Canadian Existing Home Sales (November 2025)

Canadian home sales slipped in November 

• Canadian existing home sales declined 0.6% month-on-month (m/m) in November, partially reversing October's 1% m/m gain. Ontario (sales down 1.5% m/m) and Quebec (-2% m/m), drove the national decline. Quebec's drop marked a pullback from a robust October, while sales have fallen for 3 straight months in Ontario. Partially offsetting November's national monthly decline were gains in B.C., Alberta, and Saskatchewan (all up 3% m/m). Sales were lower elsewhere in the country.
• Canadian new listings dropped 1.6% m/m in November. With sales declining less than new listings, the sales-to-new listings ratio tightened up a touch. However, at 52.7%, the ratio remained below its long-term average, pointing to below-average Canadian average home price growth in coming months.
• Average home prices edged 0.3% m/m lower in November. Weakness was relatively broad-based, with prices down or flat in 6 of 10 provinces, headlined by drops in Manitoba (-2% m/m), Alberta and Quebec (both down 1% m/m). Prices declined by about 0.5% m/m in B.C. and Ontario. Meanwhile, they were up about 1.5% m/m, on average, in the Atlantic and Saskatchewan.
• The MLS home price index, a more "like for like" measure, fell by 0.4% m/m and were down 3.7% on a year-on-year basis. Prices for detached units dropped 0.5% m/m, while condo prices dipped 0.1% m/m, with the pace of declines in this structure type generally moderating since June.

Key Implications

• After rebounding from early-year woes in the spring and most of the summer, Canadian home sales growth has cooled. November was a soft month for resale housing, with Canadian sales and prices both down. However, November's sales dip was small, and sales have climbed for 6 of the past 8 months. As such, we're not throwing in the towel yet on our view that Canadian sales will grind higher through next year, supported by pent-up demand in B.C. and Ontario, and some improvement in job markets in 2026. 
• Canadian average home price growth was quite muted in November, and we think it will continue to grow at a sub-trend pace in coming quarters, weighed down by loose supply/demand balances in B.C. and Ontario. In contrast, tighter markets should fuel stronger price gains elsewhere in the country. Indeed, Quebec looks like a prime candidate for price outperformance in 2026 (despite November's soft showing), with supply/demand conditions strongly in the favour of sellers heading into 2026.

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