Written by Yousaf Iqbal, Head of IQI Canada
Canada Real Estate Market – April 2025 Overview
In April 2025, Canada’s housing market displayed mixed signals. Major cities like Toronto and Vancouver experienced noticeable slowdowns, with home sales and prices falling year-over-year due to high borrowing costs and economic uncertainty. In contrast, Quebec maintained strong momentum, with rising sales, increasing prices, and steady buyer activity. National trends highlighted cautious consumer behavior in some regions, while others continued to experience robust demand and price growth.
Toronto (GTA)
Home sales in the Greater Toronto Area (GTA) rose from March as part of the usual seasonal trend but remained 23.3% lower than in April 2024, with 5,601 homes sold. Buyers continue to wait for lower interest rates and greater economic certainty.
Following the recent federal election, many households are watching Canada’s trade relationship with the United States, as a positive shift could boost consumer confidence and stimulate market activity, noted TRREB President Elechia Barry Sproule.
New listings climbed 8.1% year-over-year to 18,836, providing buyers with more options. However, the MLS® Home Price Index fell 5.4%, and the average selling price declined 4.1% to $1,107,463.
According to TRREB CIO Jason Mercer, high inventory levels gave buyers more negotiating power, driving down prices across the board. When combined with slightly lower borrowing costs, this trend has helped improve monthly mortgage affordability.
Vancouver
The housing market slowdown that began earlier in the year persisted in April, with sales down 23.6% year-over-year. Greater Vancouver REALTORS® (GVR) reported 2,163 residential sales, a sharp drop from the 2,831 sales in April 2024, and 28.2% below the 10-year seasonal average (3,014).
New listings totaled 6,850 properties, a 3.4% decrease year-over-year, but still 19.5% above the 10-year seasonal average (5,731). The total inventory reached 16,207 properties, marking a 29.7% increase from April 2024 and 47.6% above the 10-year average.
The sales-to-active listings ratio stood at 13.8% overall, broken down as:
• Detached homes: 9.9%
• Attached homes: 17.5%
• Apartments: 15.7%
These figures suggest a balanced market, though slightly tilted in favor of buyers, especially in the detached segment.
Quebec
In contrast to national trends, Quebec’s real estate market remained resilient in April 2025, with home sales up 10% compared to the same period last year. Prices rose across all property categories—single-family homes, condominiums, and plexes—while days on market decreased, reflecting strong demand.
Although active listings held steady, new listings increased by 11%, contributing to a 19% growth in total sales volume, signaling a competitive and active spring market.
