Canadian Housing Market Report
*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for February 2025
Canada Real Estate Market Trends
Note: *Transactions are seasonally-adjusted
Average Home Prices by Province (February 2025)
Provincial Average Home Sale Prices
Canada
Canada's national average home price declined to $668,097 in February 2025, marking a 0.3% decrease from January 2025's $670,064. On an annual basis, it's down 3.3% compared to February 2024. Seasonally adjusted sales activity totalled 36,997 transactions in February 2025, showing a significant decline of 10% from January 2025 and a 4% decrease year-over-year.
The national benchmark home price, which measures the price of a "typical" home, was $713,700, showing a 0.6% increase month-over-month but a 0.9% decrease year-over-year.
Market Insights for February 2025
| Sales | -4.0% Year-over-Year |
| New Listings | -12.7% Month-over-Month |
| Active Listings | +13.1% Year-over-Year |
Note: Sales are seasonally adjusted
Nationally, home sales reached 36,997 in February 2025, a seasonally adjusted 10.0% decrease from the previous month. The Canadian Real Estate Association (CREA) noted that home sales continued to decline following tensions with the United States, which is creating broader economic uncertainty.
The sales-to-new-listings ratio (SNLR) stood at 50%, up slightly from 49% in January, suggesting a balanced 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 February 2025
| Quebec | 🏆 | Record-Breaking Benchmark ($514,200) Price 2nd Consecutive Month |
| Saskatchewan | 🏆 | Record-Breaking Benchmark ($345,688) Price |
Quebec's benchmark home price continued its record-breaking streak in February 2025, reaching $514,200 - a 2.6% increase from January's $501,300. This marks the second consecutive month that Quebec's benchmark home price has been above the $500,000 threshold.
Benchmark Home Prices by Province (February 2025)
| Province | February 2025 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $964,600 | 1.0% | -0.1% |
| Ontario | $860,100 | 0.2% | -1.2% |
| Alberta | $516,800 | 1.1% | 4.8% |
| Quebec | $514,200 | 2.6% | 8.6% |
| Nova Scotia | $417,700 | 0.6% | 5.2% |
| PEI | $361,800 | -1.0% | 1.6% |
| Saskatchewan | $344,700 | 0.6% | 4.6% |
| New Brunswick | $318,800 | 0.0% | 10.6% |
| Newfoundland | $306,200 | 0.0% | 8.0% |
| Canada | $713,700 | 0.6% | -0.9% |
Benchmark Prices Across Canada
For February 2025, benchmark home prices showed mixed annual performance across provinces. While most provinces continue to see year-over-year growth, Ontario and British Columbia have returned to negative territory. British Columbia's benchmark price is down 0.1% compared to February 2024, while Ontario's benchmark is down 1.2% year-over-year. These declines contribute to the national benchmark price being down 1.0% compared to the previous year.
Other provinces are seeing a year-over-year increase, with Alberta's benchmark price increasing 4.8% to $516,800, Saskatchewan up 4.6% to $344,700, and Newfoundland up 8.0% at $306,200. New Brunswick's benchmark price is up 10.6% annually to $318,800 after breaking its nine-month record streak in January. That is the leading benchmark price growth among the provinces.
Canada: Seller’s or Buyer’s Markets?
| Province | February 2025 Sales-to-New-Listings Ratio (SNLR) | January 2025 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Canada | 50% | 49% | Balanced Market | |
| Alberta | 64% | 58% | Seller's Market | |
| Saskatchewan | 77% | 60% | Seller's Market | |
| Manitoba | 68% | 55% | Seller's Market | |
| Ontario | 39% | 34% | Buyer's Market | |
| Quebec | 66% | 49% | Seller's Market | |
| Nova Scotia | 68% | 50% | Seller's Market | |
| PEI | 55% | 42% | Balanced Market | |
| Newfoundland | 67% | 55% | Seller's Market |
Note: Canada’s SNLR value uses seasonally-adjusted sales
SNLR
For February 2025, Canada’s sales-to-new-listings ratio (SNLR) increased slightly to 50%, maintaining its status as a balanced market. 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 February 2025. Most provinces experienced increases in their SNLRs compared to January. Saskatchewan (77%), Alberta (64%), Manitoba (68%), Quebec (66%), Nova Scotia (68%), and Newfoundland (67%) are all firmly in seller's market territory. Ontario remains in a buyer's market at 39%, though this represents an improvement from January's 34%. PEI sits in balanced market territory with an SNLR of 55%, up significantly from 42% in January.
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) | 6.02% | 5.27% | 4.67% | 4.48% | 4.26% | 4.4% |
| 30-Days Change of Average Rates | -45 bps lower | -76 bps lower | -35 bps lower | -35 bps lower | -46 bps lower | -34 bps lower |
| Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
|---|---|---|---|
| -Year Fixed | % | 6.02% | -45 bps lower |
| -Year Fixed | % | 5.27% | -76 bps lower |
| -Year Fixed | % | 4.67% | -35 bps lower |
| -Year Fixed | % | 4.48% | -35 bps lower |
| -Year Fixed | % | 4.26% | -46 bps lower |
| undefined-Year Variable | % | 4.4% | -34 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 $848,289 in February 2025, up 1.7% from January's $834,050 but down 2.9% year-over-year. Ontario recorded 9,776 sales in February 2025, up 9.7% month-over-month but down 26.7% year-over-year. There were 49,300 active listings in Ontario's housing market, continuing the trend of elevated inventory levels. That’s the highest level of inventory for the month of February in 10 years.
The average home sold price in the GTA was $1,084,547 in February 2025, representing a decrease of 2.2% year-over-year and up by 4.2% month-over-month. Meanwhile, the GTA’s benchmark home price is down 1.8% year-over-year to $1,073,900.
GTA home sales are down 28% year-over-year, with 4,037 transactions in February 2025. The GTA's SNLR was 33%, in buyer’s market territory, lower compared to the province’s ratio of 39%.
British Columbia
British Columbia's housing market rebounded in February 2025, with average prices rising 1.6% month-over-month to $964,349. However, on an annual basis, prices remain down 2.4% compared to February 2024. This represents a significant turnaround from January's sharp monthly decline, though the province continues to experience year-over-year price pressure. Sales activity showed strong improvement with 4,947 transactions, up 17.2% from January, though still down 9.7% compared to the previous year. Greater Vancouver's average home price for February 2025 was $1,224,858, down 4% year-over-year.
Quebec
Quebec's average home price was $515,899 in February 2025, up 0.8% from January's $511,879 and 7.7% higher than the previous year. While this year-over-year increase remains strong, it represents a moderation from January's annual growth rate of 12.4%. The province saw 8,490 sales in February, up a remarkable 44.2% from January 2025 while being up 11.0% from the previous year. The Montreal housing market saw its average home price rise 6.7% annually to an average price of $618,798 for February 2025. Quebec City specifically showed strong performance with average prices at $446,478 (up 1.4% month-over-month and 17.2% year-over-year) and sales up 63.8% from January 2025.
Atlantic Canada
Nova Scotia
Nova Scotia's housing market had an average home price of $451,969 in February 2025, a modest 0.6% increase from January 2025's $449,312 and up 6.7% from the previous year. Halifax's average home price was $590,786, showing a 2.1% monthly decrease but maintaining a 5.2% annual increase. Sales activity across Nova Scotia increased by 22.2% month-over-month, while Halifax specifically saw a 35.6% increase in transactions compared to January 2025.
New Brunswick
New Brunswick's benchmark price remained virtually unchanged month-over-month at $318,800 in February 2025, which is up 10.6% year-over-year. While the annual growth rate has moderated slightly from January, it remains as the highest year-over-year increases in benchmark prices across the provinces, and the only one with double-digit gains in percentage terms.
Prince Edward Island
Prince Edward Island's average home price was $373,993 in February 2025, a significant 5.8% decrease from January's $397,083 and down 5.6% from the previous year. This represents the largest yearly percentage decline among all provinces for February. The province recorded 126 sales, up 12.5% from January 2025 and 9.6% year-over-year. With an SNLR of 55% (up from 42% in January), the market has shifted from buyer's territory into more balanced conditions, despite the price declines.
Newfoundland and Labrador
Newfoundland and Labrador's housing market experienced a notable decline in February 2025, with an average home price of $309,844, representing a 7.6% decrease from January 2025's $335,448 and essentially flat (-0.1%) compared to the previous year. This marks a significant reversal from January's strong annual growth. Sales activity remained stable with 340 transactions, unchanged from January 2025 but up 28.8% year-over-year. Its also the highest number of sales for the month of February in history for the province.
Despite the price drop, the market remains firmly in seller's territory with an SNLR of 67%, up from 55% in January 2025, suggesting continued inventory constraints despite the pricing adjustment. Active listings are at a two-decade low for the month of February.
The Prairies
Alberta
Alberta’s average home price increased to $509,468 in February 2025, up 1.3% from January 2025's $503,078 and 5.7% year-over-year. The province continues to show consistent price growth, with February representing another strong month. Sales activity reached 5,223 transactions, up a substantial 15.7% from January. With an SNLR of 64% (up from 58% in January 2025), Alberta is once again in seller's market territory, indicating continued strong demand relative to available supply.
Meanwhile, looking at Alberta’s major cities, home prices in Calgary are up 5.1% year-over-year to $612,838, while Edmonton home prices had a 10.3% annual increase to $449,554.
Saskatchewan
The average home price in Saskatchewan increased significantly to a record-breaking $345,688 in February 2025, up 11.3% from January 2025's $310,521 and up 12.9% from February 2024. This represents the largest monthly percentage increase among all provinces. The province recorded 986 sales in February 2025, up 26.1% from January 2025 but down 1.0% from the previous year.
Saskatoon's average home price reached $429,493 in February 2025, up 9.5% from January and up 20.0% year-over-year, showing remarkable strength. Regina's average home price rose to $330,695, up 10.5% from January and up 4.0% year-over-year. Both cities saw substantial sales increases month-over-month, with Saskatoon up 26.9% and Regina up 46.4%, though Regina's sales were down 4.0% compared to February 2024.
Manitoba
Manitoba's average home price in February 2025 was $382,440, a significant increase of 8.9% from January 2025 and up 10.3% year-over-year. This represents a strong reversal from January's trend, when it was down 2.5% monthly and 0.1% annually in January 2025, with Manitoba now showing one of the more robust monthly and annual price gains among the provinces. Sales activity reached 944 transactions, up 26.2% from January 2025 but down 40.1% compared to February 2024, representing the largest year-over-year sales decline among all provinces.
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.
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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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