Canadian Housing Market Report
*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for March 2025
Canada Real Estate Market Trends
Average Home Prices by Province (March 2025)
Provincial Average Home Sale Prices
Canada
Canada's national average home price increased to $678,331 in March 2025, marking a 1.5% increase from February 2025's $668,097. On an annual basis, it's down 2.9% compared to March 2024. Seasonally adjusted sales activity totalled 35,517 transactions in March 2025, showing a decline of 4.0% from February 2025 and a 7.7% decrease year-over-year.
The national benchmark home price, which measures the price of a "typical" home, was $712,200, showing a 0.2% decrease month-over-month and a 2.1% decrease year-over-year.
Market Insights for March 2025
| Sales | -7.7% Year-over-Year |
| New Listings | +3% Month-over-Month |
| Active Listings | +18.3% Year-over-Year |
Note: Sales are seasonally adjusted
Nationally, home sales reached 35,517 in March 2025, a seasonally adjusted 4.0% decrease from the previous month. The Canadian Real Estate Association (CREA) noted that home sales continued to decline due to the impacts and uncertainty surrounding U.S. tariffs.
The sales-to-new-listings ratio (SNLR) stood at 46%, down from 50% in February 2025, suggesting a shift toward a softer market.
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. Economic uncertainty and affordability challenges continue to act as significant counterbalances to the stimulative effects of lower interest rates.
Provincial Record Breakers for March 2025
| Quebec | 🏆🏆 | Record-Breaking Benchmark ($520,800) Price 3 Consecutive MonthsRecord-Breaking Average ($529,546) Price |
| Newfoundland | 🏆🏆 | Record-Breaking Benchmark ($307,300) PriceRecord-Breaking Average ($352,370) Price |
| Saskatchewan | 🏆 | Record-Breaking Benchmark ($353,600) Price |
| Alberta | 🏆 | Record-Breaking Benchmark ($524,000) Price |
| Nova Scotia | 🏆 | Record-Breaking Average ($477,054) Price |
| Manitoba | 🏆 | Record-Breaking Average ($399,132) Price |
| Prince Edward Island | 🏆 | Record-Breaking Average ($418,649) Price |
Multiple provinces achieved record-breaking home prices in March 2025, with four provinces breaking their all-time benchmark price records and five breaking their average home price records. Alberta, Nova Scotia, Newfoundland, Quebec, Manitoba, Saskatchewan, and PEI all set new all-time highs in March 2025. Notably, Newfoundland's average home price showed the largest year-over-year increase at 17.8%. The only provinces that did not break an all-time price record this month were Ontario, British Columbia, and New Brunswick.
Benchmark Home Prices by Province (March 2025)
| Province | March 2025 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $970,300 | 0.6% | -0.6% |
| Ontario | $845,200 | -1.7% | -4.0% |
| Alberta | $524,000 | 1.4% | 4.2% |
| Quebec | $520,800 | 1.3% | 8.4% |
| Nova Scotia | $421,900 | 1.0% | 4.6% |
| PEI | $367,000 | 1.4% | 1.5% |
| Saskatchewan | $353,600 | 2.6% | 6.3% |
| New Brunswick | $320,000 | 0.4% | 8.6% |
| Newfoundland | $307,300 | 0.4% | 6.7% |
| Canada | $712,200 | -0.2% | -2.1% |
Benchmark Prices Across Canada
For March 2025, benchmark home prices showed mixed annual performance across provinces. While most provinces continue to see year-over-year growth, Ontario and British Columbia remain in negative territory. British Columbia's benchmark price is down 0.6% compared to March 2024, while Ontario's benchmark is down 4.0% year-over-year. These declines contribute to the national benchmark price being down 2.1% compared to the previous year.
All other provinces are seeing year-over-year increases in their benchmark home prices, with Saskatchewan's benchmark price increasing 6.3% to $353,600, Quebec up 8.4% to $520,800, and New Brunswick up 8.6% to $320,000. Newfoundland's benchmark price is up 6.7% annually at $307,300.
Canada: Seller’s or Buyer’s Markets?
| Province | March 2025 Sales-to-New-Listings Ratio (SNLR) | February 2025 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Canada | 46% | 50% | Balanced Market | |
| Alberta | 60% | 64% | Seller's Market | |
| Saskatchewan | 69% | 77% | Seller's Market | |
| Manitoba | 63% | 68% | Seller's Market | |
| Ontario | 33% | 39% | Buyer's Market | |
| Quebec | 66% | 66% | Seller's Market | |
| Nova Scotia | 57% | 68% | Balanced Market | |
| PEI | 50% | 55% | Balanced Market | |
| Newfoundland | 47% | 67% | Balanced Market | |
| New Brunswick | 49% | N/A | Balanced Market |
Note: Canada’s SNLR value uses seasonally-adjusted sales
SNLR
For March 2025, Canada’s sales-to-new-listings ratio (SNLR) decreased to 46% from 50% in February 2025, maintaining its status as a balanced market but heading toward buyer's market territory. 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 significant shifts in their market conditions for March 2025. Most provinces experienced decreases in their SNLRs compared to February 2025. Saskatchewan (69%), Alberta (60%), Manitoba (63%), and Quebec (66%) remain firmly in seller's market territory. These provinces also broke all-time price records this month. Newfoundland has shifted to a balanced market with an SNLR of 47%, down significantly from 67% in February 2025. Nova Scotia (57%), PEI (50%), and New Brunswick (49%) also sit in balanced market territory.
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) | 5.84% | 5.47% | 4.64% | 4.48% | 4.3% | 4.42% |
| 30-Days Change of Average Rates | -31 bps lower | 2 bps higher | -1 bps lower | 1 bps higher | 2 bps higher | 2 bps higher |
| Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
|---|---|---|---|
| -Year Fixed | % | 5.84% | -31 bps lower |
| -Year Fixed | % | 5.47% | 2 bps higher |
| -Year Fixed | % | 4.64% | -1 bps lower |
| -Year Fixed | % | 4.48% | 1 bps higher |
| -Year Fixed | % | 4.3% | 2 bps higher |
| undefined-Year Variable | % | 4.42% | 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 $860,545 in March 2025, up 1.4% from February's $848,289 but down 3.2% year-over-year.
The average home sold price in the GTA was $1,093,254 in March 2025, representing a decrease of 2.5% year-over-year and up by 0.8% month-over-month. Meanwhile, the GTA’s benchmark home price is down 3.8% year-over-year to $1,068,500.
GTA home sales are down 24% year-over-year, with 5,011 transactions in March 2025. The GTA's SNLR was 29%, in buyer’s market territory.
Ottawa’s housing market saw prices increase 2.9% year-over-year to $669,945 in March 2025, while cities like the Hamilton housing market and London housing market are seeing slight decreases year-over-year.
British Columbia
British Columbia's housing market saw a minor decrease in March 2025, with average prices falling 0.1% month-over-month to $963,323. However, on an annual basis, prices remain down 5.6% compared to March 2024. Sales activity was at 5,917 transactions, up 19.6% from February 2025, though still down 9.6% compared to the previous year. Greater Vancouver's average home price for March 2025 was $1,239,418, down 5.9% year-over-year.
Quebec
Quebec's average home price was $529,546 in March 2025, breaking an all-time high. It is up 2.6% from February's $515,899 and 8.0% higher than the previous year. The province saw 9,741 sales in March, up 14.7% from February 2025, while being up 9.2% from the previous year. Quebec City specifically showed a slight decrease with average prices at $444,510 (down 0.4% month-over-month but up 14.3% year-over-year). The Montreal housing market saw its average home price rise 5% annually to an average price of $625,026 for March 2025.
Atlantic Canada
Nova Scotia
Nova Scotia's housing market had an all-time high average home price of $477,054 in March 2025, a significant 5.6% increase from February 2025's $451,969 and up 7.5% from the previous year. Halifax's average home price was $601,250, showing a 1.8% monthly increase and maintaining a 6.5% annual increase. Sales activity across Nova Scotia increased by 20.2% month-over-month and 4.5% year-over-year, while Halifax specifically saw a 24.2% increase in transactions compared to February 2025.
New Brunswick
New Brunswick’s average home price in March 2025 was $343,027, up 7.1% year-over-year yet down slightly from February 2025’s record-breaking price. New Brunswick saw a slight 2.3% decrease in sales year-over-year. The only other provinces to see year-over-year declines in sales this month are BC, Alberta, and Ontario. Looking at the average home price in New Brunswick’s major cities, Fredericton is at $358,274 (up 1.6% month-over-month and 4.4% year-over-year), Moncton at $380,010 (up 4.3% month-over-month and 5.4% year-over-year), and Saint John at $357,636 (down 10.6% month-over-month but up 9.5% year-over-year).
Prince Edward Island
Prince Edward Island's average home price was $418,649 in March 2025, an all-time high and a significant 11.9% increase from February's $373,993 and up 11.2% from the previous year. The province recorded 160 sales, up 27.0% from February 2025 and 13.5% year-over-year. With an SNLR of 50% (down from 55% in February), the market remains in balanced territory.
Newfoundland and Labrador
Newfoundland and Labrador's housing market experienced a remarkable increase in March 2025, with an average home price of $352,370, representing a 13.7% increase from February 2025's $309,844 and 17.8% higher than the previous year. This is an all-time high and marks a significant recovery from February 2025's flat annual performance. Sales activity remained stable with 339 transactions, down 0.3% from February 2025 but up 9.7% year-over-year.
The market has shifted from seller's territory to a more balanced market with an SNLR of 47%, down significantly from 67% in February 2025.
The Prairies
Alberta
Alberta’s average home price increased to $524,755 in March 2025, up 3.0% from February 2025's $509,468 and 5.5% year-over-year. The province continues to show consistent price growth, with March setting a new record high benchmark price. Sales activity reached 6,894 transactions, up a substantial 32.0% from February, though down 7.0% year-over-year. With an SNLR of 60% (down from 64% in February 2025), Alberta remains at the edge in seller's market territory, indicating strong demand relative to available supply.
Meanwhile, looking at Alberta’s major cities, average home prices in Calgary are up 7.3% year-over-year to $639,458, while Edmonton home prices had a 9.4% annual increase to $460,685.
Saskatchewan
The average home price in Saskatchewan decreased to $338,869 in March 2025, down 2.0% from February 2025's record-breaking $345,688 but up 10.9% from March 2024. Instead, Saskatchewan’s benchmark home price broke an all-time record this month. The province recorded 1,277 sales in March 2025, up 29.5% from February 2025 and up 8.0% from the previous year.
Saskatoon's average home price reached $399,742 in March 2025, down 6.9% from February but up 6.0% year-over-year. Regina's average home price rose to $344,451, up 4.2% from February and up 17.0% year-over-year. Both cities saw sales increases year-over-year, with Saskatoon up 12% and Regina up 4% from March 2024 levels.
Manitoba
Manitoba's average home price in March 2025 was $399,132, a significant increase of 4.4% from February 2025 and up 10.1% year-over-year for an all-time high. This represents continued strength in the provincial market, with Manitoba now showing one of the more robust annual price gains among the provinces. Sales activity reached 1,251 transactions, up 32.5% from February 2025 and up 5.3% compared to March 2024. Winnipeg’s average home price of $402,915 in March 2025 is up 7.3% year-over-year.
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:
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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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