The persistence of modest price appreciation alongside dramatically increased inventory suggests prices may be vulnerable to downward pressure in coming months. Sellers’ current pricing power appears increasingly disconnected from underlying supply-demand fundamentals, creating potential opportunities for patient buyers.

Strategic timing considerations

For buyers, the current moment presents several advantages. First, the expanded inventory provides genuine choice—a luxury absent during the market’s constrained years. Second, while sellers maintain negotiating strength on paper, the underlying metrics suggest this advantage is eroding rapidly.

The market’s characterisation as seller-dominated while “trending in favour of buyers” captures this transitional moment precisely. Smart buyers can leverage the growing inventory cushion while sellers have yet to fully adjust expectations to new realities.

Sectoral distinctions matter

The condominium market appears particularly attractive for buyers. With over three months of inventory and more severe demand contraction, apartment purchasers face better conditions than their detached house counterparts. The $336,000 benchmark price point also offers greater accessibility, particularly relevant as mortgage rates remain elevated.

Detached house buyers face a more mixed proposition. While inventory has improved substantially, the market retains more seller-friendly characteristics. There is still some distance between today’s conditions and a balanced market with 4 to 6 months of inventory.

Forward outlook

Several factors support the buyer-friendly trend continuing. Interest rate environments remain challenging for demand generation, while construction activity has boosted supply pipelines. Economic uncertainties may further dampen buyer enthusiasm, potentially accelerating the market’s rebalancing.

For prospective buyers, May 2025 represents a strategic entry point. The combination of expanded choice, gradually shifting negotiating dynamics, and price levels that have yet to fully reflect supply-demand changes creates a compelling opportunity. Those waiting for dramatic price reductions may find themselves disappointed, but buyers seeking improved selection and negotiating position will find current conditions markedly superior to recent years.

This burst of supply may be short-lived, or the trade war and knock-on effect on the critical oil and gas industry could lead to more favourable buying conditions in the future.