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.

The Canadian real estate market closed out 2025 with a modest decline in housing prices, reflecting lingering consumer hesitation amid ongoing economic uncertainty. Looking ahead, a modest spring rebound is possible as lower interest rates and healthy inventory levels begin to draw some buyers back to the offer table.

“Despite subdued activity levels, home prices largely held their ground in the final quarter of 2025,” said Phil Soper, president and CEO, Royal LePage. “Economic uncertainty – driven by trade disputes and broader geopolitical tensions – has weighed on consumer confidence and muted what is typically a more active fall market. Instead of a fall seasonal surge, we saw a quieter close to the year. 

“That said, buyers heading into the spring market have a meaningful advantage over last year: lower borrowing costs, stable or lower property prices, and choice. In an era where home inventory is chronically constrained, inventory levels are Goldilocks healthy. Together, these conditions are creating a genuine window of opportunity, particularly for first-time buyers in Canada’s most expensive markets.”

Key highlights from the release:

• In the fourth quarter of 2025, the national aggregate home price decreased 1.5% year over year.
• The Greater Montreal Area’s aggregate home price increased 4.5% year over year, while the greater Toronto and Vancouver markets recorded declines of 5.7% and 4.1%, respectively, in the fourth quarter. 
• Quebec City recorded the highest year-over-year aggregate price increase (13.2%) among Canada’s major regions for the seventh consecutive quarter.
• Royal LePage expects spring market activity to rise, but not surge, as buyers re-engage amid reduced borrowing costs and improved housing affordability.