According to a 2025 housing market forecast, Canadian housing prices are projected to increase by 5 percent next year, with sales expected to rise by 25 percent.
The report also includes findings from a Leger survey commissioned by Re/Max, showing that 73 percent of Canadians still view homeownership as a valuable investment. Additionally, 60 percent of respondents own their homes, while 28 percent rent. Eight percent neither rent nor own.
Although 4 in 10 Canadians believe homeownership is financially out of reach, and 20 percent feel they cannot afford to own a home.
The report outlines varying forecasts for housing market changes across different regions, with Ontario prices expected to rise due to low supply and lack of affordable housing. Toronto, however, is predicted to remain stagnant with a minimal 0.1 percent price increase.
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Price projections for various regions in Ontario range from a 2 percent increase in Niagara to a 10 percent rise in Simcoe County. Hamilton’s housing prices are expected to increase by 2.3 percent, while Ottawa is forecasted to see a 2.5 percent rise. Sault Ste. Marie, Thunder Bay, and Muskoka property prices are set to increase by 3 percent next year, with London and Burlington also anticipated to experience a 4.5 percent price hike. Sudbury, North Bay, and York are expected to see a 5 percent increase, while Kitchener-Waterloo, Mississauga, and Brampton are projected to witness a 6 percent jump in housing prices.
Most markets are predicted to remain balanced, except for Sudbury, North Bay, Simcoe County, York, and Thunder Bay, where a seller’s market is on the horizon for 2025. Conversely, Burlington, Hamilton, and Muskoka are expected to lean towards a buyer’s market.
First-time homebuyers are anticipated to be the driving force behind market activity in 2025, except in areas like Toronto, Windsor, York, and Simcoe Country, where move-up buyers are expected to lead due to higher home prices.
Western Canada is projected to witness housing price increases ranging from 3 to 10 percent.
In the Vancouver area, housing prices are expected to surge by 7 percent in 2025, while cities outside the Lower Mainland will experience more modest growth, such as a 3 percent rise in Kelowna and a 4 percent increase on Vancouver Island. Sales outside the Lower Mainland are forecasted to increase by anywhere from 4 to 20 percent.
Re/Max predicts a 10 percent increase in housing prices in Edmonton and a 5 percent rise in Calgary in Alberta. Sales in both cities are expected to increase between 2 and 5 percent.
In Winnipeg, prices are expected to climb by 5 percent, with sales also projected to increase between 2 and 5 percent.
On the East Coast, housing prices are expected to rise by 1.5 percent in Charlottetown, 3.5 percent in Saint John, 5.5 percent in Fredericton, 5 percent in Halifax, and 8 percent in Truro and Colchester County in Nova Scotia, as well as St. John’s, Newfoundland.
Sales are forecasted to rise by 1.5 percent in Charlottetown, 5 percent in St. John’s, and 6 percent in Halifax, while numbers are expected to remain steady in Saint John and Fredericton.
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