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Canadian Housing Market Hits Lowest Sales Levels Since 2009

March 2025 data reveals sharp declines in home sales and prices, driven by tariff uncertainty and economic challenges.

A for sale sign is displayed outside a home in Toronto, Ontario in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File Photo
The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the national market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.A real estate sign is shown in Vaughan, Ont. on Thursday Sept. 12, 2024. THE CANADIAN PRESS/Paige Taylor White
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Overview

  • Canadian home sales in March 2025 fell 4.8% from February and 9.3% year-over-year, marking the weakest March since 2009.
  • The Home Price Index dropped 1% from February and 2.1% annually, with the national average selling price down 3.7% compared to the previous year.
  • The Canadian Real Estate Association (CREA) revised its 2025 forecast, now projecting nearly flat residential property transactions compared to 2024, down from an earlier forecast of an 8.6% increase.
  • Tariff uncertainty, stemming from U.S.-led trade measures and Canada's retaliatory actions, is cited as a major factor behind the market's downturn.
  • Housing starts dropped 3.3% in March 2025 to an annualized rate of 214,155 units, falling short of economists' expectations of 242,500 units.