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Dear |FNAME|,
Thank you for participating in this growing network. Enjoy this month's report.
I hope you enjoy the temperature gauges. We're always open to feedback!
Most importantly: When referring clients across Canada, please consider referring the exceptional agents in this network. Your participation is what makes this community strong and valuable for us all!
Warm Regards,
Tom Albrecht - RE/MAX First, Calgary
The Insider's Market Report
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Canada’s real estate markets enter 2025 with notable regional contrasts but shared trends of inventory shortages, strong demand, and varying price dynamics.
Western Canada:
Alberta’s markets are active but undersupplied. Calgary and Edmonton see robust sales, with townhomes and detached homes leading growth. Fort McMurray shows renewed confidence, while Medicine Hat and Sherwood Park maintain affordability and strong buyer activity. British Columbia reflects similar patterns; Vancouver’s townhouses and detached homes remain popular, with steady prices, while condos show balance, supported by first-time buyers and investors.
Prairies:
Saskatchewan’s urban centers, Regina and Saskatoon, lead with record sales growth despite inventory constraints. Tight supply drives competition, with Regina’s benchmark price rising 4% year-over-year, while Saskatoon holds steady.
Ontario:
Ontario’s markets show mixed performance. Kingston and Guelph lead with double-digit sales growth, while Toronto and Waterloo experience stable prices amidst tight inventory. Sarnia and Brantford face slower activity and declining prices, reflecting uneven recovery across the province.
Atlantic Canada:
Atlantic provinces face critical inventory shortages, driving competition. Halifax and St. John’s remain seller-friendly markets, with notable price growth, while PEI shows early signs of balance, offering opportunities for buyers.
Outlook for 2025:
Nationally, tight inventory and strong demand suggest continued competition, with moderate price growth expected in most markets. Regional affordability, interprovincial migration, and rate policies will shape Canada’s real estate trajectory.
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Alberta
Alberta’s real estate markets enter 2025 with strong activity across major cities, reflecting diverse trends driven by migration, rate cuts, and inventory constraints.
Calgary: The market is active but undersupplied, with strong seller’s markets for detached and semi-detached homes. Townhomes remain highly popular, while condos show signs of stabilization, supported by demand from new Canadians. Moderate price appreciation is expected in 2025.
Edmonton: The year starts busy, with 578 single-family homes and 315 condos sold in the past 30 days. High sales activity and pending transactions signal a robust market for 2025.
Fort McMurray: Renewed confidence highlights growing demand for apartments, townhomes, and mid-market homes. Buyers are exploring broader options amid increased affordability, with moderate price appreciation anticipated.
Medicine Hat: Limited inventory maintains a seller’s market, with a 3.98% increase in median single-family home prices to $422,100. Despite constraints, the city remains highly affordable compared to larger urban centers.
Sherwood Park: Low inventory (70 active listings) and multiple offers mark a competitive start to the year. Single-family homes averaged $559,857 in December, with strong activity expected to continue.
2025 Outlook: Tight inventory and robust demand suggest sustained competition, with moderate price growth across most markets.
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Also serving: Airdrie, Cochrane, Okotoks
Number of reports: 4
Calgary's housing market is active but undersupplied, driven by migration and high listings due to elevated rates.
Detached & Semi-Detached Homes: Strong seller’s markets persist, similar to January 2024. Rate cuts and expansionary policies may boost demand, with move-up buyers encouraged to act now.
Condos & Townhomes: Condos are stabilizing, supported by demand from new Canadians, though rents have dropped 5%. Townhomes remain highly popular, aligning with detached homes in value and inventory trends.
2025 Outlook: Moderate price appreciation is expected, led by single-family homes and townhomes, while condos stabilize under balanced conditions.
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Also serving: Spruce Grove, Leduc, Sherwood Park
Number of reports: 4
The new year is starting off VERY busy in Edmonton!
We have 1314 single family homes for sale, 297 pending and 578 have sold in the past 30 days!
There are 976 condos for sale, 173 pending and 315 have sold in the past 30 days!
I expect 2025 to be another extremely busy year.
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Also serving: Calgary, Anzac, Gregoire Lake
Number of reports:
The Fort McMurray real estate market shows renewed confidence, with growing demand for apartments, townhomes, and mid-market homes. High-end sales are stabilizing, supported by lower variable rates and attractive prices. A shift away from lower-end homes with no condo fees suggests buyers are exploring broader options amid increased affordability. Moderate price appreciation is anticipated in the short to medium term, provided global conditions remain stable. Homeowners are encouraged to seek updated property valuations as market dynamics evolve. Fort McMurray’s outlook remains optimistic, with a diverse range of opportunities for buyers and sellers alike.
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 Medicine Hat- Cary Emerson
Also serving: Redcliff, Dunmore, & Desert Blume
Number of reports: 4
In December 2024, Medicine Hat's real estate market remained a seller's market due to limited inventory and steady demand with a typical slowdown of the Winter Market. The median list price for single-family homes increased by 3.98% from November, reaching $422,100. These trends highlight ongoing market dynamics influenced by affordability challenges and inventory constraints, particularly in the entry-level to medium level price categories. However, compared to other larger cities, Medicine Hat still remains extremely affordable.
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Also serving: Edmonton, St. Albert, Fort Saskatchewan
Number of reports: 4
Sherwood Park is down to a total of 70 active residential listings including condos. There were 49 solds in the past month for an average price of $441,685. As for single family homes, there are only 42 Active listings and there were 25 solds in the past month with an average selling price of $559,857.00. Things continue to pick up as we head into the new year and we expect 2025 to be a very busy year with tons of multiple offers.
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Also serving: Edmonton, Morinville, Spruce Grove
Number of reports: 3
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Atlantic Canada
In 2024, Atlantic Canada's real estate markets showed varied yet interconnected trends. PEI experienced moderate growth, with prices up 1.6% and sales increasing by 10%. A 26% surge in active listings suggested a shift toward balance, a trend anticipated to continue in 2025 with incremental growth supported by government housing incentives.
In contrast, Halifax's market was marked by significant price and sales volume increases (up 11.3% and 26%, respectively), although inventory remained critically low at 1.8 months. Buyers in Halifax gained some leverage due to properties lingering on the market longer, but competition remained fierce. The region enters 2025 as a challenging but dynamic market.
St. John’s, like Halifax, saw strong price growth (8.8%) but faced a declining buyer pool, especially for single-family homes. Multi-family and two-apartment properties, however, remained competitive, albeit with fewer offers. Inventory shortages continue to limit opportunities, with investors focusing on land development and new builds.
A common thread across these provinces is inventory scarcity, driving up prices and competition. However, PEI shows early signs of balancing, offering potential relief. While Halifax and St. John’s favor sellers, PEI's steady stabilization suggests a more buyer-friendly trajectory in 2025.
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Also serving: All of PEI
Number of reports: 2
In 2024, PEI's real estate market experienced moderate growth, with prices rising 1.6% to $375k and sales increasing by 10%. A 26% growth in active listings signaled a move toward a balanced market.
For 2025, continued stabilization is expected, with a 1.5% rise in prices and sales. Government-backed construction incentives will support housing availability, while first-time and move-up buyers are anticipated to drive demand. The market is transitioning into a more balanced environment, offering opportunities for both buyers and sellers.
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Also serving: Halifax, Bedford, Halifax Regional Municipality
Number of reports: 4
817 active listings in all of HRM. 50 for Dartmouth. Nothing to choose from, extremely challenging for Buyers. 28 sold in the past 30 days ranging from 310k to 1.8m. Average days on market is 17 and average price 583k. Please, please, please, encourage your friends and family to move into your provinces, so we can increase our available inventory. (Just kidding. Nobody wants to move away from the best place in Canada. :-).
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Halifax - Brehanna Hopgood
Also serving: South Shore of Nova Scotia
Number of reports: 2
Halifax’s real estate market closed 2024 with strong growth despite seasonal slowdowns. Median Sales Price: Up 11.3% year-over-year to $539,900, reflecting rising values, but down 1.8% from November, offering buyers negotiating power. Sales Volume & Inventory: Sales volume rose 26.0% year-over-year but dropped 31.4% from November. Inventory fell to 1.8 months, creating more competition.
Key Takeaways: Sellers benefit from rising prices and low inventory, while buyers can negotiate as properties linger longer on the market. Halifax enters 2025 as a competitive market.
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 St. John's - Tony Lucas
Also serving: Avalon Peninsula & Province of Newfoundland & Labrador
Number of reports: 4
December 2024 showed little respite in the St John's market.
A noticeable drop in buyers was felt, although multi-family and 2-Apt homes were still selling with multiple offers, albeit 5-10 offers vs the usual 12-20+ in the previous quarters.
With an increase in prices of 8.8% this year vs 2023, the market closed out strong.
Moving into the new year, further price increases are to be expected with an overwhelming amount of purchasers and a lag in inventory. Opportunities are there for investors/builders searching for land development, new construction, and general investment properties.
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British Columbia
Real estate markets across the province displayed stabilization and growth, with notable regional variations.
Sales Activity: Detached home sales increased 28.9% year-over-year but fell 30% from November, a trend mirrored in Vancouver’s seasonal slowdown. Townhouses saw robust growth, with Ladner reporting a seller-friendly 38% sales ratio in the $1.25M–$1.5M range. The South Okanagan also experienced a 26.8% annual sales increase, driven by heightened activity in prior months.
Price Trends: Prices remained stable overall, with moderate gains in detached homes and townhouses. Ladner’s detached homes sold 2% below list price, while attached homes met list prices. Vancouver’s Westside detached homes saw standout growth, with a 5% price increase and a 20% rise in price per square foot.
Market Dynamics: Inventory tightness persists in Prince George and elsewhere, sustaining price stability. However, surging new listings in Ladner suggest improving balance.
Outlook for 2025: December’s strong sales and increased buyer interest point to a more active 2025. Townhouses and condos are set to attract first-time buyers and investors, while balanced conditions across regions offer opportunities for buyers and sellers alike.
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 Abbotsford - David Tsen
Number of reports: 1
Dec 2024. Detached home sales rose 28.9% since December 2023, but saw a 30% dip from November. Townhouse sales soared 77.3% compared to December 2023, reflecting growing demand. Meanwhile, apartment sales increased 60.5% annually, holding steady month-over-month. Despite fluctuating sales, benchmark prices remained stable, with slight gains in detached homes and townhouses. The surge in new listings, especially for detached homes, indicates a more balanced market heading into 2025. Now is a strategic time for buyers and sellers to navigate this evolving landscape.
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Also serving: Sun Peaks, Kamloops, Shuswap
Number of reports: 2
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Also serving: South Delta, Langley & Surrey
Number of reports: 4
LADNER DETACHED -: Balanced Market at 12% Sales Ratio average (1.2 in 10 homes selling rate) Homes are selling on average 2% below list price
Most Active Price Band** $1.75 mil to $2 mil with average 17% Sales Ratio (Balanced market) LADNER ATTACHED - Balanced Market at 19% Sales Ratio average (1.9 in 10 homes selling rate) Homes are selling on average 100% of list price
Most Active Price Band** $1.25 mil to $1.5 mil with average 38% Sales Ratio (Sellers market) Good start to the year with booked firm sales in next few months from end of 2024. Expect a solid 2025 with sales and price growth.
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Also serving: Pitt Meadows
Number of reports: 3
December figures signal an emerging pattern of strength in home sales, building on the momentum seen in previous months. These more recent sales figures are now trending back towards long-term historical averages, which suggests there may still be quite a bit of potential upside for sales as we head into 2025, should the recent strength continue. Although sales activity had a slower start to the year, price trends began 2024 on the rise and closed out the year on a flatter trajectory.
Most market segments saw year-over-year increases of a few percent except for apartment units, which ended 2024 roughly flat. With the data showing renewed strength to finish the year however, it looks as though the 2025 market is positioned to be considerably more active than we’ve seen in recent years.
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Number of reports: 3
In the South Okanagan in December there were 90 units sold thats up 26.76% from last year, bringing the total units sold last year to 1,753 up 4.97% from the previous year. Days to sell for single family- 70 Condos 93 Townhomes 103 and Lots at 92. The median price for single family for the whole South Okanagan is $666,98. This is a bit skewed as Kaleden showed an average price of $1,006,244 which is high. Penticton itself is at $567,289 and Summerland comes in at $595,750.The higher Buyer interest in October and November helped for December. The year seems to be starting off strong.
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Also serving: Coquitilam, Port Coquitilam
Number of reports: 1
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Also serving: Burns Lake, Quesnel, Vanderhoof
Number of reports: 4
The Prince George real estate market experienced steady activity through December, with sales slightly below seasonal averages due to holiday slowdowns. Inventory remains tight, particularly in single-family homes, driving moderate price stability. Townhouses and condos continue to attract first-time buyers and investors. January 2025 has started with increased buyer inquiries, signaling potential market momentum. Low interest rates and a balanced market make it an excellent time for both buyers and sellers to explore opportunities.
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Also serving: Burnaby, New Westminster, and Richmond
Number of reports: 4
Not surprisingly, December was a slow month in Vancouver. Both inventory and sales were down as compared to November. Sale prices were very steady as compared to the month before, but detached homes on the Westside stood out, with an average sale price up 5% and the $/SF for sold product up a whopping 20%. Homes in the $2.5M price band saw the highest absorption rate at close to 70%.
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Ontario
Ontario’s real estate markets showed seasonal slowdowns alongside signs of recovery and regional contrasts in December 2024.
Sales Activity & Market Momentum: Kingston led with a 31.6% year-over-year sales increase and 10.2% annual growth. Guelph followed with an 8% monthly sales rise and 19% year-over-year growth. Pickering and Sarnia saw subdued activity, with Sarnia attributing slower sales to economic uncertainty. Toronto balanced steady sales with extended days on market (39–58 days).
Price Trends: Average prices varied across regions. Kingston ($606K, +12.8% YoY) and Waterloo ($763K, +3.3% YoY) posted gains, while Sarnia declined ($502K, -13.9% YoY). Willowdale in Toronto saw price increases of 4.6%–8.9%, with homes selling near list price. Brantford recorded a 10% price drop, averaging $646K.
Market Dynamics: Inventory constraints were common, though Burlington and Guelph saw improvements. Days on market ranged from 33 in Willowdale to 90 in Sarnia, highlighting varying demand.
Looking Ahead: Lower interest rates and rising buyer activity are boosting optimism for 2025. Kingston and Guelph show strong momentum, while Sarnia and Brantford may need more time to stabilize.
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Also serving: Paris
Number of reports: 3
Brantford had 30% increase of days on the market in December 2024. Overall number of listings in Brantford went down 27% compare to November 2024. Average prices went down about 10%. Average residential sale was at $646,162.00. And it took on average 39 days to sell in December 2024. The market slowed down as expected for that season time, I think the rate decrease had positive impact in December on the overall performance following into January 2025 and I saw more buyers becoming active in the market.
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Number of reports: 2
The Burlington housing market began to show signs of recovery in December. An increase in available homes and a continued softening of prices created more opportunities for buyers. Additionally, the recent easing of interest rates has encouraged renewed interest, prompting more buyers to explore the market.
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Number of reports: 1
OUT OF THE ORDINARY! Normally this time of year is quiet and slow. The lower rates is bringing more buyers and 3 year low of inventory is causing our market to be very hot way earlier than expected!
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Number of reports: 3
The Guelph and District Real Estate Board saw a surge in sales, with an 8% increase in December compared to November. Additionally, number of sales in December was 19% higher than the same period in 2023. Number of new listings also rose by 34% compared to December 2023, and the average sale price increased by 2.2%. For the year, number of total sales was up 5.6% from 2023, and the overall average price dipped by 0.2%. We don't know where the market is headed, but December has delivered some hope for a busier January market. We currently have 3.7 months of inventory.
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Number of reports: 4
In December 2024, 129 homes sold in Kingston, a 31.6% increase from December 2023. Sales were 7.2% below the five-year average but 1.5% above the 10-year average. Annual sales totaled 2,726 units, up 10.2% from 2023. The benchmark price for single-family homes rose 7.2% to $594,000, while townhouses and apartments saw slight declines. The average home price in December was $606,024, up 12.8% from 2023. Erin Finn, President of the Kingston Real Estate Association, expects continued momentum into 2025 with lower interest rates and new mortgage rules.
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Number of reports: 1
Although our Inventory continues to decline, we are expecting, to hopefully see this trend reverse as there has to be a large number of sellers that are preparing to put their homes up in response to interest rates improving and pent up demand. We continue to be optimistic though in sales over that ONE MILLION DOLLARS mark as there seems to be some real confidence and strength in this sector of our market. Hopefully, this will continue into spring
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Also serving: Oakville, Burlington, South Mississauga Ontario.
Number of reports: 1
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Also serving: Ottawa
Number of reports: 1
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Also serving: Haldimand County, Port Colbourne, Tillsonburg
Number of reports: 1
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Also serving: Markham, Richmond Hill, Thornhill, Scarborough, Midtown, Downsview
Number of reports: 1
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Also serving: Oakville, Milton, Burlington, Mississauga
Number of reports: 1
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Also serving: Ajax, Whitby, Clarington,Oshawa, Uxbridge, Stouffville
Number of reports: 4
Pickering recorded 68 home sales for the month, including 38 detached homes, 4 semi-detached, 10 townhouses, 9 condo townhouses, and 7 condos. This comes despite 5 interest rate changes by the Bank of Canada throughout 2024. Interestingly, December 2023—with even higher rates—saw 78 sales. 🤔 Makes you wonder! 🥴
Michelle Makos - Royal Heritage Realty
Tel: 416-300-3004 | Email: michelle.makos@rogers.com |
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Also serving: Bright's Grove, Camlachie, Corunna
Number of reports: 3
Happy New Year!
Here in Sarnia we are definitely experiencing a more challenging time in our Real Estate Market versus these past previous years. I personally think it's too do with so much uncertainty and lack of confidence in our economy. I'm finding people are only moving if they have to or are relocating.
Average days on market - 60-90 days
Slightly more inventory than December 2023
Average Sale Price - $502,149 December 2024
Average Sale Price - $583,433 December 2023
Once Again Bungalows Outselling Any Other Style Of Home (5 - 10X
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Also serving: Etobicoke, North York, Mississauga
Number of reports: 1
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Also serving: Richmond Hill, Markham, Stouffville, Vaughan, Oakville
Number of reports: 4
The Toronto housing market shows signs of balancing as active listings reach 6,232 and days on the market extend to 39/58, reflecting a slower pace. With 1,174 sales against 1,783 new listings, inventory continues to rise, giving buyers more options and leverage. The 1% year-over-year price growth indicates stable pricing amidst cautious demand. Detached homes lead at $1.62M, while condos remain the most affordable at $719K. January and Q1 2025 are likely to see sustained buyer opportunities, stable pricing, and increased negotiation power, as rising inventory and extended days on the market!
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Also serving: Kitchener, Cambridge
Number of reports: 4
Sales and sale prices increased in December in the Waterloo Ontario region. Total residential sales included 189 detached (up 8% from December 2023), 83 townhouses (up 48.2%), 41 condominium units (up 10.8%), and 21 semi-detached homes (down 12.5%). In December, the average sale price for all residential properties was $763,840 (up 3.3% compared to December 2023 and up 1.4% compared to November 2024). The average price of a detached home was $898,204 (up 6% from December 2023 and up 4% compared to November 2024).
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Also serving: Toronto East, Pickering, Clarington
Number of reports: 1
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Number of reports: 2
In December 2024, the Willowdale housing market in Toronto remained strong.
Willowdale East: Average home price: $1,010,122 (+8.9% YoY); median days on market: 38; homes sold at 98% of list price.
Willowdale West: Average home price: $1,038,711 (+4.6% YoY); median days on market: 33; homes sold at 99% of list price.
Both areas saw steady demand with rising prices and quick sales. High sales-to-list ratios indicate a competitive market.
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Also serving: Windsor, Amherstburg, Lakeshore
Number of reports: 1
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Also serving: Montreal, Laval, Montérégie, Laurentides, Lanaudière
Number of reports: 1
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Saskatchewan
Saskatchewan’s real estate market closed 2024 with strong sales growth and tightening inventory, reflecting a competitive landscape across key urban centers.
Sales Performance: Regina led with a 14% year-over-year sales increase in November, totaling 3,720 homes sold year-to-date, a record high. Saskatoon also posted impressive results, with December sales up 12% year-over-year and annual sales reaching 5,035, making 2024 its second-best year. Both cities significantly outpaced their 10-year sales averages, with Saskatoon 20% and Regina 28% above the norm.
Inventory Challenges: Both cities face critically low inventory levels. Regina’s active listings are 34% lower year-over-year and 50% below the 10-year average. Similarly, Saskatoon ended the year with just 555 homes available, marking a 25% year-over-year drop and only 2.17 months of supply—half the usual level.
Price Trends: Despite tight inventory, price movements diverged slightly. Regina saw a seasonal dip in its benchmark price to $313,700 in November, still up 4% year-over-year. Saskatoon’s limited supply continues to bolster buyer urgency but hasn’t yet led to substantial price increases.
Market Dynamics: The provincial trend of tightening inventory and robust demand underscores heightened competition, especially in urban centers. With limited supply and strong buyer interest, 2025 is poised to remain a seller-favored market.
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Number of reports: 3
In December, the City of Regina recorded a total of 198 sales, marking a five percent increase compared to the same month in 2023 and surpassing long-term sales trends by more than 28 percent. This surge in activity reflects a broader pattern of robust sales throughout 2024, with the city reaching a historic milestone of 3,917 total sales for the year—an all-time high for Regina. Despite a modest uptick in new listings relative to 2023, the market continues to be heavily influenced by exceptional demand.
This sustained demand has placed considerable pressure on inventory levels, which saw a significant 32 percent year-over-year decline. Currently, inventory stands more than 40 percent below historical averages, underscoring the ongoing supply constraints within the region. Meanwhile, Regina's residential benchmark price reached $313,400 in December, a slight dip from $313,700 in November. However, this figure still represents a notable increase of over five percent compared to December 2023, highlighting the continued upward momentum in home values despite the challenges posed by limited supply.
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Also serving: Martensville, Warman, Corman Park
Number of reports: 3
In December, Saskatoon saw 256 homes sell, which is up over 12% from last year and nearly 20% higher than the average for the past decade. 2024 turned out to be a stellar year for home sales in the city with 5,035 homes sold — the second-best year ever, But here’s the kicker: as the year wrapped up, there were only 555 homes left for sale. That’s a 25% drop from the year before and about half of what you'd typically expect to see. So, if you’re house-hunting in Saskatoon, it’s a bit of a “buy now or miss out” situation, with just 2.17 months of homes available at the end of 2024
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Number of reports: 0
Dana Klock Urban Realty Group
Tel: 867-336-0750 | Email: danaklock@gmail.com |
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