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SEPTEMBER 2025 CREA statistics and Quarterly forecast

September 2025 CREA statistics and Quarterly forecast

Canadian Home Sales Mark Four-Year High for the Month of September

The number of home sales recorded over Canadian MLS® Systems declined by 1.7% on a month-over-month basis in September 2025, ending a string of gains that began in April. That said, it was still the best month of September for sales since 2021.

The small monthly decline was the result of lower sales activity in Greater Vancouver, Calgary, Edmonton, Ottawa, and Montreal, which more than offset gains in the Greater Toronto Area and Winnipeg.

“While the trend of rising sales that began earlier this year took a breather in September, activity was still running at the highest level for that month since 2021, and that was true in July and August as well, said Shaun Cathcart, CREA’s Senior Economist. “With three years of pent-up demand still out there and more normal interest rates finally here, the forecast continues to be for further upward momentum in home sales over the final quarter of the year and into 2026.”

September Highlights:
  • National home sales declined 1.7% month-over-month.
  • Actual (not seasonally adjusted) monthly activity came in 5.2% above September 2024.
  • The number of newly listed properties edged down 0.8% on a month-over-month basis.
  • The MLS® Home Price Index (HPI) was little changed (-0.1%) month-over-month and was down 3.4% on a year-over-year basis.
  • The actual (not seasonally adjusted) national average sale price ticked up 0.7% on a year-over-year basis.
 


CREA Updates Resale Housing Market Forecasts for 2025 and 2026

The Canadian Real Estate Association (CREA) has updated its 2025 and 2026 forecasts for home sales activity and average home prices via the Multiple Listing Service® (MLS®) Systems of Canadian real estate boards and associations. 

In 2024, CREA forecast a recovery year in Canada’s resale housing markets, fueled by pent-up demand and lower interest rates. By mid-fall 2024 the rebound appeared to be underway. That forecast would have seen national home sales once again top the 500,000 mark in 2025, and the average price of those sales return to the $700,000 range.

In early 2025, tariff chaos and economic uncertainty returned many home buyers back to the sidelines, taking particularly large bites out of activity in British Columbia and Ontario, while putting additional downward pressure on prices.

That said, since March 2025, home sales activity has been on a steady upward climb, suggesting the long-anticipated return of buyers into the market was likely only delayed and dampened, but not derailed.

Access the October 2025 forecast PDF.
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