Market update April 2025: Uncertainty keeps markets stalled

With so many question marks hanging over the economy, buyers, sellers, landlords, and tenants alike are frozen in place. Even with softer sales and rent prices, few are jumping in, leaving both the sales and rental markets in limbo.

• According to Rentals.ca, the average national asking rent fell by 0.6% from January to $2,088 in February – the lowest since July 2023 and a 4.8% year-over-year decline.

• Average asking rents for condo apartment rents decreased 7.6% annually to a 26-month low of $2,192 in February.

• Ontario includes both the second most expensive market in Canada (Oakville) with an average apartment asking rent of $2,829 and the fifth most affordable (Windsor) with an average apartment asking rent of $1,620.

• Meanwhile, the Canadian Real Estate Association (CREA) reports an average national home price of $668,097 in February – down 0.3% month over month and 3.3% year over year.

• CREA also reports a 9.8% month-over-month decrease in home sales in February.

• Ontario continues to have among the highest average home prices in the country (second only to British Columbia) at $848,289 – slightly up by 1.7% on last month’s average.

• New sales listings completely reversed January’s spike, dropping 12.7% MoM and pushing every province except Ontario (still a buyer’s market) into seller’s territory.

• Even so, tariff-related uncertainty has both buyers and sellers on edge, leaving the spring housing market “dead on arrival,” says Clay Jarvis, mortgage expert at NerdWallet Canada.

• The Canada Mortgage and Housing Corporation (CMHC) reports housing starts increased by 1.1% over a six-month period until February, to 239,382 units. Construction in Toronto fell 68% year-over-year, due to decreases in both multi-unit and single-detached starts.

More rental market headlines

How the US-Canada trade war could hit housing – PayProp blog

Canadian rental market sees coming boom in vacancy rates – The Globe and Mail

How to fix Canada’s housing crisis – Maclean's