Stats Centre Reports - March 2025

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Overnight rate sits at 2.75% as trade relations with the United States remain unclear

On April 16th, the Bank of Canada announced that it would hold the target for the overnight lending rate at its current level of 2.75%. This marks the first time since June 2024 that the Bank has chosen not to make a cut. 

In light of major shifts in trade policy with the United States, the Bank explained in its announcement that economic uncertainty has risen, thereby increasing the odds of rising inflation and making it challenging to track GDP growth. Though global economic growth was solid in late 2024 and inflation has been easing, recently-implemented tariffs have clouded the outlook for the Canadian economy and the rest of the world.

“A lot has happened since our March decision five weeks ago. But the future is no clearer. We still do not know what tariffs will be imposed, whether they’ll be reduced or escalated, or how long all of this will last. At this meeting, we decided to hold our policy rate unchanged as we gain more information about both the path forward for US tariffs and their impacts,” said Tiff Macklem, Governor of the Bank of Canada, in a press conference with reporters following the announcement. 

“Monetary policy cannot resolve trade uncertainty or offset the impacts of a trade war. What we can and must do is ensure that Canadians continue to have confidence in price stability. Our focus will be on assessing the downward pressure on inflation from a weaker economy and the upward pressure from higher costs. We will support economic growth while ensuring inflation remains well controlled.”

In March, Canada’s Consumer Price Index (CPI) increased 2.3% year over year, easing from 2.6% recorded in February. The deceleration was largely due to lower prices for travel and gasoline. Offsetting some of that slowdown was the end of the temporary suspension of the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) on February 15th, which contributed to higher prices for eligible products in March.

Tariff conflict rocks consumer confidence in economy 

Research shows that almost half of Canadians are not confident in the economy today, and that uncertainty is being reflected in real markets across the country, where buyers are hitting pause on their purchase plans. This has resulted in softer-than-usual spring market activity, especially in the country’s most expensive markets, Ontario and British Columbia. 

According to a recent Royal LePage survey, conducted by Burson,1 49% of Canadians say they are confident in the country’s economy today, including only 6% who are very confident; 43% say they are not confident. 

“The typical spring market didn’t kick off as energetically as expected, and geopolitical uncertainty is playing a major role,” said Phil Soper, president and CEO, Royal LePage. “The new administration in Washington has rattled Canadians with aggressive rhetoric and punitive trade policy. While we were spared from the blanket 10 per cent tariff imposed on most countries in the world, targeted steel and aluminum duties – coupled with unsettling comments that called Canada’s sovereignty into question – have been enough to shake public sentiment. Even if these measures don’t directly impact housing, they contribute to a climate of caution that weighs heavily on large consumer decisions, at home and around the world.”

The Bank of Canada will make its next interest rate announcement on Wednesday, June 4th.

Read the full April 16th report here.

Prices decreased year over year in Greater regions of Toronto and Vancouver, while Quebec, the Prairies and Atlantic Canada recorded price appreciation

Spring is typically when housing markets across the country see a surge in activity. As Canadians shake off the winter blues, many see the season as the ideal time to buy or sell a home. However, in 2025, the usual kick-off to the real estate year has played out unevenly across regions, with some markets gaining momentum while others remain sluggish.

According to the Royal LePage® House Price Survey and Market Forecast released today, the aggregate1 price of a home in Canada increased 2.1% year over year to $829,400 in the first quarter of 2025. On a quarter-over-quarter basis, the national aggregate home price rose a modest 1.2%. While housing market activity has been softer than expected so far this year in many markets – a major shift compared to where we ended 2024 – the trend has been especially pronounced in Ontario and British Columbia, the country’s most expensive markets. Meanwhile, comparatively strong demand paired with low supply has led to price appreciation in the province of Quebec, the Prairies and much of Atlantic Canada, despite ongoing geopolitical tensions and economic uncertainty. 

“The typical spring market didn’t kick off as energetically as expected, and geopolitical uncertainty is playing a major role,” said Phil Soper, president and CEO, Royal LePage. “The new administration in Washington has rattled Canadians with aggressive rhetoric and punitive trade policy. While we were spared from the blanket 10% tariff imposed on most countries in the world, targeted steel and aluminum duties – coupled with unsettling comments that called Canada’s sovereignty into question – have been enough to shake public sentiment. Even if these measures don’t directly impact housing, they contribute to a climate of caution that weighs heavily on large consumer decisions, at home and around the world.”

According to a recent Royal LePage survey, conducted by Burson,2 49% of Canadians say they are confident in the country’s economy today, including only six per cent who are very confident. Meanwhile, 43% say they are not confident. Respondents in the province of Quebec are the most confident, while those in the Prairies are the least confident. Notably, Fort McMurray, Alberta, recorded the lowest level of confidence, with 75% of respondents saying they are not confident in Canada’s economy today. 

Among Canadians looking to purchase a home this year, 49% say the ongoing trade dispute with our southern neighbour has caused them to postpone their home buying plans, while 51% say it has not. Of those who have postponed their purchase plans, 37% are concerned about a potential increase to the cost of living, 30% are concerned about making a big purchase at a time of political and economic uncertainty, and 14% are holding out because they expect home prices to decline as a result of the conflict.  

“Canada’s housing fundamentals remain strong, and real estate activity tends to rebound quickly when uncertainty lifts,” said Soper. “Beyond trade, getting the federal election behind us should help here. Regardless, across the country, we are seeing savvy buyers step off the sidelines, taking advantage of stable prices, growing inventory and falling rates.”

Canada’s economy poised to weather trade tariff storm

Global financial markets have experienced significant volatility in recent weeks, mirroring the broad economic unease triggered by U.S. President Donald Trump’s tariff policies. In the face of these challenges, Canada has demonstrated early resilience, drawing on its experience navigating past economic crises. The nation’s strong financial institutions, prudent regulatory frameworks and diversified economy position it well to manage current and future economic headwinds.

“Canada has weathered economic storms before, including the 2008 financial crisis and the 2020 pandemic, emerging with a reputation for steady leadership and economic resilience,” said Soper. “The housing market continues to provide people with a reliable foundation in uncertain times, with price stability and mortgage default rates that remain among the lowest in the world. While some sectors will be harder hit than others by prolonged trade disruptions, both federal and provincial governments have the tools and fiscal capacity to support those most affected.”

At its last rate announcement in March, the Bank of Canada emphasized that monetary policy cannot resolve trade disputes, and it reaffirmed its core mandate: to keep inflation under control. Many experts believe the central bank will hold rates at its next announcement on April 16th, but that further cuts could be in store later this year. Since June 2024, the Bank has cut its key lending rate by a total of 225 basis points to reach 2.75%.

Read Royal LePage’s first quarter release for national and regional insights. 

First quarter press release highlights:

• Greater Montreal Area’s aggregate home price increased 7.9% year over year, while the greater Toronto and Vancouver markets recorded declines of 2.7% and 0.7%, respectively. 

• Quebec City continues to lead the country in aggregate price appreciation, rising 17.0% year over year in Q1; the highest increase among the report’s major regions for the fourth consecutive quarter.

• The aggregate price of a home in Canada is forecast to 5.0% in Q4 2025, compared to the same quarter last year. The previous forecast has been revised down modestly to reflect the current slowdown of activity in Ontario and B.C.

• Quebecers are the most optimistic about the economy, with 65% of respondents reporting confidence in the Canadian economy. Those in Manitoba and Saskatchewan are the least confident (34%). 

NATIONAL PRESS RELEASE

REGIONAL INSIGHTS

Q1 PRICE CHART

FORECAST CHART

CONSUMER CONFIDENCE SURVEY

Investing in a property at the pre-construction stage can offer unique advantages, such as a lower purchase price and the potential for significant appreciation. However, it also comes with risks. Here’s how you can prepare for a successful investment:

1. Research the Developer

• Look into the developer’s track record to ensure they have a history of delivering projects on time and to a high standard.

• Check reviews from previous buyers and consult industry reports to gauge their reputation.

• Visit other completed projects by the developer to assess the quality of their work.

Tip: A real estate professional with experience in pre-construction properties can help evaluate the developer.

2. Understand the Market

• Analyze the current and future potential of the area where the property is being built.

• Look for locations that show strong economic growth, population growth, and upcoming infrastructure projects.

• Check if there are amenities that will attract future residents to the area.

Tip: Check local government and real estate websites for information about planned developments and economic forecasts for the area.

3. Know the Costs

Be aware of all the costs involved, including:

• Initial deposit

• Staged payments during construction

• Legal fees

• Closing costs

Consider the possibility of interest rates increasing by the time you close, and ensure your finances can handle any changes.

Tip: Consult a financial advisor to create a detailed budget that covers all potential expenses and provides a safety net.

4. Review the Contract Carefully

Pre-construction contracts can be complex. Pay close attention to:

• Construction timelines

• Warranties

• Completion date

• Deposit structure

Understand what happens if the project is delayed or cancelled, and any clauses related to changes in the project scope.

Tip: Have a real estate attorney review the contract to ensure you’re protected from any unfavourable terms.

5. Check for Incentives

Developers often offer incentives to attract early buyers, such as:

• Discounts

• Upgrades

• Financing assistance

Compare incentives from different developers to ensure you’re getting the best value.

Tip: These incentives can enhance your investment, so ask about any available offers and consider them in your decision-making process.

6. Prepare for Delays

Construction delays are common in pre-construction projects, and they can affect:

• Your plans for renting or reselling the property

• Your cash flow

Tip: Build flexibility into your investment strategy to accommodate potential delays without causing significant financial strain.

7. Be Proactive in Financing

Financing a pre-construction property is often different from a traditional mortgage.

• Some lenders may require larger down payments or offer specific loan products for pre-construction.

Tip: Research financing options early and secure pre-approval to streamline the process. Work with a mortgage broker who specializes in pre-construction financing.

8. Plan for the Future

Consider the long-term potential of the property:

• Will it be easy to rent out or resell?

• Can you handle vacancy periods or low demand?

Plan for ongoing costs, such as:

• Maintenance

• Property management

Tip: Create a long-term investment plan that includes strategies for renting, managing, and eventually selling the property.

Final Thoughts

By following these tips and seeking professional advice, you can better protect your interests and assess whether a pre-construction property will be a valuable addition to your real estate portfolio.

Unwanted smells turn many buyers off during a home showing, but for some, the dream of owning the right property outweighs the temporary inconvenience of lingering odours. If you’ve bought a new home and are now dealing with stubborn smells, don’t worry – it’s possible to get rid of them. With these simple cleaning methods, you can breathe new life into your living space.

Here are a few common household odours that might be haunting your home (and how to eliminate them):

Musty or mouldy smells

These smells often come from high humidity, water damage, or hidden mould growth. Start by inspecting your home for leaks or damp areas, especially in basements, bathrooms, and under sinks. Address any issues promptly to prevent further damage. Cleaning visible mould with a vinegar solution or a mould-specific cleaner can help, while a dehumidifier can reduce moisture levels in the affected area. 

If the smell persists or mould is widespread, it’s best to call in a professional to assess the situation. Mould can cause various health issues, from sneezing and coughing to shortness of breath and rash breakouts, so it’s best to let the professionals step in if the mould area is large.

Cigarette smoke

Cigarette smoke residue can cling to walls, ceilings, and carpets, leaving a persistent odour. To combat this, wash surfaces with a mixture of vinegar and water, or a baking soda solution. Repainting walls with an odour-sealing primer is a great next step. Deep clean or replace carpets and upholstery to fully remove the smell.

Pet odours

Dander, fur, drool and oils trapped in carpets and furniture are common sources of pet odours. Deodorizing with baking soda and vinegar, followed by steam-cleaning carpets and upholstery, are a great place to start. Don’t forget to clean or replace air filters to ensure that the air circulating in your home is fresh. For stubborn pet odours, a professional cleaning service may be the most effective solution.

For urine smells, enzyme-based cleaners are highly effective for breaking down the proteins in urine and neutralizing the odour. Older or particularly stubborn stains that may have seeped into the padding beneath your flooring may require replacing the affected area in order to fully resolve the issue. 

Steam cleaners should not be used to clean urine stains on carpets or upholstery. The heat can cause the stain and odour to set permanently. Similarly, avoid using cleaning agents like ammonia or vinegar, as their strong smells may prompt your pet (if you have one) to re-mark the area.

Sewer or rotten egg smell

This unpleasant odour is often caused by dry plumbing traps, blocked vents, or sulphur in your water supply. Running the tap in seldom-used sinks or showers can refill dry traps, while cleaning drains with baking soda and vinegar followed by hot water may also help. If the smell persists, it’s a good idea to contact a plumber to investigate further. 

In some cases, this smell could indicate a gas leak. Natural gas, which is odourless, is often treated with a sulphur-like chemical called mercaptan to help people detect a leak. If you suspect a gas leak, leave your home immediately and avoid using electrical switches or open flames. Once you’re safely outside, contact your gas provider or emergency services to investigate and resolve the issue.

From a house to a home

If the cleaning methods listed above aren’t quite enough to get rid of stubborn smells, don’t hesitate to call in professional help. Getting rid of lingering odours in a new place isn’t just about the smell – it’s about reclaiming the space as your own. Once the smells have been properly dealt with, you can truly feel comfortable in a house that is now your home.

Though economic anxieties may temper buyer demand, home prices in recreational regions are forecast to rise 4% this year

With warmer weather on the way, it won’t be long before Canadians swap snowshoes for flip-flops and backyard views for lakeside escapes. While some buyers may be hesitant to invest in their dream cottage or cabin this year due to ongoing political and economic uncertainty, others are ready to dive in – pushing up recreational property prices across the board.

According to the recently-released Royal LePage® 2025 Spring Recreational Property Report, the median price of a single-family home in Canada’s recreational regions is forecast1 to increase 4.0% in 2025 to $652,808, compared to 2024, as demand for recreational homes – though slightly depressed as a result of geopolitical tensions and economic uncertainty – continues to outpace available supply in most markets.

“The pandemic-era scramble for recreational properties, once reminiscent of a modern-day gold rush, has thankfully eased – along with the chaos of bidding wars and thin inventories. Demand for recreational properties among Canadians, and the lifestyle they offer, remains strong but balanced. While the mainstream market is more sensitive to economic shifts, demand in the recreational segment remains steadfast, even during periods of market hesitation,” said Phil Soper, president and CEO, Royal LePage. “Many families share the deep-rooted desire to own a recreational home, and that is unlikely to change.”

In 2024, the weighted median2 price of a single-family home in Canada’s recreational property regions increased 2.3% year over year to $627,700. When broken out by housing type, the weighted median price of a single-family waterfront property decreased 3.6% year over year to $1,063,400 in 2024, and the weighted median price of a standard condominium remained flat, rising a modest 0.2% to $431,700 during the same period.

“After three years of double-digit price growth during and after the pandemic, recreational property values have settled slightly below peak for the 2025 season,” said Soper. “From 2021 to 2023, demand for cottages surged as Canadians traded cityscapes for lakefront living amid lockdowns, travel restrictions, and the shift to remote work – driving prices to record highs. Now, more than five years on, the market is seeing a return to typical year-over-year price growth.

“Looking ahead, recreational property prices are expected to rise modestly, driven by ongoing supply shortages. New cottages and cabins aren’t being built fast enough to meet buyer demand, which will continue to support long-term price growth.”

Lower interest rates open door to recreational market

Lower interest rates have provided a leg up for prospective homebuyers across the country, including those shopping for a seasonal home or vacation property.

Since June 2024, the Bank of Canada has dropped its overnight lending rate seven consecutive times, resulting in a total decrease of 225 basis points to date. Prior to this series of cuts, recreational property experts predicted in the 2024 Royal LePage Spring Recreational Property Report that buying activity would intensify when Canada’s central bank began to lower the overnight rate.

According to a survey of 153 Royal LePage recreational real estate market professionals across the country,3 in 2025, nearly half (46%) of recreational property experts said that demand has increased in their market due to lower borrowing costs. Seventy-five per cent of experts reported that recreational property buyers in their region typically obtain financing, such as a mortgage or loan, when making a purchase.

“Though recreational property buyers tend to carry less mortgage debt than primary homebuyers – largely because lenders are more cautious when financing seasonal-use properties – lower borrowing costs still serve as a meaningful incentive. When debt burdens on a principal residence ease, it often frees up capacity to invest in a second home,” said Soper. “At the same time, current trade tensions and a weakening Canadian dollar, combined with a growing sense of patriotism, are encouraging more families to stay north of the border. For many, the appeal of U.S. travel has waned, driving renewed interest in Canadian recreational properties.”

Highlights from the release:

• Canada’s provincial recreational markets are expected to see an increase in single-family home prices in 2025, with Atlantic Canada forecast to see the highest level of price appreciation at 8.0%.

• Waterfront houses in Atlantic Canada recorded the highest provincial year-over-year price appreciation in 2024, rising 12.6%.

• 55% of recreational property market experts across the country reported an increase in the average days on market compared to last year, despite a majority (72%) reporting similar or less inventory.

NATIONAL PRESS RELEASE

PRICE AND FORECAST CHART

Welcome to Bradley House at Windsor Gate. The lovely & very well-care for 2 bed & 2 bath condo is move in ready. From the moment you walk in you feel like your home. Gourmet kitchen with gas range, SS appliances, gleaming white cabinets & stone countertops. The living room & dining area are perfect for entertaining friends. Great balcony for warm weather chilling. Relax in the primary bedroom after a long day. 5-piece ensuite with double sinks. 3-piece main bath. In suite laundry. Enjoy the Nakoma Club, with fitness gym, basketball court, pool, hot tub, billiards table, party room & so much more. Minutes away from transit, park, coffee shop, schools, shopping. Make a date to view this home and make it yours.