New Listings
New supply declined 1.6% month over month in November. Combined with a more minor decrease in sales activity, the sales-to-new listings ratio tightened to 52.7% from 52.2% in October. The long-term average for the national sales-to-new listings ratio is 54.9%, with readings roughly between 45% and 65% generally consistent with balanced housing market conditions.
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.
“2025 was initially expected to be the year that housing markets came out of their interest rate-induced hibernation, but as we all know, the rug was pulled out from under that recovery by the economic shock of U.S. tariffs,” said Valérie Paquin, CREA Chair. “With interest rates now even lower as a result of a softer economy, the focus shifts to the spring of 2026, and whether we’ll finally see the return of more normal levels of housing activity.
There were 4.4 months of inventory on a national basis at the end of November 2025, 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.