A new report reveals hidden drivers behind Canada's housing resurgence
Canada’s real estate landscape has shifted dramatically in 2025, with prairie and Atlantic provinces emerging as unexpected leaders while traditional markets in Ontario and British Columbia cool, according to a new RE/MAX report.
Saskatchewan recorded its busiest June on record, with home sales climbing 6% year-over-year to 1,768 units – nearly 15 % above the long-term average, according to the Saskatchewan Realtors Association. The province’s residential benchmark price reached a record high of $370,700, representing an 8% increase from the previous year.
“We’re seeing record price growth for a second consecutive month – as high as 16% year-over-year in some markets – which speaks to the supply and demand challenges we’re experiencing right now,” said Chris Guérette, CEO of the Saskatchewan Realtors Association.
The province’s growth stems from affordability and an expanding job market that continue attracting new residents. However, active housing units remain 40% below the 10-year average, with only 4,144 listings available.
Newfoundland and Labrador also posted impressive gains, with composite benchmark prices surging nearly 11% year-over-year to $325,000 in June, according to the Newfoundland and Labrador Association of REALTORS®. The growth extended across all property types: single-family homes increased 10.7% to $327,500, townhomes rose 3.2% to $302,600, and apartments jumped 11.3% to $258,900.
Home sales in the Atlantic province soared more than 13%, with the first six months of 2025 reaching nearly 2,500 units—up more than 13% from the same period last year.
Manitoba rounded out the top performers, driven by population growth in Winnipeg and Brandon. Home sales exceeded the 10-year average by more than 5% in May, while the average home price increased 10.5% to $410,233, according to data from the Manitoba Real Estate Association.
“Despite the ongoing uncertainty surrounding the economic outlook and general tariffs, our housing market is currently going strong at the best levels we’ve ever seen aside from the pandemic surge,” said Catherine Schellenberg, president of the Manitoba Real Estate Association.
The province’s year-to-date average home price exceeded $395,000, up 8% compared to the first five months of 2024. New listings remained 1% below the five-year average, while active residential listings sat more than 25% below the 10-year average.
“Most housing markets continued to turn a corner in June, although market conditions still vary considerably depending on where you are in Canada,” said Valérie Paquin, chair of the Canadian Real Estate Association.
The regional shift reflects broader market changes, including falling home prices in Toronto and Vancouver, lower borrowing costs compared to 2024, and increased supply providing more affordable options for prospective homebuyers.
What are your thoughts on the recent findings? Share your insights in the comments below.
