These real estate markets might be showing signs of life, report suggests
A report by the Royal Bank of Canada released Monday said local real estate boards have indicated that home resales picked up in some Canadian markets in May.
This was largely due to de-escalation of parts of the U.S. trade war on Canada, the report said.
'The de-escalation of tariffs has taken centre stage since May, alleviating some of the worst fears about the potential economic fallout even though recent doubling of steel and aluminum tariffs increases risks in some communities. We expect to get a clearer view in the coming months,' RBC economist Robert Hogue said in the report.
Penelope Graham, mortgage expert at Ratehub.ca, said tariffs have affected buyer confidence but 'cracks of hope' have begun to emerge.
Story continues below advertisement
'From a short-term perspective, sales activity has started to pick up. This corresponds with the cracks of hope emerging in the trade scenario,' she said.
Anne-Elise Cugliari Allegritti, spokesperson for Royal LePage, said, 'All in all, I think confidence is returning, at least for some Canadians. That's translated into the housing market a bit but in very, very small spurts.'
Graham warned that the volatility has not entirely disappeared.
'There's still plenty of downside risks for the real estate market. If we continue to see declines in the jobs market, home sales will likely stay subdued, unless interest rates are cut dramatically,' she said.
1:58
New realtor trends emerging as housing market cools
Which markets are picking up?
The RBC report said the real estate markets in Toronto, Ottawa, Calgary, Edmonton, Fraser Valley, Saskatoon and Regina all showed some signs of life.
Story continues below advertisement
The report said that while U.S. President Donald Trump's trade war had 'paralyzed' the housing market in Toronto, home resales picked up 8.4 per cent from April to May.
Get daily National news
Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy
However, home prices in Toronto continue to remain low, down 4.5 per cent compared to this time last year.
Calgary and Edmonton, too, saw housing activity pick up.
'The trade war likely caused some buyers to pause in recent months, but its cooling impact on demand in Calgary may have been limited — or even short-lived,' Hogue said, adding that housing activity picked up eight per cent from April to May in Calgary.
Quebec markets have been bucking national housing trends, Allegritti said.
'The Quebec markets really stand out this year, in not only Greater Montreal but even in Quebec City and some of the other smaller markets in the province,' she said.
Median prices for single-family homes and condo apartments in Montreal were up 8.6 per cent and 4.3 per cent, respectively, in May from a year ago — a touch slower than in April, the RBC report said.
It added that in many markets, demand now looks sturdy.
'Prairie markets such as Edmonton, Saskatoon, Regina, and some in Quebec including Quebec City and the Atlantic region like St. John's, have held up so far — albeit not entirely unscathed from trade-induced anxiety,' the report said.
Story continues below advertisement
The ultra-luxury real estate market is also showing solid demand, international realty firm Sotheby's said.
According to Sotheby's, five properties worth over $10 million were sold in the Greater Toronto Area in the first three months of 2025.
Slower markets
While markets in Toronto and the Fraser Valley are picking up, sellers in other parts of Ontario and British Columbia are struggling.
'It should also be noted that some hard-hit tariffed industries, such as manufacturing, are concentrated in these southern Ontario markets,' Graham said.
Sellers in Vancouver are being forced to accept lower bids, the report said, as buyers seem to be in no urgency to buy.
'There remains little urgency for potential buyers to make a move in this still-fraught economic environment. Time is on their side with buying options increasing by the day and prices drifting lower,' the report said.
Story continues below advertisement
What should buyers and sellers do?
Despite the uptick in activity, market conditions remain favorable for anyone looking to buy a home this summer.
'I don't have high expectations for the summer. That's a typically quiet time for the housing market across the country,' Allegritti said.
'We will probably see a pick up in the fall, which is typically a busier part time of the year in the housing market,' she said.
Buyers can expect higher inventory, more choice and better ability to bargain for a deal, Graham said.
'There is an opportunity to buy a property at a lower price, and lower interest rates mean buyers will qualify for larger mortgage amounts. Buyers also have more leverage in softer markets and can ask for conditions, such as upon financing or inspection, that further benefit them,' she said.
Story continues below advertisement
For sellers, however, the market remains tricky.
'It's important to have realistic expectations when listing in a down market and to price your property accordingly. An agent who understands your neighbourhood and comparable sales, and who knows how to market your property effectively, can be an important ally,' Graham said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Toronto Star
4 hours ago
- Toronto Star
How companies can smash the lavender ceiling for LGBTQ workers
Across the world, LGBTQ+ communities are confronting a growing tsunami of hostility — laws targeting their identities, escalating social ostracism, and rhetoric that feels ripped straight from darker chapters of history. But there's another battlefront, quieter yet no less fierce: the sleek, hushed boardrooms of corporate power. In Canada, as in much of the world, the lavender ceiling remains stubbornly intact, nearly invisible yet profoundly unyielding. Take this sobering statistic: among the more than 9,300 directors who graced Toronto Stock Exchange-listed companies from 2015 to 2022, just 0.15 per cent were openly LGBTQ+. That's a stark contrast to the 4.4 to to nine per cent of the Canadian population who identify as LGBTQ+. The math here isn't merely off — it's screamingly wrong. It suggests not just oversight, but wilful ignorance.
Toronto Star
5 hours ago
- Toronto Star
How can Canada fight Trump's tariffs? Take a page from his ‘One Big Beautiful Bill'
Once he signed his aggressive tax and spending strategy aka the One Big Beautiful Bill Act into law, President Trump wasted no time ramping up his global tariff war. For Canada, that means facing the potential threat of a 35 per cent levy on top of sectoral tariffs. With Canada exporting more than 70 per cent of its goods to the U.S. and the U.S. exporting just over 17 per cent of its goods to Canada, President Trump knows the math is not in Canada's favour for an extended tariff war. So how can Canada fight back — and win? By diversifying trade, streamlining regulations and cutting taxes. I believe tax cuts, in particular, are extremely important to attract investment, skilled talent and help businesses and the economy grow. Prime Minister Carney is already taking steps to position Canada for a future where the U.S. plays a lesser role in our economy. How Canada is adapting If there is one silver lining in the chaos President Trump has created, it's that Canada and the rest of the world are forging new trade partnerships that do not include the U.S. The result: Canadian exports to the U.S. have decreased from 75.9 per cent in 2024 to 68.3 per cent in May 2025 — their lowest since 1997, excluding COVID — while exports to countries other than the U.S. rose for a third consecutive monthly high in May. This is likely not an outcome President Trump had anticipated and I expect this trend will continue. It's a good development for Canada and the rest of the world. The federal and provincial governments are also working to remove all interprovincial trade barriers. This could boost GDP by between three and eight per cent, lower prices by up to 15 per cent and add up to $200 billion to the national economy. Canada is taking care of business and implemented Bill C-5 to accelerate major projects such as building pipelines and infrastructure for Ontario's Ring of Fire rare earth minerals project. The case for tax reform Focusing on trade and deregulation are important and a great start, but there is a third action Canada needs to take if it wants to succeed in this trade war. And that requires taking a page from the President's landmark budget. U.S. Treasury Secretary Scott Bessent said the One Big Beautiful Bill is about stimulating growth and increasing GDP, in part by using tax cuts to incentivize investments in U.S. manufacturing. He argues that a growing economy will offset the growing national debt. I agree. To that end, the new budget extends corporate tax breaks, provides specific tax benefits to spur the building of new manufacturing facilities, and allows 100 per cent tax writeoffs for equipment costs in the first year of purchase versus amortizing these costs over multiple years. All are good for business. For individuals, the budget eliminates tax on overtime and tips — increasing take-home pay and wages. Why would anyone in Canada want to work overtime when it could put you in an even higher tax bracket? It's not worth it. Not taxing overtime wages helps the bottom line of businesses, workers and the economy by improving productivity — a big issue for Canada. If we are going to compete against our biggest trading partner, we need tax reform, and Canada's new one per cent cut for the middle class is not enough. Carney has asked cabinet, the Bank of Canada and Crown corporations to cut spending by billions of dollars over the next three years. The focus of those cuts should be to drive growth as Canadian GDP has been flat for much of the year. Now is the time to lay the foundation for future growth. In a decade, we will look back on 2025 as the year Canada changed — hopefully for the better. If we can negotiate good trade deals around the world, open up trade domestically and become less reliant on the U.S. then that would be a long-lasting benefit for our children and grandchildren. We can't fight tariffs with tariffs, but if we can look at every policy through the lens of improving business and growth — this is how we win.
Winnipeg Free Press
5 hours ago
- Winnipeg Free Press
RONALD ARTHUR WIEBE
Adjust Text Size: A+ A- RONALD ARTHUR WIEBE 1944 - 2025 'When you come to a fork in the road, take it.' Yogi BerraIt is with sadness that we announce the passing of Ronald Arthur is survived by his wife Elza of 55 years and their son Darren. Ron and Elza were predeceased by their daughter Paula in came from a relatively large family with ten siblings. After graduating from high school in 1961, he left home and ventured into Winnipeg looking for employment. After walking the streets for two weeks, he was offered a job at James Richardson & Sons in their commodity division. He took the offer which led to a 35 year career with Richardson Greenshields until it was sold to the Royal Bank of Canada in 1996. Ron worked for RBC Dominion Securities for five years capping off a 40 year career and retiring in 2001. During those first 35 years, Ron was employed by the various companies owned by the Richardson family ultimately becoming a Director and Manager of their commodity department. He focused largely on risk management for canola crushers, trading houses of the imported product and line elevator companies and exporters. He built quite a reputation and would be known as 'Mr. Canola' with his yellow trading jacket on the floor of the Winnipeg Commodity was an active member at the Commodity Exchange serving as a board member for many years as well as on numerous committees notwithstanding metric conversion and relocation. Ron also served as President of the Winnipeg Clearing Association succeeding Mr. W. B. Parrish who was his mentor. Ron was a sports enthusiast playing baseball and hockey at a young age. He was a member of the Carleton Club where he took up squash at the urging of coach Charlie Ives. Ron excelled and nearly made the 'A' category. After his squash playing days, Ron joined the Taylor Tennis Club where his desire to win did not was an NFL fan with a particular interest in the Minnesota Vikings. He could be heard singing the praises of Bud Grant. Ron was also an avid Winnipeg Blue Bombers fan relishing the Grey Cup wins in the late 1950s and early 1960s. He was fortunate enough to attend three Super Bowls, the last of which was Super Bowl XXXVI with Darren. Ron and Elza built a home on Lake of the Woods which was their pride and joy. They particularly enjoyed wood burning saunas at the water's edge in all four seasons. The chainsaw was Ron's constant companion, and he was the master of his maul. He took pride in assessing and procuring different wood types specific for the sauna stove and the home fireplace. Ron and Elza's retirement winters were usually spent in Hawaii and predominantly Maui. They enjoyed returning to the island year after year to reconnect with many was stoic and positive until the end. His presence was a gift, and his memory will continue to inspire those who knew and loved him. We thank Ron's healthcare providers, particularly those at Cardiac Sciences Manitoba at the St. Boniface Hospital in Winnipeg. A tribute will be held on August 13, 2025, between 2:00 p.m. and 4:00 p.m. at the Neil Bardal Funeral Home, 3030 Notre Dame Avenue in Winnipeg. Light refreshments will be served. Cremation has taken place. In lieu of flowers, please consider making a donation to your favourite charity. Tribute Link: As published in Winnipeg Free Press on Jul 26, 2025 Offer Condolences or Memory Share your memories and/or express your condolences below. Fields marked with a * are required. All others are optional. Unfortunately with the need to moderate tributes for inappropriate content, your comments may take up to 48 hours to appear. Thank you for your understanding.
