The number of properties for sale across the country jumped by 8.5% compared with the same time last year, to 173,000. Still, that remains below the long-term average for November – and new supply was 1.6% lower compared with October.
While there have been few tariff escalations by US president Donald Trump in recent weeks, the trade war he launched soon after taking office has weighed heavily on Canada’s housing market this year.
CREA chair Valérie Paquin said those trade measures had been the main impediment to market growth over the past 12 months.
“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 US tariffs,” she said.
“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.”