Canadian Housing Demand and Prices Slide Further in March

27-Apr-2025

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Canadian home sales fell on a month-over-month basis again in March 2025, as rising tariff turmoil and uncertainty is affecting home buyers.

Sales activity recorded over Canadian MLS Systems sank 4.8 per cent month-over-month in March 2025. Along with declines in each of the three previous months, national home sales are down 20 per cent from their recent high recorded last November.

While the largest of these declines have been seen in Ontario and British Columbia, sales are down over the last few months in almost all small markets across Canada. On a non-seasonally adjusted basis, the overall Canadian sales total for March 2025 fell 9.3 per cent year-over-year and was the lowest for that month since 2009.

New supply moved up by 3 per cent month-over-month in March. In combination with the decrease in sales, the national sales-to-new listings ratio fell to 45.9 per cent in comparison to 49.7 per cent in February.

The March level for this measure of market balance is the lowest since February 2009. The long-term average for the national sales-to-new listings ratio is 54.9 per cent, with readings between 45 per cent and 65 per cent generally consistent with balanced housing market conditions.

There were 165,800 properties listed for sale on all Canadian MLS Systems at the end of March 2025, up 18.3 per cent from a year earlier but still below the long-term average for this time of the year.