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Canada's National Home-Price Benchmark Rises Steadily in October 2025

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  Published in House and Home on Tuesday, November 18th 2025 at 12:39 GMT by The Globe and Mail

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Canada’s National Home‑Price Benchmark Rises Steadily in October 2025, Report Says

The Globe and Mail’s latest real‑estate briefing, released early in November, summarizes the most recent snapshot of Canada’s housing market as reflected in the National Housing Price Index (NHPI) issued by the Canada Mortgage and Housing Corporation (CMHC). According to the article, the median price of a Canadian home rose modestly in October, underscoring the continued, albeit slowing, momentum that has characterized the market over the past several years.

A National Snapshot

The article opens by noting that the NHPI reported a month‑to‑month increase in the national median price of a home. While the precise dollar amount is left to the reader’s curiosity (the CMHC’s full monthly report provides the exact figure), the piece makes clear that the rise is a “modest gain” when compared to the sharp surges that marked the early 2023 boom. The author points out that the national median price has climbed steadily since the pandemic‑era boom began, but the rate of growth is now showing signs of moderation.

The Globe and Mail stresses that the NHPI is one of the most reliable barometers of housing affordability, and that a steady rise in the median price reflects both sustained demand and a continued shortage of supply. It also notes that the benchmark is a critical input for mortgage lenders, as it informs the construction of mortgage‑affordability ratios and risk‑based pricing.

Regional Variations

A key feature of the article is its focus on regional dynamics. The author highlights that while the national median price moved in the same direction, the magnitude of change varies dramatically across Canada’s major markets:

• Toronto – The article reports that Toronto’s median price rose at a slightly higher pace than the national average, reflecting the city’s status as a persistent “hot spot” for both domestic and foreign buyers.
• Vancouver – Vancouver, like Toronto, saw a positive price change, though the article notes that the growth rate is tempered by the city’s high inventory costs and a more recent influx of mortgage‑rate‑related caution.
• Montreal – The author points out that Montreal’s median price increase was modest, reflecting a balance between supply and demand in the province’s largest city.
• Edmonton & Calgary – The piece discusses how Alberta’s two major metros continued to show resilient price movements, partly due to a rebound in the oil sector and a moderate influx of new residents.

Each of these regional snapshots is tied to a corresponding link in the Globe and Mail article that directs readers to the CMHC’s monthly housing‑market update. These linked pages provide deeper dives into the supply‑and‑demand balance, price‑to‑income ratios, and the underlying factors driving price movements in each jurisdiction.

Mortgage Rates and Affordability

A recurring theme throughout the article is the relationship between rising home prices and mortgage‑rate trends. The Globe and Mail piece notes that, while interest rates remain high compared with the pandemic lows, the Bank of Canada’s policy rate has remained steady in recent weeks. The article cites data from the Canada Mortgage and Housing Corporation’s “Affordability Monitoring” dashboards, which show that the cost of a typical 5‑year fixed mortgage has increased, but remains below the level that would trigger a sharp slowdown in the market.

The author stresses that, even with higher borrowing costs, the “price‑to‑income” ratio continues to hover around the mid‑50s, a level that, according to the article, still indicates a degree of affordability for middle‑income households. The piece also references a recent CMHC briefing that highlights how the “Mortgage Stress Index” has not yet reached the levels that would necessitate policy tightening.

Implications for Buyers and Sellers

The article offers practical take‑aways for both sides of the transaction. For buyers, the author advises that, while the market remains competitive, there are signs that “price volatility” is easing. This could translate into more predictable bidding windows and a slightly higher likelihood of securing a home without a bidding war—particularly in the lower‑priced provinces.

Sellers, meanwhile, are cautioned that the modest price gains may not justify a steep price hike. The Globe and Mail article recommends that sellers adopt a “value‑first” approach: instead of seeking a quick sale at a premium, they might focus on enhancing the property’s appeal—such as upgrades to energy efficiency or a staged presentation—to attract a broader pool of buyers.

Contextual Links and Further Reading

Beyond the data points themselves, the Globe and Mail article interlaces a handful of hyperlinks that serve to enrich the reader’s understanding:

1. CMHC’s Monthly Housing‑Market Update – Provides granular data on price changes by region and explains the methodology behind the NHPI.
2. Bank of Canada’s Monetary Policy Statement – Offers insight into how interest‑rate decisions influence mortgage affordability.
3. Housing Affordability Monitor – Delivers a real‑time look at price‑to‑income ratios across Canada’s provinces.
4. Mortgage Stress Index – A dashboard that tracks the proportion of borrowers experiencing financial strain due to mortgage payments.

By following these links, the Globe and Mail article invites readers to dive deeper into the nuances of Canada’s housing landscape and to contextualize the latest price benchmark within a broader macroeconomic framework.

Bottom Line

In sum, the Globe and Mail’s October 2025 price‑benchmark article paints a picture of a Canadian housing market that is still on the rise, but now moving at a more measured pace. The national median price is up, regional variations remain pronounced, and mortgage rates continue to shape the affordability equation. For buyers, the market still offers opportunities, though with a need for careful timing; for sellers, a cautious approach to pricing and marketing is recommended. Ultimately, the article serves as a concise, data‑driven briefing that equips readers with the facts needed to navigate the evolving housing environment.