A tale of two markets: Real estate activity trending up in Canada's more affordable regions, treading water in the most expensive Français

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Apr 15, 2025, 03:30 ET

Greater regions of Toronto and Vancouver record modest price declines amid stalled activity in Q1, while values in regional markets in Quebec, the Prairies and Atlantic Canada continue to appreciate

First quarter highlights:

The national aggregate home price rose 2.1% year over year in Q1 2025, and a modest 1.2% over Q4 2024.
Greater Montreal Area's aggregate home price increased 7.9% year over year, while the greater Toronto and Vancouver markets recorded declines of 2.7% and 0.7%, respectively.
Quebec City continues to lead the country in aggregate price appreciation, rising 17.0% year over year in Q1; the highest increase among the report's major regions for the fourth consecutive quarter.
Amid economic and political uncertainty, confidence in the economy is split: 49% of Canadians say they are confident, while 43% are not.
Quebecers are the most optimistic, with 65% of respondents reporting confidence in the Canadian economy. Those in Manitoba and Saskatchewan are the least confident (34%).

TORONTO, April 15, 2025 /CNW/ - According to the Royal LePage^® House Price Survey and Market Forecast released today, the aggregate^¹ price of a home in Canada increased 2.1 per cent year over year to $829,400 in the first quarter of 2025. On a quarter-over-quarter basis, the national aggregate home price rose a modest 1.2 per cent. While housing market activity has been softer than expected so far this year in many markets – a major shift compared to where we ended 2024 – the trend has been especially pronounced in Ontario and British Columbia, the country's most expensive markets. Meanwhile, comparatively strong demand paired with low supply has led to price appreciation in the province of Quebec, the Prairies and much of Atlantic Canada, despite ongoing geopolitical tensions and economic uncertainty.

"Canada's housing market entered 2025 with mixed momentum," said Phil Soper, president and CEO, Royal LePage. "In Ontario and British Columbia, softer sales reflect consumer caution in the face of economic headwinds. In contrast, markets in Quebec, the Prairies and Atlantic Canada are demonstrating surprising resilience, buoyed by pent-up demand, falling interest rates and chronically low inventory. This uneven performance is a hallmark of a market in transition."

According to a recent Royal LePage survey, conducted by Burson,^² 49 per cent of Canadians say they are confident in the country's economy today, including only six per cent who are very confident. Meanwhile, 43 per cent say they are not confident. Respondents in the province of Quebec are the most confident, while those in the Prairies are the least confident. Notably, Fort McMurray, Alberta, recorded the lowest level of confidence, with 75 per cent of respondents saying they are not confident in Canada's economy today. Provincial and regional data, including in cities where U.S. tariffs are likely to have a greater impact, is available in this data chart.

"The typical spring market didn't kick off as energetically as expected, and geopolitical uncertainty is playing a major role," said Soper. "The new administration in Washington has rattled Canadians with aggressive rhetoric and punitive trade policy. While we were spared from the blanket 10 per cent tariff imposed on most countries in the world, targeted steel and aluminum duties – coupled with unsettling comments that called Canada's sovereignty into question – have been enough to shake public sentiment. Even if these measures don't directly impact housing, they contribute to a climate of caution that weighs heavily on large consumer decisions, at home and around the world.

"Still, there are signs of encouragement," added Soper. "The recently announced 90-day pause on threatened new tariffs offers a window for diplomacy and a chance to stabilize market sentiment. Moreover, the appointment of Pete Hoekstra as the new U.S. ambassador to Canada brings a reassuring presence. A former congressman from Michigan and experienced diplomat, Hoekstra has a strong relationship with President Trump and a deep understanding of cross-border trade – especially given his state's strong economic ties with Canada. Hoekstra's early remarks affirming Canada's sovereignty and the importance of our partnership sets the stage for a more constructive path forward. If bilateral stability returns, so too will broader Canadian consumer confidence," noted Soper.

Among Canadians looking to purchase a home this year, 49 per cent say the ongoing trade dispute with our southern neighbour has caused them to postpone their home buying plans, while 51 per cent say it has not. Of those who have postponed their purchase plans, 37 per cent are concerned about a potential increase to the cost of living, 30 per cent are concerned about making a big purchase at a time of political and economic uncertainty, and 14 per cent are holding out because they expect home prices to decline as a result of the conflict.

"Canada's housing fundamentals remain strong, and real estate activity tends to rebound quickly when uncertainty lifts," said Soper. "Beyond trade, getting the federal election behind us should help here. Regardless, across the country, we are seeing savvy buyers step off the sidelines, taking advantage of stable prices, growing inventory and falling rates."

The Royal LePage National House Price Composite is compiled from proprietary property data nationally and regionally in 64 of the nation's largest real estate markets. When broken out by housing type, the national median price of a single-family detached home increased 2.8 per cent year over year to $868,700, while the median price of a condominium increased 1.0 per cent year over year to $598,000. On a quarter-over-quarter basis, home prices remained virtually flat, with the median price of a single-family detached home increasing a modest 1.5 per cent, and the median price of a condominium rising just 0.9 per cent. Price data, which includes both resale and new build, is provided by RPS Real Property Solutions, a leading Canadian real estate valuation company.

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¹Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build.

² Burson used the Leger Opinion online panel to survey 2,417 Canadians, aged 18+ between April 2, 2025 and April 9, 2025. No margin of error can be associated with a non-probability sample (i.e., a web panel in this case). For comparative purposes, a probability sample of 2,417 respondents would have a margin of error of ±2%, 19 times out of 20.

Canada's economic outlook

Global financial markets have experienced significant volatility in recent weeks, mirroring the broad economic unease triggered by U.S. President Donald Trump's tariff policies. In the face of these challenges, Canada has demonstrated early resilience, drawing on its experience navigating past economic crises. The nation's strong financial institutions, prudent regulatory frameworks and diversified economy position it well to manage current and future economic headwinds.

"Canada has weathered economic storms before, including the 2008 financial crisis and the 2020 pandemic, emerging with a reputation for steady leadership and economic resilience," said Soper. "The housing market continues to provide people with a reliable foundation in uncertain times, with price stability and mortgage default rates that remain among the lowest in the world. While some sectors will be harder hit than others by prolonged trade disruptions, both federal and provincial governments have the tools and fiscal capacity to support those most affected."

At its last rate announcement in March, the Bank of Canada emphasized that monetary policy cannot resolve trade disputes, and it reaffirmed its core mandate: to keep inflation under control. Many experts believe the central bank will hold rates at its next announcement on April 16th, but that further cuts could be in store later this year. Since June 2024, the Bank has cut its key lending rate by a total of 225 basis points to reach 2.75 per cent.^³

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³ 'Pervasive uncertainty' caused by trade war prompts Bank of Canada to drop overnight lending rate to 2.75%, March 12, 2025

Housing affordability remains a top ballot box issue

In less than two weeks, Canadians will head to the polls to determine which party will lead the next government. Along with the dominant issue of trade relations, housing policy is set to be one of the key issues upon which voters will be making their decision. All major parties have put forward initiatives to address supply and affordability challenges.

The Liberal Party says it plans to double the rate of residential construction over the next decade by providing low-cost financing to affordable home builders and through the use of the prefab Housing Design Catalogue, and drop the GST for first-time homebuyers on properties up to $1 million.

The Conservative Party says it plans to cut development taxes and incentivize municipalities to build more homes by converting at least 15 per cent of federal buildings into housing, defer capital gains for anyone who reinvests proceeds from the sale of an asset into Canadian businesses, and drop the GST on all new home sales under $1.3 million.

Meanwhile, the New Democratic Party says it plans to double the current rate of homebuilding, help first-time buyers enter the market by offering long-term, low-interest public-backed mortgages to Canadians, and ban corporations from buying affordable rental buildings and increasing the cost of rent.

Finally, the Bloc Québécois says it would repatriate all federal housing funds to the province, offer direct federal financial assistance for first-time buyers'down payments, eliminate the GST on certain professional services related to a home purchase, and take measures to restrict home flipping.

"Any initiatives that make housing more accessible for young families and first-time buyers – especially in our most costly housing markets – are welcome, whether achieved through incentives and regulatory reform for developers aimed at increased supply, or financial assistance for consumers," noted Soper. "However, the decades-long shortfall of inventory our nation faces won't be resolved overnight. It requires serious, long-term commitments and collaboration across all levels of government."

Forecast

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 5.0 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down modestly to reflect the current slowdown of activity in Ontario and British Columbia. Nationally, home prices are forecast to see moderate price appreciation in the second half of the year.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q1-2025
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q1-2025
Consumer Confidence Survey Chart: rlp.ca/2025-consumer-confidence-survey

REGIONAL SUMMARIES

Greater Toronto Area

The aggregate price of a home in the Greater Toronto Area (GTA) decreased 2.7 per cent year over year to $1,146,100 in the first quarter of 2025. On a quarterly basis, the aggregate price of a home in the GTA remained relatively flat, dipping 0.3 per cent.

Broken out by housing type, the median price of a single-family detached home declined modestly by 0.5 per cent year over year to $1,446,900 in the first quarter of 2025, while the median price of a condominium declined 4.0 per cent to $703,900 during the same period.

"The spring market has not sprung in Toronto. In fact, we've seen a very non-traditional start to the season, to say the least. A unique set of circumstances are at play – there's a general sense of unease due to the ongoing trade conflict with the United States and its impact on the Canadian dollar and global stock markets, as well uncertainty over our own country's political future with a federal election underway," said Shawn Zigelstein, broker and leader of Team Zold, Royal LePage Your Community Realty. "Under normal circumstances, this would be a great time for buyers to get into the market: home prices and lending rates are declining, and supply is increasing. It's clear that consumer confidence is low, and that's driving a major slowdown in the GTA housing market."

According to a recent Royal LePage survey, conducted by Burson, 48 per cent of Torontonians say they are confident in the country's economy today, including only five per cent who are very confident. Meanwhile, 45 per cent say they are not confident. Among those in the region looking to purchase a home this year, 66 per cent say the ongoing trade dispute with our southern neighbour has caused them to postpone their home buying plans, while 34 per cent say it has not.

In the city of Toronto, the aggregate price of a home decreased 3.1 per cent year over year to $1,124,600 in the first quarter of 2025. During the same period, the median price of a single-family detached home dipped by a modest 0.8 per cent year over year to $1,693,200, while the median price of a condominium decreased 3.9 per cent to $686,700. On a quarterly basis, however, property prices in the city increased moderately.

According to the Toronto Regional Real Estate Board, sales volumes were down more than 23 per cent in March, compared to a year prior, following double-digit declines in the month of February.^⁴

"It's important to distinguish that we're seeing a market shaped by caution, not desperation. Inventory is increasing and new listings are continuing to come online, but sellers – in the vast majority of cases – are not panicking. Average days on market are up, but prices have not collapsed; sellers are being patient," noted Zigelstein. "Buyers who are active today tend to be those who've managed their savings well. What they're finding is a large selection of properties and the luxury to be able to negotiate terms and take their time. Generally, market conditions are fairly balanced, notwithstanding the condo segment. Condominiums may be discounted, but activity is still sluggish. Even with deals on the table, buyers in this market are hesitant."

Looking ahead, Zigelstein expects a late spring market could emerge following the federal election, even into the summer months, provided the situation with the U.S. does not deteriorate further.

Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will increase 3.5 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down modestly to reflect current market conditions.

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⁴ GTA March Market: More Affordable and More Choice, TRREB, April 3, 2025

Greater Montreal Area

The aggregate price of a home in the Greater Montreal Area increased 7.9 per cent year over year to $625,000 in the first quarter of 2025. On a quarterly basis, the aggregate price of a home in the region rose 1.9 per cent.

Broken out by housing type, the median price of a single-family detached home increased 8.3 per cent year over year to $715,700 in the first quarter of 2025 while the median price of a condominium posted an increase of 6.1 per cent to $490,500 during the same period.

"January and February were particularly dynamic months, which gave a remarkable boost to the market at the start of the year," said Marc Lefrançois, real estate broker, Royal LePage Tendance. "But, we have to remain cautious: this is not necessarily the picture that is emerging for the spring. The tariff issue weighs more heavily these days than interest rate cuts. Even before they were implemented, these measures generated a great deal of anxiety for families. However, as Greater Montreal is generally less exposed to the industrial sector, the perception of risk is mitigated, so it is quite rare for buyers to postpone their purchase plans because of a geopolitical issue."

According to a recent Royal LePage survey, conducted by Burson, 70 per cent of Montreal respondents say they are confident in the country's economy today, the highest among all major cities and well above the national average (49%). Meanwhile, 21 per cent say they are not confident. Among those in the region looking to purchase a home this year, 64 per cent say the ongoing trade dispute with our southern neighbour has caused them to postpone their home buying plans, while 36 per cent say it has not.

In Montreal Centre, the aggregate price of a home increased 2.3 per cent year over year to $741,100 in the first quarter of 2025. During the same period, the median price of a single-family detached home increased 1.6 per cent to $1,135,700, while the median price of a condominium increased 4.2 per cent to $589,800.

Despite the looming threat, demand remains strong in the city, not least because of the chronic shortage of housing supply. "As long as supply remains so limited, this pressure will continue to support prices, even in a more difficult environment," said Lefrançois.

Royal LePage is forecasting that the aggregate price of a home in the Greater Montreal Area will increase 6.5 per cent in the fourth quarter of 2025, compared to the same quarter last year.

Greater Vancouver

The aggregate price of a home in Greater Vancouver decreased modestly by 0.7 per cent to $1,230,100 year over year in the first quarter of 2025. On a quarterly basis, the aggregate price of a home in the region remained flat, rising just 0.1 per cent.

Broken out by housing type, the median price of a single-family detached home increased a modest 0.6 per cent year over year to $1,761,100 in the first quarter of 2025, while the median price of a condominium decreased 1.7 per cent to $765,500 during the same period.

"March started out on solid footing, and while the robust spring market hasn't quite taken off yet, we expect activity to ramp up through May and June, unless the trade conflict with the U.S. gets a lot worse. There's definitely some uncertainty in the air, but the Vancouver real estate market is far from dead," said Randy Ryalls, managing broker, Royal LePage Sterling Realty. "Sales are down and urgency for buyers has waned, especially in some areas outside of the lower mainland where resource-based economies stand to be more impacted, but confidence in the lower mainland is still intact."

According to a recent Royal LePage survey, conducted by Burson, 50 per cent of Vancouver respondents say they are not confident in the country's economy today. Meanwhile, 41 per cent say they are confident, including seven per cent who are very confident. Among those in the region looking to purchase a home this year, 50 per cent say the ongoing trade dispute with our southern neighbour has caused them to postpone their home buying plans, while the other 50 per cent say it has not.

Ryalls noted that inventory continues to rise – welcome news for active buyers who have struggled with chronic supply shortages for years, and a sign that sellers are feeling confident about the market.

"Even if inventory stays elevated, we don't expect to see major price swings. Over the past decade, Vancouver's supply has lagged behind demand – that has shifted. We're seeing more 'subject to sale' deals, which allows the buyer to back out if they are unable to sell their existing property. This uptick tells us sellers are transacting, confident they'll find a new home if they sell their own."

In the city of Vancouver, the aggregate price of a home increased 1.4 per cent year over year to $1,422,600 in the first quarter of 2025. During the same period, the median price of a single-family detached home increased 1.3 per cent to $2,282,700, while the median price of a condominium declined 3.1 per cent to $817,900.

According to the Greater Vancouver Realtors' March report, sales volumes were down more than 13 per cent in March, compared to a year prior; the lowest March sales since 2019 and nearly 37 per cent below the 10-year seasonal average.^⁵ Compared to February, however, activity has picked up slightly.

"We are expecting a brisk spring market to emerge, even if later than usual this year, although it is difficult to predict given the uncertainty surrounding the federal election and geopolitical tensions. Unless trade negotiations with our southern neighbour worsen, we're anticipating a reasonably active spring market in Vancouver, with sales picking up and only a modest increase in prices."

Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase 2.5 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down modestly to reflect current market conditions.

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⁵ A market made for buyers is missing buyers, GVR, April 2, 2025

Ottawa

The aggregate price of a home in Ottawa increased 2.9 per cent year over year to $779,400 in the first quarter of 2025. On a quarterly basis, the aggregate price of a home in the region increased 1.2 per cent.

Broken out by housing type, the median price of a single-family detached home increased 2.4 per cent year over year to $890,200 in the first quarter of 2025, while the median price of a condominium increased 2.5 per cent to $411,400 during the same period.

"The start of the spring market has been a bit of an anomaly. Ottawa experienced stronger-than-normal sales activity in the early months of the year, surpassing last year's numbers. Inventory has also been on the rise across all segments, which is giving buyers a greater selection of properties to choose from," said John Rogan, broker of record, Royal LePage Performance Realty. "This uptick in new listings appears to be driven, in part, by sellers looking to get ahead of potential market shifts tied to broader economic and political uncertainty."

According to a recent Royal LePage survey, conducted by Burson, 49 per cent of Ottawa-Gatineau respondents say they are confident in the country's economy today, including seven per cent who are very confident. Meanwhile, 44 per cent say they are not confident. Among those in the region looking to purchase a home this year, 38 per cent say the ongoing trade dispute with our southern neighbour has caused them to postpone their home buying plans, while 62 per cent say it has not.

"Historically, Ottawa's housing market tends to soften during election periods. However, with the Conservatives campaigning on the reduction of federal public service jobs – a factor that can directly impact the city's workforce – we're seeing a surge in inventory as sellers try to avoid a potential market downturn."

Rogan noted that first-time homebuyers have become a key driver of recent market activity. Lower borrowing costs have opened the door for many to try their hand at buying a home this spring, encouraging buyers back to the market who had been previously sidelined by higher interest rates.

"We remain optimistic about a strong spring housing market in Ottawa. Demand, particularly from first-time buyers, continues to outpace growing supply, keeping upward pressure on home prices," said Rogan. "There may be a slight slowdown in activity in the weeks leading up to the federal election, but if history is proof, this pause will be temporary."

Royal LePage is forecasting that the aggregate price of a home in Ottawa will increase 4.0 per cent in the fourth quarter of 2025, compared to the same quarter last year.

Quebec City

The aggregate price of a home in Quebec City increased 17.0 per cent year over year to $429,200 in the first quarter of 2025. This represents the highest year-over-year price increase among Canada's major regions for the fourth consecutive quarter. On a quarterly basis, the aggregate price of a home in the region increased 7.1 per cent.

Broken out by housing type, the median price of a single-family detached home increased 16.9 per cent year over year to $457,600 in the first quarter of 2025, while the median price of a condominium increased 17.5 per cent to $323,000 during the same period.

"The market has had an excellent start to 2025. We saw some fluctuations in March, but demand is still far outstripping supply, which is supporting prices in all segments," said Michèle Fournier, vice-president and real estate broker, Royal LePage Inter-Québec. "However, securing financing is becoming more difficult for some buyers. A number of banks are currently reviewing their valuation practices. In some cases, the price agreed upon at the time of the purchase offer exceeds the value estimated by the lender, creating a gap between the purchase price and the actual financing amount. This complicates certain transactions, particularly in situations of over-bidding. Institutions seem to want to curb the overvaluation seen in certain areas."

Despite the uncertain economic climate at the national level, the impact of the trade war with the United States is hardly being felt in the region. "Quebec City is a city of services, made up largely of public servants. As long as there are no concrete job losses, there is no collective stress that would slow down purchasing decisions," said Fournier

According to a recent Royal LePage survey, conducted by Burson, 66 per cent of Quebec City respondents say they are confident in the country's economy today, including 10 per cent who are very confident. Meanwhile, 30 per cent say they are not confident. Among those in the region looking to purchase a home this year, six per cent say the ongoing trade dispute with our southern neighbour has caused them to postpone their home buying plans, the lowest rate among all major cities. Meanwhile, 94 per cent say it has not caused them to postpone their plans.

Fournier recommends that buyers take the time to plan ahead, especially in a constantly changing economic climate. "With the volatility of the stock markets, some buyers who rely on investments to finance their purchase could see their real borrowing capacity or down payment fluctuate. It's important to take stock of the situation with your financial advisor and real estate broker before making a decision. Good preparation allows you to make wiser and long-term choices," she added.

Royal LePage is forecasting that the aggregate price of a home in Quebec City will increase 11.0 per cent in the fourth quarter of 2025, compared to the same quarter last year.

Calgary

The aggregate price of a home in Calgary increased 2.4 per cent year over year to $692,300 in the first quarter of 2025. On a quarterly basis, the aggregate price of a home in the region was essentially flat, increasing 0.5 per cent.

Broken out by housing type, the median price of a single-family detached home increased 3.4 per cent year over year to $800,100 in the first quarter of 2025, while the median price of a condominium increased 1.7 per cent to $269,200 during the same period.

"While sales have been strong so far this spring, activity is noticeably softer than the heightened levels that have defined the past few years; moving away from the extreme post-pandemic conditions that favoured sellers. Days on market are increasing, and inventory has been steadily climbing, especially in the apartment and townhome segments. Still, market conditions vary by neighbourhood, with some areas seeing a greater shift towards balanced dynamics," said Corinne Lyall, broker and owner, Royal LePage Benchmark. "Some of the recent pullback in demand can be attributed to concerns about the ongoing trade conflict. There's a growing sense of uncertainty among clients and prospects, some of whom are hesitant to make major real estate decisions until there's more clarity."

According to a recent Royal LePage survey, conducted by Burson, 52 per cent of Calgary respondents say they are not confident in the country's economy today. Meanwhile, 42 per cent say they are confident, including nine per cent who are very confident. Among those in the region looking to purchase a home this year, 45 per cent say the ongoing trade dispute with our southern neighbour has caused them to postpone their home buying plans, while 55 per cent say it has not.

Lyall noted that a boost in supply, combined with lower interest rates, has created opportunities for both first-time and move-up buyers, who continue to be key players in the market. Residents moving from elsewhere in the country to Alberta, often for work opportunities and comparatively lower costs of living, remain another driving force.

"I believe the spring housing market will deliver relatively strong sales. However, we can expect conditions to gradually become more balanced. Price growth is likely to remain moderate in the coming months, driven by a combination of increasing inventory and easing demand as a result of consumer hesitancy. It's worth noting, however, that most people buy and sell homes based on major life decisions, such as moving for employment opportunities or growing their family – geopolitical uncertainty will only temper demand so much," said Lyall. "At some point, we'll see price growth reach a ceiling in certain areas – there's a limit to what buyers are willing to pay, and some neighbourhoods may be approaching that threshold."

Royal LePage is forecasting that the aggregate price of a home in Calgary will increase 3.0 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down modestly to reflect current market conditions.

Edmonton

The aggregate price of a home in Edmonton increased 8.3 per cent year over year to $478,800 in the first quarter of 2025. On a quarterly basis, the aggregate price of a home in the region increased 3.8 per cent.

Broken out by housing type, the median price of a single-family detached home increased 8.5 per cent year over year to $526,600 in the first quarter of 2025, while the median price of a condominium increased 6.6 per cent to $209,500 during the same period.

"The only thing holding back the Edmonton spring housing market from reaching another record year is inventory challenges. If we see a surge in new listings, the pent-up demand we see waiting on the sidelines will be unleashed. Despite concerns about the economy, there are still plenty of buyers out there who will keep the market turning, particularly first-time buyers, newcomers, as well as luxury purchasers who are looking to take advantage of the increase to the mortgage insurance cap that came into effect in December," said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. "We expect home prices will continue climbing until the late spring, when consumers typically take a break for the summer."

Shearer noted that recent interest rate cuts have encouraged some buyers to enter the market. However, the benefits of reduced borrowing costs have been offset by low inventory levels, which have resulted in frequent multiple-offer scenarios. As the cost of land continues to rise, new housing development has become a more expensive and challenging endeavour for builders.

"While federal elections can sometimes cause buyers to hesitate, most consumers tend to make their move based on personal timelines rather than political or economic events. Therefore, we are not expecting a meaningful slowdown in demand in the coming months," said Shearer. "However, it's difficult to predict how the evolving situation with the United States will impact buyer demand in the coming months."

According to a recent Royal LePage survey, conducted by Burson, 52 per cent of Edmonton respondents say they are not confident in the country's economy today. Meanwhile, 42 per cent say they are confident, including four per cent who are very confident. Among those in the region looking to purchase a home this year, 42 per cent say the ongoing trade dispute with our southern neighbour has caused them to postpone their home buying plans, while 58 per cent say it has not.

"A lack of available inventory, however, remains a potential roadblock. Edmonton has nearly 2,000 fewer properties on the market today compared to two years ago. Some buyers are choosing to delay their plans until the right property becomes available – if inventory levels show no improvement, this trend may become more widespread in the coming months," concluded Shearer.

Royal LePage is forecasting that the aggregate price of a home in Edmonton will increase 9.0 per cent in the fourth quarter of 2025, compared to the same quarter last year.

Halifax

The aggregate price of a home in Halifax increased 1.9 per cent year over year to $517,600 in the first quarter of 2025. On a quarterly basis, the aggregate price of a home in the region increased 2.9 per cent.

Broken out by housing type, the median price of a single-family detached home increased 2.5 per cent year over year to $589,300 in the first quarter of 2025, while the median price of a condominium rose a modest 1.1 per cent to $409,500 during the same period.

"Housing market activity in Halifax this spring is shaping up to be on par with last year around this time; a bit slower than expected and below the historical average. There was good momentum heading into the holidays, but that tapered off midway into the first quarter of 2025," said Matt Honsberger, broker and owner, Royal LePage Atlantic. "Uncertainty regarding tariff threats and their impact on the economy, as well as the whirlwind surrounding the upcoming federal election, are causing some buyers in a less urgent position to hold off. Still, a lack of affordable supply is keeping pressure on prices."

According to a recent Royal LePage survey, conducted by Burson, 47 per cent of Halifax respondents say they are not confident in the country's economy today. Meanwhile, 41 per cent say they are confident, including only three per cent who are very confident. Among those in the region looking to purchase a home this year, 22 per cent say the ongoing trade dispute with our southern neighbour has caused them to postpone their home buying plans, while 78 per cent say it has not.

Honsberger noted that move-up buyers are causing a bottleneck in the flow of homes, hesitant to list their current properties and holding back much needed inventory.

"I suspect some confidence will be restored following the federal election, and a late spring market boom could materialize given the many positive underlying factors in our market," said Honsberger. "We will need more housing supply to satisfy that sidelined demand, specifically in the entry-level segment. In some areas, there is less than half a month's worth of inventory available, which translates to tight competition and price increases."

Honsberger added that an increase of inquiries from U.S. citizens looking to relocate has emerged in recent weeks.

Royal LePage is forecasting that the aggregate price of a home in Halifax will increase 4.0 per cent in the fourth quarter of 2025, compared to the same quarter last year.

Winnipeg

The aggregate price of a home in Winnipeg increased 5.4 per cent year over year to $411,900 in the first quarter of 2025. On a quarterly basis, the aggregate price of a home in the region increased 2.7 per cent.

Broken out by housing type, the median price of a single-family detached home increased 5.5 per cent year over year to $454,800 in the first quarter of 2025, while the median price of a condominium increased 2.4 per cent to $266,700 during the same period.

"Winnipeg experienced an earlier-than-usual start to the spring housing market this year. A burst of warm weather in February helped jumpstart sales and price growth nearly a month ahead of expectations. An additional cut to the overnight lending rate in March also contributed to growing consumer confidence, encouraging more buyers to enter the market and take advantage of lower borrowing costs," said Michael Froese, broker and manager, Royal LePage Prime Real Estate. "While there has been considerable discussion around the ongoing trade conflict with the United States, it has yet to significantly impact the region. Manitoba's manufacturing sector could face some risk, but overall, the province's well-diversified economy is expected to remain relatively insulated from broader economic turbulence – at least for now."

According to a recent Royal LePage survey, conducted by Burson, 52 per cent of Winnipegers say they are confident in the country's economy today, including only five per cent who are very confident. Meanwhile, 41 per cent say they are not confident. Among those in the region looking to purchase a home this year, 49 per cent say the ongoing trade dispute with our southern neighbour has caused them to postpone their home buying plans, while 51 per cent say it has not.

Froese noted that Winnipeg continues to face a persistent inventory shortage, with current levels down approximately 15 per cent compared to last year. The most significant supply gap is in housing types popular with first-time buyers. However, the active single-family new construction segment is expected to help ease some of this pressure, as new housing starts and ongoing building activity add some much-needed supply to the move-up segment.

"Sales and price growth are expected to remain steady through the spring and into the summer, despite uncertainty surrounding the economy and the federal election," said Froese. "Even if there's a surge in new listings, strong demand will ensure that any new supply will be absorbed quickly."

Royal LePage is forecasting that the aggregate price of a home in Winnipeg will increase 4.0 per cent in the fourth quarter of 2025, compared to the same quarter last year.

Regina

The aggregate price of a home in Regina increased 1.2 per cent year over year to $384,300 in the first quarter of 2025. On a quarterly basis, the aggregate price of a home in the region increased 1.1 per cent.

Broken out by housing type, the median price of a single-family detached home increased 2.8 per cent year over year to $423,100 in the first quarter of 2025, while the median price of a condominium decreased 2.2 per cent to $219,000 during the same period.

"We continue to face a chronic shortage of inventory across the board, which is placing sustained upward pressure on home prices as buyers compete for limited supply. In a balanced market, we would typically see around 1,500 active listings – right now, that number is closer to 500. As a result, multiple-offer scenarios remain common, with desirable homes often being snapped up within weeks. This is a clear case of supply and demand imbalance – there simply aren't enough homes available to meet the level of buyer interest," said Mike Duggleby, associate broker and manager, Royal LePage Next Level. "Much of the current demand is being driven by newcomers to Canada and first-time buyers eager to enter the market. Those unable to secure a home are remaining in the rental market for longer than planned, contributing to persistently low vacancy rates and added pressure on rental housing."

Duggleby added that much of the new construction underway in the city is focused on purpose-built rental projects, which will eventually help to ease pressure in this area of the market. Financial incentives from the federal government aimed at encouraging the construction of rental housing have attracted many developers. While there is some activity in the single-family detached segment, new projects in that category are not breaking ground at the same pace, limiting the potential for near-term relief in overall housing supply.

"We're increasingly concerned about inventory in our market. At this point, virtually all available supply is being quickly absorbed, including properties that are overpriced or in poor condition," said Duggleby. "As demand continues to outpace supply, we anticipate an increase in home prices this year. However, Saskatchewan is currently navigating tariff disputes with both China and the United States, which could have ripple effects on key sectors like steel and agriculture. While economic uncertainty is top of mind for many, any impact is likely to vary on a case-by-case basis."

According to a recent Royal LePage survey, conducted by Burson, 47 per cent of Regina respondents say they are not confident in the country's economy today. Meanwhile, 44 per cent say they are confident, including only three per cent who are very confident. Among those in the region looking to purchase a home this year, 69 per cent say the ongoing trade dispute with our southern neighbour has caused them to postpone their home buying plans, while 31 per cent say it has not.

Royal LePage is forecasting that the aggregate price of a home in Regina will increase 7.0 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down modestly to reflect current market conditions.

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About the Royal LePage House Price Survey

The Royal LePage House Price Survey provides information on the most common types of housing, nationally and in 64 of the nation's largest real estate markets. Housing values in the Royal LePage House Price Survey are based on the Royal LePage Canadian Real Estate Market Composite, produced quarterly through the use of company data in addition to data and analytics from partner company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada. Additionally, commentary on housing market trends and data on price and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge.

About the Burson Survey

Burson used the Leger Opinion online panel to survey 2,417 Canadians, aged 18+. A robust oversample was collected in 10 major cities across Canada (Toronto, Vancouver, Montreal, Winnipeg, Regina, Calgary, Halifax, Ottawa, Edmonton and Quebec City) as well as in towns potentially impacted by tariffs (Saint John, Trois-Rivières, Sherbrooke, Fort McMurray, Abbotsford, Windsor, Oshawa, Hamilton, Kitchener-Waterloo and Thunder Bay). The survey was completed between April 2 and April 9, 2025. Weighting was applied to age and gender within regions and cities, based on 2021 census figures. No margin of error can be associated with a non-probability sample (i.e., a web panel in this case). For comparative purposes, a probability sample of 2,417 respondents would have a margin of error of ±2%, 19 times out of 20.

About Royal LePage

Serving Canadians since 1913, Royal LePage is the country's leading provider of services to real estate brokerages, with a network of approximately 20,000 real estate professionals in over 670 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage^® Shelter Foundation™, which has been dedicated to supporting women's shelters and domestic violence prevention programs for 25 years. Royal LePage is a Bridgemarq Real Estate Services^® company, a TSX-listed corporation trading under the symbolTSX:BRE. For more information, please visit www.royallepage.ca.

Royal LePage^® is a registered trademark of Royal Bank of Canada and is used under licence by Bridgemarq Real Estate Services^®.

SOURCE Royal LePage Real Estate Services

For further information, please contact: Charmaine de Silva, Burson on behalf of Royal LePage, [email protected], (604)-360-2328

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