• Canadian home resales increased by 0.9% from September to October, the sixth increase in the last seven months. Despite the recovery in previous months, sales were still 7.5% below their most recent peak in November 2024.
• On the supply side, new listings declined 1.4% from September to October, a second consecutive decline.
• Active listings increased by 0.9% in October, following a contraction in the prior month as cancelled listings have recently moderated.
• Market conditions remained unchanged during the month and continued to indicate a balanced market compared to the historical average. Still, this largely reflects soft conditions in Ontario and B.C., while markets in all other provinces continue to favour sellers.
• Housing starts fell 16.6% in October to a seven-month low of 232.8K (seasonally adjusted and annualized). The loss was concentrated in Ontario, where starts plunged 51.8% in the month, largely because of a 61.7% decline in Toronto. Vancouver also saw a decrease (-16.9% to 19.4K), while Calgary (+37.9% to 36.1K) and Montreal (+8.7% to a 16-month high of 33.6K) posted gains.
• The Teranet–National Bank Composite National House Price IndexTM rose 0.4% from September to October after seasonal adjustment, marking a third consecutive increase for this indicator. Eight of the 11 CMAs included in the index saw increases, led by Quebec City (+2.5%), Winnipeg (+1.7%), Ottawa-Gatineau (+1.4%) and Victoria (+0.6%). From October 2024 to October 2025, the composite index fell by 2.6%, on decreases in Toronto (-7.2%), Vancouver (-4.5%) and Hamilton (-4.0%). These declines were partially offset by gains in Quebec City (+15.7%), Winnipeg (+5.4%) and Edmonton (+5.3%)

https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf