The updated stats show that things were worse for standard condo owners where the median price of $592,000 was a drop of 1.1% quarter-over-quarter and a 0.8% decrease year-over-year.
The typical spring market was replaced by one of higher inventory and weak demand in many of Canada’s largest markets as potential buyers were rattled by Trump’s tariffs and the economic uncertainty that followed and has shaped the year since.
“Homebuyers approached the start of the 2025 spring market with hesitation, dampening what is typically the busiest season on the real estate calendar,” said Phil Soper, president and CEO of Royal LePage. “With trade disputes, a federal election, and international conflicts dominating headlines through the first half of the year, many prospective buyers chose to wait.”
There are exceptions to the slow gains for homeowners, notably in Quebec where Quebec City leads the country in aggregate price appreciation for the fifth consecutive quarter, increasing 13.5% year over year in Q2.
But while prices in 38 of the 64 markets included in the data were flat, 26 markets – mostly in Ontario – posted declines.