The Royal LePage Home Price Update and Market Forecast includes price data and insights for 64 real estate markets across the country, as well as national and regional forecasts.

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% 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.” 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.”

Key highlights from the release include:

• 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.