FEBRUARY 2025 CREA statistics and Quarterly forecast

Tariff Uncertainty Keeping Home Buyers on the Sidelines

Canadian home sales fell sharply from January to February, as home buyers remained on the sidelines in the first full month of the ongoing trade war with the United States.

Sales activity recorded over Canadian MLS® Systems dropped 9.8% month-over-month in February 2025, marking the lowest level for home sales since November 2023, and the largest month-over-month decline in activity since May 2022.

“The moment tariffs were first announced on January 20, a gap opened between home sales recorded this year and last. This trend continued to widen throughout February, leading to a significant, but hardly surprising, drop in monthly activity,” said Shaun Cathcart, CREA’s Senior Economist. “This is already being reflected in renewed price softness, particularly in Ontario’s Greater Golden Horseshoe region.” 

Access the February 2025 stats PDF.