Housing Market Shows Stability as Spring Momentum Builds

Toronto, ONTARIO, April 3, 2025 -- Homeownership in the Greater Toronto Area (GTA) became more affordable in March 2025 compared to the previous year. On average, both borrowing costs and home prices have declined over the past year, making monthly payments more manageable for households looking to buy a home.

“Homeownership has become more affordable over the past 12 months, and we expect further rate cuts this spring. Buyers will also benefit from increased choice, giving them greater negotiating power. Once consumers feel confident in the economy and their job security, home buying activity should improve,” said Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule.

“Given the current trade uncertainty and the upcoming federal election, many households are likely taking a wait-and-see approach to home buying. If trade issues are solved or public policy choices help mitigate the impact of tariffs, home sales will likely increase. Home buyers need to feel their employment situation is solid before committing to monthly mortgage payments over the long term,” said TRREB’s Chief Information Officer Jason Mercer.

GTA REALTORS® reported 5,011 home sales through TRREB’s MLS® System in March 2025 – down by 23.1% compared to March 2024. New listings in the MLS® System amounted to 17,263 – up by 28.6% year-over-year. On a seasonally adjusted basis, March sales were down month-over-month compared to February 2025.

The MLS® Home Price Index Composite benchmark was down by 3.8% year-over-year in March 2025. The average selling price, at $1,093,254, was down by 2.5% compared to March 2024. On a month-over-month, seasonally adjusted basis, the MLS® HPI Composite was dow,n and the average selling price was flat.

“While the policy debate heading into the federal election has rightly been focused on our cross-border trade relationship, it has also been important to see that the federal parties continue to view housing as a key priority based on the various election platforms. This is in line with recent polling suggesting that access to housing options that are affordable remains top-of-mind for all Canadians. Building this housing will be a key economic driver moving forward,” said TRREB CEO John DiMichele.

Ottawa Housing Market Shows Stability as Spring Momentum Builds

Ottawa, April 7, 2025 -- The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,103 units in March 2025. This represented a 6.2% decline from March 2024. 

Home sales were 24% below the five-year average and 19.3% below the 10-year average for the month of March.

“The Ottawa housing market in March 2025 remained relatively stable, with sales activity slightly lower than the same period last year,” said OREB President Paul Czan. “However, we’re seeing continued momentum month-over-month as the spring market gains traction. Both buyers and sellers are exercising some caution—likely due to economic uncertainty and the upcoming election—but the current lower interest rates are encouraging more activity as they step off the sidelines.”

“Looking ahead, the ongoing trade and tariff concerns could affect new construction and further exacerbate supply challenges,” Czan adds. “So, it’s critical that the City of Ottawa continues collaborating with key stakeholders. We were pleased to take part in discussions around the proposed New Zoning By-Law, which prioritizes housing options and opportunities to maximize options for Ottawa’s residents.”

The overall MLS® HPI composite benchmark price was $626,200 in March 2025, a 2.2% rise compared to March 2024.

The benchmark price for single-family homes was $698,700, up 2.7% year-over-year in March.

By comparison, the benchmark price for a townhouse/row unit was $431,200, an increase of 3.0% from 2024.

The benchmark apartment price was $400,900, a 4.3% decline from the previous year.

The average price of homes sold in March 2025 was $685,866, unchanged from March 2024.

The total dollar volume of all home sales in March 2025 amounted to $756.5 million, a 6.2% drop compared to the same period last year.

 The number of new listings rose by 4.1% compared to March 2024, with 2,221 new residential properties added to the market. New listings were 0.7% below the five-year average and 2.2% below the 10-year average for the month of March.

Active residential listings totaled 4,319 units at the end of March 2025, reflecting a substantial 60.3% surge from March 2024. Active listings were 92.7% above the five-year average and 49.5% above the 10-year average for the month of March.

Months of inventory stood at 3.9 at the end of March 2025, compared to 2.3 in March 2024. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Alberta - Uncertainty weighing on the housing market

Calgary, Alberta, April 1, 2025 – Ongoing economic uncertainty driven by tariff threats has weighed on consumer confidence and impacted housing activity in March. Sales declined by 19% year-over-year, totaling 2,159 units. Sales slowed across all property types, with the steepest declines seen in higher-density segments.

“It is not a surprise to see a pullback in sales given the uncertainty,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, it is important to note that sales remain stronger than anything reported throughout 2015 to 2020, where our economy faced significant economic challenges and job loss. Nonetheless, easing demand has been met with gains in new listings and rising inventories, helping our market shift back toward balanced conditions, following four consecutive years where the market favoured the seller.”

March reported over 4,000 new listings, causing the sales-to-new-listing ratio to drop to 54%, low enough to support further inventory gains. Total residential inventory levels reached 5,154 units, and the months of supply increased to 2.4 months. While this is a significant change from last year, with limited supply options across all property types and price ranges, conditions reflect a better balance between a seller and a buyer today. However, the market significantly varies depending on location, price point, and property type. 

Improving supply has taken the pressure off home prices following the steep gains reported over the previous four years. In March, the unadjusted residential benchmark price reached $592,500, relatively stable compared to both last month and prices reported last March. Both detached and semi-detached prices remain consistent with peak prices and continue to rise, while apartment and row-style homes continue to report prices slightly lower than last year's peak. 

Detached- Detached sales totalled 1,035 units in March, a year-over-year decline of 10%. The decline in sales was met with improving new listings, supporting inventory gains over last year's extremely low levels. The improving supply compared to sales has caused the months of supply to rise to just over two months, a significant improvement over the less than one month reported last spring. However, the months of supply continue to remain tight with less than two months of supply for homes priced below $700,000. We are seeing a shift toward more balanced conditions for homes priced above $800,000.

The unadjusted detached benchmark price reached $769,800 in March, a gain over last month and over 4% higher than last year's levels. Limited supply options continue to support price gains for detached homes, although the pace of growth has slowed from the double-digit gains reported last year. Some of the largest gains occurred in the City Centre.

Semi-Detached - March sales slowed over last year's levels, contributing to the first quarter decline of 11%. The decline in sales has also been met with a gain in new listings. While conditions still remained relatively tight over the first two months of the year, the boost in new listings in March relative to sales did support further gains in inventory levels, causing the months of supply to push up to 2.2 months, the highest monthly level reported since the end of 2022. 

The shift to more balanced conditions is slowing the pace of price growth compared to last year. However, with an unadjusted benchmark price of $691,900 in March, prices are still over five% higher than last year and above the unadjusted peak reached in July last year. Year-over-year gains ranged across the city, with the largest gains occurring in the City Centre and West districts.

Row - March reported a surge in new listings with 697 units. The growth in new listings was met with 400 sales, causing the sales-to-new-listings ratio to ease, and inventories to rise from the lower levels reported last year. There were 826 units in inventory in March, pushing above long-term trends but remaining shy of some of the highs reported prior to the pandemic. Supply levels improved across all price ranges, with much of the gains occurring in the North East, North and South East districts. Like other property types, improving inventory relative to sales has shifted the market toward more balanced conditions, especially for row homes priced above $500,000. This has also slowed the upward pressure on home prices. In March, the unadjusted benchmark price was $454,000, 2% higher than last March, but nearly 4% below peak levels reported in June of last year. 

Apartment Condominium- After the first quarter, condo sales reported the largest decline over last year compared to other property types. However, we achieved record highs last year, and the 1,383 sales remain well above long-term trends for the first quarter. Relatively strong demand has also been met with significant gains in new listings, causing the sales-to-new-listings ratio to fall below 50% and driving inventory gains. As of March, there were 1,710 units in inventory, causing the months of supply to push up to just over three months. While the months of supply have risen compared to the exceptionally low levels seen over the previous three years, levels remain well below the over six-month average seen throughout 2015 – 2020.

 Nonetheless, more supply has slowed the pace of price growth. The unadjusted benchmark price in March was $336,100, similar to last month and nearly 3% higher than last March. Despite the year-over-year gain, prices remain below the peak reported last August. Prices are below peak across all districts, but the largest declines have occurred in the North and North East areas.