Canadian Housing Market Report
*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for December 2025
Canada Real Estate Market Trends
Average Home Prices by Province (December 2025)
Provincial Average Home Sale Prices
Canada
Canada’s housing market closed out 2025 with average home prices still higher year over year in most provinces in December 2025, but sharper declines in Ontario and B.C. were large enough to pull the national average into negative territory. The national average home price fell to $673,335, down 1.3% month-over-month and 0.5% lower than a year earlier. The national benchmark home price declined for the seventh consecutive month to $660,300, down 0.7% from November 2025 and 4.0% lower year-over-year, confirming that price normalization continued through to the end of 2025.
Market Insights for December 2025
| Sales | -7.4% Year-over-Year |
| New Listings | -2% Month-over-Month |
| Active Listings | +7.4% Year-over-Year |
Note: Sales are seasonally adjusted
Nationally, 39,134 homes were sold in December 2025 on a seasonally adjusted basis, down 3.1% from November and 7.4% below last year’s level.
The national sales-to-new-listings ratio (SNLR) edged higher to 52%, down slightly from 53% in November 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 December 2025
| N/A | N/A | No Records Broken in December 2025 |
No provinces reached an all-time high in either their average or benchmark home prices this month.
Benchmark Home Prices by Province (December 2025)
| Province | December 2025 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $894,000 | -0.8% | -6.4% |
| Ontario | $749,400 | -1.1% | -5.6% |
| Quebec | $529,600 | 0.4% | 7.1% |
| Alberta | $498,200 | 0.0% | -2.2% |
| Nova Scotia | $412,900 | -3.2% | 1.9% |
| PEI | $373,300 | 0.9% | 0.7% |
| Saskatchewan | $359,000 | -0.4% | 7.0% |
| Newfoundland | $335,100 | 0.0% | 10.1% |
| New Brunswick | $334,100 | 0.0% | 1.6% |
| Canada | $660,300 | -0.7% | -4.0% |
Benchmark Prices Across Canada
Benchmark prices saw mixed price changes monthly, while most provinces still see a positive increase year-over-year. The national benchmark fell 0.7% month-over-month, extending its downward streak to seven consecutive months.
Annual benchmark declines remain concentrated in Ontario (-5.6%) and British Columbia (-6.4%), joined this month by Alberta (-2.2%). Meanwhile, Quebec (+7.1%), Saskatchewan (+7.0%), and Newfoundland (+10.1%) continue to post strong year-over-year gains.
Canada: Seller’s or Buyer’s Markets?
| Province | December 2025 Sales-to-New-Listings Ratio (SNLR) | November 2025 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Canada | 52% | 53% | Balanced Market | |
| Alberta | 98% | 75% | Seller's Market | |
| Saskatchewan | 110% | 78% | Seller's Market | |
| Manitoba | 102% | 76% | Seller's Market | |
| Ontario | 74% | 49% | Seller's Market | |
| Quebec | 111% | 78% | Seller's Market | |
| Nova Scotia | 119% | 81% | Seller's Market | |
| New Brunswick | 121% | N/A | Seller's Market | |
| PEI | 106% | 71% | Seller's Market | |
| Newfoundland | 169% | 97% | 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, even as all provinces are now seller’s markets. Rising SNLRs across provinces largely reflect seasonal declines in new listings rather than renewed demand strength.
Months of Supply
| Jurisdiction | December 2025 Months of Supply |
|---|---|
| Canada | 4.5 months |
| British Columbia | 7.3 months |
| PEI | 6.4 months |
| Quebec | 5.4 months |
| Nova Scotia | 5.4 months |
| Ontario | 5.1 months |
| New Brunswick | 4.6 months |
| Saskatchewan | 4.3 months |
| Alberta | 3.5 months |
| Newfoundland | 3.4 months |
Note: Calculated as actual active listings/actual sales for the month
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% | 4.87% | 4.38% | 4.47% | 4.38% | 4.02% |
| 30-Days Change of Average Rates | 0 bps higher | -17 bps lower | -1 bps lower | 0 bps higher | -2 bps lower | -1 bps lower |
| Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
|---|---|---|---|
| -Year Fixed | % | 5.29% | 0 bps higher |
| -Year Fixed | % | 4.87% | -17 bps lower |
| -Year Fixed | % | 4.38% | -1 bps lower |
| -Year Fixed | % | 4.47% | 0 bps higher |
| -Year Fixed | % | 4.38% | -2 bps lower |
| undefined-Year Variable | % | 4.02% | -1 bps lower |
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 December 2025. The average home price fell 2.3% month-over-month to $800,420, leaving prices 4.0% lower than a year earlier and one of the steepest annual declines nationally. It’s also close to a three-year low for Ontario.
The benchmark price declined 1.1% to $749,400, now 5.6% below last year’s level. Sales dropped sharply to 8,806, down 27% month-over-month yet up 1.2% year-over-year, while the SNLR rose to 74% from 49% in November 2025. SNLR typically rises during the winter months.
The average home sold price in the GTA was $1,006,735 in December 2025, representing a decrease of 5.7% year-over-year and 3.1% month-over-month to its lowest since January 2021. Meanwhile, the GTA’s benchmark home price is down 6.3% year-over-year to $942,300, also the lowest since January 2021. GTA home sales are up 10.1% year-over-year, with 3,697 transactions in December 2025. The GTA had 4.6 months of supply in December 2025, indicating a balanced market.
British Columbia
British Columbia's housing market softened notably in December. The average home price declined 1.4% month-over-month to $952,061, and the benchmark price decreased 0.8% month-over-month to $894,000, leaving the benchmark 6.4% lower year-over-year. That’s the ninth consecutive monthly decrease in BC’s benchmark home price.
Sales dropped to 4,271, down 5.9% year-over-year. Greater Vancouver's average home price for December 2025 was $1,189,227, down 6.8% year-over-year, the lowest since January 2023.
Quebec
Quebec remained one of Canada’s strongest housing markets in December 2025, with the average home price up 8% year-over-year to $551,998. It’s down slightly, decreasing 1.2% monthly. The benchmark price was $529,600, 7.1% higher year-over-year.
Sales totalled 5,868, down 11.8% year-over-year. Based on sales-to-new-listings, Quebec had an SNLR of 111% for December 2025.
The Montreal housing market saw its average home price rise 8.7% annually to $674,717 for December 2025. Quebec City had an average home price of $479,130, down 1.8% monthly.
The Prairies
Alberta
Alberta’s housing market cooled seasonally in December as sales dipped 25% monthly. The average home price increased 0.3% month-over-month to $512,556, which is 3.8% higher than a year ago. The benchmark price declined by $200 from last month to $498,200, down 2.2% year-over-year. That’s the ninth consecutive monthly decline and the lowest since early 2024.
Average home prices in Calgary are unchanged year-over-year at $607,149, up just 0.3% year-over-year, while Edmonton home prices had a 4.5% annual increase to $454,981. Calgary home sales are down 15% year-over-year, while Edmonton home sales are down 7.9% year-over-year.
Saskatchewan
Saskatchewan’s average price was $334,839, up 6.8% year-over-year, while the benchmark price was $359,000, maintaining a strong 7.0% annual gain. Sales fell to 792, down 26% from November 2025.
Saskatoon's average home price reached $405,270 in December 2025, up 4% year-over-year. Regina's average home price rose to $348,392, up 18% year-over-year.
Atlantic Canada
Nova Scotia
The average home price in Nova Scotia rose 2.0% month-over-month to $479,280, while the benchmark price slipped slightly to $412,900, down 3.2% monthly but still 1.9% higher year-over-year.
Sales declined to 607, down 2.1% year-over-year, but with an SNLR of 119%, market conditions remain seasonally tilted toward sellers. In Halifax’s housing market, the average price reached $596,473, up 0.4% monthly, with sales up 6.4% yearly.
Prince Edward Island
The average home price in PEI in December 2025 was $394,955, down 3.1% monthly and down 2.4% year-over-year. Sales in PEI are up 20.5% year-over-year.
New Brunswick
The average home price in New Brunswick in December 2025 was $327,140, up 2.4% year-over-year.
Newfoundland and Labrador
The average home price in Newfoundland in December 2025 was $354,011, up 7.5% year-over-year, while sales are up 8.9% 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) Overview
The New Housing Price Index (NHPI) is a monthly measure published by Statistics Canada that tracks changes in the selling prices of new residential houses over time. It serves as a vital tool for government agencies, market analysts, and real estate professionals to monitor the construction sector's health.
Key Technical Details:
- Base Period: The index is calculated relative to a base of 100 set in December 2016.
- Geographic Scope: The index covers 27 census metropolitan areas (CMAs) across Canada, providing both national and city-specific data.
- Tax Exclusions: To reflect the true market price of the structure and land, the NHPI prices exclude value-added taxes such as GST and HST.
- Property Types: It specifically measures the prices of newly built single-family homes, semi-detached houses, and townhouses.
- Exclusions: The index does not include resale homes, custom-built homes, or apartment condominiums, which are tracked by different statistical measures.
Other Real Estate Statistics
Homeownership Rate: 66.5% (2021) down from peak of 69% (2011), highest in Newfoundland and Labrador (75.7%) and lowest in Nunavut (19.2%). Ontario and Quebec respectively have homeownership rates of 68.4% and 59.9%.
The national vacancy rate for purpose-built rental apartments rose to 3.1% in late 2025, up from 2.2% in 2024. Vacancy rates for Toronto, Montreal, Vancouver and Calgary are respectively 3%, 2.9%, 3.7% and 5%.
Housing Construction
Housing Starts: The trend is 264,445 units per year; the actual number of housing starts is 21,870 (November 2025). On an annual basis, housing starts are higher by 24% in Montreal, while they are lower by 11% in Toronto and 1% in Vancouver.
Housing Under Construction: As of November 2025, there are 356k residential units under construction. This number includes 298k apartments, 29k detached homes, 22k row houses and 7k semi-detached units.
Housing Completions: During 2023, 188,689 residential units were completed. 2023 completions included 113k apartments, 44k detached homes, 24k row homes and 8k semidetached homes. CMHC have stopped reporting Canada-wide housing completion data.
Investment in Residential Construction: CAD $185.70 billion (November 2024 - October 2025) shows 8.3% annual growth
Investment in Non-Residential Construction: CAD $81.37 billion (November 2024 - October 2025) shows 3.2% annual growth.
Average Rent for a 2-Bedroom Unit
As reported by the CMHC for purpose-built rentals in October 2025
| Region | Average Rent for a 2-Bedroom Unit (Annual Change) |
|---|---|
| Greater Toronto Area, ON | $2,046 (3.4%) |
| Ottawa, ON | $1,926 (3.4%) |
| Vancouver, BC | $2,363 (2.2%) |
| Victoria, BC | $2,120 (5.1%) |
| Montreal, QC | $1,346 (7.2%) |
| Edmonton, AB | $1,603 (3.5%) |
| Calgary, AB | $1,914 (1.7%) |
| Winnipeg, MB | $1,571 (1.9%) |
| Halifax, NS | $1,826 (6.7%) |
| Canada (Cities 10,000+) | $1,550 (5.1%) |
Glossary and Definitions
MLS® Home Price Index (HPI): Developed by the Canadian Real Estate Association (CREA), the MLS® HPI is the most advanced tool for tracking price trends in the Canadian housing market. Rather than using simple average prices, which can be skewed by the mix of homes sold in a given month, the HPI tracks the value of a "Benchmark Home"—a property with typical attributes for its specific neighborhood. This allows for an accurate "apples-to-apples" comparison of home values across different regions and time periods, independent of a property's specific features or seasonal volatility. To ensure the index remains relevant, CREA performs an annual review every May to account for evolving market dynamics.
MLS® HPI Benchmark Price: This is the dollar value assigned to a "typical" home in a specific neighborhood. While the HPI itself is an index number used to track trends, the Benchmark Price translates that data into a real-world dollar figure, representing what a standard home with average features (like square footage, rooms, and lot size) would likely sell for in today's market.
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.
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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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