Monthly Market Update
Monthly Market Update
December 2025
Canada & U.S. Real Estate: What’s Happening Now
As we close out November, real estate activity across Canada continues to show a mixed picture. Some regions are cooling, some are heating up, and economic data from both Canada and the U.S. is influencing buyer and seller confidence. Here’s a straightforward breakdown of what you need to know.
The Cross-Country Check-Up
Across Canada: Toronto
• Activity, new listings, and selling prices were all down in November.
• The Toronto Regional Real Estate Board reported 5,010 sales, down 15.8% from last year.
• Month-to-month sales slipped 0.6% on a seasonally adjusted basis.
• Many potential buyers are staying on the sidelines due to affordability concerns and rate sensitivity.
Prairies
Regina saw one of the strongest year-over-year sales increases in the country at 7%, tied with Montreal.
Winnipeg and Regina have now surpassed Calgary and Edmonton as the hottest Prairie markets.
Canada’s Job Market & Economy
• Canada added 67,000 jobs in October, lowering unemployment to 6.9%.
• GDP rebounded with a 2.6% annualized increase in Q3, following a decline in Q2.
• Most regions saw slowing growth in September—except Vancouver Island, which held steady thanks to its resilient local economy.
• The Northern economy continues to weaken due to sluggish natural resource employment and tariffs affecting forestry exports.
United States Snapshot
• U.S. consumer confidence dropped sharply in November—the biggest decline in seven months.
• The Conference Board’s index fell 6.8 points to 88.7, lower than any economist had predicted.
• Expectations for the next six months dropped to their lowest level since April, and views on current conditions are the weakest in over a year.
• Americans remain worried about:
• high prices
• a cooling labour market
• pressure on household finances
• These concerns could slow real estate demand heading into early 2026.
Victoria Real Estate Market Update – November 2025
A total of 451 properties sold in the Victoria Real Estate Board region this November, down 18.1% from November 2024 and 26.9% from October.
Broken down:
• Condo sales: 119 units (down 36% year-over-year)
• Single-family homes: 241 sold (down 8.4% year-over-year)
What’s Behind the Slowdown?
According to VREB Chair Dirk VanderWal, this year’s sales slowdown is partly because 2024 had an unusually strong late-year rally, while 2025 saw more activity in the spring. Even with softer winter numbers, 2025 is still on pace to finish close to the previous four years.
Notably, this November still outperformed 2022 and 2023, both of which saw under 400 sales.
Inventory & Market Balance
• 3,152 active listings at month-end
• Down 7.9% from October
• Up 11.1% from last November
Buyers currently have more choice and more time, while sellers are adjusting to a calmer, more balanced market. Well-priced homes are still selling, but without the urgency seen in earlier years.
Home Price Trends
Single-Family Homes (Victoria Core)
• Nov 2024: $1,313,900
• Nov 2025: $1,276,700 (-2.8%)
Condos (Victoria Core)
• Nov 2024: $542,100
• Nov 2025: $553,100 (+2%)
Condo prices continue to climb modestly, while single-family prices have softened slightly.
What It All Means
The Canadian market is showing mixed momentum, the U.S. is facing softening consumer confidence, and Victoria remains balanced, offering opportunities for both buyers and sellers.
If you're thinking about making a move—buying, selling, or simply planning ahead—now is an ideal time to review your options with a trusted real estate professional who understands how these trends affect your specific neighbourhood and property type.
If you’re thinking about making a move or just curious about what’s happening in your neighbourhood, we’d be happy to chat. Whether you’re considering selling, buying, or simply keeping an eye on the market, we can help you understand where things stand and what your best options are.
Michele Holmes, Mark Rice PREC and Eric Smith PREC
Coldwell Banker Oceanside Real Estate
