Market Watch - Home Sales and Average Selling Price Were Down Compared to Last Year

Many Canadian households want to take advantage of lower borrowing costs and more favourable selling prices. However, they lack confidence in their long-term employment outlook. Fortunately, we saw encouraging news on jobs and the broader economy in November. If this positive momentum continues, consumer confidence will strengthen, and more people will be in a position to consider purchasing a home in 2026,”

Ontario -  Home Sales and Average Selling Price Were Down Compared to Last Year

Toronto, December 9, 2025 -- Greater Toronto Area (GTA) home sales, new listings, and average selling price were down compared to a year earlier in November 2024. Intending homebuyers remained on the sidelines, awaiting more positive economic news.

“There are many GTA households who want to take advantage of lower borrowing costs and more favourable selling prices. What they need most is confidence in their long-term employment outlook. Fortunately, we saw encouraging news on jobs and the broader economy in November. If this positive momentum continues, consumer confidence will strengthen, and more people will be in a position to consider purchasing a home in 2026,” said TRREB President Elechia Barry-Sproule.

GTA REALTORS® reported 5,010 home sales through TRREB’s MLS® System in November 2025 – down by 15.8% compared to November 2024. New listings entered into the MLS® System amounted to 11,134 – down by 4% year-over-year.

On a seasonally adjusted basis, November home sales were down slightly month-over-month compared to October 2025. New listings also edged lower compared to October.

The MLS® Home Price Index (MLS® HPI) Composite benchmark was down by 5.8% year-over-year in November 2025. The average selling price, at $1,039,458, was down by 6.4% compared to November 2024. On a month-over-month seasonally adjusted basis both the MLS® HPI Composite and the average selling price remained close to October figures. The MLS® Composite was down slightly, whereas the average selling price edged up.

Ottawa - Balanced but Softening: Ottawa Housing Market Shifts Toward Higher Supply

Ottawa, December 9, 2025 -- Ottawa eased into a slower market rhythm in November, shaped by early winter weather and a cautious economic environment. Sales declined from October and fell below November 2024 levels. Although active listings dipped month over month, months of inventory (MOI) rose again after tightening earlier in the fall. The market remained broadly balanced, but the data shows a tilt toward higher supply, with November’s seasonal slowdown more pronounced than usual.

Recent rate cuts offer some optimism for renewed buyer engagement through the typically quiet winter months, setting the stage for a steadier start to the new year and a more energized spring. At the same time, elevated inventory in the townhome and apartment segments warrants ongoing attention to ensure clients understand the current dynamics.

November Snapshot: Home Sales in Ottawa

• November total sales: 880, down from 1,177 in October 2025
• 18.2% lower than November 2024
• Year-to-date sales remain 1.5% ahead of this point in 2024
• Average sale price: $680,496, up a little more than 2% year over year
• Year-to-date average: near $700,000, 3% higher than a year ago
• Gains are largely driven by single-family sales, which continue to climb
• Single-family homes averaged $825,827 in November 2025, up 4.8% compared with November 2024 and up 4% year-to-date
• Supply Continues to Build

While inventory typically climbs in November, the increase this year is more pronounced. Active listings reached 3,721, and months of inventory rose to 4.2, a meaningful shift from last year’s tighter conditions. That additional choice is influencing pricing and buyer behaviour across property types. Townhomes averaged $542,607 in November, down from both October and last year’s year-to-date figures. Apartments face the most supply pressure: condo MOI climbed above seven and sales were down by more than a third year over year. Prices in this segment have held up better than townhomes on an annual basis, but the volume of available product signals a softer environment than the stable average sale price suggests.

Ottawa’s apartment market is particularly important to watch in light of Toronto’s experience. Toronto is working through one of the most significant buildups of condo inventory in recent memory, putting clear pressure on prices. Ottawa is not in the same position, but the increase in apartment inventory is real. REALTORS® will want to monitor this segment closely through the winter, especially if listings continue to rise faster than sales. Nearly 70% of new home starts this year are concentrated in rental and condo projects, creating a substantial pipeline of multi-unit supply coming online in the coming years. While these starts influence the long-term rather than the immediate picture, they remain a key factor to watch. Toronto’s condo supply challenges emerged over several years as resale listings accumulated alongside an influx of new completions.

Residential Market Activity: Big Picture

• Total 2025 home sales to date: 13,075
• Increase in home sales compared with 2024: 1.5%
• Average sale price in November: $680,496
• Increase in sale price from 2024: 2.2%, down more than 4% from October*
• Year-to-date average home price: $699,635, a 3.0% increase over the first 11 months of 2024
• Total value of homes sold in November: $599 million (16.5% decrease year over year)
• Year-to-date sales: more than $9 billion, a 4.6% increase over 2024
• New residential listings in November: 1,458, down 39% from October but 10% higher than November 2024
• November active listings: 3,721, a 12% decrease from October but 31.3% higher than 2024

British Columbia - Housing Market Sees Little Change as Year-end Nears

 Vancouver, December 2, 2025 – Metro Vancouver* home-sale trends observed in October continued in November, as sales registered on the MLS® remained lower than this time last year.  

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,846 in November 2025, a 15.4% decrease from the 2,181 sales recorded in November 2024. This was 20.6% below the 10-year seasonal average (2,324). 

“As the year draws to a close, the data continues telling a story of a market with many buyers patiently waiting and sellers adjusting to market conditions not seen in years. Inventory remains healthy, providing buyers ample choice, which, by contrast, is pushing sellers to accept that pricing must reflect this new reality. Buyers and sellers are striking deals when their expectations are aligned and reflective of the current market, not the market of years ago.”

Andrew Lis, GVR chief economist and vice-president of data analytics

There were 3,674 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2025. This represents a 1.4% decrease compared to the 3,725 properties listed in November 2024. This was 3.1% above the 10-year seasonal average (3,562).   

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 15,149, a 14.4% increase compared to November 2024 (13,245). This is 36.3% above the 10-year seasonal average (11,116).   

Sales-to-Active Listings Ratio - November 2025

• Detached9.7%
• Attached13.6%
• Apartment14.8%
• Total 12.6%

Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2025 is 12.6%. By property type, the ratio is 9.7% for detached homes, 13.6% for attached, and 14.8% for apartments.  

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.   

“As sales volumes remain subdued and inventory remains plentiful, properties are taking longer to sell, and pricing has continued to soften slightly across most market segments,” Lis said. “With borrowing costs likely to remain steady into the new year, any uptick in demand will need to arise from a significant change in buyer sentiment. As December is typically among the quietest months of the year in terms of market activity, the prevailing trends suggest we should expect a quiet close to a year marked by considerable uncertainty.”   

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,123,700. This represents a 3.9% decrease over November 2024 and a 0.3% decrease compared to October 2025.   

Sales of detached homes in November 2025 reached 541, a 13.6% decrease from the 626 detached sales recorded in November 2024. The benchmark price for a detached home is $1,900,600. This represents a 4.3% decrease from November 2024 and a 0.4% decrease compared to October 2025.   

Sales of apartment homes reached 945 in November 2025, a 13.2% decrease compared to the 1,089 sales in November 2024. The benchmark price of an apartment home is $714,300. This represents a 5.2% decrease from November 2024 and a 0.2% decrease compared to October 2025.   

Attached home sales in November 2025 totalled 350, a 22.4% decrease compared to the 451 sales in November 2024. The benchmark price of a townhouse is $1,065,600. This represents a 4.4% decrease from November 2024 and a 0.1% increase compared to October 2025.

Alberta - Winter Brings a Drop in Temperatures And Home Sales

Edmonton, December 2, 2025 — For November 2025, the Greater Edmonton Area (GEA) real estate market reported 1,654 sales, a 19.7% decrease compared to activity in October 2025 and a 13.5% decrease compared to November 2024. There were 2,281 new properties listed, decreasing 27.9% month-over-month, tracking 11.0% higher year-over-year. Inventory levels fell 10.6% from the previous month but are 33.3% higher compared to the previous year.

Average selling price across all residential property types decreased by 1.7% in November to $447,005, reflecting a 2.7% increase compared to November 2024. The MLS® Home Price Index (HPI) composite benchmark price in the GEA was $415,500, a 1.3% decrease from October 2025 and 3.3% higher than one year ago.

“Last month’s market shift was significant, but well within seasonal expectations. This time of year typically brings fewer sales and more days on market, and it’s not unusual to see softening prices during the colder months, as motivated sellers try to close a deal before year-end. Usually though, it’s a time of year where different priorities are taking precedence over house-hunting, and it’s a great time to start planning for the 2026 market.” –Darlene Reid, 2025 Board Chair, REALTORS® Association of Edmonton

Data by Property Type:
Detached home average prices decreased 1.0% from October 2025 to $553,746, and increased 2.6% compared to November 2024. Sales in the detached category fell 22.7% from last month and 15.2% from last year. New detached listings fell 29.2% month-over-month, but are still 12.5% higher year-over-year.

Semi-detached new listings decreased 39.4% from the previous month and increased 17.0% year-over-year. Sales also slowed, decreasing by 7.8% compared to October 2025, but increased 3.1% compared to last year. Average prices fell 1.2% from October to $423,790—a price 5.5% higher than the previous year.

Row/townhomes prices decreased 2.5% in November, averaging $289,605. This price reflects a 0.3% increase from the previous year. New listings were also 30.8% lower than October but remained higher than the previous year by 17.7%. Sales for row/townhouse properties decreased by 11.9% month-over-month and 12.5% compared to November 2024.

Apartment condominiums sales slowed from October, selling 23.4% fewer units than the previous month and 18.8% fewer than the previous year. New listings slowed by 31.4% from October but remained 0.5% higher than the previous year. Condominium prices averaged $205,314 at the end of the month, a 1.3% increase from October and a 2.5% increase compared to November 2024.