{"id":6661,"date":"2026-01-15T21:31:16","date_gmt":"2026-01-15T21:31:16","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=6661"},"modified":"2026-04-02T23:46:08","modified_gmt":"2026-04-02T23:46:08","slug":"canadas-housing-market-ends-2025-on-soft-note-with-uncertain-recovery-ahead","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/monthly-housing-market-update\/canadas-housing-market-ends-2025-on-soft-note-with-uncertain-recovery-ahead\/","title":{"rendered":"Canada&#8217;s housing market ends 2025 on soft note with uncertain recovery ahead"},"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>Canada&#8217;s housing market closed out 2025 without much hype as home resales and prices declined in December.<\/p>\n\n\n\n<p>The softness underscores several headwinds\u2014including persistent affordability challenges, economic uncertainty, and job market slack\u2014continuing to constrain a meaningful recovery.<\/p>\n\n\n\n<p>Home resales fell 2.7% in December from November, while the MLS Home Price Index eased 0.3% nationwide.<\/p>\n\n\n\n<p>Resales in Toronto fell 0.4%, while Montreal, Vancouver, Calgary, Edmonton, and Ottawa all posted more pronounced declines of 2.5% to 5.7%. The wide range reflects the divergent regional dynamics that have come to define Canada&#8217;s housing landscape.<\/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 id=\"everviz-mjPD-hbMN\" class=\"everviz-mjPD-hbMN\" 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 has-rbc-dark-blue-color has-text-color has-link-color has-text-major-reg-font-size wp-elements-66f71c9dec8785587d3e955d32375d73\" id=\"h-price-weakness-remains-concentrated-in-ontario-and-b-c\">Price weakness remains concentrated in Ontario and B.C.<\/h2>\n\n\n\n<p>Home values are falling in Ontario and British Columbia, where affordability pressures are most acute, and inventory is elevated.<\/p>\n\n\n\n<p>Buyers have shifted decisively to a position of strength with ample choice allowing them to be selective.<\/p>\n\n\n\n<p>The MLS HPI in Toronto fell further in December, continuing a downward trajectory that has delivered a 6.3% decline over the past year.<\/p>\n\n\n\n<p>Southern Ontario fared similarly with Kitchener-Waterloo down 8.6%, London 8.3% lower, and Hamilton down 7.4% year-over-year.<\/p>\n\n\n\n<p>In B.C., Vancouver recorded a 4.5% monthly decline in transactions with the MLS HPI falling 4.5% annually, while the Fraser Valley dropped 6.2% over the same period.<\/p>\n\n\n\n<p>These declines, while substantial, remain insufficient to fully reverse the massive pandemic-era surge of more than 50%, leaving affordability strained for prospective buyers.<\/p>\n\n\n\n<p>Alberta has also come under pressure as rising inventory\u2014buoyed by new construction\u2014weighs on home values. Calgary&#8217;s MLS HPI held steady month-over-month in December, but declined 3.2% from a year ago, signalling even Western markets face headwinds from supply dynamics.<\/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 id=\"everviz-5iULvNMMS\" class=\"everviz-5iULvNMMS\" 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 has-rbc-dark-blue-color has-text-color has-link-color has-text-major-reg-font-size wp-elements-31be299fe315bbb2b5f4afc965c992ce\" id=\"h-markets-that-continue-to-display-resilience\">Markets that continue to display resilience<\/h2>\n\n\n\n<p>The MLS HPI posted year-over-year gains between 5.9% and 17% across major markets in Quebec with monthly advances recorded in December.<\/p>\n\n\n\n<p>Quebec City continues to outpace the nation with its MLS HPI surging 17% annually, and advancing a robust 3.2% from November.<\/p>\n\n\n\n<p>Home values in Saskatchewan and Manitoba remain similarly well supported with the MLS HPI up between 6.2% and 6.9% year-over-year. The Atlantic region\u2019s price trends also predominantly show an upward tilt.<\/p>\n\n\n\n<p>That said, rapid price appreciation in markets like Quebec City may be creating headwinds. Resales have weakened considerably in recent months as the pace of price gains materially erodes affordability.<\/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 id=\"everviz-BOFoXg7LN\" class=\"everviz-BOFoXg7LN\" 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 has-rbc-dark-blue-color has-text-color has-link-color has-text-major-reg-font-size wp-elements-5e1138e097308196ae77fd5b8240de29\" id=\"h-2025-proved-challenging-for-canada-s-housing-market\">2025 proved challenging for Canada&#8217;s housing market<\/h2>\n\n\n\n<p>Overall, resale transactions fell 1.9% last year compared to 2024 as the trade war derailed a recovery supported by material interest rate cuts from the Bank of Canada.<\/p>\n\n\n\n<p>Regional divergences was the real story. Weakness has been concentrated in Ontario and B.C., while other parts of the country held up relatively better.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-rbc-dark-blue-color has-text-color has-link-color has-text-major-reg-font-size wp-elements-638aed54d47801c949015e22ee342863\" id=\"h-regional-divisions-to-persist-into-early-2026\">Regional divisions to persist into early 2026<\/h2>\n\n\n\n<p>A broader market recovery will hinge on the pace of confidence rebuilding\u2014a process likely to be gradual given modest projected economic growth and muted population gains ahead.<\/p>\n\n\n\n<p>Past interest rate cuts will provide some support, but our view that rates have reached their cyclical lows suggests limited additional stimulus from monetary policy.<\/p>\n\n\n\n<p>Nonetheless, improving labour market conditions and a return to normalcy in consumer sentiment could gradually draw buyers from the sidelines and support a turnaround.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"10979\" height=\"6577\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/01\/Housing-M-table-Jan-2026.png?quality=80\" alt=\"\" class=\"wp-image-6663\" style=\"width:1170px;height:auto\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/01\/Housing-M-table-Jan-2026.png 10979w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/01\/Housing-M-table-Jan-2026.png?resize=300,180 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/01\/Housing-M-table-Jan-2026.png?resize=768,460 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/01\/Housing-M-table-Jan-2026.png?resize=1024,613 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/01\/Housing-M-table-Jan-2026.png?resize=1536,920 1536w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/01\/Housing-M-table-Jan-2026.png?resize=2048,1227 2048w\" sizes=\"auto, (max-width: 10979px) 100vw, 10979px\" \/><\/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\/23\/2026\/01\/Canadas-housing-market-ends-2025-on-soft-note-with-uncertain-recovery-ahead-.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-MonthlyHousingMarketUpdate-CanadianAnalysis-6661-131ae1b6\" 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\/23\/2026\/01\/Canadas-housing-market-ends-2025-on-soft-note-with-uncertain-recovery-ahead-.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":"","protected":false},"author":318,"featured_media":3099,"comment_status":"open","ping_status":"open","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-6661","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 v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Canada&#039;s housing market ends 2025 on soft note with uncertain recovery ahead - RBC Economics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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