Canadian Housing Market Report
*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for May 2025
Canada Real Estate Market Trends
Average Home Prices by Province (May 2025)
Provincial Average Home Sale Prices
Canada
Canada's national average home price increased slightly to $691,299 in May 2025, up from April 2025's $679,866 and the highest since November 2024. This reflects a 1.7% monthly gain but a 1.1% drop from May 2024. Seasonally adjusted home sales reached 37,626 transactions in May 2025, showing an increase of 3.6% from April 2025 and a 0.5% decrease year-over-year.
The national benchmark home price, which measures the price of a "typical" home, was $701,800, showing a 0.1% decrease month-over-month and a 3.5% decrease year-over-year.
Market Insights for May 2025
| Sales | -0.5% Year-over-Year |
| New Listings | +3.1% Month-over-Month |
| Active Listings | +13.2% Year-over-Year |
Note: Sales are seasonally adjusted
The national sales-to-new-listings ratio (SNLR) stood at 47%, unchanged from April 2025.
The decline in home sales year-over-year comes despite the Bank of Canada's successive rate cuts that began in June 2024. While these easing measures were aimed at stimulating economic growth by reducing borrowing costs and lowering mortgage rates, their positive impact on buyer activity appears to be waning as it gets replaced by economic uncertainty and affordability challenges, which continue to act as significant counterbalances to the stimulative effects of lower interest rates.
Provincial Price Record Breakers for May 2025
| Quebec | 🏆🏆 | Record-Breaking Benchmark ($531,000) Price 5 Consecutive MonthsRecord-Breaking Average ($547,985) Price 3 Consecutive Months |
| Nova Scotia | 🏆🏆 | Record-Breaking Benchmark ($437,200) Price 2 Consecutive MonthsRecord-Breaking Average ($493,136) Price 3 Consecutive Months |
| Saskatchewan | 🏆🏆 | Record-Breaking Benchmark ($369,500) Price 3 Consecutive MonthsRecord-Breaking Average ($357,300) Price |
| Newfoundland | 🏆 | Record-Breaking Benchmark ($316,100) Price 3 Consecutive Months |
| Manitoba | 🏆 | Record-Breaking Average ($410,233) Price 3 Consecutive Months |
| New Brunswick | 🏆 | Record-Breaking Average ($361,329) Price |
Multiple provinces achieved record-breaking home prices in May 2025, with four provinces breaking their all-time benchmark price records and five breaking their average home price records. Quebec, Nova Scotia, Saskatchewan, Newfoundland, Manitoba, and New Brunswick all set new all-time highs in May 2025. Notably, Quebec’s benchmark price hit a new record for the fifth consecutive month as it rose 10% year-over-year. The provinces that did not break an all-time price record this month were Ontario, British Columbia, Alberta, and PEI. Excluding New Brunswick, which had no price data available for April 2025, PEI is the only province to see a monthly decrease in its average home price.
Benchmark Home Prices by Province (May 2025)
| Province | May 2025 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $963,500 | -0.5% | -2.2% |
| Ontario | $814,300 | 0.1% | -6.3% |
| Quebec | $531,000 | 1.0% | 9.8% |
| Alberta | $523,700 | 0.1% | 1.8% |
| Nova Scotia | $437,200 | 1.6% | 6.5% |
| PEI | $371,400 | 1.9% | 1.8% |
| Saskatchewan | $369,500 | 2.5% | 8.5% |
| New Brunswick | $325,000 | -0.2% | 6.0% |
| Newfoundland | $316,100 | 1.7% | 8.6% |
| Canada | $701,800 | -0.1% | -3.5% |
Benchmark Prices Across Canada
For May 2025, benchmark home prices in Ontario and British Columbia remained in negative territory annually, with British Columbia's benchmark price down 2.2% year-over-year to $963,500, and Ontario's down 6.3% to $814,300. These two declines weighed on the national benchmark, contributing to its 3.5% annual decrease to $701,800.
In contrast, all other provinces saw year-over-year growth in their benchmark home prices. Quebec’s benchmark home price increased by 9.8% to $531,000, a new record, while Saskatchewan's benchmark rose 8.5% to a record-breaking $369,500. Looking at monthly change, only BC and New Brunswick experienced a monthly decrease in their benchmark price.
Canada: Seller’s or Buyer’s Markets?
| Province | May 2025 Sales-to-New-Listings Ratio (SNLR) | April 2025 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Canada | 47% | 47% | Balanced Market | |
| Alberta | 59.7% | 63% | Balanced Market | |
| Saskatchewan | 60.4% | 65% | Seller's Market | |
| Manitoba | 70% | 71% | Seller's Market | |
| Ontario | 34% | 35% | Buyer's Market | |
| Quebec | 66% | 70% | Seller's Market | |
| Nova Scotia | 53% | 59% | Balanced Market | |
| New Brunswick | 65% | N/A | Seller's Market | |
| PEI | 51% | 47% | Balanced Market | |
| Newfoundland | 53% | 45% | Balanced Market |
Note: Canada’s SNLR value uses seasonally-adjusted sales
SNLR
For the month of May 2025, Canada's sales-to-new-listings ratio (SNLR) remained the same at 47% from April 2025, maintaining its status as balanced. This indicates that, on the national level, the equilibrium between supply and demand continues to allow sellers to receive reasonable offers while providing buyers with adequate choices.
An SNLR above 60% suggests a seller's market characterized by limited buyer options and higher competitiveness. An SNLR below 40% signals a buyer's market, indicating plentiful listings and increased buyer leverage. An SNLR between 40% and 60% represents a balanced market.
Several of Canada's provincial housing markets have seen shifts down in their market conditions compared to last month, while PEI and Newfoundland have shifted up. Saskatchewan (60.4%), Manitoba (70%), and Quebec (66%) remain in seller's market territory. Alberta dropped down to a balanced market in May 2025 after being in a seller’s market in April 2025. Newfoundland has continued as a balanced market with an SNLR of 53%, up from 45% in April 2025. Nova Scotia (53%) and PEI (51%) also sit in balanced market territory. Ontario is the only province to be in a buyer’s market during May 2025.
Today’s Mortgage Rates
| 1-Year Fixed | 2-Year Fixed | 3-Year Fixed | 4-Year Fixed | 5-Year Fixed | 5-Year Variable | |
|---|---|---|---|---|---|---|
| Lowest Rates | % | |||||
| Average Rates (10 Lenders) | 5.52% | 5.16% | 4.35% | 4.48% | 4.36% | 4.47% |
| 30-Days Change of Average Rates | -23 bps lower | -18 bps lower | -7 bps lower | -3 bps lower | -1 bps lower | 2 bps higher |
| Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
|---|---|---|---|
| -Year Fixed | % | 5.52% | -23 bps lower |
| -Year Fixed | % | 5.16% | -18 bps lower |
| -Year Fixed | % | 4.35% | -7 bps lower |
| -Year Fixed | % | 4.48% | -3 bps lower |
| -Year Fixed | % | 4.36% | -1 bps lower |
| undefined-Year Variable | % | 4.47% | 2 bps higher |
The basket of 10 lenders includes: , BMO, TD, Scotiabank, RBC, National Bank, Desjardins, nesto, Tangerine, First National.
Regional Analysis
Ontario
Ontario's housing market had an average home price of $861,719 in May 2025, up 0.2% from April 2025's $859,645 and down 3.2% year-over-year. Sales activity in Ontario has been picking up seasonally with 17,242 transactions in May 2025, up 21% from April 2025 but down 6.7% from the previous year. With an SNLR of 34% (down from 35% in April), Ontario remains in buyer's market territory. Ontario’s benchmark price had been the worst performer among the provinces this month, down 6.3% annually. Runner-up BC is down only 2.2% year-over-year.
The average home sold price in the GTA was $1,120,879 in May 2025, representing a decrease of 3.8% year-over-year and up by 1.2% month-over-month. Meanwhile, the GTA’s benchmark home price is down 4.5% year-over-year to $1,012,800. GTA home sales are down 11% year-over-year, with 6,244 transactions in May 2025. The GTA's SNLR was 29%, in buyer’s market territory.
British Columbia
British Columbia's housing market saw an annual decrease in home prices in May 2025, despite average prices increasing 1.7% month-over-month to $959,058 from April 2025's $942,884. On an annual basis, prices remain down 4.3% compared to May 2024. The province recorded 6,945 sales, a 7.6% increase from April 2025's 6,453 transactions, though this remains 13.5% lower than the same period last year. Greater Vancouver's average home price for May 2025 was $1,266,441, down 5.9% year-over-year.
Quebec
Quebec's average home price was $547,985 in May 2025, continuing to set all-time highs for the third month in a row. This represents a 1.5% increase from April 2025's $539,667 and a substantial 8.9% increase year-over-year. The province saw 9,926 sales in April, up 9.7% compared to May 2024, with the market remaining relatively resilient in terms of sales activity compared to other provinces.
Quebec City specifically showed continued strong growth with average prices at $461,823 (up 1.4% month-over-month and 13.8% year-over-year), indicating robust demand in the capital region. The Montreal housing market saw its average home price rise 8.3% annually to a record-high average price of $658,107 for May 2025.
Atlantic Canada
Nova Scotia
Nova Scotia's housing market had a record-breaking average home price of $493,136 in May 2025, a 3.2% increase from April 2025's $477,925 and up 6.1% from the previous year. Halifax's average home price was $626,156, showing a 3.8% monthly increase and maintaining a 5% annual increase. Sales activity across Nova Scotia increased by 13% month-over-month to 1,158 transactions, and was down 2.9% year-over-year.
Prince Edward Island
Prince Edward Island's average home price was $410,980 in May 2025, down 1.6% from April 2025 but up 4.9% from the previous year. The province recorded 218 sales, up 18.5% from April 2025's 184 transactions and 6.9% higher than May 2024. With an SNLR of 51% (up from 47% in April 2025), the PEI market remains in balanced territory.
New Brunswick
New Brunswick’s average home price of $361,329 in May 2025 is a record high using available data, with the average price up 6.7% year-over-year. New Brunswick home sales are up 5.9% year-over-year to 1,027 homes sold in May 2025.
Newfoundland and Labrador
Newfoundland and Labrador's housing market has one of the highest year-over-year benchmark and average home price gains among the provinces for May 2025, with an average home price of $337,608. That’s up 10.3% year-over-year, while the benchmark price of $316,100 is up 8.6% year-over-year. Sales activity increased to 514 transactions, up 26.9% from April 2025's 405 sales and 8.0% higher year-over-year. The market remains in balanced territory with an SNLR of 53%, inching up from 45% in April 2025.
The Prairies
Alberta
Alberta’s average home price increased slightly to $528,261 in May 2025, up 0.6% from April 2025's $525,135 and up 4.0% year-over-year. The province continues to show solid year-over-year price growth. Sales activity reached 8,500 transactions, up 16.7% from April’s 7,285 sales, though down 8.0% year-over-year. With an SNLR of 59.7% (down from 63% in April 2025), Alberta has dipped into balanced market territory, indicating balanced demand relative to available supply.
Meanwhile, looking at Alberta’s major cities, average home prices in Calgary are up 6.0% year-over-year to $649,268, while Edmonton home prices had a 5.2% annual increase to $464,277.
Saskatchewan
The average home price in Saskatchewan increased to a record-high of $357,300 in May 2025, up 3.5% from April 2025's $345,364 and up 8.9% from May 2024. The province recorded 1,750 sales in May 2025, up 19% from April 2025 but down 10.0% year-over-year.
Saskatoon's average home price reached $438,024 in May 2025, up 4.7% from April 2025 and up 14.0% year-over-year. Regina's average home price rose to $338,971, down 2.2% from April 2025 and down 1.0% year-over-year. Saskatoon recorded 684 sales (up 20.4% from April 2025 but down 7.0% year-over-year), while Regina saw 565 transactions (up 15.3% from April 2025 but down 4.0% year-over-year).
Manitoba
Manitoba's average home price in May 2025 was $410,233, a 1.6% increase from April 2025's $403,587 and up 10.5% year-over-year. Sales activity reached 1,890 transactions, up 16.5% from April 2025's 1,622 sales and 0.4% higher than May 2024. With an SNLR of 70% (down from 71% in April), Manitoba has the strongest seller's market in the country.
Breakdown By Region
New Housing Price Index
The New Housing Price Index (NHPI) is a housing price index published by Statistics Canada that measures the change over time in selling prices of new residential properties. It is published by Statistics Canada and used by governmental agencies, market analysts, and real estate businesses. The index is relative to a standard of 100 set in 2017.
Other Real Estate Statistics
Homeownership Rate: 66.5% (2021)
Vacancy Rate: 1.5% (2023)
Housing Construction
Housing Starts: The trend is 244,800 units per year, the actual number of housing starts is 14,878 (January 2024)
Housing Under Construction: 353,361 units (Jan 2024)
Housing Completions: 187,630 units (2023)
Investment in Residential Construction: CAD $157.7 billion (2023)
Investment in Non-Residential Construction: CAD $71.4 billion (2023)
Average Rent for a 2-Bedroom Unit
As reported by the CMHC for purpose-built rentals in 2023
| Region | Average Rent for a 2-Bedroom Unit |
|---|---|
| Greater Toronto Area, ON | $1,940 (8.7%) |
| Ottawa, ON | $1,698 (4%) |
| Vancouver, BC | $2,181 (8.6%) |
| Victoria, BC | $1,839 (7.9%) |
| Quebec City, QC | $1,040 (4.8%) |
| Montreal, QC | $1,096 (7.9%) |
| Edmonton, AB | $1,398 (6.4%) |
| Calgary, AB | $1,695 (14.3%) |
| Winnipeg, MB | $1,427 (4.4%) |
| Saskatoon, SK | $1,360 (9.0%) |
| Halifax, NS | $1,628 (11%) |
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
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