SURREY, BC – Home buyers in the Fraser Valley are enjoying a selection of homes for sale not seen in more than a decade. The growing inventory of more than 10,000 active listings means, in many cases, that buyers have time, selection and price negotiation on their side.

“There’s definitely a surge of activity in the market — buyers are out viewing homes and attending open houses,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “What’s noticeable in the current market is the level of choice. A buyer might see a home they like and then have an opportunity to tour five or ten more just like it, without feeling rushed to make an immediate offer.”

However, despite the abundance of listings and potential buying opportunities, spring sales remain sluggish. The Fraser Valley Real Estate Board recorded 1,043 sales on its Multiple Listing Service® (MLS®) in April, up one per cent from March and down 29 per cent year over year. New listings declined slightly in April, down one per cent from March.

The overall sales-to-active listings ratio indicates a buyer’s market in the Fraser Valley, with a ratio of 10 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent.

Across the Fraser Valley in April, the average number of days to sell a single-family detached home was 32, while for both townhomes and condos it was slightly lower at 29 days.

“Tariffs and economic uncertainty continue to weigh heavily on the minds of home buyers in the Fraser Valley,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “However, with the federal election now behind us and a new administration in place, there’s cautious optimism that a fresh approach to strengthening the economy could be on the way, which is welcome news for the real estate sector.”

The composite Benchmark price in the Fraser Valley decreased 0.2 per cent in April, to $972,700.

To read the full statistics package, click here.

The air is warmer, the days are getting longer, and after an exceptionally snowy winter, the grass is finally starting to reveal itself. Spring officially is upon us, which means that all of that snow is starting to melt. As the spring makes its arrival, be sure to take these important steps to protect your home and prevent major water damage during the seasonal thaw.

Inspect your home’s foundation

As temperatures rise, melting snow can lead to water pooling around the base of your home, increasing the risk of leaks, cracks and basement flooding. To redirect water runoff, clear away any snow and ice from your home’s foundation, including window wells, basement entrances and exterior vents. 

Patch up cracks

Take a closer look at your home’s exterior. Seal and repair any cracks in your walls, foundation and around windows, to ensure moisture does not penetrate the building. If you discover a leak, even a small one, consider contacting a professional. What seems like a small issue can escalate quickly into major water damage, which is often costly and complicated to repair. Staying proactive now can save you time, money and stress down the road.

Clean out your drains and eavesthroughs

Clear out built-up ice and debris from your eavestroughs and downspouts. This is an integral part of your home’s water draining system, and if the flow is clogged, it can result in major damage. If there is a drain on the street near your property, be sure to clear any leaves and garbage away from the grate so melting snow from the road can flow freely. Regularly checking and clearing your gutters ensures water is directed safely away from your home. 

Also, don’t forget the street-side drains. If there’s a storm drain near your property, make sure the grate is free of leaves, ice and garbage. These clogs can prevent melting snow and rainwater from draining properly, potentially causing water to back up onto your property or into your basement.

Beware of overhead leaks

If your roof is in need of repair, this is likely the time of year when those issues reveal themselves. As snow and ice begin to melt, you may start to notice water spots forming on your ceilings – one of the clearest signs that water is seeping in through damaged or aging roofing materials. Don’t forget to check for leaks in the attic as well. Look for damp insulation, water staining on beams or a musty smell. Early detection is key, and addressing roof issues now can help you avoid more extensive and costly repairs down the line.

Check up on your home systems

Before you turn on the air conditioning for the first time this season, take a few minutes to inspect the unit and ensure it’s functioning properly. Look for any visible signs of wear, debris buildup or damage to the outdoor unit, and test the system to confirm its cooling efficiently. This seasonal check-in is also a great time to tackle a few other important maintenance tasks, such as replacing the furnace filter and changing the batteries in your smoke and carbon monoxide detectors. These small steps go a long way in keeping your home comfortable, efficient and safe year-round.

Review your insurance coverage

Spring thaw can bring increased risk of flooding, water damage and sewer backups – especially in areas with heavy snow accumulation or older drainage systems. It’s a good idea to review your home insurance policy to make sure you’re covered for the types of damage that commonly occur during a thaw.

Standard homeowner policies don’t always include flood protection or sewer backup coverage by default. If your basement floods due to melting snow or if stormwater overwhelms the municipal system and backs up into your home, you could be on the hook for repairs unless you’ve added this coverage.

Reach out to your insurance provider or broker to go over your current policy and make sure you’re protected. Look for these key add-ons in your policy, such as overland water coverage, sewer backup coverage and sump pump failure. A small monthly premium can save you thousands in potential damage and restoration costs.

For more on how to prepare your home for the season, check out our Spring Cleaning 101 blog post.

The arrival of warmer weather and longer days is a welcome sign for many Canadians – especially those eager to return to their cottages. With the Victoria Day long weekend fast approaching (often seen as the unofficial start of summer), thousands are preparing to unlock the cabin doors and breathe new life into their seasonal properties.

But before you can fully relax at the lakeside, there’s a bit of work to be done. If your cottage was unoccupied during the winter months, it’s important to give it the care and attention it needs to ensure a safe and comfortable season ahead.

Here are a few helpful tips to make reopening your cottage as smooth as possible. 

Start the reopening process before you arrive

A successful cottage reopening starts before you even set foot on the property. In the weeks leading up to your trip, take time to reconnect with service providers and double-check key maintenance items.

Contact your utility companies to reinstate services like electricity, internet, propane and gas. If you paused trash collection or water delivery, now’s the time to get those back in motion. Schedule a chimney sweep and, if your property has a septic tank or outhouse, book a cleaning or inspection to make sure everything’s functioning safely.

Also take a moment to review your cottage insurance policy, as well as coverage for boats, trailers or recreational vehicles. Make sure everything is up to date before opening weekend.

Don’t forget to pack your reopening essentials: keys, tools, cleaning supplies, flashlights, batteries, light bulbs, and even pest control products can save you an unexpected trip into town.

Take a walk around the property

Upon arrival, do a thorough walk about your lot to look for signs of weather damage. Inspect the roof for missing shingles, blocked gutters, leaks or any branches that may have fallen during the winter. On the ground, keep an eye out for signs of rot on your deck or siding, broken windows or wildlife that may have made their way indoors during the winter. 

Once inside, inspect your cottage for dampness, pests or unpleasant odours. Get some fresh air running through your cottage and flush out any stale smells by opening all of the windows and doors. This is also a good opportunity to look for any mould or mildew that may be lurking around window sills and entryways. If there is any serious damage to the property, be sure to alert your insurance provider immediately.

Safely restore water and power

When your initial inspection is complete, it’s time to restore your essential utilities.

For water, start by checking that pipes are intact and free of cracks caused by freezing. Reconnect any pipes that were disconnected in the fall, then proceed to fill your water heater and replace filters if needed. Once the main water valve is turned on, allow water to run through a tap to flush the lines.

Keep in mind: some cottages rely on lake-drawn water or well systems, which may require extra care or professional servicing.

Before flipping on the power, inspect your electrical meter and exterior power lines for signs of damage. Once you’re in the clear, turn on the main breaker and test appliances, outlets and lights room by room to make sure everything is running smoothly.

Get your outdoor spaces summer-ready

Don’t forget to give your exterior living spaces some love. After months of snow, your yard, dock, and deck will likely need some cleanup before they’re ready for prime time.

Rake up fallen branches, leaves and debris from your lawn and garden beds. Trim overgrown shrubs and inspect trees for hanging limbs that could pose a safety risk. Check your dock for loose boards, exposed nails or signs of water damage, and make necessary repairs before jumping in.

Wipe down your outdoor furniture and inspect it for rust or wear. Bring out your BBQ or firepit, giving them a proper cleaning before use. If you store kayaks, paddleboards or canoes on-site, this is a good time to inspect them for cracks or mildew and refresh safety gear like lifejackets and paddles.

Adding fresh outdoor lighting or planting flowers can also help make your cottage feel inviting from day one.

Restock the essentials

Before you officially break out the Muskoka chairs and settle in, remember to check those smaller to-do items off your list. Ensure that your smoke alarms and carbon monoxide detectors have fresh batteries and replace the filter in your central air system if you have one. Don’t forget to refill fire extinguishers and top up the first aid kit with new supplies before you kick back and relax. 

Looking for insights into Canada’s most popular cottage country markets? Check out the latest findings in the Royal LePage 2025 Spring Recreational Property Report. 

The slowdown in home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver* that began early this year continued in April, with sales down nearly 24 per cent year-over-year. 

Sales

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,163 in April 2025, a 23.6 per cent decrease from the 2,831 sales recorded in April 2024. This was 28.2 per cent below the 10-year seasonal average (3,014).

"From a historical perspective, the slower sales we’re now seeing stand out as unusual, particularly against a backdrop of significantly improved borrowing conditions, which typically helps to boost sales. What’s also unusual is starting the year with Canada’s largest trading partner threatening to tilt our economy into recession via trade policy, while at the same time having Canadians head to the polls to elect a new federal government. These issues have been hard to ignore, and the April home sales figures suggest some buyers have continued to patiently wait out the storm." Andrew Lis, GVR director of economics and data analytics

Listings

There were 6,850 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in April 2025. This represents a 3.4 per cent decrease compared to the 7,092 properties listed in April 2024 and was 19.5 per cent above the 10-year seasonal average (5,731) for the month. 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 16,207, a 29.7 per cent increase compared to April 2024 (12,491). This is 47.6 per cent above the 10-year seasonal average (10,979).

Sales-to-active listings ratio

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2025 is 13.8 per cent. By property type, the ratio is 9.9 per cent for detached homes, 17.5 per cent for attached, and 15.7 per cent for apartments. 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

“While the headlines have been filled with worrying news lately, there are positives in the current market worth highlighting, especially for buyers,” Lis said.

“Inventory levels have just crested 16,000 for the first time since 2014, prices have stayed fairly stable for the past few months, and borrowing costs are the lowest they’ve been in years. These factors benefit buyers, and with balanced conditions across the market overall, there’s plenty of opportunity for anyone looking to make a purchase.”

MLS® HPI

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,184,500. This represents a 1.8 per cent decrease over April 2024 and a 0.5 per cent decrease compared to March 2025. 

Sales of detached homes in April 2025 reached 578, a 29 per cent decrease from the 814 detached sales recorded in April 2024. The benchmark price for a detached home is $2,021,800. This represents a 0.7 per cent decrease from April 2024 and a 0.6 per cent decrease compared to March 2025. 

Sales of apartment homes reached 1,130 in April 2025, a 20.2 per cent decrease compared to the 1,416 sales in April 2024. The benchmark price of an apartment home is $762,800. This represents a two per cent decrease from April 2024 and a 0.6 per cent decrease compared to March 2025. 

Attached home sales in April 2025 totalled 442, a 23.8 per cent decrease compared to the 580 sales in April 2024. The benchmark price of a townhouse is $1,102,300. This represents a 2.9 per cent decrease from April 2024 and a one per cent decrease compared to March 2025.

Download the April 2025 Housing Report

* Areas covered by Greater Vancouver REALTORS® include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

Exquisite, flawlessly renovated residence in the prestigious Montreux, Westwood Plateau. Immaculate 2-bedroom, 2-bathroom with a spacious, bright, open layout, offering serene south-facing views. A tranquil, private sanctuary. Elegant gas fireplace included in the maint. fees. Sliding doors lead to your exclusive patio, perfect for entertaining. The gourmet kitchen boasts ample cabinetry and premium stainless steel appliances. 2 pets allowed w/ no size or weight restrictions. The community offers resort-style amenities: outdoor pool, Jacuzzi, fitness center, and a dedicated pet area. Lushly landscaped relaxation zones. Ideally located, with top-tier schools, shopping, IGA, fine dining, banking, Starbucks, and more just steps away.

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.

302-932 Robinson Street Coquitlam 

“The Shaughnessy” in West Coquitlam. Top floor condo unit has 2 bedrooms & 2 baths. Be impressed with the 15+ feet vaulted ceiling in the living room & wood burning fireplace. The living room & dining room are perfect spot for entertaining friends. Cute kitchen / Stainless Steel fridge & stove. Good size primary bedroom with walkthrough closet to in suite laundry. The 4-piece bath & a 2-piece bath flow together. Easy care tile floors thought most of unit. In suite storage or reno to a cute little office. Second bedroom or den.Enjoy many hours in the summer on your balcony among the tall trees. Centrally located to transit & shopping.SkyTrain is a short stroll away. Flat walking neighbourhood. 1 underground parking spot. Move in Spring 2025!

OPEN HOUSE SATURDAY APRIL 26th 3:00-5:00pm

National sales volumes fall for the fourth consecutive month, while supply edges upward and prices ease

Canada’s housing market continued to slow in March 2025, with home sales falling for the fourth month in a row, according to the latest market report from the Canadian Real Estate Association (CREA). 

Rising uncertainty stemming from the ongoing tariff dispute with the United States, coupled with the looming federal election, is causing many homebuyers to adopt a wait-and-see approach. Typically a period of brisk activity, the spring market is instead experiencing a notable slowdown. The impact has been most pronounced in Ontario and British Columbia, but softer sales are now evident in nearly every market across the country.

Sales reach lowest level since March 2009 

In March, national sales decreased 4.8% from February, pulling activity 20% below the recent peak reached in November 2024.

On a non-seasonally adjusted basis, national home sales were down 9.3% year over year in March. This marks the weakest sales performance for the month of March since the aftermath of the 2008 financial crisis.

“Up until this point, declining home sales have mostly been about tariff uncertainty. Going forward, the Canadian housing space will also have to contend with the actual economic fallout. In short order we’ve gone from a slam dunk rebound year to treading water at best,” said Shaun Cathcart, CREA’s Senior Economist, in the report.

Inventory builds as sellers return to the market

New listings posted a modest 3% gain month over month in March, which, combined with the drop in sales, caused the national sales-to-new listings ratio to fall to 45.9%, the lowest level recorded since February 2009.

At the end of March, there were 165,800 properties listed for sale on Canadian MLS® Systems, an 18.3% increase compared to a year ago, though still slightly below the long-term average for this time of year, which sits around 174,000. There were 5.1 months of inventory on a national basis at the end of March, the highest level since early in the pandemic. 

Prices begin to soften in key markets

Home prices have started to reflect the shift in demand. The National Composite MLS® Home Price Index fell 1% from February to March, the steepest month-over-month decline since November 2023.

The pullback was most visible in British Columbia and Ontario’s Greater Golden Horseshoe. In contrast, prices continued to edge up across much of the Prairies, Quebec, and the East Coast.

On a year-over-year basis, the Home Price Index was down 2.1%. The national average home price came in at $678,331 in March 2025, a decrease of 3.7% from the same month in 2024.

“While the trend of falling monthly sales has been observed across Canada over the last few months, there are still many regions where sales are high, inventory is near record lows, and prices are rising,” said Valérie Paquin, Chair of CREA’s Board of Directors. “There are also parts of the country with historically low sales and the highest inventory levels in a decade or more.” 

CREA downgrades 2025 price forecast

Based on current sales and pricing trends, CREA adjusted its home price forecast for the upcoming year.

The national average home price is expected to decline by 0.3% for the year, landing at $687,898, approximately $30,000 less than what was forecast earlier in January.

British Columbia and Ontario are forecast to see minor price decreases, while price growth in other provinces has been revised down to the 3% to 5% range.

Looking ahead to 2026, national home sales are projected to increase by 2.9% to 496,487 units. Even with this gain, it would mark the fourth consecutive year with sales below the half-million mark. The average home price is expected to rise modestly by 1.2% in 2026, reaching $696,074.

While U.S. trade conflict and economic stability have dominated this election campaign, housing and health care are still high on the agenda

In just a few days, Canadians will head to the polls to vote in the 45th federal general election. Once again, housing has proven to be a top priority for voters.

According to a recent Royal LePage® survey, conducted by Burson,1 more than half (55%) of Canadian adults say that a party or candidate’s positioning on policies related to housing will influence their vote in the upcoming federal election; 39 per cent say it will not. When broken out by age, younger Canadians are more likely to be focused on housing. Seventy-two per cent of generation Z respondents (aged 18-28) and 59 per cent of millennials (aged 29-44) say that a party or candidate’s positioning on housing will have an impact on their vote, higher than those in generation X (50% of those aged 45-60) and baby boomers (48% of those aged 61-87). 

“While much of the discussion has been centered on navigating the rough waters of the U.S. trade conflict, housing affordability has re-emerged as a major priority this election cycle,” said Phil Soper, president and CEO, Royal LePage. “Initiatives that support young families and first-time buyers, especially in high-cost markets, have been proposed across the political spectrum, whether by easing the path for developers to build more homes or offering financial relief to buyers. But, tackling Canada’s chronic supply shortage will take more than short-term solutions. Despite recent market shifts – including lower interest rates and increased inventory – many young voters recognize that these changes alone are not enough. They are seeking real, lasting solutions that can turn the dream of home ownership into a reality.”

Housing ranks third among most important election priorities 

In an unprecedented era of international trade conflict and economic turmoil, Canadians are largely focusing their attention on the political party that can best guide the country through the uncertainty. However, housing is also top of mind for many voters.

When asked to identify the most important issues they want to see prioritized in the April 28th federal election, 86 per cent of respondents selected the economy and cost of living as one of their top five priorities; more than a third (36%) selected it as their most important priority. Other top priorities include health care (75%), housing (62%), government spending and taxes (56%), international trade (42%) and immigration (35%). Respondents selected and ranked their top five priorities. 

Overall, housing ranks as the third most important election priority among Canadian voters, after the economy and health care. Across the country, the same is true in most provinces, with the exception of the Prairies. In Alberta, Manitoba and Saskatchewan, housing ranks fourth, behind government spending and taxes. In Vancouver, the nation’s most expensive city, housing ranks as the second most important priority this election, above health care.

“More than ever, voters are looking for leadership that can offer stability, protect Canada’s economic interests, and steer the country through turbulent times. For young Canadians in particular, there is a clear demand for a leader who can support their goal of achieving home ownership,” said Soper. “The next federal government must follow through on its promises and act decisively to ensure that more housing gets built – quickly and at scale. Real progress will require bold, coordinated action and long-term planning from all levels of government.” 

Parties offer their solutions to the housing crisis 

With housing top of mind for many voters, party candidates have put forward platform policies to improve housing affordability, boost supply and cut red tape for new development. 

The Liberal Party says it plans to double the pace of residential construction over the next decade as part of its long-term strategy to address the housing crisis. They plan to  achieve this by providing low-cost financing options to developers focused on building affordable housing, encouraging the use of a prefabrication Housing Design Catalogue to speed up construction timelines and reduce costs, and eliminating the GST for first-time homebuyers on properties valued up to $1 million.

The Conservative Party wants to build 2.3 million homes over the next five years, which they plan to achieve by cutting development taxes and incentivizing municipalities to build more homes. A key part of their plan is to convert at least 15 per cent of federal buildings into residential units, repurposing underused government properties to ease housing shortages. The Conservatives also plan to defer the capital gains tax for individuals who reinvest profits into Canadian businesses, and eliminate the GST on all new rental housing and home sales priced up to $1.3 million.The New Democratic Party (NDP) aims to double Canada’s current rate of homebuilding with a focus on public investment. The party plans to offer first-time homebuyers long-term, low-interest, government-backed mortgages in an effort to lower the barrier to entry. Additionally, the NDP is calling for a ban on corporate purchases of affordable rental housing, arguing that such acquisitions often lead to rent increases and displacement, and instead wants to ensure housing remains accessible to low- and middle-income Canadians.

The Bloc Québécois supports the unconditional transfer of federal housing funds to the province of Quebec. The party wants to crack down on real estate flipping, offer direct federal financial assistance for first-time buyers’ down payments, eliminate the GST on certain professional services related to a home purchase, and support housing initiatives for students and seniors. The party is also calling for increased federal funding to address homelessness.

The Green Party says it will implement stricter regulations to prevent corporate exploitation of the housing market, such as stopping corporations from buying single-family homes and eliminating tax advantages for Real Estate Investment Trusts (REITs). The party also pledges to launch the largest public housing construction program since the 1970s, using Canadian materials and labour, and ensuring publicly-funded homes remain permanently affordable.

You can read about each major political party’s full election platform here: Liberal Party, Conservative Party, New Democratic Party, Bloc Québécois, Green Party. 

Canadians head to the polls on Monday, April 28th. To learn more about how and where to vote, visit elections.ca.

DATA CHART

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.

A well-designed laundry room is more than a luxury, it’s a game-changer for modern homes. Whether you’re looking to maximize efficiency, enhance aesthetics, or add functionality, renovating your laundry space can make a big impact. Here’s how to turn your laundry room into a space you’ll actually enjoy using.

Plan your layout with purpose

The layout is the foundation of any laundry room redesign. Start by analyzing your space and determining the best placement for appliances and work areas.

• Stack or side-by-side appliances: If space is limited, consider stacking your washer and dryer to free up floor space. If you prefer side-by-side machines, use the top as a countertop for folding laundry.

• Accessibility: Make sure your appliances are close to water, electrical, and venting connections. Place frequently used items, like detergents, within arm’s reach to make your routine more efficient.

Pro Tip: A compact layout doesn’t mean compromising functionality. Condo-sized machines are perfect for tight spaces and still get the job done.

Elevate storage and organization

A clutter-free laundry room is more functional and visually appealing. Incorporate smart storage solutions to keep everything organized.

• Cabinets and shelves: Install cabinets or floating shelves to store detergents, cleaning supplies, and linens.

• Hooks and wall storage: Use wall-mounted hooks or racks to hang brooms, mops, and ironing boards. This will free up floor space while keeping essentials easily accessible.

• Laundry basket storage: Dedicate a spot for baskets or hampers, like under a counter or on open shelving.

Pro Tip: Label shelves or bins to maintain an organized system that works for the whole family.

Add functional workspaces

Having a work surface in your laundry room can make tasks like sorting, folding, and treating stains a lot easier.

• Countertops: Install a countertop over side-by-side machines for an instant workspace. Choose durable materials like quartz that can withstand wear and tear.

• Drying racks: Add a retractable drying rack or a rod for hang-drying clothes. This saves space and keeps damp clothes off your furniture.

Pro Tip: Include a deep utility sink for hand-washing delicate items or tackling messy stains.

Choose durable and stylish materials

Your laundry room needs to stand up to frequent use and potential spills. Opt for materials that are easy to clean and maintain while adding style.

• Flooring: Go for water-resistant options like ceramic tile, porcelain, or luxury vinyl.

• Countertops: Non-porous surfaces like quartz are heat and stain-resistant, perfect for a hardworking space.

• Cabinets: Melamine is a durable and affordable option for cabinetry. Choose flat finishes that are easy to wipe down.

Pro Tip: Incorporate materials that match your home’s overall aesthetic for a cohesive look.

Maximize small spaces with clever design

If your laundry room is on the smaller side, use these design tricks to make it feel more spacious.

• Pocket doors: Swap out a traditional door for a pocket door to save valuable wall space.

• Vertical storage: Utilize wall height by installing tall cabinets or shelving.

• Bright colours: Paint the walls in light, bright colours like crisp white or soft pastels to create the illusion of a larger space.

Pro Tip: Use reflective materials, like glossy tiles, to bounce light around the room.

Brighten the room with lighting

Good lighting can make a world of difference in a laundry room.

• Overhead task lighting: Install bright, even lighting to ensure you can see clearly when sorting and folding.

• Under-cabinet lights: Add task lighting under shelves or cabinets to illuminate work surfaces.

Pro Tip: If your laundry room lacks natural light, choose daylight-mimicking bulbs to brighten the space.

Final touches: Style meets functionality

Don’t forget to add a personal touch to your newly redesigned laundry room. A stylish backsplash, decorative baskets, or framed art can make the space feel welcoming.

Renovating your laundry room is an investment in both functionality and aesthetics. By focusing on layout, storage, and materials, you can create a space that works as hard as you do, and looks great while doing it. 

Homebuyers stayed on the sidelines in February 2025, leading to a significant drop in home sales across the country, according to the latest market report from the Canadian Real Estate Association (CREA). With the ongoing trade war between Canada and the United States, market activity slowed to its lowest level in over a year.

Home sales see largest drop since 2022

Sales activity fell 9.8% compared to January, marking the largest single-month decline since May 2022 and the lowest absolute number of home sales recorded since November 2023. The slowdown wasn’t limited to just a few areas — sales declined in about three-quarters of all local markets, with the most pronounced drop happening in the Greater Toronto Area and the surrounding Greater Golden Horseshoe region.

“The moment tariffs were first announced on January 20, a gap opened between home sales recorded this year and last. This trend continued to widen throughout February, leading to a significant, but hardly surprising, drop in monthly activity,” said Shaun Cathcart, CREA’s Senior Economist, in the monthly report. “This is already being reflected in renewed price softness, particularly in Ontario’s Greater Golden Horseshoe region.”

Market conditions in balanced territory

While home sales dropped, new listings also declined at a similar pace. As a result, the national sales-to-new listings ratio edged up slightly to 49.9%, compared to 48.3% in January. Historically, a balanced market sits between 45% and 65%.

There were 146,250 properties listed on MLS® Systems at the end of February, marking a 13.1% increase from a year earlier. However, this number is still well below the long-term average for this time of year, which typically sits around 174,000 listings. Inventory levels also climbed, reaching 4.7 months of available homes on a national basis, up from 4.1 months in January. The long-term average for inventory is five months, suggesting the market is slowly shifting toward more choice for buyers.

“The uncertainty of the last few weeks seems to be causing some buyers to think twice about big financial decisions right now,” said James Mabey, CREA’s Chair. “For others, a softer pricing environment and now lower interest rates will be a buying opportunity.”

Home prices record decrease

The National Composite MLS® Home Price Index (HPI) fell 0.8% from January to February. The softening in prices was particularly evident in Ontario’s Greater Golden Horseshoe region, where the decline was more pronounced. On an annual basis, the non-seasonally adjusted National Composite MLS® HPI was down 1% compared to February 2024.