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Written By
Steve Tustin
Apr 28, 2025
•Housing
For many newcomers, buying a home in Canada is a dream that can help set roots and build equity. Researching the housing market and prices in Canada will help you decide which city to settle in, where to buy a home, and when to buy. The most recent housing market statistics from March 2025 reveal that the trade war creates uncertainty and affects housing sales and prices. Discover what’s changing in Canada’s housing market.
Immigrants are a vital segment of Canada’s home-buying market. A Royal Lepage report showed newcomers buy one in five homes in Canada. After arriving, they also buy homes faster than ever and are far more focused on home buying than Canadian-born homebuyers. Following housing prices and trends in Canada can help you find the most affordable cities.
National sales in the Canadian housing market dropped 4.8% in March compared to February 2025. According to the latest statistics from the Canadian Real Estate Association (CREA), actual home sales were down year-over-year by 9.3% in March. It was also the slowest March for home sales since 2009.
Many Canadian real estate markets saw a decline in sales compared to March 2024, with the greatest downturn in Ontario and British Columbia. The Fraser Valley in British Columbia saw a 25.7% decrease in sales.
The Niagara Region in Ontario saw a 42.1% year-over-year drop in sales. London and St. Thomas were next with a 32.7% drop, and Hamilton-Burlington fell 19.2%. Even the usually active Greater Toronto Area, home to some of the priciest housing markets in Canada, saw a 23.6% decline in sales.
CREA also reported that the national average sale price of a home in Canada sold in March was $678,331, down 3.7% year-over-year. New listings were up by y3% month-over-month.
According to CREA’s latest forecast, the national average home price is now expected to decrease by 0.3% year-over-year to $687,898 in 2025, approximately $30,000 below January estimates.
Like in February, the more affordable Canadian housing markets saw the most notable growth in March. Edmonton was first among major Canadian cities with a 13.6% increase, signalling renewed interest in Alberta’s housing sector.
Join us for an insightful webinar designed to help you navigate the various routes to owning a home in Canada. Whether you’re looking to buy your first home through a traditional mortgage, exploring co-ownership opportunities, or interested in rent-to-own solutions, this webinar will provide the information and tools you need to make informed decisions.
REGISTER FOR THE WEBINARBritish Columbia, Ontario, and Alberta had the highest housing prices in March, while New Brunswick had the lowest. St. John, New Brunswick, had the cheapest average housing price in March among major cities at $330,000.
The average price for all residential properties in Greater Vancouver was $1,190,900 in March 2025, up 0.49% from February 2025. Home sales totalled 2,091, representing a 13.4% year-over-year decline and the lowest since 2019.
In March, the average home price in Calgary was $583,114, a 1.14% increase from the previous month. Calgary home sales in March fell 10% from last year and were down 4.8% from February.
Edmonton’s average home price in March was $431,300, 2.25% higher than February. Edmonton is still the most affordable among Canada’s five largest cities. The Greater Edmonton Area real estate market saw 2,494 units sold, a 1.3% increase from March 2024.
The average house price in Saskatoon in March was $415,900, representing a 2.59% increase from the previous month. According to CREA, the province of Saskatchewan had strong home sales and rising prices, defying national trends. Sales in the province rose more than 8% year-over-year.
The average sale price in Winnipeg for March 2025 was $384,600, 2.92% higher than February 2025. March saw sales of 1,189, up 6% over March 2024 and 11% below the 5-year average.
The average home sold price in the GTA in March was $1,068,500, down 0.50% from February. In March, GTA home sales were down 23.1% year-over-year, with 5,011 sales. According to CREA, new listings in the GTA in March rose by 28.6% year-over-year, reaching 17,263.
The average home sale price in Ottawa’s housing market increased by 1.13% month-over-month to $626,200 in March 2025. The number of homes sold in March was 1,103 units, a 6.2% decline from March 2024.
In March, 421 homes were sold in the Halifax region, representing a 16% decrease compared to March 2024. The average home price in Halifax in March was $601,250, up 1.8% from February and up 6.5% from March 2024.
Brampton home sales fell by 39.2% in March year-over-year, with 310 homes sold. The average Brampton home price in March was $954,144. That’s down 1.9% from the previous month and down 7.2% from March 2024. Brampton had 1,105 active listings at the end of March, up 28.9% year-over-year.
The Fraser Valley Real Estate Board, which includes Surrey, recorded 1,036 sales in March, a 13% increase from February, but still 26% below the sales total for March 2024. The average home price in March in Surrey was $1,118,000.
Housing affordability varies in Canadian real estate markets for homebuyers and renters. So, research the housing market and home prices in different regions before deciding where to settle. Affordable housing markets can help newcomers buy homes within their budget.
Lower home prices and interest rates make it easier for newcomers to join Canada’s housing market.
Two smart home owning options available to immigrants who lack the funds for a down payment are rent-to-own and co-ownership. Both of these strategies can help open the doors to homeownership in Canada.
According to Scotiabank’s Chief Economist, Jean-François Perrault, the uncertainty created by tariffs and the trade war “is no friend to the housing market” in Canada.
“We’ve seen (over the) last couple of months a significant slowdown in housing market activity because people are worried,” said Perrault. “They’re unwilling to pull the trigger on and commit to a major expenditure,” such as buying a home.
The CREA report states that there were 165,800 properties listed for sale at the end of March 2025. That’s up 18.3% from March 2024 but below the long-term average of 174,000 listings.
The report shows that new listings increased by 3% month-over-month.
“Up until this point, declining home sales have mostly been about tariff uncertainty,” said Shaun Cathcart, CREA’s Senior Economist. “Going forward, the Canadian housing space will also have to contend with the actual economic fallout. In short order, we’ve gone from a slam dunk rebound year (in sales) to treading water at best.”
While sales continue to decline in expensive markets like Greater Toronto, Hamilton-Burlington, and Vancouver, this shift presents an opportunity for newcomer buyers. This is especially true for the Toronto condo market, which has seen an increase in inventory and lower prices.
The March price decline, stabilizing interest rates, plus expected cuts from the Bank of Canada translate into home-buying opportunities for newcomers.
With less competition, falling prices, and future interest rate cuts, newcomers may be in a stronger bargaining position. They may now be able to afford homes in cities previously out of reach in a more competitive market.
Scotiabank’s Perrault advises prospective homebuyers to wait until the new government, elected on April 28, has a chance to implement its housing market policies. “There’s this kind of perfect storm for the housing market to some extent for the next few weeks, next few months, depending on how the trade war uncertainty evolves and who wins the election,” said Perrault.
With economic uncertainty due to the U.S./Canada trade war, sellers may be anxious to sell, but buyers remain cautious. This may reduce Canadian home prices and is good news for newcomers entering the housing market.
These action steps can help you navigate the housing market in Canada and find affordable housing options:
WRITTEN BY
Steve Tustin
Senior Editor, Prepare for Canada
Steve Tustin is the Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.
© Prepare for Canada 2025
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