Canadian MLS® Systems posted a double-digit jump in new supply in January 2025 when compared to December 2024. At the same time, sales activity fell off at the end of the month, likely reflecting uncertainty over the potential for a trade war with the United States, according to a new report released Tuesday by the Canadian Real Estate Board.
Although sales were down 3.3% on a month-over-month basis in January, this was mostly the result of sales trailing off in the last week of the month, it said.
Meanwhile, the number of newly listed homes increased with an 11% jump compared to the final month of 2024. Aside from some of the wild swings seen during the pandemic, this was the largest seasonally adjusted monthly increase in new supply on record going back to the late 1980s, added CREA.
“The standout trends to begin the year were a big jump in new supply at an uncommon time of year, as well as a weakening in sales which only showed up around the last week of January,” said Shaun Cathcart, CREA’s Senior Economist. “The timing of that change in demand leaves little doubt as to the cause – uncertainty around tariffs. Together with higher supply, this means markets that had been steadily tightening up since last fall are now suddenly in a softer pricing situation again, particularly in British Columbia and Ontario.”
January Highlights:
- National home sales fell 3.3% month-over-month.
- Actual (not seasonally adjusted) monthly activity came in 2.9% above January 2024.
- The number of newly listed properties jumped 11% month-over-month.
- The MLS® Home Price Index (HPI) was little changed (-0.08%) month-over-month and was also virtually unchanged(+0.07%) on a year-over-year basis.
- The actual (not seasonally adjusted) national average sale price was up 1.1% on a year-over-year basis.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024 and 2025.
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