Spring is here, well, at least on paper (and for the housing market), if not in the weather.

While snow might still be lingering in parts of the country, Canada’s housing market is beginning to thaw. March 2025 has brought a noticeable shift in sentiment across several major cities. As of the end of March, Canada’s housing market is exhibiting signs of stabilization. However, this spring isn’t about a sudden boom — it’s about recalibration. From Toronto’s gradual rebound to Calgary’s quiet momentum, here’s how five of Canada’s biggest markets are shaping up as we step into the new season.

Toronto

While affordability remains a major hurdle in the Greater Toronto Area (GTA), March brought a welcome uptick in sales activity, particularly in the condo and townhouse segments. Toronto’s housing market has seen cautious optimism in early 2025 and has remained a buyer’s market with the sales to new listings ratio (SNLR) at 29%.

• Home Prices: The average home price in the GTA hovered around CAD 1.09 million in March, up slightly (approx. 0.8%) from February, but still down year-over-year.
• Sales Activity: Sales are up by approximately 24% month-over-month, with over 5,000 sales, indicating renewed buyer interest, particularly in the townhouse and condo segments.
• Inventory Levels: Number of active listings bounced over 23k (that’s a whole lot of choice for buyers), with over 17k new listings.

Many buyers who sat on the sidelines in 2024 are gradually returning as they adjust to higher borrowing costs. With the Bank of Canada expected to hold rates through mid-2025, confidence may continue to build.

Vancouver

In Vancouver, affordability remains a pressing issue, but price growth has been relatively flat. The market is currently in a “wait-and-see” mode, with limited inventory propping up home values despite weak sales. Home sales saw an increase this month in comparison to February 2025. With the Sales-to-new-listings- ratio staying at around 32%, Vancouver, remained a buyer’s market.

• Home Prices: The average home price in Vancouver was approximately CAD 1.19 million, reflecting a less than 1% decline year-over-year but a less than 1% .
• Sales Volume: Home transactions saw a 14% increase Month-over-month with over 2,000 transactions. The most popular segment were the condo apartments, with renewed interests from investors and buyers.
• Inventory Levels: The number of active listings at the end of March were up by a significant 38% in comparison to March 2024, landing at about 14.5k. Also, over 6.4k new listings were added this month.

So even with the rise in the total sales month-over-month, the SNLR decreased in comparison. The climbing sales activity is promising, but with the addition of new listings, the market steadily remains a buyer’s market.

Calgary

Calgary continues to outperform expectations, buoyed by strong population growth, affordability relative to other major cities, and a relatively robust provincial economy. The market remained balanced with the SNLR at 54% in March 2025.

• Home Prices: Although the average home prices at CAD 640k saw an increase of over 4% month-over-month and over 7% year-over-year, homes remain significantly more affordable in Calgary.
• Sales Activity: March saw strong sales numbers, in comparison to February by over 25% increase, with total sales over 2.1k, detached homes and condo apartments remained the most popular choices.
• Inventory Levels: Inventory levels increase significantly year-over-year to a little over 5.1k.

Calgary continues to attract attention of a variety of first-time buyers and investors, due to its combination of greater affordability.

Edmonton

Edmonton’s market is showing healthy activity without the overheated dynamics seen elsewhere in the Country. Even with the escalation in home prices, the affordability factor remains prominent. The Edmonton housing market favored Sellers with the SNLR at 66%.

• Home Prices: Average home prices in Edmonton saw an increase, both month-over-month and year-over-year rose to CAD 460k in March.
• Sales Activity: With almost 2,500 sales, Edmonton’s housing market saw the highest sales in detached houses. The saes are an increase month-over-month and year-over-year.
• Inventory & New Construction: There is a surge in new home completions which is helping meet the growing demand.

Steady economic growth and improved affordability make Edmonton a quietly attractive market for first-time buyers and investors.

Montreal: Market Cools but Remains Competitive

Montreal’s housing market continued its upward trajectory in March 2025, with both sales and prices reaching new heights. Despite a 16% year-over-year increase in new listings, the market remains tight, as the sales-to-new listings ratio hit 63%, indicating a seller’s market.

• Home Prices: Average home prices in Montreal experienced an increase both month-over-month and year-over-year by around % and almost 5% respectively. The average home price in March for 2025 was around CAD 625k.
• Sales Activity: The home sales in Montreal have observed an increase since the start of 2025. March saw almost 5k sales which is an over 21% increase month-over-month.
• Inventory: Total active listings were a little over 18k with almost 8k new listings by the end of March. This is above 6.5% increase month-over-month.

Buyers are increasingly looking to outer suburbs like Laval and Longueuil for better affordability. There is also an increase in the average prices (and transactions) towards rental/investment properties.

National Outlook: Stability with Regional Divergence

While March 2025 doesn’t mark a boom in Canadian housing, it does signal the beginnings of a more stable, segmented market. Buyers and investors who understand the nuances of local markets, rather than chasing national headlines, will be better positioned in the months ahead. Toronto and Vancouver remain buyer-friendly with ample inventory, but subtle signs of buyer re-engagement are emerging. Meanwhile, Calgary and Edmonton continue to post impressive numbers, driven by affordability and population growth. Montreal, though tighter in

While affordability remains a central challenge and regional disparities persist, the market appears to be settling into a more sustainable rhythm. For buyers, this spring could offer a window of opportunity; for sellers, it’s a time to price strategically. Either way, the Canadian housing market of 2025 is all about adjusting, not racing.

Sources: TRREB, CREA, BCREA, WOWA, The Maple Realty, Real Estate Updates

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