{"id":3352,"date":"2025-09-15T20:22:45","date_gmt":"2025-09-15T20:22:45","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/2025\/09\/15\/confidence-choice-and-prices-drive-housing-activity-in-canada\/"},"modified":"2026-03-31T19:29:29","modified_gmt":"2026-03-31T19:29:29","slug":"confidence-choice-and-prices-drive-housing-activity-in-canada","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/monthly-housing-market-update\/confidence-choice-and-prices-drive-housing-activity-in-canada\/","title":{"rendered":"Confidence, choice and prices drive housing activity in Canada"},"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>Key trends we\u2019ve been tracking in Canada\u2019s housing market in recent months were on full display in August.<\/p>\n\n\n\n<p>Sales of existing homes continued to recover, reaching their highest level this year. A more ample inventory of homes for sale sustained stronger competition between sellers, while prices drifted lower\u2014but masked divergences across the country.<\/p>\n\n\n\n<p>A regional split persists despite home resales generally turning up since spring.<\/p>\n\n\n\n<p>On one end, Ontario and British Columbia are challenged by decade-high inventory. In the other, supply-demand conditions are balanced or tight in parts of the Prairies, Quebec and Atlantic Canada.<\/p>\n\n\n\n<div id=\"everviz-RrPcP1kNZ\" class=\"everviz-RrPcP1kNZ\" 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-national-trends-sales-growth-and-price-dips\">National trends: Sales growth and price dips<\/h2>\n\n\n\n<p>Home resales across Canada rose 1.1% in August from July, reflecting improving buyer confidence, the impact of lower interest rates from the Bank of Canada over the past year, increased choice, and price drops.<\/p>\n\n\n\n<p>However, the increase in sales has slowed by two-thirds compared to the prior three months, signalling a sustained recovery that\u2019s not heating up.<\/p>\n\n\n\n<p>We think this moderation has to do with affordability challenges that persist in many parts of the country, particularly, in high-priced markets. It prevents further unlocking of pent-up demand.<\/p>\n\n\n\n<p>Nationally, inventory remained elevated, especially in Ontario and B.C., where the buildup of listings has exerted downward pressure on home prices.<\/p>\n\n\n\n<p>Inventory in these provinces have shown early signs of stabilizing, but sellers continue to face heightened competition, leading to a buyer\u2019s market in many cities including Toronto and Vancouver.<\/p>\n\n\n\n<p>The national composite home price index edged lower in August for the eighth time in the past nine months\u2014falling 0.1% from July.<\/p>\n\n\n\n<p>It\u2019s important to note the annual change (-3.4% in August) has been stable in the past five months, suggesting prices aren\u2019t in a downward spiral.<\/p>\n\n\n\n<div id=\"everviz-4ljM_39kr\" class=\"everviz-4ljM_39kr\" 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<div id=\"everviz-rxT0o8EGl\" class=\"everviz-rxT0o8EGl\" data-view=\"graph\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-regional-divergences-persist\">Regional divergences persist<\/h2>\n\n\n\n<p>Ontario and B.C. remain the focal points of the national housing narrative. Elevated inventory levels in both provinces continue to weigh on property values, but the pace of price declines has slowed as inventory stabilizes.<\/p>\n\n\n\n<p>In Ontario, major urban centers like Toronto are seeing a gradual recovery in sales, but price growth remains elusive due to significant supply\u2014especially in condos.<\/p>\n\n\n\n<p>Similarly, in B.C., markets such as Vancouver are grappling with sluggish prices as buyers remain cautious amid ample choice.<\/p>\n\n\n\n<p>In contrast, housing markets in the Prairies, Quebec, and parts of Atlantic Canada are showing more balanced, if at times tight, conditions. These regions are seeing relatively low\u2014albeit rising\u2014inventory, and stronger affordability metrics supporting modest price gains in several local markets.<\/p>\n\n\n\n<p>Cities such as St. John\u2019s, Halifax, Fredericton, Quebec City, Montreal, Ottawa, Regina, Saskatoon, and Edmonton have sustained demand with prices reflecting a firmer supply-demand balance compared to counterparts in Ontario and B.C.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-further-subdued-recovery-ahead-nbsp\">Further subdued recovery ahead&nbsp;<\/h2>\n\n\n\n<p>We expect lower interest rates will play a pivotal role in supporting demand growth through the remainder of this year into next, particularly among first-time buyers. But, we see their impact dampened by lingering economic uncertainties and affordability constraints.<\/p>\n\n\n\n<p>Ownership costs, while easing in parts of the country, remain well above pre-pandemic levels, limiting the pool of potential buyers.<\/p>\n\n\n\n<p>Additionally, federal immigration cuts are beginning to affect housing demand, particularly, in the rental and condo segments of urban markets like Toronto and Vancouver, where investor activity remains subdued.<\/p>\n\n\n\n<p>On the supply side, elevated inventory in Ontario and B.C. are poised to weigh further on home prices. These provinces have seen stabilizing listings lately, but the current abundance of supply continues to tilt the markets in buyers\u2019 favour, delaying any meaningful recovery in prices.<\/p>\n\n\n\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\/09\/Housing-M-table-Sep-25.png?quality=80\" alt=\"\" class=\"wp-image-19448\" style=\"width:1170px;height:auto\" \/><\/figure>\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\/Housing-M-PDF-Sept-2025.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-MonthlyHousingMarketUpdate-CanadianAnalysis-3352-131ae1b6\" 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\/Housing-M-PDF-Sept-2025.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>Key trends we\u2019ve been tracking in the housing market were on full display in August.<\/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],"rbc_econ_content_type":[],"class_list":["post-3352","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 v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Confidence, choice and prices drive housing activity in Canada - RBC Economics<\/title>\n<meta name=\"description\" content=\"Key trends we\u2019ve been tracking in the housing market were on full display in August.\" \/>\n<meta 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