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The Toronto housing market continued to cool in April, with home prices falling as buyers gained more leverage amid sluggish demand. The average selling price across the region dropped by 4% compared to the same time last year, landing at around $1.1 million. Despite a slight month-over-month uptick in sales of 1.8%, the market remains far below last year’s activity, with total home sales down 23% annually. This marks one of the weakest Aprils for sales since 2010, excluding the pandemic-affected spring of 2020.

The increase in available listings—up 8.1% year-over-year to nearly 19,000—has outpaced the number of homes sold, pushing the sales-to-new-listings ratio to just under 30%. This shift highlights a buyers’ market, where supply exceeds demand, and purchasers have more options and bargaining power. Prices, which had been relatively steady in recent months, are now facing clearer downward pressure as sellers become more flexible in negotiations.

All property types saw notable price declines over the past year. Condominiums experienced the sharpest annual price drop at 6.8%, followed by detached homes (5.4%), semi-detached properties (4.1%), and townhouses (3.9%). Condos also led in terms of sales declines, with a steep 30% drop, while sales of detached and townhomes decreased by 21% and 23%, respectively.

Uncertainty around the broader economy and job security continues to weigh on buyer confidence. Many potential purchasers are hesitant to make major financial commitments without a clearer outlook. Although mortgage costs have eased slightly, hopes for deeper interest rate cuts were dampened when the Bank of Canada opted to keep rates unchanged in April.

Forecasts from TD Bank suggest that condo prices could fall between 15% and 20% from their peak in late 2023, with much of that decline occurring through 2025. While lower home prices and softer borrowing costs may improve affordability for some, the overall housing market is expected to remain subdued in the near term, as both buyers and sellers wait for more economic stability.

A Brampton man, Moiz Kunwar, is at the center of a growing legal and criminal scandal over an alleged pre-construction housing scam in the Greater Toronto Area (GTA) that has left several homebuyers defrauded and financially devastated. Kunwar, 28, is facing a charge of fraud over $5,000 and possession of property obtained by crime, and is also the subject of two civil lawsuits from at least nine victims seeking to recover hundreds of thousands of dollars in deposits for homes that never materialized.

The allegations suggest Kunwar accepted deposits for homes he had no authority to sell, misleading buyers into signing agreements for properties being built by unrelated, legitimate developers. One of his alleged victims, Brampton grandmother Janet Campbell, is suing Kunwar along with six others after collectively losing nearly $170,000. Campbell believed she was buying a five-bedroom home in Brampton in July 2022, and after repeated assurances from Kunwar, she gave notice to her landlord in anticipation of a January 2024 move-in date. When the promised home failed to materialize, Campbell was forced to spend her remaining savings on temporary accommodations for her family and take out loans to secure a rental.

Kunwar has denied the allegations in court filings, asserting he was merely a sales associate collecting payments on behalf of unnamed superiors, and that he never personally deposited any of the money. He claims he believed the transactions were legal and says he helped some plaintiffs recover partial funds. His defense does not identify these superiors or clarify their association with any registered business.

These allegations are not new. Concerns about Kunwar’s activities first surfaced in 2022, when a local real estate investigation flagged suspicious marketing of pre-construction homes under names resembling those of real developers. One key example was a scheme offering homes supposedly tied to Paradise Developments Inc., a legitimate GTA home builder. The deals, marketed under the name Paradise Development Homes Limited (PDHL), featured low prices and mortgage rates and were especially promoted within Toronto’s Black community. Investigators found that Empire Finance, the private lender listed in promotional materials, was not a registered financial entity, and Paradise Developments confirmed it had no affiliation with either PDHL or Empire Finance.

Kunwar was listed as president of Empire Finance on a business card. In a 2022 interview, he denied collecting deposits, claiming he only passed along information about the deals to acquaintances and had personally invested in two homes. Despite his denial, multiple people said they gave deposits either directly to Kunwar or to others associated with PDHL or Empire Finance. Paradise Developments later confirmed that Kunwar had no authority to sell its homes.

Even after these revelations, Kunwar allegedly continued to solicit deposits as recently as 2024. Three plaintiffs in the current lawsuit signed purchase agreements with him last year. According to lawyer Andrew Ballantyne, who represents Campbell and six other plaintiffs, the fraudulent activity persisted for years after initial concerns were raised, underscoring the ongoing risk of similar schemes.

In a separate lawsuit, another homebuyer claims Kunwar misled him into believing he was an authorized seller, even after prior warnings had circulated. According to the statement of claim, Kunwar held a meeting where he insisted the homebuilder had to publicly deny any connection due to a "confidential agreement." Convinced by Kunwar’s explanation, the buyer later filed suit in 2024 to recover nearly $100,000 in deposits for two properties.

Legal experts note that scams like this often follow familiar patterns — building trust, creating urgency, and preying on buyers’ hopes for affordable homeownership. Victims are often left both financially and emotionally drained. Campbell, now cautious and disillusioned, hopes her experience can serve as a warning to others.

Canadian real estate investors are increasingly retreating from the U.S. market due to rising geopolitical tensions between the two countries, redirecting significant capital back into Canada's housing sector. In 2024, Canadians were responsible for 7,100 U.S. home purchases, primarily in popular vacation destinations. However, the current political climate has prompted many to reassess their investment strategies and shift focus toward domestic opportunities. Recent data indicates that over 80% of Canadians now prefer to keep their real estate investments within Canada, with approximately one-third suggesting this change will be permanent. This shift in investor sentiment could have a substantial financial impact; the exit of just 100 Canadian buyers from a single U.S. state could lead to an estimated $80 million in lost transaction volume. This change aligns with an ongoing trend, as Canadian purchases of U.S. property have been declining by an average of 14.5% annually from 2019 to 2024, reaching their lowest point in 15 years—even below levels observed during the peak of the COVID-19 pandemic. Should this retreat continue, U.S. states that traditionally attract Canadian buyers stand to lose hundreds of millions in real estate activity. Florida alone could face losses exceeding US$653 million over the next two years, while Arizona may see a $366 million decline. Other favored regions such as Hawaii, California, and New York are also projected to experience significant downturns. As a result, Canada’s own recreational property market is poised for renewed growth, particularly in vacation-oriented regions. Markets like Ontario’s cottage country, which began the year slowly, are expected to benefit from increased interest. Forecasts suggest a 4% rise in the average price of Canadian cottages in 2025, with the majority of real estate professionals reporting stable or increasing demand. Meanwhile, some Canadians who had previously considered moving to the U.S. are now reconsidering, though not all are returning to Canada—some are exploring alternatives in less politically volatile countries. For those selling U.S. property, the process can be complex, involving tax obligations such as a 15% withholding by the IRS and required reporting to the CRA. Maintaining U.S.-based financial accounts can help minimize conversion and transfer fees, and expert advice is recommended to manage the legal and financial intricacies involved.

Cochrane
Cochrane’s real estate market remains steady, with April marking the fourth consecutive month where sales have kept pace with last year’s levels. So far in 2025, the area has seen 335 homes sold—about a 5% increase over the same period in 2024. New listings are also rising, but thanks to a stable sales-to-new-listings ratio of 60%, inventory hasn’t surged too rapidly. April’s supply stood at 246 homes, just shy of historical norms. Increased availability has cooled the pace of price growth, but prices are still climbing. The benchmark price reached a new high of $592,000 in April, up nearly 6% from last year.

Airdrie
In Airdrie, home sales continued to slow for the third month in a row compared to last year. While activity has dipped, sales remain stronger than long-term averages, showing that buyer interest is still very much alive. April saw 185 homes sold and 290 new listings hit the market. That pushed the sales-to-new-listings ratio up to 64%, signaling a slight shift toward a more balanced market. Inventory levels have also been climbing and are now back in line with what we typically see this time of year—welcome news after three straight years of very low April inventory. With 2.3 months of supply on the market, pressure on prices is easing. In April, the average home price held steady at $544,700, nearly unchanged from both last month and this time last year.

Okotoks
In Okotoks, sales continue to soften, contributing to a 16% year-to-date drop. While tight inventory has limited activity in recent years, 2025 is showing signs of improvement. With more listings coming online, the sales-to-new-listings ratio dropped to 53%, helping inventory rise slightly to 127 units. Though still below typical levels, the extra supply is easing price pressure. April’s benchmark price was $627,100, down slightly from March but up almost 2% year-over-year.

April brought a noticeable boost in new listings across Calgary, pushing overall inventory up to 5,876 units. While that’s more than double what we saw at this time last year, it's important to remember that last spring had unusually low supply. In fact, current inventory levels are right in line with what we’d expect for April. Meanwhile, sales reached 2,236 units—down 22% from last year, but still consistent with long-term trends.

According to Chief Economist at CREB®, economic uncertainty has impacted market activity, but we’re still doing better than in the years leading up to the pandemic. Factors like population growth, relatively steady employment, lower lending rates, and improved supply have helped keep things moving—and prices stable.

With more homes available, the market is shifting into more balanced territory, now sitting at nearly three months of supply. That said, conditions still vary depending on the type and price of property. Lower-priced detached and semi-detached homes remain in short supply, while apartment and row-style homes are seeing more balance.

Let’s take a quick look at how each segment is doing:

Detached Homes:
Sales were down 16% year-over-year in April, with 1,102 homes sold. New listings rose to 1,907, helping increase inventory to 2,511 units. While supply is growing, demand remains strong in the lower price ranges. The benchmark price was $769,300—steady from March, and up over 2% from last year.

Semi-Detached Homes:
Sales dipped again in April, with 190 units sold. Inventory reached 484 units, bringing the months of supply to 2.6—much higher than last year’s tight market. Prices stayed flat month-over-month but still show a 3% year-over-year increase. The City Centre stood out with a 5% annual price jump.

Row Homes:
Sales slowed, but new listings surged, boosting inventory to 1,005 units—the highest since 2021. With nearly three months of supply, pressure on pricing has eased. April’s benchmark price was $457,400, similar to last year, though some districts like the North and Northeast saw slight declines.

Apartments:
Sales fell 30% from last year’s record but still beat long-term norms. New listings hit a record for April, and inventory continues to climb. With three months of supply, pricing remains stable. The benchmark price sat at $336,000—on par with last year but slightly below last summer’s peak.

Alberta and British Columbia are leading Canada’s next wave of real estate development, marking a shift in the country’s economic trajectory. Institutional construction investments across Canada rose by nearly 10% in 2024, with B.C. seeing the second largest increase. This growth is tied to the movement of people and businesses, as well as the diversification of key industries like technology, life sciences, logistics, and renewable energy.

Alberta, in particular, is attracting many new residents from other provinces seeking affordability and job opportunities. Calgary and Edmonton are driving Canada’s housing recovery, fueled by strong local demand and relatively lower costs. In contrast, B.C.’s high home prices and slower population growth are expected to keep sales below long-term averages.

A major factor in Western Canada’s growth is its pro-development environment. Unlike more bureaucratic markets like Toronto and Vancouver, municipalities in Alberta and smaller B.C. communities offer quicker approval processes, enabling faster development. This efficiency is appealing to developers and investors looking to meet rising demand, especially in multi-family residential, industrial, and mixed-use projects.

However, challenges persist. Tariffs and supply chain disruptions have raised concerns about construction costs, with early indications suggesting a 4-6% increase in hard costs. This has led to a more cautious approach, particularly for multi-family projects. Developers are now focusing on more affordable, quicker-to-execute projects like wood-frame townhouses and low-rise developments, which are in higher demand and carry lower risk.

Looking ahead, B.C.’s housing market will likely experience mixed results in 2025. While resale markets are expected to recover with lower mortgage rates, slower population growth and rising rental vacancies could create challenges. The large number of new high-rent units in Vancouver may push average rents up, but increased vacancies could put downward pressure on asking rents.

For sustainable growth, both provinces need infrastructure investments in roads, utilities, transit, and healthcare. Without these, Alberta and B.C. risk facing the same congestion and infrastructure issues seen in other markets.

In summary, Western Canada offers significant opportunities, but success will require careful planning, caution, and collaboration with governments and communities. If done right, it could set the standard for addressing Canada’s housing and economic challenges.

Calgary’s rapid growth is becoming more apparent as the city’s population continues to rise. Over the past two years, around 174,000 new people have moved to Calgary, which is roughly the size of Kelowna, B.C. This increase in population has led to growing concerns about housing and how best to accommodate new residents. With a population of 1.6 million, Calgary needs more housing options to maintain its livability.

In 2024, Calgary saw a record 20,000 new housing starts, the highest per capita rate among Canadian cities. Despite this, the demand for housing continues to outpace supply. Last year, 36,000 new residents struggled to find housing, adding to the 220,000 Calgarians already facing affordability issues. Many others live in homes that no longer meet their needs but have few alternatives. The need for more diverse and affordable housing options across the city is clear.

The City of Calgary has made notable progress in addressing these challenges. Over 80% of the actions outlined in the Housing Strategy 2024-30 are already underway, with initiatives such as increases in secondary suites and office-to-residential conversions in downtown. However, much more needs to be done to keep pace with the city’s growth.

While suburban development has been a part of the city’s expansion, it can be costly for taxpayers and have environmental impacts. A more sustainable solution involves increasing urban density. A 2023 city survey showed that 83% of Calgarians support building more housing across the city, including different types of housing. However, new developments in established neighbourhoods often face opposition.

It’s important to strike a balance between community concerns and the need for more housing. By 2035, Calgary will need a variety of housing options to continue thriving as a major urban center. Ensuring that the city remains affordable and sustainable for future generations requires careful planning and a willingness to consider long-term needs.

When you come across a proposal for new housing, think about the broader picture and how we can all contribute to meeting the housing needs of Calgarians. More housing choices across the city will help ensure Calgary remains a vibrant, sustainable place to live.

With the federal election just around the corner, housing affordability is emerging as a decisive issue for Canadian voters. This concern is not just about present-day financial pressures, but also about the long-term implications for the next generation’s ability to own homes. Recent data from Statistics Canada emphasizes how homeownership—or the lack of it—can shape intergenerational wealth and opportunity.

A key finding is that children of homeowners are far more likely to own homes themselves compared to those from renting families. This is largely because homeowners can more easily transfer wealth to their children, often in the form of down payment assistance or inheritance. In 2023, the median inheritance received by homeowners was over $85,000—nearly three times what renters received. Additionally, over 40% of homeowners reported receiving familial financial support to buy a home, compared to fewer than 10% of renters.

These disparities have serious implications. Homeownership tends to create a cycle of wealth-building, while renters—especially those who don’t receive financial help from family—face increasing barriers to entering the housing market. Even though renting is sometimes promoted as a viable lifestyle choice, particularly due to lower maintenance costs and the potential to invest saved money elsewhere, Statistics Canada shows that homeownership remains the dominant path to wealth accumulation. In 2023, housing equity made up 42% of Canadian households' total wealth, and nearly half of the net worth of younger families.

This growing divide is exacerbated by rising housing prices. As property values soar, homeowners gain more equity, enabling them to provide even more support to their children. This trend increases the wealth gap between families who own property and those who don’t. From 2019 to 2023, young homeowning households saw their median net worth more than triple, while the net worth of their renting counterparts rose only modestly.

As Canadians head to the polls, the issue of housing affordability is not just about the present—it’s about shaping a future where the ability to own a home isn't determined solely by one's family background. With the leading parties proposing strategies to build more homes and assist first-time buyers, there is growing pressure on policymakers to address these disparities and offer greater support to young families without inherited wealth.

Public support for restrictions on foreign homebuyers, such as taxes and purchase bans, has been strong for several years. However, as economic uncertainty slows an already weak condo pre-sales market and hampers plans for new rental developments, there’s renewed debate about whether current rules on foreign buyers should be revised.

Currently, Canada has a federal ban on non-Canadians buying residential properties in key urban areas, in effect until January 2027, while British Columbia also imposes a 20% foreign buyer tax and other housing-related levies.

Some developers and real estate professionals argue that easing restrictions on foreign investment—especially for new builds—could provide the capital needed to get stalled projects moving, particularly rental developments that are harder to finance. They point to examples like Australia, which recently banned foreign buyers from purchasing existing homes but still allows investment in new housing.

While some in the industry support targeted changes to attract foreign capital, federal political parties have largely stayed silent or doubled down on restrictions. Public sentiment remains strongly in favor of bans, especially among older voters. Younger voters, though more focused on housing affordability, may not be receptive to allowing foreign investors more access to the market.

Academic analysis also highlights that restrictions have helped temper housing price increases, but stresses that better oversight and regulation would be needed if Canada were to allow more foreign involvement in new housing projects.

The Ontario Real Estate Association (OREA) highlights a growing housing affordability and supply crisis in Ontario and proposes factory-built housing—modular or prefabricated homes—as a viable solution. With demand rising, prices soaring, and housing starts in decline, OREA emphasizes that traditional methods alone cannot meet Ontario’s ambitious housing targets. The association argues that unless significant reforms are made, homeownership will become increasingly out of reach, with nearly half of aspiring homeowners already pessimistic or giving up on the idea entirely.

Factory-built housing involves constructing homes off-site and assembling them on location. This method includes modular, panelized, and mobile homes and can reduce construction time by 20–50% without compromising quality. These homes can align with local architectural styles, meet national building standards, and support multi-unit designs. OREA presents factory-built housing as not only a faster, cost-effective solution to the housing crisis but also as a strategy for economic growth and environmental sustainability.

Several Ontario cities have already seen success with modular housing initiatives. Toronto has built over 200 affordable units, Peterborough completed 50 tiny homes in seven months, and London used a hybrid model to expedite a 61-unit project. At the federal level, Canada’s Rapid Housing Initiative has contributed to over 15,000 new homes using modular construction since 2020.

OREA also emphasizes that factory-built housing could help meet the needs of Ontario’s aging population by enabling the rapid development of accessible, ground-level communities for seniors, potentially easing pressure on the resale market.

However, challenges remain, including inconsistent municipal definitions, outdated regulations, limited public awareness, and transportation issues such as seasonal road restrictions. To address these barriers, OREA proposes five key policy recommendations: standardize definitions, collaborate nationally, reduce regulatory hurdles, invest in public-private partnerships, and amend transport laws.

Overall, OREA argues that with the right policy environment and investment, factory-built housing could significantly boost Ontario’s housing supply, reduce costs, create jobs, and support long-term sustainability goals.

Saskatchewan’s housing market is outperforming national trends, showing notable strength despite broader economic uncertainty and challenges like potential tariffs. According to the latest data from the Saskatchewan Realtors Association (SRA), the province recorded 1,277 home sales in March—an 8% increase compared to last year and 13% above the 10-year average. This growth highlights Saskatchewan's resilience at a time when many other Canadian markets are seeing stagnation or decline.

A major factor behind this robust performance is the widening gap between demand and available housing supply. While inventory levels saw a slight monthly increase from February to March, they remain significantly low—down 21% year-over-year and 50% below the 10-year average. The shortage is especially pronounced in Saskatoon and Regina, where housing supply is nearing historic lows. Saskatoon had less than one month of inventory heading into April, while Regina wasn’t far behind, both well under what's considered a balanced market.

This imbalance is pushing home prices higher across the province. Saskatchewan's benchmark home price reached $353,600 in March, reflecting a $9,000 increase from the previous month and over 6% growth year-over-year. Saskatoon set a new record with a benchmark price of $415,900, marking a $25,000 annual jump. Regina’s prices also continued climbing, nearing all-time highs at $326,300.

Overall, the combination of high demand, low supply, and rising prices paints a picture of a dynamic and competitive housing market in Saskatchewan, standing in stark contrast to trends seen in many other regions of Canada.

The Edmonton real estate market is experiencing continued growth into 2025, with notable increases in home sales and new listings. In March 2025, there were 2,494 homes sold in the greater Edmonton area, marking a 36.9% increase from the previous month and a 1.3% rise compared to March 2024. New listings for homes also surged, with a 44.5% jump from February and a 7.5% increase year-over-year. This strong market performance has surpassed initial predictions for 2025, highlighting a resilient real estate environment despite external factors such as tariffs on Canadian goods.

A major driver of this growth is the affordability of Edmonton’s housing market, particularly when compared to other major Canadian cities like Calgary. The price gap between Edmonton and Calgary remains significant, with a $200,000 difference in housing costs. This affordability continues to attract people to the Edmonton area, bolstering the demand for homes and keeping prices strong. The average price of detached homes in Edmonton is $574,872, representing a 1.2% increase from February and an 11.2% rise compared to the previous year. Other housing types, including semi-detached homes, townhouses, and apartments, have also seen significant price hikes, ranging from 12% to 20%.

In addition to rising home prices, the market has seen a shift in the types of properties being sold. There was a notable increase in detached home sales in March, likely driven by families looking to settle in areas with good schools. However, the surge in housing demand has led to some challenges, such as a shortage of inventory. A large portion of recent housing projects have been rental-based, contributing to a lack of supply for people seeking to purchase homes.

Despite these supply issues, the overall market remains strong, with multiple offers being made on homes in the $450,000-$550,000 range. While the impact of U.S. tariffs on building materials is expected to affect new home builds, Edmonton’s real estate market continues to show resilience, with price increases and strong sales across all housing categories.