Canada’s housing rut continues as a wave of unprecedented seller activity hits the market. Canadian Real Estate Association (CREA) data shows the price of a typical home fell to a multi-year low in October. Despite lower interest rates and rising buyer incentives, sales fell short, reversing the progress made last year toward a recovery. Meanwhile, new listings hit a record high as inventory floods the market.
Canadian Real Estate Prices Continue To Fall, At 4-Year Low
Canadian Real Estate Prices: The price of a typical home across Canada.
Source: CREA; Better Dwelling.
Canadian real estate prices continued to slip last month. The price of a typical home fell 0.4% (-$2,700) to $679,900 in October, down 3% (-$21,000) from last year and 20.2% (-$171,700) from the March 2022 peak. Prices are now at a 4-year low, last seen in March 2021. Most of the pandemic-era price gains have reversed—though prices are still high enough that affordability is still strained.
Canadian Home Sales Fall, Remain Below 2019 Levels
Canadian real estate sales for the month of October.
Source: CREA; Better Dwelling.
Canadian real estate sales fell, erasing progress made last year. There were 42,068 sales in October, down 4.3% from 2024 and 29.1% below the month’s 2020 record. Volumes aren’t just off the peak—they’re historically low, coming in 6.1% below the 2019 pre-pandemic baseline. Even by pre-pandemic standards, it was a quiet month for buyers.
Canadian Real Estate Inventory Hits A New Record High
Canadian real estate new listings for the month of October.
Source: CREA; Better Dwelling.
Buyers may be taking a break, but sellers showed up in full force last month. October saw 79,225 new listings, a 4.3% increase from last year, setting a record for the month. The volume isn’t just high—it’s exceptionally high, but not surprising. Earlier this month, Toronto’s real estate board reported a significant surge in inventory, and as Canada’s largest market, it sets the trend—typically by several years. Smaller cities may want to take note.
A surge in listings and fewer sales pushed October’s sales-to-new listings ratio (SNLR) down to 53%—the lowest for the month since 2012, and 5 points below last year. Traditionally, that would signal a balanced market where prices see little movement, but that’s rarely the case for October at the national level. In 2022, an SNLR of 56% still produced the second-largest monthly price drop on record. Historically, October has never posted price growth with an SNLR below 55%.
Canadian home prices are still falling, but remain 25.6% above where they started the decade. Despite easing financing conditions and a surge of buyer incentives, sales continue to decline, and inventory remains at an elevated level. Affordability has improved slightly, but remains near multi-decade lows, fueling bank warnings that this correction will take years to play out.