Summary

• Home transactions totalled 470.3K in 2025, a 1.9% decline compared to 2024 but a stronger year than 2023.
• On a monthly basis, transactions were down 2.7% from November to December, a third decline in four months that is difficult to explain given recent interest rate cuts and improvements in the labour market.
• New listings declined by 2.0% from November to December, a fourth consecutive decline.
• Active listings edged down 0.5% from November to December, the fifth decline in six months.
• Market conditions loosened slightly during the month but continued to indicate a balanced market compared to the historical average. Still, the balanced market conditions at the national level largely reflect soft conditions in Ontario and B.C., while markets in all other provinces continue to favour sellers.
• Housing starts ended 2025 on a strong note, rising for the second consecutive month to reach 282.4K, their highest level in five months and well above consensus expectations. In 2025, there was a total of 259.0K housing starts nationwide, an increase of 5.6% compared to 2024. This makes it the third-strongest year on record for the new construction market after 2021 and 2022.
• The Teranet–National Bank Composite National House Price Index remained stable from November to December after seasonal adjustment. Six of the eleven CMAs included in the index recorded increases: Ottawa-Gatineau (+2.9%), Edmonton (+1.2%), Winnipeg (+1.1%), Calgary (+0.7%), Vancouver (+0.2%) and Quebec City (+0.1%). Conversely, prices declined in Hamilton (-1.8%), Halifax (- 1.0%), Victoria (-0.8%), Toronto (-0.5%) and Montreal (-0.2%). From December 2024 to December 2025, the composite index declined by 3.5%.

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