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The Canadian Real Estate Association has downgraded its forecast for home sales activity in 2025, while the number of homes that changed hands across the country in March was down 9.3 per cent compared with a year ago.
The association says Canadian home sales in March also fell 4.8 per cent on a seasonally adjusted month-over-month basis from February, as potential buyers stayed on the sidelines amid concerns over tariffs and economic uncertainty.
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CREA is now expecting a total of 482,673 residential properties to be sold throughout the year, essentially unchanged from 2024, but marking a steep cut from its previous forecast in January of an 8.6 per cent increase from last year.
The national average home price is forecast to decrease a slight 0.3 per cent on an annual basis to $687,898 in 2025, which would be around $30,000 lower than predicted in early January.
CREA senior economist Shaun Cathcart says that in short order, Canada’s housing market has “gone from a slam dunk rebound year to treading water at best.”
In March, the national average sale price fell 3.7 per cent compared with a year earlier to $678,331.
This report by The Canadian Press was first published April 15, 2025.
Sammy Hudes, The Canadian Press
