Canadian Home Prices Slip Again as Trade Tensions Stir Uncertainty
Source: Reuters Canada’s housing market softened in May, with national home prices falling by 2% — the third monthly decline in a row — as economic uncertainty, largely tied to the ongoing Canada–U.S. trade conflict, continues to weigh on buyer confidence.
The Canadian Real Estate Association (CREA) reported that while activity hasn’t stalled entirely, both prices and sales volume have slipped. National sales were down 1.1% compared to April, with the most notable slowdowns seen in Ontario and British Columbia — provinces that typically set the pace for the rest of the country.
Behind the numbers is a growing sense of caution. The trade dispute between Canada and the U.S. isn’t just a political headline; it’s affecting how Canadians feel about their financial outlook. Many buyers — especially those considering a first purchase or upsizing — seem to be holding off, unsure of how the broader economy will evolve in the months ahead.
Interest rates remain elevated, and while the Bank of Canada has recently begun trimming its key rate, mortgage costs haven’t dropped enough to significantly shift affordability. For some households, the cost of borrowing is still too high to justify a move.
Inventory levels haven’t surged, which has helped cushion the decline in prices, but that hasn’t been enough to restore momentum. In some markets, properties are sitting a little longer, and bidding wars — once common — are less frequent.
Economists aren’t calling this a major correction. It’s more of a pause — a reflection of nervous sentiment, not panic. Still, the longer uncertainty drags on, the more likely it is that buyers and sellers alike will remain on the sidelines. For the housing market to regain traction, analysts say two things are needed: more clarity on the economic front and further easing of borrowing conditions. Until then, Canada’s real estate market may continue to tread water.
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After a turbulent first half of the year, home sales registered on the MLS® across Metro Vancouver* are showing emerging signs of a recovery, down ten per cent year-over-year – halving the decline seen last month. The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in June 2025, a 9.8 per cent decrease from the 2,418 sales recorded in June 2024. This was 25.8 per cent below the 10-year seasonal average (2,940).
“On a trended basis, signs are emerging that sales activity is rounding the corner after a challenging first half to the year, with the year-over-year decline in sales in June halving the decline we saw in May. If this momentum continues, it may not be long before sales are up year-over-year, which would mark a shift toward a market with more demand than the unusually low demand we’ve seen so far this year.”
Andrew Lis, GVR director of economics and data analytics
There were 6,315 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2025. This represents a 10.3 per cent increase compared to the 5,723 properties listed in June 2024. This was 12.7 per cent above the 10-year seasonal average (5,604). The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,561, a 23.8 per cent increase compared to June 2024 (14,182). This is 43.7 per cent above the 10-year seasonal average (12,223). Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2025 is 12.8 per cent. By property type, the ratio is 9.9 per cent for detached homes, 16.9 per cent for attached, and 13.9 per cent for apartments. Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
Source: GVR
“As home sales regain their footing, inventory levels aren’t building as quickly as we’ve seen lately,” Lis said. “Most market segments remain in balanced market conditions, which has generally kept prices trending sideways since the start of the year. With over 17,000 listings on the market right now, and with mortgage rates down around two per cent since last summer, buyers are enjoying some of the most favourable conditions seen in years.” The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,173,100. This represents a 2.8 per cent decrease over June 2024 and a 0.3 per cent decrease compared to May 2025. Sales of detached homes in June 2025 reached 657, a 5.3 per cent decrease from the 694 detached sales recorded in June 2024. The benchmark price for a detached home is $1,994,500. This represents a 3.2 per cent decrease from June 2024 and a 0.1 per cent decrease compared to May 2025. Sales of apartment homes reached 1,040 in June 2025, a 16.5 per cent decrease compared to the 1,245 sales in June 2024. The benchmark price of an apartment home is $748,400. This represents a 3.2 per cent decrease from June 2024 and a 1.2 per cent decrease compared to May 2025. Attached home sales in June 2025 totalled 473, a 3.7 per cent increase compared to the 456 sales in June 2024. The benchmark price of a townhouse is $1,103,900. This represents a three per cent decrease from June 2024 and a 0.3 per cent decrease compared to May 2025.
* Areas covered by Greater Vancouver REALTORS® include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
Have a look at the GVR June 2025 Market Update Insights! DOWNLOAD the GVR June 2025 Housing Market Update CLICK HERE For more market update information from the Greater Vancouver REALTORS® CLICK HERE To view Geoff Jarman’s Listings CLICK HERE
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