Natal significance: The North Node is the point in the northern hemisphere of the chart where the paths of the Sun and Moon cross in the sky. The placement of the North Node by sign and house shows you the area of your life or way of being that you most need to open your eyes, ears and heart to in order to grow as a person. The North Node represents karmic growth via receptiveness to new ways of being, doing and knowing which may be diametrically opposed to the ways you're familiar and comfortable with -- as, indeed, the South Node is always exactly opposite the North.
Transiting significance: Transits which activate your North Node give you the chance to make use of your potential for karmic growth and transcendence of your own negative habits. However, since they're exactly opposite, transits to the Nodes always activate both at once, so it's important to be patient in meeting the challenges the North Node poses -- so that you don't get frustrated and slide back into the familiar rut of the North Node.