Canada Two-Speed Housing Market Big Cities Cool as Smaller Regions Heat Up
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In early 2025, Canada's housing market is sharply diverging: major metropolitan regions like the Greater Toronto Area and Vancouver are experiencing cooling conditions, while smaller, more affordable regions—such as Quebec City, parts of the Prairies, and Atlantic Canada—are seeing sustained demand and rising prices.For example, national aggregate home prices rose 2.1% year-over-year in Q1 2025, despite the GTA recording a 2.7% decline in the same period.
In pricey urban centres, buyers are exercising caution driven by high home prices and economic uncertainty. While new listings are increasing—GTA saw a 14% rise in May 2025—sales are sluggish and price adjustments slight, with Greater Vancouver home values down 0.7% year-over-year in Q1. Conversely, smaller regions are thriving: Quebec City saw prices jump 17% year-over-year in Q1, and Greater Montreal home values rose about 7.9%.
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