Recent trends in Canadian housing market
The Canadian housing market has been witnessing significant changes in recent years, characterized by soaring prices and affordability challenges.
Come on a journey with us, to uncover the increase in Canada home prices and how it’s affecting first-time buyers, especially in bustling cities like Toronto, Vancouver, and Montreal.
Join the adventure of exploring various regions, unraveling the mysteries of government rules, and diving into the exciting forecasts that paint a vivid picture of what lies ahead for future Canadian homeowners.
Let’s embark on this friendly exploration together!
Rising prices for the to-be home owners
Home affordability in Canada has seen a significant decline since 2020.
Families are dedicating a larger portion of their income to the housing expense due to the rise in mortgage. In just two years, there was a significant rise in mortgage from 46% to 69%, making the home ownership more challenging.
In November 2023, Canada housing market had a gentle shift in national home sales, as shared by the Canadian Real Estate Association.
The numbers showed a tiny 0.9% decrease in home sales from the previous month. Compared to November 2022, the activity for that month was 0.9% less, suggesting a steady, though slightly quieter, market.
Regional Differences in Canadian Housing Prices
Discovering homes across Canada reveals a delightful diversity in prices. Big cities like Toronto and Vancouver often show a surge in prices, while other places see more gentle, steady growth. The reason being, changes in job opportunities, more number of immigrants and the overall economic health in each community.
Friendly Government Rules and Their Impact on Homes
The Canadian government rules are turning friendly for the to-be home owners. These rules are like guides shaping the housing market. They put in place clever ideas, such as taxes and tests, to make sure everything stays fair and balanced. These rules not only keep things in check but also help slow down price growth in certain areas.
Looking into the Crystal Ball
In November 2023, the average Canada home price across the country stood at $646,134. During the same month, there were 35,013 home sales nationwide, reflecting a 16% year-over-year increase.
In Ontario, the Canada housing market grew by 1% compared to last year, with the average home price at $833,525. Yet, like the national trend, there was a 3% decrease in the Ontario housing market from the previous month.
Let’s peek into the future of Canadian homes!
It is evident that the average re-sale house price might take a little dip to about 789,000 Canadian dollars by 2024. This is like a friendly wave, marking the first-time prices might go down since 2019. In addition, according to a recent study, British Columbia might see a gentle decrease in housing price from 1.1 million to one million by 2024.
The Challenges of Home Hunting awaits Brighter Days
The Canadian housing journey has its share of challenges. The housing prices are high, and finding a home that fits the budgets can be a tougher task.
But here’s the good news. There are signs that changes, like new rules from the government and possible drops in housing prices, might be just around the corner.
These modifications could make it easier for all the families who dream of being the home owners, to find homes that not only feel like one but also fit snugly into the budgets.
Alex Irish
CEO & Team Leader - Sales Representative
Alex Irish has been a leading force in real estate for over thirty years, establishing a reputation as one of Oakville’s most respected and successful realtors. Known for her unwavering work ethic and ethical approach, Alex consistently ranks among the top producers in the industry.
Her commitment to client satisfaction is unparalleled, exemplified by her signature concierge service that ensures each client receives personalized and dedicated attention. In late 2016, Alex embraced a new chapter as the Team Leader of Alex Irish & Associates, where she could uphold the high standards of service that have defined her career.
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FALL MARKET KICKOFF: September 2025 Real Estate Market Update
As summer winds down, the Greater Toronto Area (GTA) real estate market is shifting once again—this time with an important boost from the Bank of Canada’s recent interest rate cut. On September 17, 2025, the Bank lowered its policy interest rate to 2.5%, marking a significant move that is expected to reinvigorate buying activity across the region.
Market Snapshot: August 2025 (TRREB) 
According to the Toronto Regional Real Estate Board (TRREB), August brought encouraging signs of stability:
- Sales: 6,232 transactions across the GTA, a 4.6% increase from August 2024.
- New Listings: 13,119, down slightly year-over-year, helping balance supply.
- Average Selling Price: $982,880, nearly flat compared to last year (+0.4%).
- Trend: Balanced conditions are giving both buyers and sellers room to maneuver, with the recent rate cut expected to stimulate fall demand.
City & Regional Highlights
Toronto 
Toronto continues to see steady demand for condos and townhomes, appealing to buyers looking for affordability in the core. Detached homes are moving more cautiously, but price stability suggests confidence returning to the market.
Mississauga 
Mississauga remains a buyer-friendly market, especially in the detached and semi-detached segments. With borrowing costs easing, families upsizing or relocating may find strong value in the fall.
Oakville 
Luxury demand in Oakville is regaining traction. The combination of limited inventory and lower financing costs positions this market for an active fall season, especially for executive homes and lakefront properties.
Burlington 
Burlington continues to attract buyers migrating west from Toronto. The city’s blend of affordability, lifestyle, and community feel has kept prices steady and competitive.
Muskoka 
Cottage country remains strong, with buyers eyeing investment properties and second homes. While activity softened slightly through the summer, the rate drop could encourage more buyers to act before year-end.
What This Means for Buyers & Sellers
With interest rates now at their lowest level in two years, affordability is improving across the GTA and Muskoka. Buyers who were waiting on the sidelines are expected to re-enter the market this fall, while sellers may benefit from increased competition for well-priced homes.
At Regan Irish & Associates, we specialize in helping clients navigate market shifts with confidence. Whether you’re buying a luxury home, selling a family property, or investing in Muskoka, our market insight and negotiation expertise ensure you get the best results.
1320 Cornwall Rd Unit 103, Oakville, ON L6J 7W5
905.842.7677
Visit reganirish.com——
August 2025 GTA Real Estate Market Update | Regan Irish
The August 2025 GTA Real Estate Market Update reflects renewed momentum and affordability in Toronto, Oakville, Mississauga, Burlington, and Muskoka. Thanks to steady interest rates and appealing home prices, July proved surprisingly dynamic. Let’s dig into the numbers and what they mean for you.
Interest Rates Remain Stable — Affordability Fueling Activity
In July 2025, the Bank of Canada maintained its key rate at 2.75%, its third consecutive pause. With lower borrowing costs now more accessible, affordability is encouraging a wave of renewed buyer activity.
GTA Market Overview: Sales Surge, Prices Slightly Dip
- Home Sales: 6,100+ transactions region-wide, marking a 10.9% increase YoY and the strongest July since 2021.
- Month-over-Month: Seasonally adjusted sales rose 13% from June to approximately 5,744 units, the biggest monthly gain in nine months.
- New Listings: Up 5.7% YoY, totaling 17,613 new offers.
- Price Trends:
- The MLS® Home Price Index (HPI) Composite Benchmark fell 5.4% YoY.
- The average GTA selling price dropped 5.5% YoY to around $1,051,719.
- Word on the street indicates the HPI drifted slightly lower—about $979,000, down 0.2% from June.
What It Adds Up To: Buyers are back in force—sales are outpacing new listings while prices softened, creating renewed market opportunities.
City Highlights
Toronto
A more balanced landscape—but some segments remain soft. Condos and detached homes see inventory rising; semis are steadier.
Oakville, Mississauga, Burlington & Muskoka
While TRREB doesn’t break down by city in these reports, regional trends suggest:
- Mississauga & Burlington: Strong rise in listings and dipping average prices give buyers leverage.
- Oakville: Stability in demand for luxury keeps discounts modest.
- Muskoka: Continued strong interest in sub-$2M waterfront properties should benefit from broader GTA momentum.
What This Means for You
- For Buyers:
Renewed affordability, rising inventory, and favorable interest rates make August a prime time to move. - For Sellers:
A more balanced market—strategic pricing and quick response will be key to success. - For Investors & Cottage Buyers:
Strong July sales in the GTA point to increasing investor interest; Muskoka remains a high-value lifestyle and investment destination.
Work With the GTA Real Estate Experts
Whether you’re planning to buy a Muskoka cottage, invest in a luxurious Oakville property, or explore options across Toronto, Mississauga, or Burlington, now is the time to act.
Regan Irish & Associates specializes in luxury, resale, and investment properties across the GTA and Muskoka. Our market insight and negotiation skills help you get the best results—whether buying, selling, or investing.
1320 Cornwall Rd Unit 103, Oakville, ON L6J 7W5
905.842.7677
Visit reganirish.com
Let’s make today’s market your opportunity—contact us today!
