Canadian Housing Market Report
*Seasonally Adjusted
Note: Data sourced from the Canadian Real Estate Association (CREA)
Canadian Housing Market Data for January 2025
Canada Real Estate Market Trends
Note: *Transactions are seasonally-adjusted
Average Home Prices by Province (January 2025)
Provincial Average Home Sale Prices
Canada
Canada’s national average home price moderated to $670,064 in January 2025, marking a 1% decline from December 2024’s $676,640. However, it’s up on an annual basis, up 1.6% compared to January 2024. Sales activity totalled 41,118 transactions, showing a decline of 4.9% from December 2024 but maintaining a 3.9% increase year-over-year.
The national benchmark home price, which measures the price of a "typical" home, was $709,200, showing a slight 0.5% increase month-over-month and a 0.2% increase year-over-year.
Market Insights for January 2025
| Sales | +3.9% Year-over-Year |
| New Listings | +11% Month-over-Month |
| Active Listings | +12.7% Year-over-Year |
Note: Sales are seasonally adjusted
Nationally, home sales reached 41,118 in January 2025, a seasonally adjusted 4.9% decrease from the previous month. The Canadian Real Estate Association (CREA) noted that home sales decreased after threats of a possible trade war with the United States culminated in the latter half of the month.
New home listings were up 11% month-over-month, which the CREA noted as the highest monthly increase since the late 1980s, excluding during the pandemic. Meanwhile, active listings were up 12.7% year-over-year.
The gain in home sales year-over-year follows six successive Bank of Canada rate cuts in June 2024 right through to January 2025, which helped fuel buyer activity. That’s because the Bank of Canada's easing measures, aimed at stimulating economic growth, have reduced borrowing costs and lowered mortgage rates, drawing more buyers into the market. Economic uncertainty amid tariff threats may act as a counterbalance.
Provincial Record Breakers for January 2025
| Quebec | 🏆 | Record-Breaking Benchmark ($501,300) Price |
Quebec's benchmark home price broke through an all-time record in January 2025, reaching $501,300. It’s the first time that Quebec’s benchmark home price has ever been above $500,000. Other provinces that once hit record highs in recent months, such as Alberta, Saskatchewan, Newfoundland, and New Brunswick, have fallen off the leaderboard after experiencing monthly declines in home prices. One notable loss is New Brunswick, which had seen nine consecutive months of record-breaking benchmark prices. That streak was broken this month after New Brunswick’s benchmark price declined by 3% monthly.
Benchmark Home Prices by Province (January 2025)
| Province | January 2025 Benchmark Home Price | Monthly Change (%) | Annual Change (%) |
|---|---|---|---|
| British Columbia | $955,100 | 0.0% | 0.2% |
| Ontario | $858,600 | 1.1% | 0.8% |
| Alberta | $511,200 | 1.2% | 5.9% |
| Quebec | $501,300 | 1.4% | 7.4% |
| Nova Scotia | $415,400 | 2.5% | 6.2% |
| PEI | $365,400 | -1.3% | 3.7% |
| Saskatchewan | $342,600 | 1.4% | 6.8% |
| New Brunswick | $318,900 | -3.0% | 12.4% |
| Newfoundland | $306,100 | 0.0% | 7.4% |
| Canada | $709,200 | 0.5% | 0.1% |
Benchmark Prices Across Canada
For January 2025, benchmark home prices rose annually in all provinces. This now includes the particularly tough Ontario and British Columbia markets, which had been holdouts in recent months with their annual price declines.
British Columbia continues to command the highest benchmark home price at $955,100, with an annual increase of 0.2%. New Brunswick led annual growth with a 12.4% increase, followed by Quebec and Newfoundland with a 7.4% increase year-over-year. Despite larger gains in all provinces, the national benchmark home price increased just 0.1% year-over-year to $709,200, as the activity seems to shift from expensive Ontario and British Columbia to more affordable provinces.
Canada: Seller’s or Buyer’s Markets?
| Province | January 2025 Sales-to-New-Listings Ratio (SNLR) | December 2024 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
|---|---|---|---|---|
| Canada | 49% | 57% | Balanced Market | |
| Alberta | 58% | 105% | Balanced Market | |
| Saskatchewan | 60% | 103% | Seller's Market | |
| Manitoba | 55% | 105% | Balanced Market | |
| Ontario | 34% | 77% | Buyer's Market | |
| Quebec | 49% | 116% | Balanced Market | |
| Nova Scotia | 50% | 115% | Balanced Market | |
| New Brunswick | N/A | 121% | N/A | N/A |
| PEI | 42% | 105% | Balanced Market | |
| Newfoundland | 55% | 149% | Balanced Market |
Note: Canada’s SNLR value uses seasonally-adjusted sales
SNLR
For January 2025, Canada’s sales-to-new-listings ratio (SNLR) declined to 49%, keeping its status as a balanced market. This indicates that, on the national level, the equilibrium between supply and demand still allows 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.
The majority of Canada’s provincial housing markets with reporting data for January 2025 exhibit balanced market conditions, with all reporting provinces seeing a decrease in their SNLRs compared to December 2024. That’s largely due to the seasonal slowdown in new listings that typically occurs in December each year which brings along with it elevated SNLRs. Saskatchewan remains in a seller’s market for January 2025, while Ontario is now in a buyer’s market.
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) | 6.28% | 5.61% | 4.75% | 4.58% | 4.43% | 4.42% |
| 30-Days Change of Average Rates | -23 bps lower | -45 bps lower | -29 bps lower | -27 bps lower | -31 bps lower | -32 bps lower |
| Term | Lowest Rates | Average Rates (10 Lenders) | 30-Days Change of Average Rates |
|---|---|---|---|
| -Year Fixed | % | 6.28% | -23 bps lower |
| -Year Fixed | % | 5.61% | -45 bps lower |
| -Year Fixed | % | 4.75% | -29 bps lower |
| -Year Fixed | % | 4.58% | -27 bps lower |
| -Year Fixed | % | 4.43% | -31 bps lower |
| undefined-Year Variable | % | 4.42% | -32 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 $834,050, relatively unchanged from the previous month and up 1.5% year-over-year. Ontario recorded 8,912 sales in January 2025, down 0.9% month-over-month and down 10.1% year-over-year. There were 44,913 active listings in Ontario’s housing market, the highest for the month of January in over 10 years.
The average home sold price in the GTA was $1,040,994 in January 2025, representing an increase of 1.4% year-over-year and down by 2.5% month-over-month. Meanwhile, the GTA’s benchmark home price is up 0.2% year-over-year to $1,070,100.
GTA home sales are down 8.9% year-over-year, with 3,847 transactions in January 2025. The GTA's SNLR was 31%, in buyer’s market territory, lower compared to the province’s ratio of 34%.
British Columbia
British Columbia's housing market saw the most pronounced decline, with average prices falling 6.3% month-over-month to $949,560 in January 2025. This represents a slight annual decline of 0.9%. That’s both the largest monthly and annual declines in average home prices among the provinces this month. Greater Vancouver's average home price for January 2025 was $1,208,415, down 3.6% year-over-year.
Quebec
Quebec's average home price was $511,879, up 0.2% from December 2024 and 12.4% higher than the previous year, the largest year-over-year gain among reporting provinces. The province saw 5,888, down 12.7% from the previous month while being up a significant 28% from the previous year. That’s the second-largest annual increase in sales among the provinces.
The Montreal housing market saw prices rise 8.7% annually to an average price of $619,874 for January 2025. Quebec City's average home price increased to $440,495, up 0.9% month-over-month and up 25% annually, an astounding year-over-year gain.
Atlantic Canada
Nova Scotia
Nova Scotia's housing market had an average home price of $449,312, a 2.1% increase from the previous month and up 4.8% from the previous year. Halifax's average home price was $603,575, showing similar trends with a 4.8% monthly increase and a 5.5% annual increase.
New Brunswick
New Brunswick’s benchmark price dipped 3% month-over-month to $318,900 in January 2025, which is up 12.4% year-over-year. It’s the highest year-over-year increase in benchmark prices among the provinces this month.
Prince Edward Island
Prince Edward Island's average home price was $397,083, a 1.9% decrease from the previous month and a 5.1% increase from the previous year. The number of new listings, 264, is the highest for the month of January since 2016. Meanwhile, active listings haven’t been this high for the month of January since 2017.
Newfoundland and Labrador
Newfoundland and Labrador's housing market showed strong growth, with an average home price of $335,448, representing a 1.9% increase from the previous month and a 10.8% rise from the previous year. Inventory, both the number of active listings and the months of inventory in the market, has declined to the lowest level for the month of January in over 10 years.
The Prairies
Alberta
Alberta’s average home price increased to $503,078, up 1.9% monthly and 5.7% year-over-year in January 2025. That’s the third-highest month on record. Meanwhile, looking at Alberta’s major cities, home prices in Calgary are up 6.3% year-over-year to $605,026, while Edmonton home prices had a 9.9% annual increase to $438,278.
Saskatchewan
The average home price in Saskatchewan decreased to $310,521, down 0.9% from the previous month but up 9.0% from January 2024. The province recorded 782 sales in January 2025, a 1.0% increase from the previous year.
Saskatoon’s average home price of $392,162 in January 2025 is up 10% year-over-year, while Regina’s average home price of $299,222 is up 11% year-over-year. On a monthly basis, they increased 0.2% and 1.8%, respectively.
Manitoba
Manitoba's average home price in January 2025 was $351,128, a decrease of 2.5% month-over-month and down 0.1% year-over-year. Manitoba and British Columbia are the only provinces this month to see both a monthly and annual decrease in their average home price.
Breakdown By Region
New Housing Price Index
The New Housing Price Index (NHPI) is a housing price index published by Statistics Canada that measures the change over time in selling prices of new residential properties. It is published by Statistics Canada and used by governmental agencies, market analysts, and real estate businesses. The index is relative to a standard of 100 set in 2017.
Other Real Estate Statistics
Homeownership Rate: 66.5% (2021)
Vacancy Rate: 1.5% (2023)
Housing Construction
Housing Starts: The trend is 244,800 units per year, the actual number of housing starts is 14,878 (January 2024)
Housing Under Construction: 353,361 units (Jan 2024)
Housing Completions: 187,630 units (2023)
Investment in Residential Construction: CAD $157.7 billion (2023)
Investment in Non-Residential Construction: CAD $71.4 billion (2023)
Average Rent for a 2-Bedroom Unit
As reported by the CMHC for purpose-built rentals in 2023
| Region | Average Rent for a 2-Bedroom Unit |
|---|---|
| Greater Toronto Area, ON | $1,940 (8.7%) |
| Ottawa, ON | $1,698 (4%) |
| Vancouver, BC | $2,181 (8.6%) |
| Victoria, BC | $1,839 (7.9%) |
| Quebec City, QC | $1,040 (4.8%) |
| Montreal, QC | $1,096 (7.9%) |
| Edmonton, AB | $1,398 (6.4%) |
| Calgary, AB | $1,695 (14.3%) |
| Winnipeg, MB | $1,427 (4.4%) |
| Saskatoon, SK | $1,360 (9.0%) |
| Halifax, NS | $1,628 (11%) |
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.
Disclaimer:
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
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