The total number of home sales recorded in November over Canadian MLS Systems declined 0.6% from the prior month and were down by 10.7% from November 2024, according to data from the Canadian Real Estate Association (CREA).
There were 173,000 properties listed for sale across all Canadian MLS Systems at the end of November, up 8.5% from one year earlier but 2.5% below the long-term average for that time of the year. The number of newly listed properties declined 1.6% on a month-over-month basis as the sales-to-new listings ratio tightened to 52.7% compared to 52.2% in October.
The MLS Home Price Index (HPI) dipped 0.4% month-over-month and was down 3.7% on a year-over-year basis, while the actual (not seasonally adjusted) national average sale price was down 2% on a year-over-year basis. Last month’s non-seasonally adjusted national average home price was $682,219, down 2% from November 2024.
“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.”
