Canadian Housing Market Report
*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for September 2025
Canada Real Estate Market Trends
Average Home Prices by Province (September 2025)
Provincial Average Home Sale Prices
Canada
Canada’s housing market experienced a modest rebound in September 2025, as average prices edged higher while sales activity softened slightly. The national average home price rose to $676,154, up 1.8% month-over-month and 1.0% higher than a year earlier. The benchmark home price, which reflects the value of a typical home, declined slightly to $682,600, down 0.6% from August and 3.4% below last year’s level.
Market Insights for September 2025
| Sales | -0.3% Year-over-Year |
| New Listings | -0.8% Month-over-Month |
| Active Listings | +7.5% Year-over-Year |
Note: Sales are seasonally adjusted
Nationally, 39,938 homes were sold in September 2025 on a seasonally adjusted basis, marking a 1.9% decline from August 2025 and a 0.3% decrease year-over-year. Although activity remains near long-term averages, the pace of transactions has slowed slightly in recent months.
The national sales-to-new-listings ratio (SNLR) eased to 50.7%, down from 51.2% in August 2025, indicating a continued balance between supply and demand. New listings held relatively steady, down 0.8% month-over-month, while active listings rose to 199,772, up 7.5% year-over-year, suggesting buyers have slightly more options heading into fall.
Provincial Price Record Breakers for September 2025
| Quebec | 🏆🏆 | Record-Breaking Benchmark ($532,200) PriceRecord-Breaking Average ($551,036) Price |
After eight straight months of record-breaking gains, Newfoundland’s benchmark home price finally dipped in September 2025, ending its historic streak. In contrast, both Quebec’s average and benchmark home prices reached new all-time highs in September 2025, making it the hottest housing market in Canada.
Benchmark Home Prices by Province (September 2025)
| Province | September 2025 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $935,400 | -0.8% | -2.7% |
| Ontario | $781,500 | -0.8% | -6.7% |
| Quebec | $532,200 | 1.2% | 8.1% |
| Alberta | $510,700 | -0.9% | -0.4% |
| Nova Scotia | $430,000 | 0.3% | 4.6% |
| PEI | $375,500 | -0.5% | 0.9% |
| Saskatchewan | $368,300 | -1.0% | 7.1% |
| Newfoundland | $337,500 | -- | 10.3% |
| New Brunswick | $327,600 | -0.2% | 5.8% |
| Canada | $682,600 | -0.6% | -3.4% |
Benchmark Prices Across Canada
Benchmark home prices declined in most provinces this month. The national benchmark fell, for the 6th month in a row, by 0.6% MoM to $682,600, with annual declines led by Ontario (-6.7%) and British Columbia (-2.7%). Alberta’s benchmark was nearly flat year-over-year, down 0.4%, while Saskatchewan (+7.1%), Quebec (+8.1%), and Newfoundland (+10.3%) posted notable gains. Among the Atlantic provinces, Nova Scotia (+4.6%) and New Brunswick (+5.8%) also continued to see significant gains.
Quebec set a new record for both average and benchmark prices this month. Newfoundland’s benchmark price is just $100 shy of its all-time high price of $337,600 seen last month in August 2025.
Canada: Seller’s or Buyer’s Markets?
| Province | September 2025 Sales-to-New-Listings Ratio (SNLR) | August 2025 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Canada | 50.7% | 51.2% | Balanced Market | |
| Alberta | 57% | 63% | Balanced Market | |
| Saskatchewan | 73% | 71.4% | Seller's Market | |
| Ontario | 34% | 43% | Buyer's Market | |
| Quebec | 55% | 63% | Balanced Market | |
| Nova Scotia | 62% | 69% | Seller's Market | |
| New Brunswick | 62% | 69% | Seller's Market | |
| PEI | 59% | 59% | Balanced Market | |
| Newfoundland | 64% | 77% | Seller's Market |
Note: Canada’s SNLR value uses seasonally-adjusted sales
SNLR
Canada’s national SNLR of 50.7% signals a balanced market, with roughly equal strength between buyers and sellers. However, regional differences remain pronounced.
- Seller’s markets: Saskatchewan (73%), Newfoundland (64%), Nova Scotia (62%), and New Brunswick (62%).
- Balanced markets: Quebec (55%), Alberta (57%), and PEI (59%).
- Buyer’s territory: Ontario (34%).
With benchmark prices easing slightly and average prices showing mild recovery, Canada’s housing market is entering the final quarter of 2025 on a more balanced footing.
Today’s Mortgage Rates
| 1-Year Fixed | 2-Year Fixed | 3-Year Fixed | 4-Year Fixed | 5-Year Fixed | 5-Year Variable | |
|---|---|---|---|---|---|---|
| Lowest Rates | % | |||||
| Average Rates (10 Lenders) | 5.34% | 5.06% | 4.4% | 4.55% | 4.38% | 4.25% |
| 30-Days Change of Average Rates | -5 bps lower | 0 bps higher | -5 bps lower | -3 bps lower | -2 bps lower | 0 bps higher |
| Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
|---|---|---|---|
| -Year Fixed | % | 5.34% | -5 bps lower |
| -Year Fixed | % | 5.06% | 0 bps higher |
| -Year Fixed | % | 4.4% | -5 bps lower |
| -Year Fixed | % | 4.55% | -3 bps lower |
| -Year Fixed | % | 4.38% | -2 bps lower |
| undefined-Year Variable | % | 4.25% | 0 bps higher |
The basket of 10 lenders includes: , BMO, TD, Scotiabank, RBC, National Bank, Desjardins, nesto, Tangerine, First National.
Regional Analysis
Ontario
Ontario's housing market saw a modest rebound after a quiet summer. The average home price increased 3.0% month-over-month to $828,896, though it remains 2.7% lower than last year. That’s the largest monthly price gain among the provinces for September 2025.
The benchmark price slipped 0.8% to $781,500, reflecting ongoing softness as it dropped 6.7% year-over-year, the largest decline among the provinces as well. Sales edged up 0.3% to 14,349, while the SNLR dropped to 34% from 43% in August 2025, indicating a shift toward more buyer-friendly conditions.
The average home sold price in the GTA was $1,059,377 in September 2025, representing a decrease of 4.3% year-over-year and an increase of 3.6% month-over-month. Meanwhile, the GTA’s benchmark home price is down 5.5% year-over-year to $960,300. GTA home sales are up 11.9% year-over-year, with 5,592 transactions in September 2025. The GTA's SNLR was 29%, in buyer’s market territory.
British Columbia
British Columbia's housing market in September 2025 climbed for the first time on a monthly basis since May 2025. The average home price rose 2.4% month-over-month to $948,296, while the benchmark price slipped 0.8% month-over-month to $935,400. Year-over-year, both metrics remain slightly lower, with prices down 0.6% and 2.7%, respectively. The province recorded 5,782 sales, a 3.0% monthly decline, but still 4.4% higher than last year. Greater Vancouver's average home price for September 2025 was $1,253,274, up 0.1% year-over-year.
Quebec
Quebec’s market strengthened further in September 2025. The average price rose to $551,036, up 0.3% month-over-month and 8.2% year-over-year, while the benchmark price climbed 1.2% month-over-month to $532,200. The province recorded 7,645 sales, an increase of 7.5% month-over-month and 10.7% annually, making Quebec one of the country’s fastest-growing regions in terms of sales growth.
With an SNLR of 55%, market conditions are now balanced, down from a seller’s market of 63% in August 2025, though demand remains robust in both Montreal and Quebec City. Quebec City’s average price reached $479,008, up 14.7% from last year. The Montreal housing market saw its average home price rise 7.1% annually to an average price of $676,778 for September 2025.
Atlantic Canada
Nova Scotia
Nova Scotia’s market cooled slightly in September. The average home price slipped 2.0% to $457,658, while the benchmark rose marginally by 0.3% to $430,000. Year-over-year, prices remain 4.2% and 4.6% higher, respectively. Sales totalled 994, down 7.8% from August 2025, but still 3.8% above last year. The SNLR fell to 62% from 69% last month, indicating a softening seller’s market. In Halifax’s housing market, average prices declined 3.4% to $583,004, with sales down 12.6% month-over-month.
Prince Edward Island
Prince Edward Island posted steady conditions in September. The average price rose slightly to $402,231, up 0.4% month-over-month and 3.8% year-over-year. The benchmark edged down 0.5% month-over-month to $375,500, while sales fell 4.5% to 190. With an SNLR of 59%, PEI remains balanced.
New Brunswick
New Brunswick’s housing market eased in September 2025. The average home price declined 3.4% month-over-month to $341,101, though prices remain 4.3% higher year-over-year. The benchmark price held nearly steady at $327,600, up 5.8% from last year. Sales fell 4.3% month-over-month, with 803 transactions recorded. The SNLR slipped to 62%, keeping the province in seller’s market territory.
Moncton was the strongest city in terms of monthly sales, with sales up 6.4% month-over-month. On a monthly basis, Moncton’s average home price of $375,504 is down 2.3%, while Fredericton’s $331,061 average price is down 17.5% monthly. Saint John’s average home price of $386,276 is up 8.8% monthly.
Newfoundland and Labrador
Newfoundland remained one of Canada’s strongest-performing housing markets. The average home price was $348,194, down 1.3% month-over-month, but up 9.4% year-over-year. The benchmark price held steady at $337,500, marking a 10.3% annual gain, and down just $100 from August 2025’s record-breaking benchmark price. Sales declined 9.2% from August 2025 to 610, yet activity remains nearly 20% higher than last year. With an SNLR of 64%, Newfoundland continues to remain in seller’s market territory.
The Prairies
Alberta
Alberta’s housing market remained relatively stable in September 2025. The average price inched down 0.1% monthly to $502,063, while the benchmark fell 0.9% monthly to $510,700, down 0.4% from last year. Sales totalled 6,099, down 10.9% from August 2025 and 5.0% from the same period a year earlier. With an SNLR of 57%, Alberta entered balanced territory, down from 63% in August 2025.
Edmonton continues to outperform Calgary in both price growth and sales momentum. Average home prices in Calgary are down 1.1% year-over-year to $615,005, while Edmonton home prices had a 2.8% annual increase to $452,849. Calgary home sales are down 14.1% year-over-year, while Edmonton home sales are down just 2.8% year-over-year.
Saskatchewan
Saskatchewan saw a steeper monthly correction following strong gains earlier this year. The average price fell 6.0% monthly to $337,707, though still 2.9% higher year-over-year. The benchmark price edged down 1.0% monthly to $368,300, maintaining a 7.1% annual gain. With 1,527 sales, activity was down 2.1% month-over-month, but 10.0% above last year. The SNLR rose to 73%, reinforcing Saskatchewan’s position as one of the few provinces still firmly in seller’s market territory.
Saskatoon's average home price reached $412,944 in September 2025, up 4% year-over-year. Regina's average home price rose to $336,701, up 3% year-over-year.
Breakdown By Region
New Housing Price Index
The New Housing Price Index (NHPI) is a housing price index published by Statistics Canada that measures the change over time in selling prices of new residential properties. It is published by Statistics Canada and used by governmental agencies, market analysts, and real estate businesses. The index is relative to a standard of 100 set in 2017.
Other Real Estate Statistics
Homeownership Rate: 66.5% (2021)
Vacancy Rate: 1.5% (2023)
Housing Construction
Housing Starts: The trend is 244,800 units per year, the actual number of housing starts is 14,878 (January 2024)
Housing Under Construction: 353,361 units (Jan 2024)
Housing Completions: 187,630 units (2023)
Investment in Residential Construction: CAD $157.7 billion (2023)
Investment in Non-Residential Construction: CAD $71.4 billion (2023)
Average Rent for a 2-Bedroom Unit
As reported by the CMHC for purpose-built rentals in 2023
| Region | Average Rent for a 2-Bedroom Unit |
|---|---|
| Greater Toronto Area, ON | $1,940 (8.7%) |
| Ottawa, ON | $1,698 (4%) |
| Vancouver, BC | $2,181 (8.6%) |
| Victoria, BC | $1,839 (7.9%) |
| Quebec City, QC | $1,040 (4.8%) |
| Montreal, QC | $1,096 (7.9%) |
| Edmonton, AB | $1,398 (6.4%) |
| Calgary, AB | $1,695 (14.3%) |
| Winnipeg, MB | $1,427 (4.4%) |
| Saskatoon, SK | $1,360 (9.0%) |
| Halifax, NS | $1,628 (11%) |
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view and tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to cover damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owners of the buildings have leased the land and pay rent to their landlord while owning the building on the land.
Disclaimer:
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
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