August 2025 Market Update

Here is the ARMLS numbers for August 1, 2025 compared with August 1, 2024 for all areas & types:

• Active Listings (excluding UCB & CCBS): 24,091 versus 17,484 last year - up 38% - but down 6.2% from 25,683 last month
• Active Listings (including UCB & CCBS): 27,115 versus 20,320 last year - up 33% - but down 6.1% compared with 28,862 last month
• Pending Listings: 4,345 versus 4,441 last year - down 2.2% - and down 3.9% from 4,523 last month
• Under Contract Listings (including Pending, CCBS & UCB): 7,369 versus 7,287 last year - up 1.1% - but down 4.3% from 7,702 last month
• Monthly Sales: 6,156 versus 6,6207 last year - down 0.8% - and down 7.3% from 6,638 last month
• Monthly Average Sales Price per Sq. Ft.: $284.83 versus $286.62 last year - down 0.6% - and down 2.9% from $293.23 last month

Monthly Median Sales Price: $441,995 versus $440,000 last year - up 0.5% - but down 1.8% from $450,000 last month
Sellers can take comfort from the decline in supply, down about 6% from a month ago, though still up 38% from this time last year. Much of the decline was due to cancellations and expiries, up 7% and 15% compared with the previous month. Many sellers are taking a time-out but those that remain have the advantage of less competition.

Unfortunately there is little comfort in the demand numbers. Closed sales were slightly down on July 2024 and dropped 7.3% from June. Under contract counts managed to beat August 1, 2024 by 1.1% but are down 4.3% from a month ago.

Pricing is now in a firm downward trend now that the top end of the market is quiet for the summer. The average $/SF for July dropped almost 3% compared with June and the monthly median fell another 1.8%.

August looks likely to give us more of the same. We are expecting supply to decline further as more sellers withdraw, though this pattern is likely to end during September. We usually get a second wind for new listings as we move into Autumn, especially for the luxury and 55+ sectors.


Demand is stuck in first gear but those buyers who are active are being treated with the utmost respect. This is in stark contrast to 2021-2022 when most attractive listings received multiple offers within days and buyers had to work hard to even get noticed.

Pricing in nominal terms remains at around the same level as three years ago, at least outside the luxury sector. However inflation has reduced the buying power of the dollar, which means that homes are now significantly more affordable than they were in August 2022.