The Royal LePage Home Price Update and Market Forecast, published each quarter, includes price data and insights for 64 real estate markets across the country, as well as national and regional forecasts.
As inventory builds and borrowing costs decline, real estate markets across much of the country are moving toward greater balance, creating improved affordability for buyers. Still, with some demand remaining on the sidelines, most major cities have yet to see a meaningful rise in home prices.
“Canada’s housing market is shifting toward balance, as easing prices, rising listings and renewed rate cuts improve affordability across most regions,” said Phil Soper, president and CEO, Royal LePage. “For the first time in years, buyers – especially in previously supply-strapped markets – have real choice and negotiating power. With confidence returning and further rate reductions expected into early 2026, we anticipate noticeably stronger activity by the spring.”
Key highlights from the release include:
- In the third quarter of 2025, the national aggregate home price remained flat year over year; declined 1.2% over Q2.
- The Greater Montreal Area’s aggregate home price increased 4.9% year over year, while the greater Toronto and Vancouver markets recorded declines of 3.5% and 3.1%, respectively, in the third quarter.
- National year-end forecast adjusted downward due to price declines in greater regions of Toronto and Vancouver, with the aggregate price of a home now expected to increase a modest 1.0% in Q4 2025 over the same quarter last year.
- Royal LePage applauds federal government’s commitment to build more housing; warns that greater efforts are needed to materially boost supply long-term.
