Overview
- CREA reports national home sales fell 10.7% year over year in November and 0.6% from October, while the average price declined 3.8% to $674,800.
- Price weakness was concentrated in Vancouver, Toronto, and Ontario’s Kitchener–Woodstock–London corridor, reflecting sharper softening in major, higher-cost markets.
- Sellers made price concessions to close deals as market metrics hovered near balance, with a 52.7% sales-to-new-listings ratio, 4.4 months of inventory, and 173,000 active listings up 8.5% from a year earlier.
- Condominiums remain under pressure with elevated inventory; the GTA average fell 5.1% in 2025, an estimated $37,042 drop for owners, while CMHC notes condo starts have pulled back across most cities except Edmonton and Ottawa.
- Despite the Bank of Canada’s 2025 rate cuts to 2.25% and lower mortgage costs, industry outlooks push broader recovery to 2026, with RE/MAX naming Halifax, Ottawa, and Edmonton as likely condo leaders and Royal LePage projecting further declines in Toronto and Vancouver.