{"id":3100,"date":"2025-06-16T21:18:41","date_gmt":"2025-06-16T21:18:41","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/2025\/06\/16\/canadas-housing-market-finds-a-footing-in-may\/"},"modified":"2026-03-31T18:47:57","modified_gmt":"2026-03-31T18:47:57","slug":"canadas-housing-market-finds-a-footing-in-may","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/monthly-housing-market-update\/canadas-housing-market-finds-a-footing-in-may\/","title":{"rendered":"Canada\u2019s housing market finds a footing in May"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p>More homebuyers made their way back to the housing market in May, while price corrections eased in several cities. The developments could be early signs that Canada\u2019s housing market is turning a corner after trade war-induced anxiety sent it declining this year.<\/p>\n\n\n\n<p>Home resales are up sequentially for two months nationwide, rising 0.8% and 3.6% in April and May, respectively. The stronger advance last month coincided with the U.S. administration broadly de-escalating tariffs, which may have comforted homebuyers who had retreated to the sidelines on recession fears.<\/p>\n\n\n\n<p>Still, activity remains soft in many local markets\u2014especially in Southern Ontario and British Columbia where resales are barely off cyclical lows\u2014restrained by affordability issues and deteriorating job prospects. May resales were down 4.3% from a year ago in Canada.<\/p>\n\n\n\n<div id=\"everviz-GyQXtxt7i\" class=\"everviz-GyQXtxt7i\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-supply-trends-remain-sturdy\">Supply trends remain sturdy<\/h2>\n\n\n\n<p>The number of properties put up for sale rose again in May\u2014growing another 3.1% from April\u2014bringing the increase over the past 12 months to 8%. Total inventory of homes for sale climbed to a six-year high, sustaining intense competition between sellers.<\/p>\n\n\n\n<p>This has led to outright price drops this year\u2014mostly concentrated in Southern Ontario and B.C. But, the decline slowed materially in May. The national composite MLS Home Price Index fell 0.2% from April, a fraction of the average 0.9% drop in the prior three months. The decline from a year ago remained effectively unchanged at 3.5%.<\/p>\n\n\n\n<div id=\"everviz-akxhagtwN\" class=\"everviz-akxhagtwN\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-price-declines-moderate-in-ontario\">Price declines moderate in Ontario<\/h2>\n\n\n\n<p>Ontario accounted for much of the deceleration last month, though the picture varied considerably within the province and across housing types.<\/p>\n\n\n\n<p>The Greater Toronto Area recorded its first monthly gain in the composite index in six months (0.1%) with the Niagara region (1.6%), London (1.3%), Kitchener-Waterloo (1.6%) and Cambridge (0.6%) seeing larger increases. Single-family homes were the main driver in most cases as condo apartment prices weakened further under the weight of rising inventories.<\/p>\n\n\n\n<p>Aggregate prices, however, fell further in Hamilton (-2.3%), Windsor (-1.2%) Kingston (-0.9%) and Ottawa (-0.2%).<\/p>\n\n\n\n<div id=\"everviz-HFi-DKi7x\" class=\"everviz-HFi-DKi7x\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-price-trends-little-changed-elsewhere\">Price trends little changed elsewhere<\/h2>\n\n\n\n<p>The MLS HPI continued to fall in B.C. led by month-over-month declines in Fraser Valley (-1.1%), Vancouver (-0.9%) and Victoria (-0.7%). The divergence between Calgary (down 0.5% from April) and Edmonton (up 0.2%) persisted in Alberta. An upward trajectory was maintained in Saskatchewan, Quebec and most of the Atlantic provinces. Quebec City (up 2.3% from April), Halifax (2.2%), St. John\u2019s (1.6%) and Saskatoon (1.5%) recorded strong monthly gains and were among the markets where prices appreciated the most in the past year.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/06\/Screenshot-2025-06-16-164433.png?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-14884\" style=\"aspect-ratio:2.6557377049180326;width:1004px;height:auto\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-back-to-a-gradual-recovery-ahead\">Back to a gradual recovery ahead<\/h2>\n\n\n\n<p>We expect housing market confidence to gradually rebuild as tariff de-escalation lifts some of the uncertainty that hindered activity earlier this year. We see this broadly boosting demand, but a weak job market is likely to temper the pace of any recovery in the near term.<\/p>\n\n\n\n<p>This is poised to keep buyers in the driver\u2019s seat for a while longer in Ontario and B.C. as supply-demand imbalances persist. We think it will lead to further price depreciation in these markets, especially in the condo segment where supply is abundant.<\/p>\n\n\n\n<p>Other markets where supply-demand conditions remain tight and price trends positive this year\u2014including Edmonton, Regina, Saskatoon, Winnipeg, Montreal, Quebec City, Halifax and St. John\u2019s\u2014could see firmer appreciation.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<div class=\"wp-block-columns has-border-color is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\" style=\"border-color:#0b0b0b;border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/06\/button-h-m.png?quality=80\" alt=\"\" class=\"wp-image-14891\" style=\"aspect-ratio:1.4745762711864407;width:335px;height:auto\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<h4 class=\"wp-block-heading mar-t mar-l\" id=\"h-download-the-report\">Download the Report<\/h4>\n\n\n\n<div class=\"wp-block-buttons  mar-l is-content-justification-left is-layout-flex wp-container-core-buttons-is-layout-fc4fd283 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button btn before is-style-tertiary tertiary\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/4\/2025\/03\/Monthly-Housing-Market-Update.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-MonthlyHousingMarketUpdate-CanadianAnalysis-3100-131ae1b6\" data-dig-category=\"LP-MonthlyHousingMarketUpdate-CanadianAnalysis\" data-dig-action=\"button click\" data-dig-label=\"Download-https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/4\/2025\/03\/Monthly-Housing-Market-Update.pdf \">Download<\/a><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-light-grey-color has-alpha-channel-opacity has-light-grey-background-color has-background is-style-wide wide\" \/>\n\n\n\n<p><em><strong>Robert Hogue<\/strong>&nbsp;is the Assistant Chief Economist responsible for providing analysis and forecasts on the Canadian housing market and provincial economies.<\/em><\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>More homebuyers made their way back to the housing market in May, while price corrections eased in several cities.<\/p>\n","protected":false},"author":265,"featured_media":3099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[83,38,50],"tags":[115,17],"class_list":["post-3100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-canadian-housing","category-monthly-housing-market-update","tag-canada","tag-housing"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Canada\u2019s housing market finds a footing in May - RBC Economics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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