News

Despite ongoing uncertainty with U.S. tariffs and the global geopolitical climate, the local housing market continued its steady streak in June, with 745 homes exchanging hands via LSTAR's MLS® System. Housing supply showed signs of stabilization, with almost four and a half months of inventory last month, unchanged from the inventory recorded in May.

LSTAR's May 2025 residential market report reflects a market in transition amid broader economic pressures, including the ongoing impact of US tariffs. In May, 722 homes were sold—a 15.4% decline from May 2024. Meanwhile, new listings rose 15.3% to 1,999, and active listings climbed 26.5% to 3,253, offering buyers a wider selection of properties.

Please be aware of a potential Canada Post strike that could begin as early as May 22, 2025, pending the outcome of ongoing negotiations between Canada Post and the Canadian Union of Postal Workers (CUPW). If a strike occurs, it may impact the delivery of mail and parcels across the country. This could affect how and when you receive important documents, communications, or packages from fellow REALTORS®, LSTAR, and other organizations such as law offices.

In April 2025, LSTAR reported 653 sales, a 14.3% decrease compared to April 2024. New listings totaled 1,523, reflecting a 10.1% decline year-over-year, while active listings increased by 19.6% to 2,891. The average price of homes was $654,147, a slight 0.5% decrease, from April 2024.

In March 2025, LSTAR recorded a significant decline in sales activity, with only 508 transactions, marking a 33.5% decrease from the previous year. New listings decreased by 11.0%, while active listings increased by 21.1%, indicating a growing inventory. The average price of homes in the region decreased slightly by 0.6% to $643,159. The sale to list price ratio remained close to previous years indicating sellers are still achieving near their asking prices.

The real estate market in February 2025 has shown a mix of stability and challenges. Sales activity saw a decline of 23.1% compared to February 2024, with 476 properties sold. Despite this, the dollar volume of sales reached $308,267,028, reflecting a 20.4% decrease from the previous year. New listings were down by 4.5%, totaling 1,026, while active listings increased by 27.1% to 2,233. The sales to new listings ratio stood at 46.4, indicating a balanced market.

The real estate market in LSTAR's region showcased several positive trends despite a temporary dip in sales activity. Given the stable average prices and the rise in new and active listings, we are optimistic that sales activity will gain momentum in the coming months. The market fundamentals remain strong, and we anticipate a positive rebound in sales activity as we progress through the year.

LSTAR is pleased to announce that the December 2024 market has shown robust activity, with a significant number of homes exchanging hands and a healthy influx of new listings. Year end statistics point towards positive increases from the year before.

On December 15th, two significant changes to mortgage rules in Canada took effect, aimed at making homeownership more accessible and affordable for Canadians.