Better late than never: Spring market stumbles to a sluggish start with economic unease a drag on homebuying activity in Q2 Français

News provided by

Royal LePage Real Estate Services

Jul 15, 2025, 03:30 ET

Rising inventory keeps home prices in check as recovery begins

Second quarter highlights:

  • The national aggregate home price flatlined, rising a modest 0.3% year over year in Q2 2025, and declining 0.4% over Q1.
  • Greater Montreal Area's aggregate home price increased 3.5% year over year, while the greater Toronto and Vancouver markets recorded declines of 3.0% and 2.6%, respectively in the second quarter.
  • 38 of the 64 cities in the report saw year-over-year prices rise or remain roughly flat, while 26 markets saw home prices decline – a majority of which are in the province of Ontario.
  • For the fifth consecutive quarter, Quebec City leads the country in aggregate price appreciation, increasing 13.5% year over year in Q2.
  • Royal LePage® lowers its national year-end forecast modestly, with prices now expected to increase 3.5% in Q4 2025 over the same quarter last year.

TORONTO, July 15, 2025 /CNW/ - According to the Royal LePage® House Price Survey and Market Forecast released today, the aggregate1 price of a home in Canada eased upwards modestly in the second quarter of 2025, increasing 0.3 per cent year over year to $826,400. On a quarter-over-quarter basis, the national aggregate home price decreased by 0.4 per cent.

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1 Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build.

The start of the spring market – typically one of the busiest times of year for home buying and selling – was noticeably subdued in several regions this year, namely in Toronto and Vancouver, two of the country's largest and most expensive markets. Amid global political and economic uncertainty, many homebuyers continued to take a cautious, wait-and-see approach. The Bank of Canada also held back, maintaining its overnight lending rate at 2.75 per cent during its scheduled April and June announcements, citing the need to "gain more information about both the path forward for U.S. tariffs and their impacts."2 Sellers, on the other hand, continue to actively list their homes for sale despite lower than normal activity.

"Homebuyers approached the start of the 2025 spring market with hesitation, dampening what is typically the busiest season on the real estate calendar," said Phil Soper, president and CEO of Royal LePage. "With trade disputes, a federal election, and international conflicts dominating headlines through the first half of the year, many prospective buyers chose to wait. Yet, market fundamentals remain sound; interest is strong while activity is subdued, reflecting the uncertainty weighing on consumer sentiment. Encouragingly, June's robust employment report may help rebuild confidence and bring more buyers off the sidelines in the months ahead."

According to a recent Royal LePage survey, conducted by Burson, 28 per cent of Canadians who currently rent say that, before signing or renewing their current lease, they considered buying a property rather than renting.3 When asked what factors influenced their decision to rent instead, 40 per cent of respondents said they are choosing to wait for property prices to decline; 29 per cent are choosing to wait for interest rates to decrease further; and 28 per cent say they are working towards buying a property, and continuing to rent allows them to save for a sufficient down payment. Respondents could select more than one answer.

The spring slowdown in activity was most evident in markets across Ontario and British Columbia, where rising inventory and stagnant demand have persisted for several months. Notably, activity began to pick up in the final weeks of the quarter – a break from the usual seasonal slowdown and an early signal that market momentum may be shifting.

"Canada has always been a 'market of markets,' and that reality is on full display in 2025," said Soper. "Most regions saw modest year-over-year price growth this spring, with Quebec in particular outperforming other provinces, posting growing sales volumes and robust price appreciation. Cautious consumer sentiment in Toronto and Vancouver – the country's most expensive housing markets – continued to weigh heavily on national average calculations in our second quarter report. Toronto posted a strong rebound in activity from mid-May through June, while sales activity in Vancouver stabilized in the final month of the quarter – early signs that confidence is returning. These conditions underscore the importance of interpreting national housing trends through a local lens."

The Royal LePage National House Price Composite is compiled from proprietary property data nationally and regionally in 64 of the nation's largest real estate markets. When broken out by housing type, the national median price of a single-family detached home increased 1.1 per cent year over year to $870,200, while the median price of a condominium decreased 0.8 per cent to $592,000. On a quarter-over-quarter basis, home prices continued to flatline, with the median price of a single-family detached home increasing just 0.2 per cent, and the median price of a condominium decreasing a modest 1.0 per cent. Price data, which includes both resale and new build, is provided by RPS Real Property Solutions, a leading Canadian real estate valuation company.

"With borrowing costs stable and inventory levels continuing to build, the foundation is in place for a stronger market this fall – and signs of renewed confidence are beginning to emerge," noted Soper. "After a market slowdown, there's always the risk that a sudden surge in demand could reignite uncomfortable levels of house price inflation. But, unlike previous cycles, inventory is higher than recent norms, which should help absorb returning demand and keep price appreciation in check. This makes for a healthier, more balanced recovery as buyers come back into the market."

Affordability is improving in Canada's most expensive markets

The combination of salaries increasing while borrowing rates decline and home prices stagnate has resulted in improved affordability in Canada's housing market; particularly in Ontario and British Columbia. 

As home prices have moderated from their all-time high in early 2022, wages have steadily increased. Between April 2022 and April 2025, national average weekly earnings have risen 11.8 per cent.4 Meanwhile, Canada's aggregate home price has declined 3.6 per cent from its peak.5

"Housing affordability has already begun to improve. Wage growth is outpacing home price gains in many markets, and borrowing costs have eased over the past year. But these gains remain fragile – sustainable affordability hinges on our ability to significantly boost Canada's housing supply over the long term," said Soper.

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4 Table 14-10-0223-01  Employment and average weekly earnings (including overtime) for all employees by province and territory, monthly, seasonally adjusted, Statistics Canada

5 Q1 2025 compared to Q1 2022, Royal LePage House Price Survey data

New Liberal government faces familiar housing challenges

In April, for the first time in nearly a decade, Canada swore in a new Prime Minister. Mark Carney now faces the same pressing challenge as his predecessor: restoring housing affordability. It will be a key test for his leadership and his government's long-term economic strategy.

"Policy support that accelerates permitting, expands infrastructure investment, and incentivizes purpose-built rental development will be essential to meeting long-term housing demand," noted Soper. "Affordability gains will only be possible if supply keeps pace with household formation. All eyes are now on the government's fall budget for a clear roadmap to support housing development, investment and economic stability."

In the week leading up to the federal election, Royal LePage asked Canadians to identify the most important issues they wanted to see prioritized. According to results of a survey, conducted by Burson, 86 per cent of respondents selected the economy and cost of living as one of their top five priorities; more than a third (36%) selected it as their most important priority.6 Other top priorities included health care (75%), housing (62%), government spending and taxes (56%), international trade (42%) and immigration (35%). Respondents selected and ranked their top five priorities.

Forecast

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 3.5 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down modestly to reflect slower-than-usual sales activity in Ontario and British Columbia. Nationally, home prices are forecast to see modest appreciation throughout the remainder of the year, with sharper gains expected in the fall.

"Given the backdrop of global economic uncertainty and cautious sentiment at home, we expect steady but uneven progress across regional markets this summer, rather than a broad-based rally. If optimism continues to build and Canadians feel more secure about the economy – and our ability to successfully manage the country's relationship with the United States – we could see a more confident and active housing market emerge later this year," concluded Soper.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2025 
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2025  

REGIONAL SUMMARIES

Greater Toronto Area

The aggregate price of a home in the Greater Toronto Area (GTA) decreased 3.0 per cent year over year to $1,155,300 in the second quarter of 2025. On a quarterly basis, the aggregate price of a home in the GTA remained relatively flat, increasing 0.8 per cent.

Broken out by housing type, the median price of a single-family detached home decreased 1.2 per cent year over year to $1,448,700 in the second quarter of 2025, while the median price of a condominium decreased 5.6 per cent to $699,700 during the same period.

"The typical spring surge in activity failed to materialize this year, resulting in more of a blip than a boom in the Toronto housing market the last few months. That said, we've seen a notable increase in requests for showings in recent weeks, indicating that buyers are actively browsing, even if they're still hesitant to commit," said Shawn Zigelstein, broker and leader of Team Zold, Royal LePage Your Community Realty. "Many clients remain cautious, citing ongoing economic uncertainty as a reason to wait. However, a smaller group sees the current conditions as an opportunity to enter one of Canada's most competitive housing markets while activity is subdued."

In the city of Toronto, the aggregate price of a home decreased 5.2 per cent year over year to $1,151,600 in the second quarter of 2025. During the same period, the median price of a single-family detached home decreased 4.7 per cent year over year to $1,679,700, while the median price of a condominium decreased 5.0 per cent to $675,800.

According to the Toronto Regional Real Estate Board, home sales in June were down 2.4 per cent compared to the same period last year.7 However, on a seasonally adjusted basis, sales rose in June compared to May 2025, indicating a modest month-over-month improvement in activity.

"Activity in Toronto's condo market remains depressed, further weighed down by a steady stream of new construction completions that continue to add to existing supply. With rental demand softening due in part to less international students and newcomers entering the city, investor interest in condos has declined, and fewer are adding units to their portfolios," noted Zigelstein. "One bright spot has emerged: larger condo units. These more spacious layouts are attracting first-time buyers who see them as a more attainable entry point into the market.

"We expect the market to remain sluggish in the months ahead, at least until consumer confidence shows meaningful improvement. Additional interest rate cuts are unlikely to significantly boost buyer activity, as many are already benefiting from substantially lower rates compared to last year. For sellers, the key will be strategically pricing their properties to attract interest, while managing expectations around offers, given current market conditions."

Royal LePage is forecasting that the aggregate price of a home in the Greater Toronto Area will increase 2.0 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down modestly to reflect current market conditions.

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7 TRREB: More Interest Rate Cuts and a Trade Deal Would Further Improve Home Sales, TRREB, July 2025

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2025 
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2025  

Greater Montreal Area

The aggregate price of a home in the Greater Montreal Area increased 3.5 per cent year over year to $620,100 in the second quarter of 2025. On a quarterly basis, the aggregate price of a home in the region decreased 0.8 per cent.

Broken out by housing type, the median price of a single-family detached home increased 5.7 per cent year over year to $719,900 in the second quarter of 2025 while the median price of a condominium posted an increase of 3.1 per cent to $480,200 during the same period.

"While sales activity continued through the second quarter, we've observed a slowdown over the past month, which may be an early sign of a changing tone in the market. A notable increase in active listings over the past two months is a key factor to watch,"said Marc Lefrançois, real estate broker, Royal LePage Tendance. "Inventory levels, particularly in the luxury segment, are the highest we've seen since 2016. This gives buyers more options and reduces the pressure to compromise or enter into multiple-offer scenarios – a healthy development for the market."

In Montreal Centre, the aggregate price of a home increased 6.0 per cent year over year to $781,100 in the second quarter of 2025. During the same period, the median price of a single-family detached home increased 4.0 per cent to $1,184,500, while the median price of a condominium increased 1.9 per cent to $583,900.

Despite economic uncertainty, demand remains strong – particularly for more affordable homes. "First-time buyers, even in the face of economic headwinds, are still active. Buyer interest remains strong in the Montreal area, which is encouraging," Lefrançois added.

Looking ahead, Lefrançois anticipates a "gradual calming of the market" in Montreal as inventory continues to rise. "We'll be watching economic indicators closely this fall, but I expect modest price increases by year-end."

Royal LePage is forecasting that the aggregate price of a home in the Greater Montreal Area will increase 6.5 per cent in the fourth quarter of 2025, compared to the same quarter last year.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2025 
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2025  

Greater Vancouver

The aggregate price of a home in Greater Vancouver decreased 2.6 per cent to $1,218,600 year over year in the second quarter of 2025. On a quarterly basis, the aggregate price of a home in the region decreased 0.9 per cent.

Broken out by housing type, the median price of a single-family detached home decreased 2.4 per cent year over year to $1,740,400 in the second quarter of 2025, while the median price of a condominium decreased 2.3 per cent to $759,400 during the same period.

"The spring market has failed to gain significant momentum in Vancouver. Supply continues to far outpace demand, with the number of active listings reaching the highest level since 2008. While the market presents opportunities, buyers are showing little urgency. Many are adopting a wait-and-see approach, anticipating further price declines and holding out for better deals. We've also seen an increase in subject-to-sale offers – deals conditional on the buyer selling their own home – which continues to weigh on overall transaction volumes," said Randy Ryalls, managing broker, Royal LePage Sterling Realty. "Condos and townhomes, however, have demonstrated some resilience. These segments are attracting entry-level millennial buyers, particularly units that are priced competitively and presented well."

Ryalls noted that demand for new construction has slowed, leaving hundreds of new condominium units still available on the market, many of which would typically attract investor interest. Tighter regulations around foreign buyers and rental properties have contributed to a less favourable environment for investors, prompting some to redirect their capital to other provinces.

In the city of Vancouver, the aggregate price of a home decreased 1.9 per cent year over year to $1,411,200 in the second quarter of 2025. During the same period, the median price of a single-family detached home decreased 1.6 per cent to $2,257,600, while the median price of a condominium declined 4.7 per cent to $812,200.

According to the Greater Vancouver Realtors' latest report, home sales in June declined 9.8 per cent compared to the same month last year.8 While sales remained 25.8 per cent below the 10-year seasonal average, the year-over-year decline was notably less steep than in May, which saw an 18.5 per cent drop. On a monthly basis, sales rose by approximately eight per cent, suggesting a rebound in buyer activity.

"We've observed an uptick in activity heading into the summer. However, overall, the market remains in a correction phase, and we expect this trend to continue in the near term. Even if the Bank of Canada issues another rate cut, it's unlikely to be enough to meaningfully boost buyer motivation," said Ryalls. "That said, if a trade deal with the United States is reached and consumer confidence gradually improves, we're hopeful the conditions will align for a stronger, more active fall market."

Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase 1.5 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down modestly to reflect current market conditions. 

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8 Home sale trend stabilizing in June, GVR, July 2025

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2025 
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2025  

Ottawa

The aggregate price of a home in Ottawa increased a modest 0.6 per cent year over year to $782,100 in the second quarter of 2025. On a quarterly basis, the aggregate price of a home in the region was flat, increasing just 0.3 per cent.

Broken out by housing type, the median price of a single-family detached home was flat, decreasing 0.3 per cent year over year to $893,700 in the second quarter of 2025, while the median price of a condominium increased modestly 0.8 per cent to $407,500 during the same period.

"The combination of the federal election and ongoing trade tensions with the United States led to a temporary pause in Ottawa's spring market, as consumers took time to assess the evolving situation. As a result, inventory levels and days on market increased over the last few months. Historically, we've seen that Ottawa buyers can be particularly sensitive to changes in government, especially when campaign messaging includes potential cuts to public sector jobs, which directly impacts the local workforce," said Jason Ralph, president and broker of record, Royal LePage Team Realty. "Following the election, however, activity began to pick up. In the final weeks of the quarter, market conditions returned to more typical spring levels, with open houses drawing steady traffic and multiple-offer scenarios starting to re-emerge. This late surge helped the quarter close on a stronger footing."

Ralph noted that Ottawa's condominium segment, in particular, has seen notable increases in both prices and activity lately. As a more affordable alternative to detached homes, condos are gaining traction among first-time buyers looking to enter the market.

"We initially anticipated a strong start to the market in 2025, but recent global events have introduced a level of unpredictability. As a result, the delayed spring activity is expected to shift momentum into the summer, with more buyers gradually returning to the bargaining table," said Ralph. "This could lead to a modest uptick in home prices as demand begins to build heading into the fall."

Royal LePage is forecasting that the aggregate price of a home in Ottawa will increase 4.0 per cent in the fourth quarter of 2025, compared to the same quarter last year.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2025 
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2025  

Quebec City

The aggregate price of a home in Quebec City increased 13.5 per cent year over year to $439,100 in the second quarter of 2025. This represents the highest year-over-year price increase among Canada's major regions for the fifth consecutive quarter. On a quarterly basis, the aggregate price of a home in the region increased 2.3 per cent.

Broken out by housing type, the median price of a single-family detached home increased 15.5 per cent year over year to $468,100 in the second quarter of 2025, while the median price of a condominium increased 13.1 per cent to $328,200 during the same period.

"Sustained price growth is no surprise and reflects current market conditions. This is a trend we've been seeing for several quarters now, directly tied to a persistent lack of inventory. Demand continues to far outstrip supply, supporting price gains across all property segments," said Michèle Fournier, vice-president and real estate broker, Royal LePage Inter-Québec. "We've been facing this inventory shortfall for several quarters. With a significant lack of single-family homes, buyers are increasingly turning to condominiums as an entry point to home ownership, which is also pushing up prices in that segment."

A key factor contributing to this shortage – especially of entry-level single-family homes – is that established homeowners are choosing to stay in their properties longer. "What we anticipated 20 years ago – that seniors would transition into condos – hasn't materialized. As a result, fewer desirable homes are being freed up for first-time buyers," she noted. In response, many buyers searching for single-family homes or properties with outdoor space are turning to the suburbs, where prices have also risen sharply. "If they want a house, they often have no choice. But even in the suburbs, prices have increased significantly in recent years," added Fournier.

Royal LePage is forecasting that the aggregate price of a home in Quebec City will increase 15.0 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised upwards to reflect current market conditions.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2025 
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2025  

Calgary

The aggregate price of a home in Calgary remained flat, increasing 0.4 per cent year over year to $696,500 in the second quarter of 2025. On a quarterly basis, the aggregate price of a home in the region increased just 0.6 per cent.

Broken out by housing type, the median price of a single-family detached home increased 1.2 per cent year over year to $806,500 in the second quarter of 2025, while the median price of a condominium decreased 1.6 per cent to $269,300 during the same period.

"Calgary is starting to show signs of more balanced market conditions, with inventory increasing across all housing types, giving buyers more choice," said Corinne Lyall, broker and owner, Royal LePage Benchmark. "While sales activity has dipped slightly, it remains healthy overall. Competition has eased noticeably compared to last spring, although multiple offers are still happening sporadically, mostly in the more affordable price points or in highly sought-after neighbourhoods. Detached homes are maintaining their value, whereas prices for condos and townhomes have started to soften, especially as we see an increase in the completion of new developments and purpose-built rental projects, adding to the available inventory."

Lyall noted that consumer sentiment remains generally optimistic, with both first-time and move-up buyers driving market demand. Many homeowners who had been holding off listing their properties are now coming to the table, contributing to the increase in inventory.

"Looking ahead, I anticipate these stable market conditions will continue throughout the summer and into the fall, supported by a steady increase in new listings. This boost in inventory will help sustain a more balanced market. Home prices are expected to remain relatively flat this upcoming quarter, with little movement in either direction."

Royal LePage is forecasting that the aggregate price of a home in Calgary will increase 3.0 per cent in the fourth quarter of 2025, compared to the same quarter last year.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2025 
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2025    

Edmonton

The aggregate price of a home in Edmonton increased 7.5 per cent year over year to $484,500 in the second quarter of 2025. On a quarterly basis, the aggregate price of a home in the region increased 1.2 per cent.

Broken out by housing type, the median price of a single-family detached home increased 6.9 per cent year over year to $531,300 in the second quarter of 2025, while the median price of a condominium increased 8.0 per cent to $217,700 during the same period.

"Edmonton's real estate market came out the gate strong in the first few months of the year, with activity surpassing expectations. That momentum carried into the early spring before easing slightly in response to the Bank of Canada choosing to hold its overnight lending rate," said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. "While multiple-offer scenarios are becoming less common, market conditions still heavily favour sellers, particularly in the more affordable segments of the market that attract first-time buyers."

Shearer noted that the Edmonton market is now beginning to follow more typical seasonal trends. Demand has stabilized and is slightly lower than this time last year. At the same time, available inventory has started to build, contributing to more balanced market conditions, providing buyers with more choice.

"Sellers remain confident, but pricing their homes correctly is crucial. We are now seeing overpriced properties increasingly being passed over, as buyers have more options to choose from," Shearer added. "The condo segment continues to present an affordable alternative, especially larger units."

Looking ahead, Shearer expects steady activity to carry through the summer and into the fall, though not at the record-breaking levels seen in previous years.

"I anticipate consistent demand and prices to remain relatively flat over the coming months, with only modest adjustments from one month to the next. The market is trending toward a more balanced state, which is ultimately a healthy shift for both buyers and sellers."

Royal LePage is forecasting that the aggregate price of a home in Edmonton will increase 7.0 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down modestly to reflect current market conditions.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2025 
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2025  

Halifax

The aggregate price of a home in Halifax increased 3.4 per cent year over year to $531,100 in the second quarter of 2025. On a quarterly basis, the aggregate price of a home in the region increased 2.6 per cent.

Broken out by housing type, the median price of a single-family detached home increased 4.2 per cent year over year to $607,000 in the second quarter of 2025, while the median price of a condominium decreased 1.1 per cent to $407,900 during the same period.

"Unlike some other cities, Halifax's housing market is performing better than it was at this time last year. Activity gained momentum toward the end of June, showing more strength than usual for this time of year. While concerns about tariffs and the economy are on people's minds, they have not necessarily stopped buyers and sellers from moving forward with their real estate plans," said Matt Honsberger, broker and owner, Royal LePage Atlantic. "Even with rising inventory, home prices have continued to grow steadily. A strong first-time buyer segment is driving multiple-offer scenarios in several neighbourhoods across the region. Meanwhile, a wave of refinancing is working its way through the move-up segment, which may lead to more sales in the coming months as homeowners adjust to new financial realities."

Honsberger added that Halifax's investor segment remains strong, supported by rising rents and steady demand from post-secondary students and newcomers. In response, local developers have ramped up construction activity in the apartment sector, which is expected to help boost future rental supply.

"We anticipate a busy start to the third quarter, with buyers actively engaging with listings. As we move into late summer, a typical seasonal slowdown is expected as many residents take time off for vacations and to prepare for the new school year," said Honsberger. "The strength of the fall housing market will largely depend on the level of consumer confidence, which remains closely tied to broader economic conditions. If current market trends hold, we expect the fall to be busier than usual."

Royal LePage is forecasting that the aggregate price of a home in Halifax will increase 7.0 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised upwards to reflect current market conditions.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2025 
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2025  

Winnipeg

The aggregate price of a home in Winnipeg increased 3.1 per cent year over year to $416,000 in the second quarter of 2025. On a quarterly basis, the aggregate price of a home in the region increased 1.0 per cent.

Broken out by housing type, the median price of a single-family detached home increased 3.6 per cent year over year to $458,300 in the second quarter of 2025, while the median price of a condominium increased 2.6 per cent to $272,000 during the same period.

"Winnipeg experienced one of its busiest spring seasons in recent years this past quarter, with home sales surging to near record-breaking levels and outpacing 2024's sales activity," said Michael Froese, broker and manager, Royal LePage Prime Real Estate. "More than half of properties sold for over the asking price and activity has remained strong across all housing types, including condominiums, where multiple-offer scenarios have become more common. The region's relative affordability, stable economy and resilience to potential tariff threats have kept consumer confidence high and demand strong."

Froese noted that Winnipeg's current market is reflecting peak activity levels last seen in 2022. While inventory levels vary by neighbourhood, overall demand continues to outstrip supply, keeping conditions firmly in a seller's market. The region currently has about two months of available inventory, with some areas seeing listings sell within a few days or weeks of hitting the market.

"In terms of new developments, builders are adjusting to growing demand by focusing on building more affordable housing types, like rowhouses, semi-detached or condominiums. The rowhouse segment in particular has seen an uptick in activity, recently recording its highest sales volume to date," Froese added.

While activity is expected to ease slightly over the summer, Froese anticipates the market will continue to outperform 2024 levels. Prices are expected to remain stable in the short term, with a brief upswing expected in the later months of the year as the market picks up again in the fall.

Royal LePage is forecasting that the aggregate price of a home in Winnipeg will increase 6.0 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised upwards to reflect current market conditions.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2025 
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2025  

Regina

The aggregate price of a home in Regina increased 3.5 per cent year over year to $398,100 in the second quarter of 2025. On a quarterly basis, the aggregate price of a home in the region increased 3.6 per cent.

Broken out by housing type, the median price of a single-family detached home increased 4.9 per cent year over year to $440,800 in the second quarter of 2025, while the median price of a condominium decreased 4.3 per cent to $221,200 during the same period.

"Regina's persistent seller's market remains firmly intact. While global conflict and trade uncertainty have led to softening activity in other parts of the country, there has been little effect on market momentum here. With inventory at critically low levels – fewer than 400 active listings citywide – competition among buyers remains intense. Prices continue to climb, and multiple-offer scenarios have become increasingly common," said Gayland Panko, owner and manager, Royal LePage Next Level. "It's not just first-time buyers feeling the pressure. Move-up buyers looking to sell their current home and transition into a new space are also facing challenges. With so few properties available, many are struggling to secure their next home, creating a market gridlock that further constrains supply and adds to upward pricing pressure."

Panko added that Regina's market is being driven largely by first-time buyers and investors from Ontario and British Columbia. With no land transfer tax, the city has become increasingly attractive to prospective landlords seeking more affordable entry points. At the same time, strong rental demand from first-time buyers who have been unable to transition into ownership continues to make Regina's rental market a lucrative opportunity for investors.

"Typically, the summer season brings a natural slowdown in the market as residents shift their focus to vacations and time away. However, this year, we're not seeing the typical signs of market cooling," said Panko. "While prices are expected to continue rising over the next few quarters, the current pace of growth may eventually begin to moderate."

Royal LePage is forecasting that the aggregate price of a home in Regina will increase 7.0 per cent in the fourth quarter of 2025, compared to the same quarter last year.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q2-2025 
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q2-2025

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About the Royal LePage House Price Survey

The Royal LePage House Price Survey provides information on the most common types of housing, nationally and in 64 of the nation's largest real estate markets. Housing values in the Royal LePage House Price Survey are based on the Royal LePage Canadian Real Estate Market Composite, produced quarterly through the use of company data in addition to data and analytics from partner company, RPS Real Property Solutions, the trusted source for residential real estate intelligence and analytics in Canada. Additionally, commentary on housing market trends and data on price and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge.

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Serving Canadians since 1913, Royal LePage is the country's leading provider of services to real estate brokerages, with a network of approximately 20,000 real estate professionals in over 670 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage® Shelter Foundation™, which has been dedicated to supporting women's shelters and domestic violence prevention programs for more than 25 years. Royal LePage is a Bridgemarq Real Estate Services® company, a TSX-listed corporation trading under the symbolTSX:BRE. For more information, please visit www.royallepage.ca.

Royal LePage® is a registered trademark of Royal Bank of Canada and is used under licence by Bridgemarq Real Estate Services®.

SOURCE Royal LePage Real Estate Services

For further information, please contact: Charmaine de Silva, Burson on behalf of Royal LePage, [email protected], (604)-360-2328

Organization Profile

Royal LePage Real Estate Services