Canadian Housing Market Report
*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for October 2025
Canada Real Estate Market Trends
Average Home Prices by Province (October 2025)
Provincial Average Home Sale Prices
Canada
Canada’s housing market experienced a modest rebound in October 2025, as average prices as well as sales activity increased. The national average home price rose to $690,195, up 2.1% month-over-month and 0.9% lower than a year earlier. The benchmark home price, which reflects the value of a typical home, declined slightly to $679,600, down 0.4% from September and 3.0% below last year’s level.
Market Insights for October 2025
| Sales | -6.3% Year-over-Year |
| New Listings | -1.4% Month-over-Month |
| Active Listings | +7.2% Year-over-Year |
Note: Sales are seasonally adjusted
Nationally, 40,423 homes were sold in October 2025 on a seasonally adjusted basis, 1.2% higher than in September 2025 and a 6.3% decrease year-over-year. Activity remains near long-term averages.
The national sales-to-new-listings ratio (SNLR) rose to 52.2%, up from 51.0% in September 2025, indicating a continued balance between supply and demand. New listings are down 1.4% month-over-month, while active listings rose to 189,000, up 7.2% year-over-year, suggesting buyers have slightly more options this fall.
Provincial Price Record Breakers for October 2025
| Quebec | 🏆🏆 | Record-Breaking Benchmark ($535,200) PriceRecord-Breaking Average ($557,883) Price |
| New Brunswick | 🏆 | Record-Breaking Benchmark ($335,100) Price |
Both Quebec’s average and benchmark home prices reached new all-time highs in October 2025, making it the hottest provincial housing market in Canada.
Benchmark Home Prices by Province (October 2025)
| Province | October 2025 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $929,800 | -0.6% | -2.6% |
| Ontario | $777,800 | -0.5% | -6.3% |
| Quebec | $535,200 | 0.6% | 8.3% |
| Alberta | $507,000 | -0.7% | -0.3% |
| Nova Scotia | $432,600 | 0.6% | 5.2% |
| PEI | $366,600 | -2.4% | -2.4% |
| Saskatchewan | $362,700 | -1.5% | 5.6% |
| Newfoundland | $337,000 | -0.1% | 9.9% |
| New Brunswick | $335,100 | 2.3% | 5.2% |
| Canada | $679,600 | -0.4% | -3.0% |
Benchmark Prices Across Canada
Benchmark home prices declined in most provinces this month as expected for this season. The national benchmark fell, for the 7th month in a row, by 0.4% MoM to $679,600, with annual declines led by Ontario (-6.3%) , British Columbia (-2.6%) and PEI (-2.4%). Alberta’s benchmark was nearly flat year-over-year, down 0.3%, while Saskatchewan (+5.6%), Quebec (+8.3%), and Newfoundland (+9.9%) posted notable gains. Among the Atlantic provinces, Nova Scotia (+5.2%) and New Brunswick (+5.2%) also continued to see significant gains.
Quebec set a new record for both average and benchmark prices this month, and New Brunswick set a record for its Benchmark price. Newfoundland’s benchmark price is just $600 shy of its all-time high of $337,600, seen two months ago in August 2025.
Canada: Seller’s or Buyer’s Markets?
| Province | October 2025 Sales-to-New-Listings Ratio (SNLR) | September 2025 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Canada | 52% | 50.7% | Balanced Market | |
| Alberta | 64% | 57% | Seller's Market | |
| Saskatchewan | 75% | 73% | Seller's Market | |
| Ontario | 42% | 34% | Balanced Market | |
| Quebec | 64% | 55% | Seller's Market | |
| Nova Scotia | 76% | 62% | Seller's Market | |
| New Brunswick | N/A | 62% | N/A | |
| PEI | 68% | 59% | Seller's Market | |
| Newfoundland | 84% | 64% | Seller's Market |
Note: Canada’s SNLR value uses seasonally-adjusted sales
SNLR
This month, the SNLR in all provinces rose on a seasonal wave. Canada’s national SNLR of 52% signals a balanced market, with roughly equal strength between buyers and sellers. However, regional differences remain pronounced.
- Seller’s markets: Saskatchewan (75%), Newfoundland (84%), Nova Scotia (76%), and PEI (68%). Even Alberta and Quebec (both 64%) are seller's markets.
- Balanced markets: Ontario (42%) was the only market that was balanced.
With benchmark prices easing slightly and average prices showing mild recovery, Canada’s housing market is entering the final quarter of 2025 on a more balanced footing.
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) | 5.34% | 5.06% | 4.33% | 4.46% | 4.35% | 4.02% |
| 30-Days Change of Average Rates | 0 bps higher | 0 bps higher | -7 bps lower | -9 bps lower | -4 bps lower | -23 bps lower |
| Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
|---|---|---|---|
| -Year Fixed | % | 5.34% | 0 bps higher |
| -Year Fixed | % | 5.06% | 0 bps higher |
| -Year Fixed | % | 4.33% | -7 bps lower |
| -Year Fixed | % | 4.46% | -9 bps lower |
| -Year Fixed | % | 4.35% | -4 bps lower |
| undefined-Year Variable | % | 4.02% | -23 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 saw a modest rebound after a quiet summer. The average home price increased 0.5% month-over-month to $833,376, though it remains 5.1% lower than last year. That’s the largest annual price decline among the provinces for October 2025.
The benchmark price slipped 0.5% to $777,800, reflecting ongoing softness as it dropped 6.3% year-over-year, the largest decline among the provinces as well. Sales declined 5.7% annually to 15,078, while the SNLR rose to 42% from 34% in September 2025, indicating a shift toward balance conditions.
The average home sold price in the GTA was $1,054,372 in October 2025, representing a decrease of 7.1% year-over-year and 0.5% month-over-month. Meanwhile, the GTA’s benchmark home price is down 5.0% year-over-year to $956,800. GTA home sales are down 7.8% year-over-year, with 6,138 transactions in October 2025. The GTA's SNLR was 38% in buyer’s market territory.
British Columbia
British Columbia's housing market in October 2025 climbed for the second time on a monthly basis since May 2025. The average home price rose 3.2% month-over-month to $978,658, while the benchmark price slipped 0.6% month-over-month to $929,800. Year-over-year, benchmarks remain lower, down 2.6%, while average climbed 1.4%. The province recorded 6,374 sales, 10% lower than last year. Greater Vancouver's average home price for October 2025 was $1,265,670, up 1.2% year-over-year.
Quebec
Quebec’s market continued to strengthen in October 2025. The average price rose to $557,883, up 1.2% month-over-month and 8.5% year-over-year, while the benchmark price climbed 0.6% month-over-month to $535,200. The province recorded 8,577 sales, an increase of 7.8% annually, making Quebec one of the country’s fastest-growing regions in terms of sales growth.
With an SNLR of 64%, market conditions are tight, up from a balanced market with an SNLR of 55% in September 2025, as demand remains robust in both Montreal and Quebec City. Quebec City’s average price reached $477,686, up 11% from last year. The Montreal housing market saw its average home price rise 9.1% annually to an average price of $687,134 for October 2025.
The Prairies
Alberta
Alberta’s housing market in October 2025. witnessed the average price rising 3.9% monthly but falling 4.3% annually to $521,476, while the benchmark fell 0.7% monthly to $507,000, down 0.3% from last year. Sales totalled 6,095, down 10.4% from the same period a year earlier. With an SNLR of 64%, Alberta entered sellers' territory, up from 57% in September 2025.
Average home prices in Calgary are up 3.5% year-over-year to $642,840, while Edmonton home prices had a 3.3% annual increase to $454,777. Calgary home sales are down 13% year-over-year, while Edmonton home sales are down 17% year-over-year.
Saskatchewan
Saskatchewan's average price remained unchanged monthly at $337,706, though still 4.1% higher year-over-year. The benchmark price decreased 1.5% monthly to $362,700, maintaining a 5.6% annual gain. With 1,433 sales, activity was down 5.7% relative to last year's October. The SNLR rose to 75%, reinforcing Saskatchewan’s position firmly in seller’s market territory.
Saskatoon's average home price reached $401,704 in October 2025, up 1% year-over-year. Regina's average home price rose to $331,025, up 5% year-over-year.
Atlantic Canada
Nova Scotia
Nova Scotia’s average home price rose 1.5% to $464,573, while the benchmark rose by 0.6% to $432,600. Year-over-year, average and benchmark prices remain 4.6% and 5.2% higher, respectively. Sales totalled 1,078, 0.9% lower than last year. The SNLR rose to 76% from 62% last month, indicating a seller’s market. In Halifax’s housing market, average prices rose 4.2% annually to $602,837, with sales up 2.8% annually.
📊 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:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
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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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