Canada's November Home Price Index Lower on The Month, Year, Says CREA

06:09 AM EST, 12/15/2025 (MT Newswires) -- The Canadian Real Estate Association (CREA) on Monday released statistics on the country's home sales for November.

In summary: National home sales declined 0.6% month-over-month; Actual (not seasonally adjusted) monthly activity came in 10.7% below November 2024; The number of newly listed properties declined 1.6% on a month-over-month basis; The MLS Home Price Index (HPI) dipped 0.4% month-over-month and was down 3.7% on a year-over-year basis; The actual (not seasonally adjusted) national average sale price was down 2% on a year-over-year basis.

There were 173,000 properties listed for sale across all Canadian MLS Systems at the end of November 2025, up 8.5% from a year earlier but 2.5% below the long-term average for that time of the year, noted CREA in a statement.

There were 4.4 months of inventory on a national basis at the end of November, basically unchanged from July, August, September, and October. The long-term average for this measure of market balance is five months of inventory. Based on one standard deviation above and below that long-term average, a seller's market would be below 3.6 months, and a buyer's market would be above 6.4 months.

The non-seasonally adjusted national average home price was $682,219 last month, down 2% from November 2024, added CREA.

"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," said Shaun Cathcart, CREA's senior economist, in the statement.

CREA said the average or median prices of houses can change a lot from one month to the next and provide an inaccurate picture of price values and trends. The MLS HPI is based on the value home buyers assign to various housing attributes, which tend to evolve gradually over time. It's a more "like-for-like" comparison of home prices across Canada.

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