For a time it looked like Canada’s housing market might be improving, but in November buyers largely returned to the sidelines. That pulled back price momentum and improved affordability in most markets. According to the Canadian Real Estate Association, national home sales were essentially flat, slipping 0.6% from October and remaining nearly 11% below November 2024. The average Canadian home price fell 2% to $682,219.
Softening prices made homeownership easier across most major Canadian cities. A recent affordability study from Ratehub.ca found affordability improved in 12 of the nation’s 13 largest markets in November. Ratehub defines affordability as the income a buyer must earn to qualify for a mortgage on a city’s average-priced home, factoring in national home price data, mortgage rate movements and the mortgage stress test.
While slightly lower mortgage rates helped—Ratehub’s study used an average five-year fixed rate that dipped from 4.47% in October to 4.44% in November—falling home prices were the primary driver of better buying conditions for most cities.
Housing affordability across Canada’s major cities
The table below compares October and November 2025 affordability across Canada’s main housing markets. Income required to qualify assumes the stress test rate of 6.44% in November and a mortgage rate of 4.44% for payment estimates.
| City | October average home price | November average home price | Change in home price | October monthly mortgage | November monthly mortgage | Change in monthly payment | October income required | November income required | Change in income required |
|---|---|---|---|---|---|---|---|---|---|
| Hamilton | $747,200 | $734,700 | -$12,500 | $3,826 | $3,750 | -$76 | $157,400 | $154,620 | -$2,780 |
| Calgary | $565,200 | $553,900 | -$11,300 | $2,894 | $2,828 | -$66 | $122,700 | $120,230 | -$2,470 |
| Vancouver | $1,132,500 | $1,123,700 | -$8,800 | $5,799 | $5,736 | -$63 | $230,900 | $228,610 | -$2,290 |
| Halifax | $563,300 | $553,100 | -$10,200 | $2,884 | $2,823 | -$61 | $122,310 | $120,080 | -$2,230 |
| Montreal | $581,500 | $573,800 | -$7,700 | $2,977 | $2,929 | -$48 | $125,780 | $124,020 | -$1,760 |
| Toronto | $956,800 | $951,700 | -$5,100 | $4,899 | $4,858 | -$41 | $197,360 | $195,890 | -$1,470 |
| St. John’s | $400,200 | $394,300 | -$5,900 | $2,049 | $2,013 | -$36 | $91,200 | $89,880 | -$1,320 |
| Regina | $335,100 | $329,300 | -$5,800 | $1,716 | $1,681 | -$35 | $78,800 | $77,510 | -$1,290 |
| Victoria | $873,600 | $870,300 | -$3,300 | $4,473 | $4,443 | -$30 | $181,500 | $180,410 | -$1,090 |
| Edmonton | $412,100 | $408,600 | -$3,500 | $2,110 | $2,086 | -$24 | $93,470 | $92,600 | -$870 |
| Ottawa | $622,700 | $620,400 | -$2,300 | $3,188 | $3,167 | -$21 | $133,640 | $132,880 | -$760 |
| Winnipeg | $380,800 | $378,300 | -$2,500 | $1,950 | $1,931 | -$19 | $87,500 | $86,830 | -$670 |
| Fredericton | $348,500 | $351,200 | $2,700 | $1,784 | $1,793 | $9 | $81,350 | $81,680 | $330 |
This illustration assumes a mortgage with a 10% down payment, 25-year amortization, $4,000 annual property taxes and $150 monthly heating. Mortgage rates reflect the average of the Big Five banks’ five-year fixed offers in October and November 2025. Average prices are from the CREA MLS® Home Price Index (HPI).
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Use rate filters to compare product types and terms and to see how current pricing affects your affordability estimates.
Canadian cities where affordability improved
Affordability gains were widespread across the country in November. Below are a few notable markets where the change was most visible.
Hamilton: Cooling sales push prices down
Hamilton recorded the strongest improvement in affordability after a slowdown in sales. The Real Estate Association of Hamilton Burlington reported year-to-date sales down roughly 12%, and a growing inventory of homes for sale eased pricing pressure. Between October and November the average Hamilton home price fell $12,500 to $734,700, trimming required income by $2,780 and reducing monthly mortgage costs by about $76.
Calgary: Market rebalances after seller strength
Calgary resisted the national slowdown for much of 2025, but sales eased in the autumn and listings increased, balancing the market. The Calgary Real Estate Board reports November sales were down from the prior year and the average price dropped $11,300 to $553,900. That decline lowered the income needed to qualify by approximately $2,470 compared with October.
The Canadian city where affordability worsened
Fredericton was the lone large-market outlier in November, where affordability slipped. Home prices in that small Atlantic market remain well-aligned with local incomes, and limited inventory keeps conditions tilted toward sellers. The average price rose $2,700 month-over-month to $351,200, increasing the income required by about $330.
How much mortgage can you afford? How much house can you buy?
Ratehub.ca’s monthly affordability report tracks how changes in home prices and mortgage rates alter buying power across Canada. The study factors in prices, current lending rates and the mortgage stress test. To estimate your own buying power, use a mortgage affordability calculator that considers your income, down payment and monthly obligations.
What’s next for Canadian borrowing costs and home affordability?
Since June 2024 the Bank of Canada has eased its policy rate several times, but it paused after a series of reductions and indicated its current rate of 2.25% is close to neutral. Recent inflation and jobs data were stronger than expected, supporting a prolonged hold. That outlook means variable-rate discounts are unlikely to fall further in the short term, but prior rate cuts have produced historically competitive variable options—some lenders now offer variable five-year pricing around the mid-3% range.
Fixed-rate pricing is higher than the best variable rates—roughly 50 basis points more in many cases—and is influenced by bond yields and global market volatility. Fixed rates have been firming and could move higher if yields rise. If you’re shopping for a mortgage, consider securing a rate hold or getting full pre-approval to lock in current pricing for a set period (often up to 120 days). That protection can shield you from near-term rate moves while preserving the option to benefit if rates later fall.
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