Following several years of strong price growth, 2025 marked a year of transition thanks to strong demand and limited supply. Due to record high starts, supply levels improved across all aspects of the housing market, just as demand pressure eased due to a reduction in migration levels and heightened uncertainty that persisted throughout the spring market. This helped shift the resale market from one that favoured the seller to one that was more balanced.
In 2025, sales reached 22,751 units, down 16 per cent over last year, but in-line with long-term trends. Much of the shift came from the growth in supply. 2025 saw over 40,000 new listings come onto the market, nine per cent higher than last year, causing inventories to rise and driving more balanced conditions.
“Supply levels were expected to rise in 2025. However, the growth was higher than expected especially for apartment condominium and row homes. This weighed on prices in those sectors enough to offset the annual gains r. ...

The Canadian government has delivered on a major election promise with the new First-Time Home Buyers’ GST rebate, potentially saving eligible purchasers up to $50,000 on new home purchases. For first-time buyers navigating Canada’s challenging housing market, this represents the most meaningful federal affordability measure in years.

 
How Much Can You Save?
The rebate structure offers substantial savings depending on the purchase price:
 
Homes under $1 million: Zero GST when combined with existing federal rebates (up to $50,000 in savings)
Homes $1M–$1.5M: Graduated rebate (e.g., a 50% rebate on a $1.25M home = $25,000 in savings)
Homes over $1.5M: No rebate available
 
This builds on the existing GST/HST New Housing Rebate, providing comprehensive tax relief for qualified new-construction buyers.

 
Who Qualifies for the GST Rebate?
 
Basic Eligibility Requirements
 
You must:
 
1. Be at least 18 years ol. ...

In line with typical seasonal trends, sales, new listings and inventory levels all slowed relative to last month. 
The 1,553 sales were met with 2,251 new listings, causing the sales-to-new-listings levels ratio to improve to 69 per cent. This also helped support some of the inventory adjustment. However, with 5,581 units in inventory, levels are still 28 per cent higher than last year and over 15 per cent higher than typical levels reported in November. 
“Supply levels have been sitting higher than typical levels for the past three months, mostly due to the gains occurring in the higher-density sectors of row and apartment style units,” said Ann-Marie Lurie, CREB®’s Chief Economist. “This is partially related to the additional supply choice coming from the new homes sector, some of which end up on the resale market, especially near the end of the year. While buyer’s market conditions are more prevalent for apartment-style homes and to a le. ...