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The association said Canadian home sales also fell 4.8% from the seasonally adjusted month since February, as potential buyers kept the scene amid concerns about tariffs and economic uncertainty.
Now, CREA expects to sell a total of 482,673 residential properties throughout the year, which has basically remained unchanged since 2024, but has increased by 8.6% from previous forecasts compared to last year.
The association said it marked the largest revision of CREA between quarterly forecasts since the 2008-2009 financial crisis.
The national average house price is expected to reduce the price of 0.3% per year to $687,898 in 2025, which will be about $30,000 below the expected $30,000 in early January.
“The decline in home sales so far has been mainly tariff uncertainty. Looking forward, Canada’s housing space will also have to compete with the actual economic impact,” Shaun Cathcart, senior economist at CREA, said in a press release.
“In a very short time, we’ve gone from a slam dunk year to water at best.”
In March, the national average sales price fell 3.7%, compared with the $678,331 a year ago.
The board said the record for sales of 39,202 homes since March 2009 was 39,202 times. It noted that sales have fallen over the past few months, with the largest sales in Ontario and British Columbia, except for a few small markets nationwide.
In March, the number of newly listed properties increased by 3%. Meanwhile, by the end of this month, a total of 165,800 properties were listed, an increase of 18.3% from a year ago, but still below the long-term average of about 174,000 listings at this time of year.
“It is worth noting that the market is very favorable to the market in terms of buyers in BC and Ontario, and even quickly relaxed in the Alberta market once the drum unit,” said TD economist Rishi Sondhi.
He said the trend of increased supply and demand suggests that Canadian average home prices will fall in the second quarter by 5% in the first three months of the year.
“Given the continued rise in economic uncertainty related to tariffs last month, the decline in March (sales) is not surprising,” Sondhi said.
“In the first quarter, sales fell 12%, which will affect residential investment and overall economic growth.”
This report by Canadian media was first published on April 15, 2025.
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Last modified: April 15, 2025
