Real estate transactions in several major Canadian markets saw increased activity in November, with areas including Vancouver, the Fraser Valley, Calgary, Edmonton, Regina, Saskatoon, Winnipeg and Montreal reporting month-over-month resale gains, in some cases exceeding 5 per cent. Despite this uptick, many markets remained well below the levels seen in fall 2024, and markets such as Toronto and Hamilton continued to experience declines, highlighting ongoing economic challenges in parts of southern Ontario. Price trends remained varied, with markets that have abundant supply, like Vancouver, Calgary and Toronto, seeing home values continue to fall, while parts of the Prairies and Quebec maintained solid price growth.

Different regions displayed distinct patterns of housing activity. In Toronto, sales momentum stalled with ample inventory pushing prices lower and demand sluggish, while Montreal experienced gradual recovery with slightly rising resales, limited inventory and moderate price gains, particularly for single-detached homes. Vancouver showed tentative increases in home resales but overall activity stayed subdued and prices were declining, aided by a significant rise in homes for sale. Calgary’s market exhibited a notable rebound with sales climbing despite fewer new listings, suggesting that declining prices broadened options for buyers in that area.

Source: RBC