National Bank of Canada Housing Market Monitor; Home Sales Increased In October, But Remained Below Historical Norms

02:32 PM EST, 11/21/2025 (MT Newswires) -- National Bank of Canada duo Alexandra Ducharme and Kyle Dahms on Friday published their latest 'Housing Market Monitor'.

In Summary, National Bank noted: Canadian home resales increased by 0.9% from September to October, the sixth increase in the last seven months. Despite the recovery in previous months, sales were still 7.5% below their most recent peak in November 2024.

On the supply side, new listings declined 1.4% from September to October, a second consecutive drop.

Active listings increased by 0.9% in October, following a contraction in the prior month as cancelled listings have recently moderated.

Market conditions remained unchanged during the month and continued to indicate a balanced market compared to the historical average. Still, National Bank said, this largely reflects soft conditions in Ontario and B.C., while markets in all other provinces continue to favour sellers.

Housing starts fell 16.6% in October to a seven-month low of 232.8K (seasonally adjusted and annualized). The loss was concentrated in Ontario, where starts plunged 51.8% in the month, largely because of a 61.7% decline in Toronto. Vancouver also saw a decrease (-16.9% to 19.4K), while Calgary (+37.9% to 36.1K) and Montreal (+8.7% to a 16-month high of 33.6K) posted gains.

The Teranet-National Bank Composite National House Price Index rose 0.4% from September to October after seasonal adjustment, marking a third consecutive increase for this indicator. Eight of the 11 CMAs included in the index saw increases, led by Quebec City (+2.5%), Winnipeg (+1.7%), Ottawa-Gatineau (+1.4%) and Victoria (+0.6%). From October 2024 to October 2025, the composite index fell by 2.6%, on decreases in Toronto (-7.2%), Vancouver (-4.5%) and Hamilton (-4.0%). These declines were partially offset by gains in Quebec City (+15.7%), Winnipeg (+5.4%) and Edmonton (+5.3%).

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