Hamilton: Paying homage to 2009
Hamilton has been absorbing deep declines in dwelling gross sales over the spring months; in line with the Realtors Affiliation of Hamilton-Burlington (RAHB), April gross sales have been effectively under typical ranges, with the months of provide reaching a excessive not seen since 2009. Gross sales have been down 26% 12 months over 12 months, resulting in an SNLR of 39%. That’s effectively into consumers’ market territory. The typical worth in Hamilton fell by $9,600 month over month, to $801,400. In consequence, the annual revenue required to qualify for a mortgage fell by $1,800, and the common month-to-month mortgage cost dropped by $49 to $4,066.
Toronto: Gross sales down over 20%
Would-be dwelling consumers stay firmly on the sidelines in Toronto, resulting from ongoing tariff uncertainty and still-high costs. It’s doubtless market situations received’t enhance in Canada’s largest metropolis till consumers acquire extra financial certainty, and rates of interest fall additional. In keeping with the Toronto Regional Actual Property Board (TRREB), gross sales have been down by 23.3% 12 months over 12 months in April, whereas new stock ramped up by 8.1%. That’s had a pull-down impact on Toronto’s usually sticky dwelling worth, which dipped 4.1% from 2024 to $1,009,400. That’s a $7,500 drop in comparison with March. The required annual revenue to purchase within the metropolis fell by $1,400, together with a $38 dip within the month-to-month common mortgage cost, to $5,122.
Vancouver: Purchaser warning prevails
Vancouver dwelling gross sales additionally plummeted on an annual foundation, as excessive costs and financial uncertainty immediate consumers to carry off on buy choices. In keeping with the Larger Vancouver Realtors (GVR), transactions decreased 23.6% in April 2025 in comparison with 2024, and remaining 28.2% under the 10-year seasonal common. Whereas new listings declined by 3.4% on an annual foundation, energetic listings have surpassed 16,000 for the primary time since 2014. In consequence, the common Vancouver dwelling worth decreased by $6,300 month over month, to $1,184,600. A purchaser within the metropolis would wish to earn $1,190 lower than they did in April to buy a property, whereas the common month-to-month mortgage cost decreased by $32 to $6,011.
Canadian cities the place affordability worsened
Six of 13 cities noticed affordability worsen in April, and it was a blended bag by way of market traits. Whereas dwelling costs elevated in a number of comparably inexpensive cities—which are likely to see the most important swings in affordability resulting from their cheaper price level—some costly markets, reminiscent of Victoria, continued to see affordability erode.
Regina: Outpacing the long-term norm
Whereas dwelling gross sales have dropped on an annual foundation within the Metropolis or Regina, down 13% with 365 transactions, the Saskatchewan Realtors Affiliation (SRA) factors out this stays 26% over the 10-year common. In the meantime, new listings are on the decline, down 4% 12 months over 12 months, and remaining 7% under the 10-year common. This was sufficient to push costs larger, with the common within the metropolis rising $9,100 on a month-to-month foundation to $335,400. The required annual revenue to qualify for a mortgage in Regina elevated by $1,730 in comparison with in March, with the common month-to-month mortgage cost up $42 to $1,702.
Montreal: Again to pre-pandemic demand
The Metropolis of Montreal continues to expertise booming actual property demand. The Quebec Skilled Affiliation of Actual Property Brokers (QPAREB) studies that April gross sales have been akin to the 2 years previous the pandemic, with transactions up 10% 12 months over 12 months. With seller-friendly situations prevailing, dwelling costs are on the rise. The typical Montreal dwelling worth elevated by $6,300 month over month, to $574,900. In consequence, the required annual revenue to purchase elevated by $1,190 in comparison with March, with the common mortgage cost up $32 to $2,917.
Victoria: Steady regardless of uncertainty
House gross sales in Victoria noticed modest will increase in April, up 4.7% from March, although down from 2024 ranges by 4.7%, in line with the Victoria Actual Property Board (VREB). Whereas a 13% enhance in new stock stored situations largely balanced for consumers, worth development hasn’t misplaced steam. The typical within the metropolis elevated by $6,300 month over month, to $897,300. That resulted in a Victoria dwelling purchaser needing to earn $1,190 extra a 12 months to afford a house, in comparison with in March, with the common month-to-month mortgage cost rising by $32 to $4,553.
How a lot mortgage are you able to afford? How a lot home can you purchase?
Ratehub.ca’s affordability report is a short-term take a look at how affordability situations change, based mostly on month-to-month shifts in dwelling worth, and mortgage charges. The research makes use of the common required annual revenue to qualify for a mortgage in every market to rank the above 13 cities. Different elements, such because the mortgage stress check charge, are additionally a part of the calculation. Wish to crunch your personal affordability numbers? Try the MoneySense mortgage affordability calculator.
