Canadian Housing Market Report
*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for June 2025
Canada Real Estate Market Trends
Average Home Prices by Province (June 2025)
Provincial Average Home Sale Prices
Canada
Canada's national average home price increased slightly to $691,643 in June 2025, the highest since November 2024. This reflects a 0.05% monthly gain but a 0.7% drop from June 2024. The national benchmark home price, which measures the price of a 'typical' home, was $698,000, showing a 0.5% decrease month-over-month and a 4.5% decrease year-over-year.
Market Insights for June 2025
| Sales | -0.5% Year-over-Year |
| New Listings | -2.9% Month-over-Month |
| Active Listings | +11% Year-over-Year |
Note: Sales are seasonally adjusted
The national sales-to-new-listings ratio (SNLR) stood at 50%, an increase from May’s 47%. 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 June 2025
| Saskatchewan | 🏆🏆 | Record-Breaking Benchmark ($370,700) Price 4 Consecutive MonthsRecord-Breaking Average ($361,117) Price 2 Consecutive Months |
| Newfoundland | 🏆🏆 | Record-Breaking Benchmark ($325,000) Price 6 Consecutive MonthsRecord-Breaking Average ($353,590) Price |
| Nova Scotia | 🏆 | Record-Breaking Benchmark ($437,400) Price 3 Consecutive Months |
| Manitoba | 🏆 | Record-Breaking Average ($415,004) Price 4 Consecutive Months |
| Prince Edward Island | 🏆 | Record-Breaking Benchmark ($378,300) Price |
Multiple provinces achieved record-breaking home prices in June 2025, with four provinces breaking their all-time benchmark price records and three breaking their average home price records. Nova Scotia, Saskatchewan, Newfoundland, Manitoba, and Prince Edward Island all set new all-time highs in June 2025. Notably, Newfoundland’s benchmark price hit a new record for the sixth consecutive month as it rose 11% year-over-year and 16% over the past two years. Ontario and British Columbia are the only provinces that registered an annual decline in average home prices.
Benchmark Home Prices by Province (June 2025)
| Province | June 2025 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $959,300 | -0.4% | -2.3% |
| Ontario | $804,700 | -1.2% | -6.9% |
| Quebec | $529,300 | -0.3% | 8.4% |
| Alberta | $522,200 | -0.3% | 0.7% |
| Nova Scotia | $437,400 | 0.1% | 4.1% |
| PEI | $378,300 | 1.9% | 3.0% |
| Saskatchewan | $370,700 | 0.3% | 8.0% |
| New Brunswick | $328,700 | 1.1% | 6.7% |
| Newfoundland | $325,000 | 2.8% | 10.7% |
| Canada | $698,000 | -0.5% | -4.5% |
Benchmark Prices Across Canada
For June 2025, Ontario and British Columbia remained the only provinces whose benchmark home prices declined annually, with British Columbia's benchmark price down 2.3% year-over-year to $959,300, and Ontario's down 6.9% to $804,700. These two provinces have such a large weight in the national benchmark, that in spite of positive annual changes in every other province the national Benchmark declined 4.5% annually to $698,000.
In contrast, all other provinces saw year-over-year growth in their benchmark home prices. Quebec’s benchmark home price increased by 8.4% to $529,300, while Newfoundland and Labrador's benchmark rose 11% to a record-breaking $325,000. Looking at monthly change, only Newfoundland, PEI and New Brunswick experienced a significant monthly increase in their benchmark price, while Ontario and BC Benchmark home prices declined by 1.2% and 0.4% respectively. Even Alberta and Quebec declined on a monthly basis.
Canada: Seller’s or Buyer’s Markets?
| Province | June 2025 Sales-to-New-Listings Ratio (SNLR) | May 2025 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Canada | 50% | 47% | Balanced Market | |
| Alberta | 65% | 59.7% | Seller's Market | |
| Saskatchewan | 69% | 60.4% | Seller's Market | |
| Manitoba | 70% | 70% | Seller's Market | |
| Ontario | 38% | 34% | Buyer's Market | |
| Quebec | 78% | 66% | Seller's Market | |
| Nova Scotia | 63% | 53% | Seller's Market | |
| New Brunswick | 63% | 65% | Seller's Market | |
| PEI | 53% | 51% | Balanced Market | |
| Newfoundland | 50% | 53% | Balanced Market |
Note: Canada’s SNLR value uses seasonally-adjusted sales
SNLR
For the month of June 2025, Canada's sales-to-new-listings ratio (SNLR) rose to 50% from May 2025’s 47%, 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.
All of Canada's provincial housing markets have seen a shift up in their SNLR compared to last month, except for Newfoundland and New Brunswick, which have shifted down. Saskatchewan (69%), Manitoba (70%), New Brunswick (63%) and Quebec (78%) remain in seller's market territory. Alberta and Nova Scotia went back to a seller's market in June 2025 after being in a balanced market in May 2025. Newfoundland and PEI have continued as balanced markets. Ontario is the only province to be in a buyer’s market during June 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) | 5.47% | 5.15% | 4.4% | 4.52% | 4.43% | 4.46% |
| 30-Days Change of Average Rates | -5 bps lower | -1 bps lower | 5 bps higher | 4 bps higher | 7 bps higher | -1 bps lower |
| Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
|---|---|---|---|
| -Year Fixed | % | 5.47% | -5 bps lower |
| -Year Fixed | % | 5.15% | -1 bps lower |
| -Year Fixed | % | 4.4% | 5 bps higher |
| -Year Fixed | % | 4.52% | 4 bps higher |
| -Year Fixed | % | 4.43% | 7 bps higher |
| undefined-Year Variable | % | 4.46% | -1 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 had an average home price of $852,036 in June 2025, down 1.1% from May 2025 and down 3.7% year-over-year. Sales activity in Ontario was 16,961 transactions in June 2025, down 1.7% from May 2025 but up 1.1% from the previous year. With an SNLR of 38% (up from 34% in May), Ontario remains in buyer's market territory. Ontario’s benchmark price had been the worst performer among the provinces this month (down 1.2%) and annually (down 6.9%). Runner-up BC is down only 2.3% year-over-year.
The average home sold price in the GTA was $1,101,691 in June 2025, representing a decrease of 5.2% year-over-year and 1.7% month-over-month. Meanwhile, the GTA’s benchmark home price is down 5.5% year-over-year to $995,100. GTA home sales are up 0.5% year-over-year, with 6,243 transactions in June 2025. The GTA's SNLR was 32%, in buyer’s market territory.
British Columbia
British Columbia's housing market saw an annual decrease in home prices in June 2025, as average prices decreased 0.5% month-over-month to $954,065. On an annual basis, prices remain down 4.4% compared to June 2024. The province recorded 7,162 sales, a 3.1% increase from May 2025, and 1.3% higher than the same period last year. Greater Vancouver's average home price for June 2025 was $1,273,462, down 5.7% year-over-year.
Quebec
Quebec's average home price was $546,252 in June 2025. This represents a 0.3% decrease from May 2025 but a 7.9% increase year-over-year. The province saw 8,889 sales in June, up 16% compared to June 2024, with the market remaining resilient in terms of sales activity compared to other provinces.
Quebec City specifically showed continued strong growth with average prices at $468,450 (up 1.4% month-over-month and 14% year-over-year), indicating robust demand in the capital region. The Montreal housing market saw its average home price rise 6.8% annually to an average price of $656,831 for June 2025.
Atlantic Canada
Nova Scotia
Nova Scotia's housing market had an average home price of $488,760 in June 2025, a 0.9% decrease from May 2025 but up 6.1% from the previous year. Halifax's average home price was $618,659, showing a 1.2% monthly decrease and a 4% annual increase. Sales activity across Nova Scotia increased by 7.1% YoY to 1,221 transactions.
Prince Edward Island
Prince Edward Island's average home price was $403,987 in June 2025, down 1.7% from May 2025 but up 6.6% from the previous year. The province recorded 243 sales, 52% higher than June 2024. With an SNLR of 53%, the PEI market remains in balanced territory.
New Brunswick
New Brunswick’s average home price of $357,900 in June 2025 is up 8.7% year-over-year, but down 0.9% Month over Month. New Brunswick home sales are up 0.6% year-over-year to 1,000 homes sold in June 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 June 2025, with an average home price of $353,590. That’s up 11% year-over-year, while the benchmark price of $325,000 is up 10.7% year-over-year. Sales activity increased to 552 transactions, up 13% YoY. The market remains in balanced territory with an SNLR of 50%.
The Prairies
Alberta
Alberta’s average home price decreased slightly to $525,119 in June 2025, down 0.6% from May 2025 and up 4.3% YoY. Sales activity of 7,963 transactions was down 4.2% year-over-year. With an SNLR of 65% (up from 60% in May 2025), Alberta has returned to sellers market territory, after dipping into a balanced market condition last month.
Meanwhile, looking at Alberta’s major cities, average home prices in Calgary are up 3.7% year-over-year to $646,147, while Edmonton home prices had a 5.9% annual increase to $464,955.
Saskatchewan
The average home price in Saskatchewan increased to a record-high of $361,117 in June 2025, up 1.1% from May 2025 and up 8.6% from June 2024. The province recorded 1,768 sales in June 2025, up 5.9% year-over-year.
Saskatoon's average home price reached $422,586 in June 2025, up 8% year-over-year. Regina's average home price rose to $353,436, up 9% year-over-year. Saskatoon recorded 735 sales up 6% year-over-year, while Regina saw 540 transactions, up 4% year-over-year.
Manitoba
Manitoba's average home price in June 2025 was $415,004, a 1.2% increase from May 2025 and up 8.2% 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:
- 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.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- 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.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.