the land.
Disclaimer:
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
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