Is It A Buyers’ Market In Canada? Depends Where You Look

The Canadian housing market is edging toward what experts call buyers’ territory, but nationwide indicators hide big differences from one city to the next. A key measure, the sales-to-new-listings ratio (SNLR), has declined since late 2024 and hovered around 45–50 percent in early 2025, closing in on the 45 percent threshold that signals a buyer-friendly market. Inventory, measured in months of supply, sits at about 5.1 months—still below the 6.4 months typically considered a clear buyer’s market.

But local trends differ sharply. In Montreal and Edmonton, SNLR readings ran around 66 percent and 68 percent respectively, signaling strong seller dominance. Calgary and Ottawa sit closer to balance, with ratios near 55 percent and 50 percent. In contrast, Toronto’s SNLR plunged to around 30 percent in April, revealing a clear buyer advantage in that metro area. Greater Vancouver has seen similar shifts, with conditions favoring buyers more than sellers.

This means whether Canada is a buyer’s market depends entirely on where you look. In Toronto and Vancouver, soft demand and rising listings have tilted the scale toward buyers, who can often negotiate lower prices. But in places like Quebec and Alberta, demand still outpaces supply, leaving sellers with more leverage and more control over the negotiation process.

Nationally, modest improvements are starting to show. Sales rose 3.6 percent between April and May 2025, marking the first monthly gain since late 2024. Home prices have mostly stabilized, dipping only slightly month over month, which suggests a possible rebound heading into late summer. Still, affordability issues remain a major barrier, especially for new buyers entering the market.

A deeper issue lies in the long-term structure of ownership. Many older Canadians still live in mortgage-free homes, holding onto property wealth while younger people face rising costs and tight lending rules. Even with more listings in some markets, affordability continues to keep many potential buyers on the sidelines, especially those without financial help from family.

In short, Canada’s housing market in mid-2025 isn’t simply a buyer’s or seller’s market—it’s both, depending on location. Some cities clearly favor buyers, while others remain tough and competitive. Anyone looking to buy or sell should focus on their local market conditions, not the national headlines, before making any big decisions.