Canadian home sales remained largely unchanged in November, reinforcing the sense that the housing market has settled into a holding pattern as the calendar edges closer to 2026.
According to the latest data from the Canadian Real Estate Association (CREA), national home sales declined 0.6% month-over-month in November 2025. While activity remains well above the lows seen earlier in the year, it has remained mostly unchanged since July, suggesting that the mid-year pickup in demand has yet to translate into sustained momentum.
On a non-seasonally adjusted basis, sales were 10.7% lower than in November 2024. Fresh supply also pulled back, with newly listed properties down 1.6% month-over-month. As a result, the national sales-to-new listings ratio edged up slightly to 52.7%, compared to 52.2% in October. That figure remains below the long-term average of 54.9%, but still falls within the range typically associated with balanced market conditions.
Price measures softened again in November. The MLS Home Price Index (HPI) dipped 0.4% from October and was down 3.7% compared to November 2024. The national average sale price came in at $682,219, marking a 2% year-over-year decline. CREA Senior Economist Shaun Cathcart noted that recent activity suggests some sellers are making price concessions in order to complete transactions before the end of the year, following a period of stronger demand earlier in 2025.
Inventory levels, meanwhile, have remained steady. There were approximately 173,000 properties listed for sale across Canadian MLS® Systems at the end of November, up 8.5% from last year but still 2.5% below the long-term average for this time of year. Nationally, there were 4.4 months of inventory on the market — a figure that has held essentially unchanged since July, and remains slightly below the long-term average of five months.
Looking ahead, CREA Chair Valérie Paquin said that expectations for a housing market recovery in 2025 were disrupted by broader economic pressures. With interest rates now lower amid a softer economy — and clearer signals from the Bank of Canada — attention is increasingly shifting toward the spring 2026 market, as buyers and sellers begin planning for what comes next.
