Shannon Marler
BROWSE
PARTNERSCREA: Fourth Quarter Housing Data Hints at Home Sales Rebound for 2025
1/16/2025
With much of the early fall surge of supply having now been picked over, home sales activity recorded over Canadian MLS® Systems dipped in December 2024.
Sales were down 5.8% compared to November, but still stand 13% above where they were in May, just before the first interest rate cut by the Bank of Canada in early June.
The fourth quarter of 2024 saw sales up 10% from the third quarter and stood among the stronger quarters for activity in the last 20 years, not accounting for the pandemic.
“The number of homes sold across Canada declined in December compared to a stronger October and November, although that was likely more of a supply story than a demand story,” said Shaun Cathcart, CREA’s Senior Economist. “Our forecast continues to be for a significant unleashing of demand in the spring of 2025, with the expected bottom for interest rates coinciding with sellers listing properties for sale in big numbers once the snow melts.”
December Highlights:
- National home sales fell 5.8% month-over-month.
- Actual (not seasonally adjusted) monthly activity came in 19.2% above December 2023.
- The number of newly listed properties dipped 1.7% month-over-month.
- The MLS® Home Price Index (HPI) climbed 0.3% month-over-month and was only down 0.2% on a year-over-year basis.
- The actual (not seasonally adjusted) national average sale price was up 2.5% on a year-over-year basis.
https://www.crea.ca/media-hub/news/fourth-quarter-housing-data-hints-at-home-sales-rebound-for-2025/