Market Watch - Another Bank of Canada Rate Cut Easing Home Ownership Cost.

The Bank of Canada’s September interest rate cut was welcome news for homebuyers. With lower borrowing costs, more households are now able to afford monthly mortgage payments on a home that meets their needs. Increased home purchases will also stimulate the economy through housing-related spin-off spending, helping to offset the impact of ongoing trade challenges.

Ontario - Home Sales Increased Compared to Last Year.

Toronto, October 5, 2025 - September home sales increased in the Greater Toronto Area (GTA) compared to a year earlier, as more homebuyers sought to take advantage of more affordable monthly mortgage payments. Buyers continued to respond to substantial choice in the marketplace by negotiating the average selling price downward.

“The Bank of Canada’s September interest rate cut was welcome news for homebuyers. With lower borrowing costs, more households are now able to afford monthly mortgage payments on a home that meets their needs. Increased home purchases will also stimulate the economy through housing-related spin-off spending helping to offset the impact of ongoing trade challenges,” said Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule.

GTA REALTORS® reported 5,592 home sales through TRREB’s MLS® System in September 2025 – up by 8.5% compared to September 2024. New listings entered into the MLS® System amounted to 19,260 – up by 4% year-over-year.

On a seasonally adjusted basis, September home sales were up month-over-month compared to August 2025. In contrast, new listings were down compared to August, suggesting that market conditions may have tightened slightly in some segments.

Ottawa - Inventory Builds But Demand Remains Resilient Heading Into Fall

Ottawa, October 3, 2025 — Ottawa’s housing market in September demonstrated a continuation of late-summer seasonal trends, with sales activity easing slightly while inventory levels continued to climb. A total of 1,089 homes sold in September, down from 1,236 in August and 1,318 in July. This three-month trend of softer sales is not unusual as the spring peak transitions into the quieter summer months. 

On the price side, the average sale price of $690,397 in September fell between August’s $686,536 and July’s $695,209, remaining up 0.3% year-over-year. Benchmark prices have remained relatively stable throughout this adjustment period, indicating that demand is holding steady even as buyers gain more choice. 

Active listings rose to 4,388 in September, following 3,971 in August and 4,205 in July. These elevated inventory levels are a departure from undersupplied pandemic-era levels and align more with longer-run balanced conditions, though at elevated levels, which continues to be a trend worth monitoring. Continued steady demand helps to explain why prices have stayed relatively flat even as inventory builds. Months of inventory edged up to 4.0, compared to 3.2 in August and 3.2 in July, reinforcing this balance between buyers and sellers. 

On September 17, the Bank of Canada cut its key policy interest rate by 25 basis points to 2.5%, citing slowing global growth and easing inflation pressures. This policy shift, combined with Ottawa’s resilient demand and balanced market conditions, could encourage more first-time buyers and bring additional activity to the market in the months ahead. 

“September reinforced Ottawa’s resilience, with sales nearly 2.4% higher than last year, and prices are holding steady despite more listings coming to market,” said Paul Czan, OREB President. “When you peel back the layers, you see that townhomes are driving stability while single-family homes are easing. And while Ottawa’s diversity of housing continues to increase inventory, missing middle housing—like townhomes—still aren’t being built fast enough, and that’s something OREB continues to advocate for.” 

Residential Market Activity

Looking at the bigger picture, there have been 11,025 home sales so far this year, which is 3.9% higher than at this time in 2024.

The average sale price for all sold listings in September was $690,397 up 0.3 % from last year.

This year, the average year-to-date price is $699,910, a 2.7% increase over the first nine months of 2024. 

Altogether, the total value of homes sold in September was approximately $751 million, up 2.8% year-over-year, with the housing sector continuing to be one of the major drivers of the overall Ottawa economy. 

On the listing side, there were 2,832 new residential listings added in September, a notable 19.3% increase compared to last year, and 4,388 active listings on the market, up 19.4% from September 2024, and roughly 21.8% above the five-year average for this time of year.

Finally, the months of inventory, a measure of supply, sits at 4.0 months, which is up from 3.2 months of inventory in August. Having 4.0 months of inventory is typically understood to be an indicator of what is considered a balanced market.

MLS® Home Price Index
As for prices, the MLS® Home Price Index (HPI) composite benchmark price in Ottawa was $627,200 in September, a nearly flat 1.1% increase year-over-year.  

If we break that benchmark price down by property type:   

Single-family homes came in at $697,200, up 1.0%.  

Townhouses saw the biggest jump, up 7.8% to $462,800.  

Apartments, on the other hand, dipped again, down 1.7% to $408,200.  

British Columbia - Residential Property Sales Edging Higher Relative to September Last Year. 

Metro Vancouver, October 3, 2025 - Another Bank of Canada rate cut and easing prices helped home sales registered on the MLS® in Metro Vancouver* edge higher relative to September last year. 

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,875 in September 2025, a 1.2% increase from the 1,852 sales recorded in September 2024. This was 20.1% below the 10-year seasonal average (2,348). 

"With another cut to the Bank of Canada’s policy rate behind us, and markets pricing in at least one more cut by the end of the year, Metro Vancouver homebuyers have reason to be optimistic about the fall market. Easing prices, near-record high inventory levels, and increasingly favourable borrowing costs are offering those looking to purchase a home this fall with plenty of opportunity." Andrew Lis, GVR director of economics and data analytics

There were 6,527 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2025. This represents a 6.2% increase compared to the 6,144 properties listed in September 2024. This was 20.1% above the 10-year seasonal average (5,434). 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,079, a 14.4% increase compared to September 2024 (14,932). This is 36.1% above the 10-year seasonal average (12,553). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2025 is 11.3%. By property type, the ratio is 8.5% for detached homes, 12.7% for attached, and 13.3% for apartments. 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months. 

“The past few years have been quite challenging for the market, beginning with 2022’s rapid increase in interest rates, major political and policy shifts in subsequent years, and recent trade tensions with the USA weighing on the market,” Lis said.

“With the acute impacts of these events now fading, we expect market activity to continue stabilizing to end the year, barring any unforeseeable major disruptions.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,142,100. This represents a 3.2% decrease over September 2024 and a 0.7% decrease compared to August 2025. 

Sales of detached homes in September 2025 reached 552, a 7% increase from the 516 detached sales recorded in September 2024. The benchmark price for a detached home is $1,933,100. This represents a 4.4% decrease from September 2024 and a 0.9% decrease compared to August 2025. 

Sales of apartment homes reached 954 in September 2025, a 1.5% increase compared to the 940 sales in September 2024. The benchmark price of an apartment home is $728,800. This represents a 4.4% decrease from September 2024 and a 0.8% decrease compared to August 2025.

Attached home sales in September 2025 totalled 356, a 5.8% decrease compared to the 378 sales in September 2024. The benchmark price of a townhouse is $1,069,800. This represents a 2.7% decrease from September 2024 and a 0.9% decrease compared to August 2025.

Alberta - Supply Growth Weighs On Home Prices

Calgary, August 1, 2025 –Thanks to gains mostly occurring in the newer communities, inventory levels in July were 6,917 units, reaching levels not seen since prior to the pandemic and higher than long-term trends. While supply has improved across all property types and all districts, the largest gains are occurring in the areas where there has been new community growth.  

The additional supply has weighed on home prices in some parts of the city. The total residential benchmark price in Calgary has trended down over the past several months and is currently 4% below last year's peak price reported in June 2024.  

"Price declines are not occurring across all property types in all locations of the city, and even where there have been declines, it has not erased all the gains made over the past several years," said Ann-Marie Lurie, Chief Economist at CREB®. "The steepest price declines have occurred for apartment and row style homes, mostly in the North East and North districts, which coincides with significant gains in new supply."  

The rise in supply occurred as sales continued to slow and new listings improved. In July, there were 2,099 sales, a 12% decline over last year, while new listings reached 3,911 units, an over eight% increase over last year. In addition to the persistent economic uncertainty due to tariffs, sales and new listings were impacted by no further reductions in lending rates and added competition from the new home market. Apartment-style homes are reporting the highest months of supply with over four months, while both detached and semi-detached homes are seeing conditions remain relatively balanced at just three months of supply.   

Monthly Housing Stats:

Detached, For the first time since 2020, the months of supply for detached homes rose to three months. Sales activity slowed to 1,031 units in July, while the number of new listings, despite being slower than last month, was still nearly 10% higher than last year's levels and above long-term trends. The wider gap between sales and new listings led to a significant adjustment in inventory levels and with slower sales, the months of supply rose to three months. However, conditions did vary significantly depending on location. In the North West, West and South districts, the months of supply remained well below three months, whereas the North East reported the highest months of supply at over four months.  

A shift to balanced conditions has taken much of the pressure off home prices. As of July, the detached benchmark price was $761,800, down less than one% over last year. However, there was a significant range of price adjustments. Both the North East and East districts have reported the largest decline in price at five%, though prices still rose in the City Centre by nearly 2%.  

Semi-Detached, Sales activity in July continued to slow, contributing to the year-to-date decline of 11%. At the same time, new listings have generally been higher this year compared to last year, supporting inventory gains. With 549 units in inventory and 187 sales, the months of supply in July rose to three months, something that has not happened since 2021.  

Although supply is improving in relation to sales, prices have remained relatively stable. As of July, the benchmark price in the city was $697,500, one% higher than last July. Price growth did range throughout each district, with the highest gains occurring in the City Centre, with nearly three% growth. Meanwhile, prices declined over last year in the North East, East and North districts.

Row, Like other styles of homes, sales have eased compared to last year, with new listings and inventories rising over last July. The months of supply in July was similar to last month at over three months, with a range of under three months of supply in the City Centre, North West , South and South East, to nearly five months of supply in the North East district.

Row prices have generally been trending down over the past three months, and while they are nearly four% lower than last year at this time, on a year-to-date basis they have remained similar to last year. When considering activity by district, year-to-date price declines have been reported in the North East and North, while prices have risen in all other districts.

Apartment Condominium, There were 1,014 new listings in July relative to 508 sales, keeping the sales-to-new listings ratio at 50% and inventory levels elevated at 2,097 units. Higher inventories and slower sales caused the months of supply to push above four months in July, the highest it has been since 2021. Added competition for new product combined with rising rental vacancy rates has impacted the resale condominium market.

The additional supply choice is having a more significant impact on apartment style prices over any other property type. In July, the benchmark price was $329,600, which is down over one% compared to last month and nearly five% lower than levels reported last year. However, when considering year-to-date figures, prices have remained stable compared to last year as gains in the West, South and North West have offset declines occurring in the North East, North, South East and East districts.

REGIONAL MARKET FACTS

Airdrie, Due to declines in both row and apartment sales, July sales slowed by 14% compared to last July, contributing to the year-to-date decline of 12%. While sales have slowed, activity remains higher than levels reported prior to 2021. What has changed is the significant improvement in new listings, resulting in inventory gains. As of July, inventory levels rose to 543 units, the highest July reported since the peak in 2018. The higher inventory levels kept the months of supply above three months in July, placing some downward pressure on home prices. In July, the benchmark price was $532,800, nearly four% lower than levels reported last year at this time. However, last year's gains were exceptionally high earlier in the year, and on a year-to-date basis prices are only slightly lower than last year. 

Cochrane, Unlike other areas, Cochrane has not seen the same level of pullback in sales compared to long-term trends. While July sales were down by seven%, year-to-date sales are two% lower than last year and 23% higher than long-term trends. New listings in July did reach a record high for the month, causing inventories to push to the highest level reported for the month since 2019 and causing the months of supply to rise above three months. While this likely contributed to some of the monthly decline in price, unlike other areas, the July benchmark price of $590,000 was over 2% higher than last year, and 4% higher on a year-to-date basis.

Okotoks, This market continues to exhibit tighter market conditions than both Airdrie and Cochrane with a sales-to-new-listings ratio of 71% and months of supply at just over two months. This is a significant improvement compared to the previous four years, where the months of supply in July was just over one month. In July, the benchmark price in the area was $628,500, slightly lower than last month, but higher than last year's level. Despite some monthly fluctuations, year-to-date prices are over two% higher than last year.