The number of home sales recorded over Canadian MLS® Systems declined 0.6% on a month-over-month basis in November 2025, still well above April levels but mostly unchanged since July.

“At this point it’s looking like the mid-year rally in housing demand has veered into more of a holding pattern heading into 2026, coupled with what looks like some price concessions in November in order to get deals done before the end of the year,” said Shaun Cathcart, CREA’s Senior Economist. “That said, the Bank of Canada’s clear signal that rates are now about as good as they’re likely going to get is the green light many fixed-rate borrowers have no doubt been waiting for, so we remain of the view that activity will continue to pick up next year.”

November Highlights:

• National home sales declined 0.6% month-over-month.
• Actual (not seasonally adjusted) monthly activity came in 10.7% below November 2024.
• The number of newly listed properties declined 1.6% on a month-over-month basis.
• The MLS® Home Price Index (HPI) dipped 0.4% month-over-month and was down 3.7% on a year-over-year basis.
• The actual (not seasonally adjusted) national average sale price was down 2% on a year-over-year basis.

New supply declined 1.6% month-over-month in November. Combined with a smaller decrease in sales activity, the sales-to-new listings ratio tightened to 52.7% compared to 52.2% in October. The long-term average for the national sales-to-new listings ratio is 54.9%, with readings roughly between 45% and 65% generally consistent with balanced housing market conditions.

https://www.crea.ca/media-hub/news/canadian-home-sales-mark-four-year-high-for-the-month-of-september-2-2/