This article is contributed by Yousaf Iqbal, Head of IQI CanadaIn March 2025, the Canadian real estate market reflected a mixed picture, shaped by ongoing economic uncertainties and regional variations. While national home sales experienced a slowdown, stable home prices and early signs of recovery in key urban centers signal cautious optimism for the months ahead. Interest rate adjustments and improved affordability continue to influence buyer sentiment. Greater Toronto Area (GTA) The GTA market saw a modest cooling in March, with home sales declining compared to last year. The average selling price dipped by 2.5% year-over-year to $1,093,254, while the MLS® HPI benchmark fell by 3.8%. Despite the slowdown, market watchers point to a potential rebound later in the spring, as more listings come online and borrowing conditions improve. Vancouver Vancouver’s housing market remained relatively balanced. While residential sales slowed slightly, increased listing activity and steady pricing indicate seller confidence. Inventory continued to build, giving buyers more negotiating room. The market is expected to maintain stability, especially as mortgage rates become more favorable. Montreal Montreal experienced a healthy uptick in activity, with home transactions surpassing seasonal expectations. The city's relative affordability compared to other major metros, paired with supportive lending conditions, has kept buyer interest strong. Inventory levels are rising steadily, helping to meet demand. Toronto Homeownership in the Greater Toronto Area became more affordable in March 2025, with lower borrowing costs and declining home prices making monthly mortgage payments more manageable. According to the Toronto Regional Real Estate Board (TRREB), continued rate cuts and increased housing supply are expected to benefit buyers by boosting affordability and negotiation power. However, economic uncertainty and the upcoming federal election are causing some households to delay purchasing decisions. TRREB officials noted that consumer confidence, particularly around employment stability, will be key to driving future home buying activity. Vancouver Metro Vancouver recorded its lowest March home sales since 2019, with 2,091 residential transactions—a 13.4% decline from March 2024 and 36.8% below the 10-year average. Meanwhile, active listings surged, reaching 14,546, up 37.9% year-over-year and nearly 45% above the seasonal average. Despite political and economic uncertainties, market conditions have become increasingly favorable for buyers. Mortgage rates remain low, prices have eased from past highs, and inventory is at its highest in almost a decade. However, buyer activity remains muted, with a sales-to-active listings ratio of 14.9%, indicating a balanced market overall. Benchmark prices showed mixed trends: Detached homes: $2,034,400 (↑0.8% YoY) Apartments: $767,300 (↓0.9% YoY) Townhomes: $1,113,100 (↓0.8% YoY) New listings jumped 29% from last year, reflecting growing seller confidence. While attached homes are nearing sellers’ market territory, the overall market is experiencing slower momentum similar to early 2023, with potential for stronger activity in the coming months. Quebec Source: https://members.gvrealtors.ca/news/GVR-Stats-Package-Mar-2025.pdf Source: https://trreb.ca/wp-content/files/market-stats/market-watch/mw2503.pdf  Source: https://com.apciq.ca/fsmi-stats/mensuelles/2025/stats-202503-en.pdf Want deeper insights into global property trends? Download our comprehensive market value report to explore opportunities beyond Canada Download

Written by Yousaf Iqbal, Head of IQI CanadaCANADA'S HOUSING MARKET – FEBRUARY 2025In February 2025, Canada's housing market showed mixed trends across regions. National home sales reached 41,118 in January, marking a 3.9% year-over-year increase but a 4.9% decline from December.New home listings surged by 11% month-over-month, the highest monthly increase since the late 1980s, excluding the pandemic period.Active listings rose by 12.7% year-over-year.The national average home price moderated to $670,064 in January, reflecting a 1% decline from December but a 1.6% increase from January 2024.The national benchmark home price stood at $709,200, showing a 0.5% month-over-month increase and a 0.2% annual increase.Greater Toronto Area (GTA)The Greater Toronto Area reported 4,037 home sales in February, down 27.4% from February 2024.New listings reached 12,066, a 5.4% increase year-over-year.The average selling price was $1,084,547, a 2.2% decline from the previous year, as high mortgage rates and economic uncertainties, including trade relations with the U.S., affected buyer confidence.QuebecQuebec’s benchmark home price hit a record $501,300 in January, surpassing $500,000 for the first time.Montreal's average home price rose 8.7% annually to $619,874.Quebec City's average price increased to $440,495, up 0.9% month-over-month and 25% annually.Ontario Rental Market TrendsOntario's average asking rent for apartments dropped 4.7% to $2,332.Toronto rents fell 7.1%, averaging $2,632, driven by:◦ Unsold condos entering the rental market.◦ Increased purpose-built rental stock.◦ Reduced demand due to new international study permit limits.Bank of Canada’s Interest Rate & Housing AffordabilityThe Bank of Canada reduced its main interest rate by half a percentage point to 3.75% in November 2024—the fourth consecutive cut—as inflation returned to the 2% target earlier than expected. Despite these cuts, the housing affordability crisis is expected to persist for years, with high home prices and weak spending power keeping mortgage costs out of reach for many. While some regions, such as Quebec, are experiencing price growth, others, particularly Toronto, are seeing declining sales and prices due to economic uncertainty and affordability challenges.Market OutlookTORONTO, ON – March 5, 2025GTA homebuyers had ample choices in February, as sales dropped 27.4% year-over-year, while new listings rose 5.4%.High mortgage rates and economic uncertainty, including U.S. trade concerns, dampened buyer confidence.TRREB expects lower borrowing costs in the coming months, which could boost affordability and sales.The average home price fell 2.2% to $1,084,547, while the MLS® HPI Composite declined 1.8% year-over-year.TRREB emphasizes the need for clear housing, trade, and economic policies to restore consumer confidence.VANCOUVER, BC – March 4, 2025Metro Vancouver’s housing market remained balanced in February, as new listings rose 10.9% year-over-year, following January’s surge.Residential sales totaled 1,827, down 11.7% from February 2024 and 28.9% below the 10-year average.The total number of homes for sale increased 32.3% to 12,744.The sales-to-active listings ratio stood at 14.8%, indicating stable prices.The MLS® benchmark price for all homes was $1,169,100, down 1.1% year-over-year.With a potential Bank of Canada rate cut ahead, market activity could shift in the coming monthsQuebecFOR MORE UPDATE NEWSLATTER, CLICK HERE!

Written by Yousaf Iqbal, Head of IQI Canada The Canadian real estate market began 2025 with strong sales activity and increased listing inventory, reflecting shifting market dynamics across key metropolitan areas. A combination of interest rate cuts in late 2024, improved affordability measures, and growing buyer confidence has contributed to heightened activity, particularly in Toronto, Vancouver, and Montreal. Greater Toronto Area (GTA)Home sales surged by 48.6% year-over-year, demonstrating renewed buyer demand.The average selling price rose by 1.5% to $1,040,994, indicating moderate price growth in line with inflation.Market analysts expect a well-supplied housing market to keep annual price appreciation steady throughout the yearThe Toronto Regional Real Estate Board (TRREB) projects that the GTA’s housing market will see moderate price growth, keeping pace with inflation. The MLS® Home Price Index Composite benchmark rose by 0.44% year-over-year in January 2025VancouverNew listings increased by 46% year-over-year, indicating growing seller confidence.The total inventory of homes for sale grew by 33.1%, providing more options for buyers.Residential sales rose by 8.8%, contributing to a balanced market environment.MontrealVReal estate transactions jumped by 36%, surpassing historical averages.This surge was primarily driven by favorable financing conditions following the recent interest rate cuts.Toronto Market UpdateThe year started with GTA REALTORS® reporting 3,847 home sales through TRREB’s MLS® System in January 2025, marking a 48.6% year-over-year increase. On a seasonally adjusted basis, January sales increased month-over-month compared to December 2024. The MLS® Home Price Index Composite benchmark rose by 0.44% year-over-year, while the average selling price of $1,040,994 was up 1.5% compared to January 2024. The TRREB Market Outlook and Year-in-Review report suggests that a well supplied housing market will keep annual home price growth aligned with inflation, leading to moderate price increases in the GTA throughout 2025Vancouver Real Estate Market – January 2025New MLS® listings in Metro Vancouver surged by 46% year-over-year in January, as sellers entered the market with renewed confidence. According to Greater Vancouver REALTORS® (GVR), residential sales in the region totaled 1,552 in January 2025, marking an 8.8% increase from 1,427 sales in January 2024. However, this figure remained 11.3% below the 10-year seasonal average of 1,749. A total of 5,566 detached, attached, and apartment properties were newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2025. This represents a 46.9% increase compared to the 3,788 properties listed in January 2024, and 31.1% above the 10-year seasonal average of 4,247.The total number of properties currently listed for sale on the MLS® system in Metro Vancouver stands at 11,494, a 33.1% increase from January 2024 (8,633), and 33.2% above the 10-year seasonal average of 8,632.Sales-to-Active Listings Ratio – January 2025Across all property types (detached, attached, and apartments), the sales-to-active listings ratio stands at 14.1%:Detached homes: 9.2%Attached properties: 18.5%Apartments: 16.5%Quebec For more info on global insight. Click here

In December 2024, Canada's housing market cooled, with sales down 5.8% from November but up 10% for Q4. The average home price was $676,640, a 2.5% year-over-year increase, with the Home Price Index rising 0.3%. The Bank of Canada’s interest rate cuts, including a December drop to 3.25%, are expected to boost demand and listings in spring 2025.TorontoTORONTO, ONTARIO, January 7, 2025 – The GTA housing market saw modest changes in 2024. Annual sales rose 2.6% to 67,610, while new listings jumped 16.4%, offering buyers more options and curbing pricegrowth. The average home price dipped slightly to $1,117,600 from $1,126,263 in 2023, with condos seeing larger price declines than ground-oriented homes. High interest rates limited affordability, but Bank of Canada rate cuts in late 2024 improved conditions. TRREB expects further rate reductions and stable prices to enhance the market in 2025. December sales totaled 3,359, with new listings up and prices steadyVancouverMetro Vancouver home sales rose over 30% year-over-year in December 2024, reflecting strengthening demand. Annual sales reached 26,561, up 1.2% from 2023 but 20.9% below the 10-year average. Listings increased 18.7% to 60,388, exceeding the 10-year average by 5.7%. December inventory totaled 10,948, up 24.4% year-over-year. The benchmark price for all properties was $1,171,500, up 0.5% from December 2023. Despite a slow start to 2024, late-year sales momentum and stabilizing prices suggest a more active market in 2025.QuebecFOR MORE UPDATE NEWSLETTER, CLICK HERE!