Canada’s housing market just completed its first full spring month under noticeably cheaper mortgages and a still‑uncertain economy.
April delivered one clear message: choice is back.
- Sales slipped year‑over‑year in most big cities.
- The Number of Listings jumped almost everywhere.
- Prices stayed flat or fell slightly (unless you live in Edmonton.)
Think of April as the market’s stress test. Buyers weighed lower rates against election noise and U.S. trade flare‑ups. Sellers tested price expectations against a growing roster of competitors. The result? A more balanced playing field from coast to coast.
Below you’ll find the hard numbers for every major region, plus quick hits on what drove them. Use these insights to time your next move—whether that’s buying, selling, or simply planning your budget.
Why April 2025 matters for Canadian Real Estate?
- Spring is peak house‑hunting season.
- Five Bank of Canada rate cuts since June 2024 have lowered five‑year fixed mortgages close to 4.5 %.
- Immigration stays high. Close to 500 000 new permanent residents projected for 2025.
- Yet buyers remain cautious. Trade tensions with the United States and a fresh federal election kept many on the sidelines in April.
National pulse
- Early board releases show sales down in most large metros versus April 2024.
- CREA’s last full national read (March) reported:
- Sales down 9.3 % YoY
- MLS HPI – 2.1 % YoY decline
- Listings up 18.3 % YoY
- Sales‑to‑new‑listings ratio 45.9 % (balanced market sits between 45 %‑65 %).
Expect CREA’s April report mid‑May; the metro results below are the best current picture.
Greater Toronto Area (GTA)
Quick stats
- Sales: 4,267 units (‑23.3 % YoY)
- Average price: $1,065,687 (‑4.1 % YoY)
- New listings: +8.1 % YoY
- Month‑over‑month: Sales +1.8 %; price ‑0.7 %
What moved the dial
- Buyers paused last year’s rate‑cut rally after U.S. tariffs rattled consumer confidence.
- More listings gave shoppers choice, but many waited for clearer economic signals.
- Expect pent‑up demand to resurface once trade talks progress.
Metro Vancouver
Quick stats
- Sales: 2,163 (‑23.6 % YoY; 28 % below 10‑yr average)
- Benchmark price (all types): $1,184,500 (‑1.8 % YoY)
- Active listings: 16,207 (+29.7 % YoY) – highest since 2014
- Sales‑to‑active ratio: 13.8 % (leans toward buyers)
What moved the dial
- Lowest borrowing costs in years met record inventory—great news for buyers.
- Luxury detached homes felt the pinch first; condo prices slipped more gently.
- Many investors waited for clarity on proposed provincial housing‑tax tweaks.
Calgary
Quick stats
- Sales: 2,236 (‑22 % YoY)
- Benchmark price: $591,100 (‑1 % YoY)
- Inventory: 5,867 units (more than double 2024’s ultra‑low level)
- Months of supply: 2.6 (balanced)
What moved the dial
- Net migration into Alberta stayed strong, but oil‑price volatility cooled higher‑end demand.
- Balanced conditions eased bidding‑war pressure that was common in 2024.
- Detached homes under $600 k still faced tight supply; row and apartment segments balanced out first.
Edmonton
Quick stats
- Sales: 2,710 (‑13 % YoY; +9 % MoM)
- Average price: $470,447 (+9 % YoY)
- New listings: 4,012 (+5 % YoY)
- HPI benchmark: $438,100 (+10.8 % YoY)
What moved the dial
- Inventory finally climbed after a year of double‑digit declines.
- Price gains outpaced most major cities thanks to affordability and job growth in tech and logistics.
- Watch for price moderation if listing growth stays above 10 % through summer.
Halifax‑Dartmouth / Nova Scotia
(April board stats pending; March shown)
March snapshot
- Sales (NS): 820 (+4.5 % YoY)
- Average price: $477,054 (+7.3 % YoY)
- Benchmark price Halifax: $601,250 (+6.5 % YoY)
What moved the dial
- Inter‑provincial migrants kept pressure on limited inventory.
- Builders struggle with skilled‑labour shortages, lengthening new‑home delivery times.
- Price growth cooled from double digits in 2024 but still beats the national average.
Ottawa
(Board releases April data after press time; provisional brokerage tallies below)
- Roughly 1,000 residential sales (‑15 % YoY)
- Average resale price trending near $690 k.
- Election chatter and stalled public‑service hiring slowed upper‑end detached demand.
Source: preliminary brokerage MLS extracts – will update when OREB publishes official numbers.
Key takeaways for Canadian Home buyers and sellers
- More choice is the spring headline—inventory rose YoY in every major market except Halifax.
- Prices mostly flat: Only Edmonton posted a notable YoY increase; Toronto and Vancouver dipped.
- Balanced conditions return: Calgary, Edmonton and Vancouver all hover around 3 months of supply.
- Affordability gaps widen: Prairie and Atlantic markets stay sub‑$500 k; GTA and GVA remain above $1 M.
- Watch the macro picture: Any easing of U.S. tariffs or additional BoC cuts could quickly reignite demand.
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