Canadian Housing Market Report
*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for August 2025
Canada Real Estate Market Trends
Average Home Prices by Province (August 2025)
Provincial Average Home Sale Prices
Canada
Canada’s national average home price declined to $664,078 in August 2025, down 1.3% compared to July 2025, but still 1.8% higher than one year earlier in August 2024. The national benchmark home price, which reflects the value of a “typical” home, stood at $686,800, representing a 0.9% decline month-over-month and a 3.4% decrease year-over-year.
Market Insights for August 2025
| Sales | +5.7% Year-over-Year |
| New Listings | +2.6% Month-over-Month |
| Active Listings | +8.8% Year-over-Year |
Note: Sales are seasonally adjusted
The national sales-to-new-listings ratio (SNLR) remained balanced at 51.2%.
Sales activity edged upwards with 40,714 seasonally-adjusted transactions recorded nationally in August 2025. This is a 1.1% increase from July 2025’s 40,266 sales and a 5.7% jump from the 38,530 transactions in August 2024. New listings rose 2.6% month-over-month, while active listings were 8.8% higher compared to last year.
While the Bank of Canada’s interest rate cuts since mid-2024 have eased borrowing conditions, affordability pressures and broader economic uncertainty remain strong counterweights, tempering the stimulative effects of lower mortgage rates.
Provincial Price Record Breakers for August 2025
| Newfoundland | 🏆 | Record-Breaking Benchmark ($337,600) Price 8 Consecutive Months |
Newfoundland once again led the country with record-breaking home prices. In August 2025, its benchmark price rose to $337,600, the highest on record and the province’s eighth straight monthly peak. On an annual basis, this marks an impressive 12.3% increase. Newfoundland also stood alone as the only province this month to set a new all-time high in either benchmark or average home price. By contrast, monthly price declines in Saskatchewan, Prince Edward Island, and Quebec erased the records those provinces set in July 2025.
Although not record-breaking, Saskatchewan and Quebec continued to show double-digit year-over-year gains in their average home prices, with annual growth of 14.0% and 10.9%, respectively. By contrast, Ontario, British Columbia, and PEI remained the only provinces to record annual declines in average prices.
Benchmark Home Prices by Province (August 2025)
| Province | August 2025 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $942,800 | -1.0% | -3.1% |
| Ontario | $787,500 | -1.0% | -6.7% |
| Quebec | $526,100 | -0.9% | 7.9% |
| Alberta | $515,300 | -0.8% | -0.1% |
| Nova Scotia | $428,800 | -0.1% | 3.5% |
| PEI | $377,400 | -0.5% | 1.3% |
| Saskatchewan | $372,200 | -0.1% | 8.0% |
| Newfoundland | $337,600 | 2.1% | 12.3% |
| New Brunswick | $328,400 | 0.3% | 6.2% |
| Canada | $686,800 | -0.9% | -3.4% |
Benchmark Prices Across Canada
In August 2025, Ontario, British Columbia, and Alberta were the only provinces with annual benchmark price declines. Ontario’s benchmark price fell 6.7% year-over-year to $787,500, while British Columbia’s slipped 3.1% to $942,800. With their outsized influence on the national market, these declines were enough to pull Canada’s overall benchmark price down 3.4% annually to $686,800. Alberta’s benchmark price is down 0.1% annually to $515,300.
In contrast, every other province posted year-over-year gains. Newfoundland led the country with a 12.3% increase, pushing its benchmark to a record $337,600. Saskatchewan and Quebec followed closely with annual growth of 8.0% and 7.9% respectively. New Brunswick also posted a strong 6.2% increase, while Nova Scotia, and Prince Edward Island recorded more modest gains.
On a monthly basis, price declines were widespread. British Columbia, Ontario, Quebec, Alberta, Saskatchewan, Nova Scotia, and PEI all saw their benchmark prices edge lower. Only Newfoundland (+2.1%) and New Brunswick (+0.3%) posted gains, with Newfoundland standing out as the clear exception to the national cooling trend.
Canada: Seller’s or Buyer’s Markets?
| Province | August 2025 Sales-to-New-Listings Ratio (SNLR) | July 2025 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Canada | 51.2% | 52% | Balanced Market | |
| Alberta | 63% | 63% | Seller's Market | |
| Saskatchewan | 71.4% | 75% | Seller's Market | |
| Manitoba | 73% | 77% | Seller's Market | |
| Ontario | 43% | 40.4% | Balanced Market | |
| Quebec | 63% | 75% | Seller's Market | |
| Nova Scotia | 69% | 65% | Seller's Market | |
| New Brunswick | 69% | 67% | Seller's Market | |
| PEI | 59% | 51% | Balanced Market | |
| Newfoundland | 77% | 59% | Seller's Market |
Note: Canada’s SNLR value uses seasonally-adjusted sales
SNLR
At the national level, housing conditions remained balanced in August 2025 with an SNLR of 51.2%. 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.
Provincial conditions varied widely. Ontario, at 43%, was in balanced territory, while Alberta (63%), Saskatchewan (71.4%), Manitoba (73%), Quebec (63%), Nova Scotia (69%), New Brunswick (69%), and Newfoundland (77%) all operated in seller’s market conditions. Prince Edward Island, with an SNLR of 59%, also remained balanced.
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) | ||||||
| 30-Days Change of Average Rates |
| Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
|---|---|---|---|
| -Year Fixed | % | % | NaN bps lower |
| -Year Fixed | % | % | NaN bps lower |
| -Year Fixed | % | % | NaN bps lower |
| -Year Fixed | % | % | NaN bps lower |
| -Year Fixed | % | % | NaN bps lower |
| undefined-Year Variable | % | % | NaN bps lower |
The basket of 10 lenders includes: , BMO, TD, Scotiabank, RBC, National Bank, Desjardins, nesto, Tangerine, First National.
Regional Analysis
Ontario
Ontario's housing market softened further in August. The average home price declined to $804,985, down both 2.1% month-over-month and 1.6% year-over-year. The benchmark price fell to $787,500, a 6.7% annual decrease, the steepest drop among provinces. Ontario recorded 14,299 sales, while its SNLR of 43% placed it in balanced market territory, although conditions remain less competitive than in most other provinces.
The average home sold price in the GTA was $1,022,143 in August 2025, representing a decrease of 4.9% year-over-year and 2.8% month-over-month. Meanwhile, the GTA’s benchmark home price is down 5.2% year-over-year to $969,700. GTA home sales are up 4.7% year-over-year, with 5,211 transactions in August 2025. The GTA's SNLR was 37%, in buyer’s market territory.
British Columbia
British Columbia's housing market saw an average home price of $926,335 in August 2025, down 1.7% from July 2025 and 1.4% from last year. The benchmark home price was $942,800, a 3.1% annual decline. Greater Vancouver's average home price for August 2025 was $1,226,351, down 1.9% year-over-year.
Quebec
Quebec’s housing market remained strong. The average home price rose to $549,424 in August 2025, up 1.6% month-over-month and 10.9% year-over-year. The benchmark price was $526,100, nearly 8% higher than last year. Sales activity totalled 7,109 transactions, up more than 10% compared to August 2024. With an SNLR of 63%, Quebec stayed in seller’s market territory, supported by strong activity in both Montreal and Quebec City.
Quebec City specifically showed continued strong growth with average prices at $481,162 (up 20% year-over-year), indicating robust demand in the capital region. The Montreal housing market saw its average home price rise 8.9% annually to an average price of $668,554 for August 2025. That is a new all-time high for Montreal.
Atlantic Canada
Nova Scotia
In Nova Scotia, the average home price increased to $467,148 in August 2025, up 2.0% from July and 7.1% year-over-year. Halifax's home prices rose to $603,650, a 5.8% annual increase. With 1,078 sales and an SNLR of 69%, Nova Scotia remained a seller’s market.
Prince Edward Island
Prince Edward Island recorded an average price of $400,594, a 5.9% monthly increase but 0.3% below last year’s levels. With 199 sales and an SNLR of 59%, PEI maintained balanced conditions.
New Brunswick
New Brunswick also performed well, with average home prices reaching $352,965, up 2.8% from the previous month and 7.2% year-over-year. Sales totalled 839, while the SNLR of 69% kept the market in seller’s territory.
Newfoundland and Labrador
Newfoundland continued its streak of record-breaking benchmarks, with the average home price at $352,687, up 2.8% year-over-year. Its benchmark of $337,600 set a new high, rising 2.1% from July 2025 and 12.3% annually. With 672 sales and an SNLR of 77%, Newfoundland is in a strong seller’s market.
The Prairies
Alberta
Alberta’s average home price was stable, with the average home price edging down 0.1% month-over-month to $502,684 but up 2.0% year-over-year. Benchmark prices slipped slightly to $515,300. With 6,843 sales and an SNLR of 63%, Alberta continued to operate as a seller’s market.
Meanwhile, looking at Alberta’s major cities, average home prices in Calgary are up 0.5% year-over-year to $612,349, while Edmonton home prices had a 6% annual increase to $461,281.
Saskatchewan
Saskatchewan posted the strongest growth among the Prairie Provinces, with average home prices climbing 2.1% month-over-month and 14.0% annually to $359,379. Benchmark prices also rose to $372,200, up 8.0% year-over-year, just shy of the current record high of $372,700. With 1,559 sales and an SNLR of 71%, Saskatchewan remained firmly in seller’s market territory.
Saskatoon's average home price reached $439,178 in August 2025, up 17% year-over-year. Regina's average home price rose to $350,137, up 12% year-over-year.
Manitoba
Manitoba saw average prices rise to $395,913, up 1.4% from July and 8.9% from last year. The province recorded 1,497 sales and had an SNLR of 73%, keeping Manitoba in a seller’s market as well.
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 and 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 cover 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. Owners of the buildings have 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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