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.”

Declines were broad-based, with sales falling in about three-quarters of all local markets and in almost all large markets. The trend was most pronounced in the Greater Toronto Area and surrounding Great Golden Horseshoe regions.

February Highlights:

• National home sales dropped 9.8% month-over-month.
• Actual (not seasonally adjusted) monthly activity came in 10.4% below February 2024.
• The number of newly listed properties fell back 12.7% month-over-month.
• The MLS® Home Price Index (HPI) declined 0.8% month-over-month and was down 1% on a year-over-year basis.
• The actual (not seasonally adjusted) national average sale price fell 3.3% on a year-over-year basis.

https://stats.crea.ca/en-CA/