Market Watch - Home Sales Are Down while Inventory Levels Continue to Rise.

Market conditions continued to favour homebuyers, as average selling prices were negotiated down alongside lower mortgage rates. However, many intending homebuyers remain on the sidelines due to uncertainty about their economic future.

In spite of the recent Bank of Canada rate cuts, it remains too early to see the real effect this will have on the market; however, it is expected that more favourable borrowing conditions may help expand affordability and boost confidence as you search for the right home.

Ontario - Home Sales Are Down as Inventory Levels Continue to Rise.

Toronto, November 7, 2025 -- Home sales in the Greater Toronto Area (GTA) were down year-over-year in October, while new listings were up. Market conditions continued to favour homebuyers, as average selling prices were negotiated down alongside lower mortgage rates.

“Buyers who are confident in their employment situation and ability to make their mortgage payments over the long term are benefiting from affordable housing market conditions relative to the past few years. However, many intending homebuyers remain on the sidelines due to uncertainty about their economic future,” said TRREB President Elechia Barry-Sproule.

GTA REALTORS® reported 6,138 home sales through TRREB’s MLS® System in October 2025 – down by 9.5% compared to October 2024. New listings entered into the MLS® System amounted to 16,069 – up by 2.7% year-over-year.

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

The MLS® Home Price Index (MLS® HPI) Composite benchmark was down by 5% year-over-year in October 2025. The average selling price, at $1,054,372, was also down by 7.2% compared to October 2024.

On a month-over-month seasonally adjusted basis, the MLS® HPI Composite was essentially flat compared to September. The average selling price was down compared to September.

“The monthly mortgage payment for an average-priced GTA home continued to trend lower in October, benefitting from both lower borrowing costs and lower selling prices. This means more buyers can now afford to purchase a home that meets their housing needs. Once we have more certainty on the economic front, including trade with the U.S. and China, home sales should increase,” said TRREB Chief Information Officer Jason Mercer.

“Housing is essential economic infrastructure. As the population continues to grow, innovation and private capital are required to accelerate new construction across all housing types. Governments can help by modernizing tax rules, cutting buyer costs, and ending exclusionary zoning. Working together, we can rebuild confidence, create jobs, and deliver the homes Ontarians need. We have to act now,” said TRREB CEO John DiMichele.

Ottawa - Sales Rise as Inventory Levels Ease in October

Ottawa, November 7, 2025 — Ottawa’s market continues to be resilient despite broader concerns about economic uncertainty. In October, Ottawa’s housing market experienced a modest, seasonal increase in sales activity accompanied by a reduction in the elevated inventory levels seen in recent months. This points to a stable yet cautious phase for the region as we move into the typically slower winter season.  

Last month, a total of 1,177 homes were sold, up 8.1% from 1,089 in September 2025, but down slightly year over year with a 1.2% decrease compared to October of 2024. The average sale price climbed to $709,002, an increase of 2.7% month over month and 5.7% higher than the same period last year, suggesting that underlying demand remains resilient. 

Ottawa saw 2,405 new listings in October, a 15.1% decline from September 2025, but 13.4% higher than October 2024. This seasonal drop off in new listings between September and October has been a consistent pattern over the past decade. More notably, active listings fell from 4,388 in September to 4,232 in October, a 3.6% decrease. While inventory levels remain higher than in recent years, this familiar fall decrease in active listings suggests that the trend towards elevated supply levels may be starting to stabilize, still within a balanced market range. Reinforcing that trend, the months of inventory measure eased from 4.0 to 3.6, indicating a modest tightening in the balance between buyers and sellers as the fall market settled. 

The Bank of Canada’s second consecutive rate cut on Oct. 29, 2025, lowered the policy rate by 25 basis points to 2.25%, providing additional relief to borrowers and some optimism for an active spring market. However, the bank tempered expectations for further easing, noting in its statement that this is likely the final cut in the current cycle. The Ottawa Real Estate Board (OREB) is monitoring the newly released federal budget and workforce announcements, as cuts in either area have historically affected Ottawa’s housing market given the city’s large federal employment base. 

Overall, Ottawa continues to display a pattern of measured balance, modestly improving demand, steady prices, and a market environment that remains fundamentally healthy as it heads toward year-end. 

“Ottawa’s market continues to demonstrate balance and resilience,” said OREB President Paul Czan. “We’re seeing modest growth in sales activity, stable pricing, and a seasonal easing of elevated inventory levels. The recent rate adjustments provide optimism for the coming months, but economic uncertainty looms, and buyers and sellers remain cautious, watching how broader economic factors play out. The current environment points to a steady market rather than a rapid shift in either direction.” 

Residential Market Activity: Year to date, 12,197 homes have sold, a 3.3% increase over the first 10 months of 2024. The total dollar volume through October reached $8.55 billion, up 6.5% year over year, while the average year-to-date price stands at $700,869, a 3.0% increase year over year. 

Looking at the bigger picture, there have been 12,197 home sales so far this year, a 3.3% increase compared to the same period in 2024. 

The average sale price for all sold listings in October was $709,002, up 5.7% from last year and 2.7% higher than September. 

The year-to-date average price now stands at $700,869, a 3.0% increase over the first ten months of 2024. 

Altogether, the total value of homes sold in October was approximately $834.5 million, a 4.5% year-over-year increase, and sits just under $8.5 billion year to date, a significant 6.5% increase over the same period of time in 2024.  

On the listing side, there were 2,405 new residential listings added in October, down 15.1% from September but still 13.4% higher than last year.  

Active listings totaled 4,232, a 3.6% decrease from September but 21.3% higher year over year. 

The months of inventory, a key measure of supply, eased from 4.0 in September to 3.6, reflecting a slightly tighter balance between supply and demand within what remains a generally balanced market. 

MLS® Home Price Index (HPI): The MLS® Home Price Index (HPI) composite benchmark for Ottawa was $622,700 in October, down 0.7% month over month but up 0.7% year over year, continuing the trend of moderate, sustainable price movements rather than volatility.  

By property category: 

• Single-family: $692,400 up 0.3% compared to 2024 
• Townhouse: $456,300 up 6.6% compared to 2024 
• Apartment: $402,900 up 0.1% compared to 2024 

British Columbia - Housing Market Activity Strengthening Into the Closing Months of 2025

Vancouver, November 12, 2025 -- The British Columbia Real Estate Association (BCREA) reports that 6,374 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in October 2025, down 10.2% from October 2024. The average MLS® residential price in BC in October 2025 was up 0.8% at $978,658 compared to $970,483 in October 2024.

Total MLS® residential sales dollar volume was $6.2 billion, down 9.4% from the same time the previous year. BC MLS® unit sales were 17.1% lower than the ten-year average for the month of October.

“Sales activity in many regions of the province has recovered to pre-tariff levels, with more expensive regions continuing to lag behind,” said BCREA Chief Economist Brendon Ogmundson. “We expect demand to steadily enter the market as interest rates fall, driving a stronger final quarter of the year.”

Year-to-date, BC residential sales dollar volume is down 7.5% to $58 billion, compared with the same period in 2024. Residential unit sales are down 4.8% year-over-year at 60,954 units, while the average MLS® residential price is also down 2.8% to $952,273.

Alberta - Pace of New Listings Growth Slows, Preventing Further Inventory Gains

Calgary, November 3, 2025 – Inventory levels eased over last month thanks to the combined impact of a monthly pullback in new listings and a monthly pick up in sales. 

With 6,471 units in inventory and 1,885 sales the October months of supply returned to three-and-a-half months after pushing up to four months in September. While both row- and apartment-style properties continue to report elevated supply levels compared to demand, conditions remain relatively balanced for both detached and semi-detached properties. 

Year-to-date sales in the city totaled 20,082, down nearly 16% compared to last year, but still in line with longer-term trends. Much of the decline in sales has been driven by pullbacks for apartment- and row-style homes.   

“Improved rental supply and easing rents have slowed ownership demand for apartment- and row-style homes. It is also these segments of the market that have seen October inventories reach a record high for the month,” said Ann-Marie Lurie, CREB®’s Chief Economist. “Excess supply for apartment- and row-style properties is weighing on prices in those segments more so than any other property type, influencing total residential prices.” 

As of October, the total unadjusted residential benchmark price in Calgary was $568,000, down nearly 1% compared to last month and over 4% lower than last year’s levels. The largest price adjustments occurred for row- and apartment-style properties, where prices have eased by a respective six and 7% compared to last October. 

Detached- October sales reached 1,012 units, an improvement over last month, but still five% lower than last year’s levels. At the same time there were 1,593 new listings that came onto the market, causing the sales-to-new-listings ratio to rise to 64% and inventories to trend down over the last month to 2,913. Inventory levels remain slightly higher than long-term trends for the month, but with just under three months of supply, conditions remain relatively balanced and far better than conditions reported during the 2015 to 2019 period. Despite relatively balanced conditions, there are pockets of the market that are experiencing buyer’s market conditions, which is impacting prices. Citywide detached benchmark prices eased to $744,400 in October, 1% lower than last year. However, price adjustments ranged from a year-over-year gain of nearly 2% in the City Centre to a decline of over 5% in the North East district. Despite recent adjustments, year-to-date prices remain over 1% higher than last year.  

Semi-Detached - Sales improved over last month while new listings slowed, causing the sales-to-new-listing ratio to rise to 57%, which is slightly lower than typical levels for this time of year, but high enough to prevent any significant change in inventory levels compared to last month. With 186 sales and 613 units in inventory, the months of supply was over three months, higher than last year’s extremely low levels, but lower than last month. More inventory choice has weighed on prices over the past several months. However, with an October benchmark price of $683,100, prices remain nearly 1% higher than last year and on a year-to-date basis are over 3% higher than last year. 

Row- With 275 sales in October, year-to-date row sales totaled 3,412 units, a 17% decline over last year. While row sales remain well above long-term trends, new listings have been on the rise and reached record highs so far this year. As of October, there were 1,054 units in inventory, the highest ever reported for the month and nearly 32% higher than long-term averages. This also caused the months of supply to remain around four months. The additional supply choice has weighed on prices. The October benchmark price was $431,200, over 1% lower than last month and nearly 6% lower than prices reported last year at this time. The steady slide in row prices have caused year-to-date prices to drop by 1.5%. Price adjustments did vary across the city, with the largest year-to-date declines occurring in the North East and North districts.   

Apartment Condominium - The pullback in new listings relative to sales this month did help prevent further gains in inventory levels. However, with 1,891 units in inventory and 412 sales, the months of supply remained elevated at nearly five months. Apartment condominiums have been experiencing buyer’s market conditions for nearly 6 months, placing downward pressure on prices. As of October, the benchmark price was $318,200, down over 7% compared to last month, and nearly 7% lower than last October. On a year-to-date basis, prices are nearly 2% lower than last year’s levels. The largest year-to-date price declines occurred in the North East and South East districts at 4%, as those districts are either reporting the highest months of supply on the resale market or are facing significant competition from the new home market.      

REGIONAL MARKET FACTS 

Airdrie - Activity slowed as we moved into October. While sales have remained consistent with longer-term trends, new listings reached a record high for October, keeping inventories elevated. With 535 units in inventory and 136 sales, the months of supply remained over four months. The persistently higher months of supply over the past four months, combined with additional supply choice in the new home market, has weighed on resale home prices. Prices in Airdrie have been trending down since April of this year, and as of October, the benchmark price was $520,400, nearly 1% lower than last month and nearly 5% lower than last year’s levels.  

Cochrane - Sales in Cochrane improved this month, keeping year-to-date sales at levels that are relatively consistent with last year. At the same time, while levels remained high, new listings did trend down over last month, causing the sales-to-new-listings ratio to rise to 55% and preventing any further gains in inventory levels. The months of supply eased to just over four months in October, higher than the low levels reported over the past several years, but relatively more consistent with long-term trends for the month. As of October, the benchmark price was $585,200, similar to last month and over 2% higher than last year. Year-to-date prices in the area have risen by nearly 4%. Some of the gain in prices could be related to a larger share of new homes ending up being sold on the resale market in Cochrane. 

Okotoks - October reported 91 new listings on the market, a significant gain over last month and last year’s levels. The rise in new listings was met with slower sales activity, causing the sales-to-new-listings ratio to dip below 50%, supporting a modest gain in inventory levels. While inventory levels are finally improving, they remain low relative to longer-term trends. This has likely prevented a more significant shift in prices in the Okotoks area. In October, the unadjusted benchmark price was $618,600, up over last month but consistent with last October. Year-to-date benchmark prices have improved by over 1%.