Real estate activity in November showed signs of increasing in several major Canadian markets, with Vancouver, Fraser Valley, Calgary, Edmonton, Regina, Saskatoon, Winnipeg and Montreal all posting higher home resales compared with October, in some cases by more than 5 per cent, indicating renewed buyer interest in those regions. In contrast, sales in Toronto and Hamilton continued to fall, reflecting ongoing economic challenges in southern Ontario markets. Diverging price trends persisted: highly supplied markets like Vancouver, Calgary and Toronto saw home values decline amid strong buyer bargaining positions, while parts of the Prairies and Quebec maintained solid price gains.  

Different regions exhibited varied dynamics. In Toronto, sales were stalled with abundant inventory and drifting prices, underscoring sluggish demand and affordability issues. Montreal’s market showed gradual recovery with increased resales, stable inventory, and moderate price gains, particularly for single-detached homes. Vancouver experienced tentative confidence with slight sales increases but remained quiet overall, constrained by affordability and high inventory. Calgary’s market saw a notable sales jump despite falling listings, as declining prices broadened buyer options.  

Source: RBC