Major markets see downturn in price per square foot, but other markets are thriving
Canadian real estate trends this year are increasingly defined by geography, with regional disparities that highlight a nation divided by affordability, economic uncertainty, and shifting buyer priorities.
While the Greater Toronto Area and Metro Vancouver dominate headlines, they’re also dominating the downturn, according to Century 21 Canada’s latest Price per Square Foot survey.
GTA condo prices have fallen back to 2022 levels and in downtown Toronto condo prices haven’t been this low since 2018, while prices for detached homes in Hamilton have plunged 24%. Vancouver hasn’t escaped the chill either with prices in Burnaby and Victoria down 12% and 13% respectively, while townhouses in Chilliwack have stalled after years of rapid growth.
However, in some others markets there is better news.
In Atlantic Canada, Fredericton and St. John have seen double-digit gains and Alberta, Saskatchewan, and Manitoba continue to gain, led by cities like Red Deer and Brandon, where prices jumped 10 to 30% year over year. Kitimat, BC - a new entry in the survey - now ranks as the country’s most affordable, with townhouses averaging just $168 per square foot.
“We’ve seen huge variations in pricing trends in the first half of 2025, as people in different communities adjust to headlines and the uncertainty caused by the tariff situation in different ways,” says Todd Shyiak, executive vice president of Century 21 Canada. “The GTA is seeing the toughest market in years, while we’re seeing price strength in some Alberta, Saskatchewan, Manitoba, and Atlantic Canada communities. Anecdotally, we are hearing from agents that many clients are seeking livable communities with lower real estate prices this year, continuing a trend we started seeing during the pandemic.”
Even in Quebec, where Montreal saw a steady 5–8% rise, or Ottawa, where detached homes spiked 22%, the sense is that buyers are being cautious, not exuberant. Tariffs and high interest rates have created an environment where many are simply waiting it out.
“There are early signs the market became somewhat more active in June, at the end of our survey period, but overall, we anticipate a “wait and see” approach from many prospective buyers and sellers for the rest of the year,” Shyiak says.
