For many first-time buyers, entering today’s real estate market can feel overwhelming — but the key is understanding where the opportunities actually are.
As we move into the final stretch of 2025, Canada’s housing landscape looks very different depending on where you live.
Larger urban centres are gradually shifting in favour of buyers, with more listings and softer competition, while smaller and more affordable regions are seeing the opposite — strong demand and limited supply, creating ideal conditions for sellers.
Understanding the Shifts
Recent data from real estate boards across the country shows clear differences in market balance. One of the simplest ways to measure this is through the sales-to-new-listings ratio (SNLR) — which compares how quickly new listings are selling relative to how many are coming onto the market.Here’s what that means in practice:- Below 40% → Buyer’s market: Supply outweighs demand, giving buyers more leverage.
- 40–60% → Balanced market: Conditions are steady, with neither side holding a major advantage.
- Above 60% → Seller’s market: Homes are selling faster than new listings are added, giving sellers the upper hand.
Metro Vancouver: Balanced, but Tilting Toward Buyers
Greater Vancouver sits at an SNLR of 46.34%, placing it in balanced territory. That means neither buyers nor sellers fully control the market, but the growing number of listings is gradually creating more flexibility for buyers.In the Fraser Valley, the SNLR sits at 38.41%, officially a buyer’s market. With more inventory available and fewer bidding wars, motivated buyers are gaining the ability to negotiate more favourable terms — particularly in the detached and higher-end segments.
Greater Toronto & Surrounding Regions: Buyers’ Advantage Expands
The Greater Toronto Area has shifted into buyer’s-market conditions with an SNLR of 39.65%, joined by nearby areas such as Brampton (32.85%), Mississauga (39.86%), and Barrie (32.82%).For many buyers who’ve been waiting on the sidelines, this change offers welcome breathing room — more selection, less pressure, and a better chance to find the right home without rushing into a bidding war.
Smaller Markets: Sellers Still Hold the Power
While larger cities are cooling, smaller and more affordable regions remain strong for sellers. Cities such as Calgary (61.82%), Edmonton (78.87%), and Saskatoon (61.6%) continue to see healthy sales activity and limited inventory.These areas have drawn steady interest from buyers seeking affordability and lifestyle changes, keeping demand robust even as national trends moderate.
Quebec and Atlantic Canada: Holding Steady
Quebec’s two major markets — Montreal CMA (53.59%) and Quebec CMA (57.7%) — remain balanced, showing consistent activity and stable prices.In Atlantic Canada, conditions vary by region: Halifax-Dartmouth (43.93%) leans toward balance, while Saint John (76.79%) remains a clear seller’s market.
This contrast highlights just how regionalized Canada’s housing dynamics have become.
What This Means for Buyers and Sellers
- For Buyers:
Markets like Vancouver, Toronto, and the Fraser Valley now offer more choice and less competition. If you’ve been waiting for a window to buy, this fall could be your opportunity to act with confidence. - For Sellers:
In smaller, affordable cities, the market is still on your side. Well-presented and correctly priced homes continue to move quickly, especially where local demand remains strong.
The Bottom Line
Canada’s 2025 housing market isn’t one-size-fits-all — it’s a collection of distinct regional stories. While larger cities are becoming more buyer-friendly, smaller markets are staying strong for sellers. Whether you’re entering the market or planning your next move, understanding where your region fits can help you make informed, strategic decisions.📩 Thinking about your next step? I’d be happy to walk you through what’s happening in your local market and help you plan your move confidently.
Email me at katie@katie-chao.com or call/text 778-834-3085 to get started.
Email me at katie@katie-chao.com or call/text 778-834-3085 to get started.
Data compiled from local real estate boards and national housing statistics. For a deeper analysis of these trends, visit the full Zoocasa report here.
