The Spring Market Brings an Abundance of Opportunities For Buyers

Onrario - Spring Market Brings an Abundance of Opportunities For Buyers

Toronto 6, May 2025 -- April home sales followed the regular seasonal trend with an increase relative to March. However, total residential transactions in the Greater Toronto Area (GTA) were down compared to the same time last year, as potential buyers continue to wait for lower borrowing costs and for certainty about the trajectory of the economy.

“Following the recent federal election, many households across the GTA are closely monitoring the evolution of our trade relationship with the United States. If this relationship moves in a positive direction, we could see an uptick in transactions driven by improved consumer confidence and a market that is both more affordable and better supplied,” said TRREB President Elechia Barry-Sproule.

GTA REALTORS® reported 5,601 home sales through TRREB’s MLS® System in April 2025 – down by 23.3% compared to April 2024. New listings in the MLS® System amounted to 18,836– up by 8.1% year-over-year. On a seasonally adjusted basis, April home sales edged up month-over-month compared to March 2025.

The MLS® Home Price Index Composite benchmark was down by 5.4% year-over-year in April 2025. The average selling price, at $1,107,463, was down by 4.1% compared to April 2024. On a month-over-month seasonally adjusted basis, the average selling price was down.

“Inventory levels remained elevated historically in April, pointing to substantial choice for households looking to purchase a home in the GTA. Buyers took advantage of this choice when negotiating purchase prices, which resulted in a lower average price across market segments compared to last year. Lower prices coupled with lower borrowing costs translated into more affordable monthly mortgage payments,” said TRREB Chief Information Officer Jason Mercer.

Ottawa - Momentum Builds in Ottawa’s Housing Market Amid Greater Certainty

Ottawa, May 6, 2025 -- The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,306 units in April 2025. This represented an 18.4% increase from March 2025, but an 11.2% decline from April 2024.

Home sales were 17.6% below the five-year average and 16.2% below the 10-year average for the month of April.

“While April sales were down year-over-year, we saw a healthy month-over-month increase—an encouraging sign of growing momentum as we move through the spring market,” says OREB President Paul Czan. “Inventory remains at higher levels compared to previous years, indicating a gradual move towards a balanced market.”

“With more certainty following the federal election, buyers are returning with greater confidence—but they’re proceeding cautiously, taking their time, including conditions in their offers, and being more selective,” adds Czan. “Sellers, meanwhile, are adjusting to longer days on market, which makes strategic pricing and thoughtful home preparation more important than ever. If the listing is priced well, shows well, it’s moving—possibly getting multiple offers. Looking ahead, we’ll be watching how the federal government’s recent housing commitments translate into action. Policies aimed at increasing supply, improving affordability, and supporting first-time buyers are welcome steps toward meaningful impact here in Ottawa.”

The overall MLS® HPI composite benchmark price was $631,200 in April 2025, a 1.1% rise compared to April 2024.

The benchmark price for single-family homes was $703,200, up 1.0% year-over-year in April.

By comparison, the benchmark price for a townhouse/row unit was $440,000, an increase of 4.4% from 2024.

The benchmark apartment price was $404,000, a 2.8% decline from the previous year.

The average price of homes sold in April 2025 was $707,180, a 0.4% increase from April 2024.

The total dollar volume of all home sales in April 2025 amounted to $923.5 million, a 10.8% drop compared to the same period last year.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

The number of new listings declined by 3.8% compared to April 2024, with 2,589 new residential properties added to the market. New listings were 2.8% above the five-year average and 5.6% above the 10-year average for the month of April.

Active residential listings totaled 4,878 units at the end of April 2025, reflecting a 54.2% surge from April 2024. Active listings were 86.9% above the five-year average and 51.3% above the 10-year average for the month of April.

Months of inventory stood at 3.7 at the end of April 2025, compared to 2.2 in April 2024. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Greater Vancouver - Spring market brings abundance of opportunity for buyers

Vancouver, 6 May 2025 -- The slowdown in home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver* that began early this year continued in April, with sales down nearly 24% year-over-year. 

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,163 in April 2025, a 23.6% decrease from the 2,831 sales recorded in April 2024. This was 28.2% below the 10-year seasonal average (3,014).

"From a historical perspective, the slower sales we’re now seeing stand out as unusual, particularly against a backdrop of significantly improved borrowing conditions, which typically helps to boost sales. What’s also unusual is starting the year with Canada’s largest trading partner threatening to tilt our economy into recession via trade policy, while at the same time having Canadians head to the polls to elect a new federal government. These issues have been hard to ignore, and the April home sales figures suggest some buyers have continued to patiently wait out the storm." Andrew Lis, GVR director of economics and data analytics

There were 6,850 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in April 2025. This represents a 3.4% decrease compared to the 7,092 properties listed in April 2024 and was 19.5% above the 10-year seasonal average (5,731) for the month. 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 16,207, a 29.7% increase compared to April 2024 (12,491). This is 47.6% above the 10-year seasonal average (10,979). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2025 is 13.8%. By property type, the ratio is 9.9% for detached homes, 17.5% for attached, and 15.7% for apartments. 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months. 

“While the headlines have been filled with worrying news lately, there are positives in the current market worth highlighting, especially for buyers,” Lis said.

“Inventory levels have just crested 16,000 for the first time since 2014, prices have stayed fairly stable for the past few months, and borrowing costs are the lowest they’ve been in years. These factors benefit buyers, and with balanced conditions across the market overall, there’s plenty of opportunity for anyone looking to make a purchase.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,184,500. This represents a 1.8% decrease over April 2024 and a 0.5% decrease compared to March 2025. 

Sales of detached homes in April 2025 reached 578, a 29% decrease from the 814 detached sales recorded in April 2024. The benchmark price for a detached home is $2,021,800. This represents a 0.7% decrease from April 2024 and a 0.6% decrease compared to March 2025. 

Sales of apartment homes reached 1,130 in April 2025, a 20.2% decrease compared to the 1,416 sales in April 2024. The benchmark price of an apartment home is $762,800. This represents a two% decrease from April 2024 and a 0.6% decrease compared to March 2025. 

Attached home sales in April 2025 totalled 442, a 23.8% decrease compared to the 580 sales in April 2024. The benchmark price of a townhouse is $1,102,300. This represents a 2.9% decrease from April 2024 and a one% decrease compared to March 2025.

Alberta - Balanced Conditions Take Pressure Off Prices

Calgary, May 1, 2025 – A boost in new listings this month relative to sales caused April inventories to rise to 5,876 units. Although this is more than double the number reported last year, last year’s supply was exceptionally low, and current inventory levels are consistent with what we typically see in April. April sales reached 2,236 units—22% below last year’s levels but in line with long-term trends.

“Economic uncertainty has weighed on home sales in our market, but levels are still outpacing activity reported during the challenging economic climate experienced prior to the pandemic,” said Ann-Marie Lurie, Chief Economist at CREB®. “This, in part, is related to our market's situation before the recent shocks. Previous gains in migration, relatively stable employment levels, lower lending rates, and better supply choice compared to last year’s ultra-low levels have likely prevented a more significant pullback in sales and have kept home prices relatively stable.”

The rise in inventory levels helped the market shift to balanced conditions with nearly three months of supply. However, conditions vary depending on price range and property type. Lower-priced detached and semi-detached properties continue to struggle with insufficient supply, while row and apartment-style homes are seeing more broad-based shifts to balanced conditions. 

The additional supply has helped relieve the pressure on home prices following the steep gains reported over the past several years. Benchmark prices for each property type have remained relatively stable compared to last month. However, compared to last year, detached and semi-detached prices are over 2% higher than last year's levels, while apartment and row-style home prices have remained relatively unchanged. 

April Housing Statistics

Detached - Detached sales were 1,102 units in April, a year-over-year decline of 16%. While sales eased across most areas of the city, the South East district has seen sales rise over last year's levels. April saw 1,907 new listings come onto the market, and the sales-to-new-listings ratio remained balanced at 58%. Inventories rose to 2,511 units, and the months of supply rose to 2.3 months. While this is a significant gain over the less than one month of supply reported last year at this time, conditions remain relatively tight, especially in the lower price ranges.

In April, the unadjusted benchmark price reached $769,300, similar to last month but over 2% higher than last April. The added supply choice, combined with uncertainty, has slowed the pace of price growth. However, with a year-over-year gain of nearly 5%, the City Centre has exhibited stronger price growth than any other district.

Semi-Detached - Easing sales in April contributed to the year-to-date decline of nearly 16%. The 190 sales in April were met with 350 new listings, and the sales-to-new-listings ratio fell to 54%. This also caused further gains in inventory levels, which reached 484 units. The rise in inventory did help push the market toward balanced conditions with 2.6 months of supply, a significant improvement over the less than one month reported at this time last year.

The shift toward more balanced conditions has slowed the pace of price growth. In April, the unadjusted benchmark price was $691,700, similar to last month and over 5% higher than last year. The City Centre reported the largest gain, at over 5%, while prices in the North remained stable compared to last year.

Row - April sales slowed for row homes, contributing to the year-to-date decline of 16%. Meanwhile, new listings continued to rise compared to last year, driving the sales-to-new-listings down to 51%. In April, inventories reached 1,005 units, the highest level reported since 2021, and the months of supply rose to nearly three months. Improved supply has taken some of the pressure off prices,

In April, the unadjusted row price was $457,400, a slight gain over last month, but relatively unchanged compared to April of last year and still below last year's peak price reported in June. The pullbacks reported in the North and North East districts offset year-over-year gains in most districts.

 Apartment Condominium - April sales eased by nearly 30% over last year's record high but were far stronger than long-term trends. While sales have remained relatively strong, new listings in April reached a record high for the month, supporting further gains in inventory levels. With three months of supply in the city, conditions are considered relatively balanced. However, activity does range significantly based on location, impacting price movements.

The North East district reported the highest months of supply at seven months, resulting in a year-over-year price decline of 2% and a spread of over 7% from last year's high. Overall, the April benchmark price in the city was $336,000, similar to last year but still 3% lower than last year's record high.