Canadian Real Estate Shifting Into Buyer's Market

Canadian Real Estate are Shifting Into a Buyer's Market

The housing market continued to show signs of recovery in June. With more listings available, buyers are taking advantage of increased choice and negotiating discounts off asking prices. Combined with lower borrowing costs compared to a year ago, homeownership is becoming a more attainable goal for many households in 2025.

 Ontario - Housing Market Shifting Into Buyer's Market

Toronto, 10 July 2025 -- Housing affordability continued to improve in June 2025. Average selling prices and borrowing costs remained lower than last year’s levels. However, despite some month-over-month momentum, many would-be homebuyers remained on the sidelines due to economic uncertainty.

“The GTA housing market continued to show signs of recovery in June. With more listings available, buyers are taking advantage of increased choice and negotiating discounts off asking prices. Combined with lower borrowing costs compared to a year ago, homeownership is becoming a more attainable goal for many households in 2025,” said Toronto Regional Real Estate (TRREB) President Elechia Barry-Sproule.

Greater Toronto Area (GTA) REALTORS® reported 6,243 home sales through TRREB’s MLS® System in June 2025 – down by 2.4% compared to June 2024. New listings entered into the MLS® System amounted to 19,839 – up by 7.7% year-over-year. 

On a seasonally adjusted basis, June home sales increased month-over-month compared to May 2025. New listings declined compared to May. The monthly increase in sales ,coupled with the monthly decline in new listings continued the tightening trend experienced during the spring.

The MLS® Home Price Index Composite benchmark was down by 5.5% year-over-year in June 2025. The average selling price, at $1,101,691, was down by 5.4% compared to June 2024. On a month-over-month seasonally adjusted basis, the MLS® HPI Composite and average selling price both edged lower compared to May 2025.

“A firm trade deal with the United States, accompanied by an end to cross-border sabre rattling would go a long way to alleviating a weakened economy and improving consumer confidence. On top of this, two additional interest rate cuts would make monthly mortgage payments more comfortable for average GTA households. This could strengthen the momentum experienced over the last few months and provide some support for selling prices,” said TRREB Chief Information Officer Jason Mercer.

“It is important to highlight that housing is not just impacted by economic and financial issues. Canadian residents, both homeowners and renters alike, are increasingly having to deal with the nightmare of violent home invasions and carjackings,” said TRREB CEO John DiMichele. 

“TRREB is encouraged by the recent federal announcement to table a crime bill this Fall, introducing stricter bail conditions and sentencing for these disturbing crimes. While this is a good first step by the federal government to strengthen public safety, more is needed, such as working with provinces to increase law enforcement funding and improve capacity and efficiency in the court system,” continued DiMichele.

Ottawa - June Housing Market Posts Annual Gain Despite Summer Slowdown

Ottawa, July 8, 2025 -- A total of 1,602 homes were sold through the MLS® System of the Ottawa Real Estate Board (OREB) in June 2025. This marks an 11.34% decrease from the previous month, but a more modest 10.6% increase compared to June 2024 and sits 3.8% above the five-year average.*

“This was the busiest June we’ve seen in quite some time, with sales up 10.6% and new listings rising nearly 14% year over year, signifying we did, in fact, experience a delayed spring market,” says OREB President Paul Czan. “We’re seeing more inventory hit the market, giving buyers more choice. With the changing market conditions, sellers need to be future-focused—pricing thoughtfully and preparing their homes to be one of the top picks in their area.”

“Apartments are one segment that continues to feel the strain, with sales down about 20% across Ottawa and inventory building. There is a variety of compounding factors in play here, including an increase in new construction, elevated financing costs and rising strata fees reducing affordability, especially for first-time buyers, but also, we’re seeing neighbourhood-specific factors impacting demand,” adds Czan. “Still, Ottawa remains a stable market. We’re getting back to familiar seasonal trends—where summer activity will pick up for families looking for a home prior to the school year, and with students returning to the city, a stronger fall is likely ahead.”

By the Numbers – Prices:The overall MLS® HPI composite benchmark price was $634,300 in June 2025; a 1.6% increase from June 2024.

The benchmark price for single-family homes was $707,600, up 1.6% year-over-year.

The benchmark price for a townhouse/row unit** was $467,900, a 9.0% increase from 2024.

The benchmark apartment price was $411,500, a 0.6% decline from the previous year.

The average price of homes sold in June 2025 was $723,152, a 5.2% increase from June 2024.

The total dollar volume of all home sales in June 2025 reached $1.15 billion, a 16.3% increase compared to the same period last year.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory & New Listings:
The number of new listings increased by 13.8% compared to June 2024, with 2,933 new residential properties added to the market. New listings were 6.6% above the five-year average.

Active residential listings totaled 4,350 units at the end of June 2025, reflecting an 11.6% increase from June 2024. Active listings were 42.6% above the five-year average.

Months of inventory remained steady at 2.7 in June 2025, relatively the same level as in June 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.

British Columbia - Home Sales Are Showing Emerging Signs of a Recovery

Metro Vancouver, 16 June 2025 -- After a turbulent first half of the year, home sales registered on the MLS® across Metro Vancouver* are showing emerging signs of a recovery, down 10% year-over-year,  halving the decline seen last month.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in June 2025, a 9.8% decrease from the 2,418 sales recorded in June 2024. This was 25.8% below the 10-year seasonal average (2,940).

"On a trended basis, signs are emerging that sales activity is rounding the corner after a challenging first half to the year, with the year-over-year decline in sales in June halving the decline we saw in May. If this momentum continues, it may not be long before sales are up year-over-year, which would mark a shift toward a market with more demand than the unusually low demand we’ve seen so far this year."

Andrew Lis, GVR director of economics and data analytics

There were 6,315 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2025. This represents a 10.3% increase compared to the 5,723 properties listed in June 2024. This was 12.7% above the 10-year seasonal average (5,604).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,561, a 23.8% increase compared to June 2024 (14,182). This is 43.7% above the 10-year seasonal average (12,223).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2025 is 12.8%. By property type, the ratio is 9.9% for detached homes, 16.9% for attached, and 13.9% for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

Sales-to-Active Listings Ratio - June 2025:
“As home sales regain their footing, inventory levels aren’t building as quickly as we’ve seen lately,” Lis said.

“Most market segments remain in balanced market conditions, which has generally kept prices trending sideways since the start of the year. With over 17,000 listings on the market right now, and with mortgage rates down around 2% since last summer, buyers are enjoying some of the most favourable conditions seen in years.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,173,100. This represents a 2.8% decrease over June 2024 and a 0.3% decrease compared to May 2025.

Sales of detached homes in June 2025 reached 657, a 5.3% decrease from the 694 detached sales recorded in June 2024. The benchmark price for a detached home is $1,994,500. This represents a 3.2% decrease from June 2024 and a 0.1% decrease compared to May 2025.

Sales of apartment homes reached 1,040 in June 2025, a 16.5% decrease compared to the 1,245 sales in June 2024. The benchmark price of an apartment home is $748,400. This represents a 3.2% decrease from June 2024 and a 1.2% decrease compared to May 2025.

Attached home sales in June 2025 totalled 473, a 3.7% increase compared to the 456 sales in June 2024. The benchmark price of a townhouse is $1,103,900. This represents a 3% decrease from June 2024 and a 0.3% decrease compared to May 2025.

Alberta - Gains in Resale Supply Mostly Impact Apartment And Row Style Home Prices

Calgary, July 2, 2025 – Inventory levels in June continued to rise, both over last month’s and last year’s levels. By the end of the month, inventory reached 6,941 units, returning to levels reported in 2021, or prior to the surge in population growth.

While sales have remained consistent with long-term trends despite a decline from recent months, higher levels of new listings compared to sales have contributed to the inventory gain. All property types have reported gains in inventory, but both row and apartment style homes reported inventory levels over 30% higher than long-term trends, while supply for detached and semi-detached units is only slightly higher than typical levels.

“Supply has improved across rental, resale and new home markets, allowing for more choice for those considering their housing options,” said Ann-Marie Lurie, Chief Economist at CREB®. “The additional choice, combined with no further declines in lending rates, persistent uncertainty, and concerns of price adjustments, is keeping many potential purchasers on the sidelines. This is weighing on home prices, especially for apartment and row-style homes.”

The unadjusted benchmark price was $586,200 in June, lower than last month and over 3% lower than last year. Much of the citywide decline was driven by apartment and row-style homes, which are over 3% lower than last year. Meanwhile, detached prices have remained relatively stable and semi-detached homes are still slightly higher than last year.

The steeper price declines for apartment and row style homes are reflective of those segments shifting toward a market that favours the buyer with nearly four months of supply. Meanwhile, conditions are relatively balanced for detached and semi-detached homes. Overall conditions in Calgary have changed, but not enough to erase the significant growth in prices that have occurred over the past four years. 

City of Calgary June Housing Stats 

Detached - Sales in June were 1,194 units, 6% lower than both last year and last month's activity. Sales activity did vary depending on location and price range, with declines in resale sales mostly for higher-priced homes that likely face more competition from new homes. On a location basis, the steepest declines in sales occurred in the City Centre and the North East at over 20%, while year-over-year gains were reported in the West and South East districts.  

While sales did vary, inventories and new listings improved across most price ranges and districts in the city. However, it is only the North East district that is experiencing conditions that favour the buyer, causing prices to decline by 4% compared to last June. As of June, the unadjusted benchmark price in Calgary was $764,300, less than one% lower than both last month and last year’s price.

Semi-Detached - Sales activity continued to slow this month, contributing to the year-to-date decline of nearly 12%. At the same time, new listings have generally been rising compared to last year, supporting inventory gains and a shift to balanced conditions. As of June, the months of supply was 2.6 months, a significant improvement over the tight conditions reported last year.

Additional supply choice has slowed the pace of price growth for semi-detached homes. As of June, the benchmark price in the city was $696,400, similar to last month, and over one% higher than last June. Price movements did range by district, as homes in the City Centre are over 3% higher than last year and at record high levels, while prices in the North, North East, and East districts are all over 2% lower than last year and 3% lower than last year’s peak price.

Row - New listings continue to rise relative to the number of sales in the market, as the sales-to-new listings ratio in June dropped to 50 percent. This contributed to further inventory gains with 1,167 units available at the end of the month. While sales are still higher than long-term trends, the recent gains in inventory levels have caused the months of supply to push above three months. Within the city, conditions range with nearly six months of supply in the North East and two and a half months of supply in the North West.

Higher supply levels relative to demand are weighing on prices which at a June benchmark price of $450,300, are down over last month and 3% lower than last year’s levels. However, as the level of oversupply does range across the districts, so too do the price movements. The City Centre has seen the most stability in prices this month and is only 1% below last year’s peak. Meanwhile, the North East is reporting year-over-year price declines of nearly 6%.

Apartment Condominium - June new listings and sales both eased over last month’s and last year’s levels. However, with 1,024 new listings and 532 sales, inventories continued to rise, and the months of supply pushed up to nearly four months. Slower international migration numbers are weighing on housing demand just as supply levels are rising, which is having a larger impact on apartment style homes.

The rising supply choice, both in new and resale markets, has caused resale prices to trend down again this month, leaving June’s benchmark price of $333,500 over 3% lower than last year’s levels. While prices have eased across all districts in the city, the largest year-over-year declines are occurring in the North East, North and South East districts.

REGIONAL MARKET FACTS

Airdrie - Thanks to a sharp decline in detached activity, sales in June fell to 164 units. The pullback in sales was met with 324 new listings, causing the sales-to-new listings ratio to drop to 51%, the lowest ratio reported in June since 2018. The wider spread between sales and new listings drove further inventory gains, and for the first time since 2020, the months of supply was above three months. The additional supply choice has weighed on resale prices, which have trended down for the second consecutive month. In June, the benchmark price was $538,300, nearly 3% lower than levels seen last year at this time.

Cochrane - Gains for detached and semi-detached sales were offset by pullbacks for row and apartment units, as June sales remained relatively unchanged over last year. The 101 sales in June were met with 171 new listings, and the sales-to-new listings ratio rose to 59%. This slowed the pace of inventory growth, keeping the months of supply just below three months. While conditions are more balanced than they have been, prices in the area continue to rise, albeit at a slower pace. As of June, the unadjusted benchmark price was $593,700, nearly 1% higher than last month and 4% higher than last June.

Okotoks - While levels are better than last year, both sales and new listings trended down in June, causing the sales-to-new listings ratio to rise to 87%. This prevented any further monthly inventory gains and ensured that the months of supply remained below two months in June. While conditions remain tight in Okotoks, more supply in the broader region has likely prevented stronger price growth in the Town of Okotoks. As of June, the unadjusted benchmark price was $632,800, similar to last month and nearly 3% higher than last year.