March 2025: Residence affordability report
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| Metropolis | February common dwelling costs | March common dwelling costs | Change in dwelling costs | February common mortgage funds | March common mortgage funds | Change in month-to-month mortgage funds | February revenue required | March revenue required | Change in revenue required |
|---|---|---|---|---|---|---|---|---|---|
| Toronto | $1,073,900 | $1,068,500 | -$5,400 | $5,543 | $5,422 | -$121 | $221,200 | $217,010 | -$4,190 |
| Hamilton | $812,600 | $811,000 | -$1,600 | $4,194 | $4,115 | -$79 | $171,000 | $168,300 | -$2,700 |
| Fredericton | $343,800 | $335,900 | -$7,900 | $1,775 | $1,704 | -$71 | $80,920 | $78,420 | -$2,500 |
| Halifax | $561,400 | $557,000 | -$4,400 | $2,898 | $2,826 | -$72 | $122,730 | $120,240 | -$2,490 |
| Vancouver | $1,185,100 | $1,190,900 | $5,800 | $6,117 | $6,043 | -$74 | $242,600 | $240,160 | -$2,440 |
| St. John’s | $371,300 | $370,500 | -$800 | $1,916 | $1,880 | -$36 | $86,210 | $84,960 | -$1,250 |
| Calgary | $576,800 | $583,400 | $6,600 | $2,977 | $2,960 | -$17 | $125,700 | $125,250 | -$450 |
| Montreal | $562,300 | $568,600 | $6,300 | $2,902 | $2,885 | -$17 | $122,900 | $122,450 | -$450 |
| Victoria | $878,700 | $891,000 | $12,300 | $4,535 | $4,521 | -$14 | $183,700 | $183,430 | -$270 |
| Ottawa | $618,000 | $626,200 | $8,200 | $3,190 | $3,177 | -$13 | $133,600 | $133,350 | -$250 |
| Edmonton | $421,800 | $431,300 | $9,500 | $2,177 | $2,188 | $11 | $95,910 | $96,470 | $560 |
| Regina | $317,700 | $326,300 | $8,600 | $1,640 | $1,656 | $16 | $75,910 | $76,600 | $690 |
| Winnipeg | $373,700 | $384,600 | $10,900 | $1,929 | $1,951 | $22 | $86,670 | $87,640 | $970 |
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Canadian cities the place affordability improved
The place in Canada is proudly owning a house turning into extra reasonably priced? In its newest knowledge report, CREA identified that whereas gross sales fell in two-thirds of all markets, Ontario’s Higher Golden Horseshoe was hit particularly laborious. That’s fairly obvious in Hamilton, the place transactions dropped 35% 12 months over 12 months in February, based on the Realtors’ Association of Hamilton-Burlington. That resulted within the metropolis’s common dwelling value lowering by $6,900, to $812,600; mixed with decrease mortgage charges, that cooled the required revenue by $3,450. The common month-to-month mortgage cost in Hamilton additionally dropped by $100, in comparison with January, to $4,194.
Shopping for in Toronto: A deep drop in gross sales
It’s been a rocky spring to this point for Ontario’s largest market, as gross sales fell a whopping 23.1% yearly in March, experiences the Toronto Regional Real Estate Board (TRREB). Housing stock, in the meantime, continues to pile up, with the variety of newly listed properties skyrocketing over the brief time period, up 43% from February. That had a pull-down impact on the typical dwelling value in Toronto, which decreased by $5,400 between February and March to $1,068,500. Consequently, the required revenue to buy a house within the metropolis decreased by $4,190, whereas the month-to-month mortgage cost shrank by $121 to $5,422.
Shopping for in Hamilton: Slower gross sales plague the Golden Horseshoe
Transactions within the Hamilton space have additionally dropped to 2009 ranges, with simply 701 items bought in March. This was on account of “Continued uncertainty about tariffs and retaliatory tariffs is impacting housing exercise,” based on Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market space. Between February and March, the typical dwelling value in Hamilton fell by $1,600, to $811,000, leading to a $2,700 drop within the required buying energy. The common month-to-month mortgage cost additionally fell by $79, to $4,115.
Shopping for in Fredericton: Susceptible to volatility
Fredericton’s affordability rating has fluctuated in current months, inserting it both on the high or the underside of the chart in earlier Ratehub affordability reports. Town’s decrease common dwelling value can topic the market to swings, even when there’s small modifications to gross sales exercise and value.
In March, dwelling gross sales ticked up simply 1.3% 12 months over 12 months, nicely outpaced by the variety of newly-listed properties, which elevated by 9.5% on an annual foundation, based on the New Brunswick Real Estate Board (NBREA). That’s led native shopping for energy to enhance, with $2,500 much less in required revenue to purchase a house, similar to a $7,900 drop in value month-over-month. The common month-to-month mortgage cost additionally dropped by $71, to $1,704.
Canadian cities the place affordability worsened
Simply three of 13 cities noticed affordability worsen in February, and all had been situated in Western Canada. With a median dwelling value beneath the $500,000 mark, they every replicate how affordability circumstances will be particularly delicate in lower-priced markets.
Shopping for in Winnipeg: A second month on the backside
Not like different main cities coated on this Canada housing affordability report, dwelling purchaser demand has remained constant in Winnipeg all through the early months of 2025.
