Real home sales in February fell 10.4% compared to the same month last year.
In the seasonally adjusted months, home sales fell 9.8% in February compared to January.
“The tariffs opened a gap between the year and the last recorded home sales this year,” said Shaun Cathcart, senior economist at Crea.
“Through February, this trend continued to expand, leading to significant but not surprisingly the monthly activity,” he said in a statement.
Crea said it was home sales levels since November 2023 and the biggest drop per month since May 2022.
It said that while the most obvious Toronto area is obvious, the decline in sales is based on a fairly broad basis, with declines in three-quarters of the local market and in almost all large markets.
The association also said the unexpected increase in January, with new listings falling 12.7%.
The total listing grew 13.1% to about 146,000 compared to last year, but is still below the long-term average of 174,000 times of market.
The actual national average selling price of homes for sale in February was $668,097, down 3.3% from the same period last year.
Crea’s own home price index is designed to represent the sale of typical homes, down 0.8% from January and down 1% from last year.
Like the list, the soft price is best known in the Toronto area, the index fell 1.5% from last month.
The association said the price retreat last week, coupled with another drop in interest rates from Canadian banks, is helping to create buying opportunities for some.
This report by Canadian media was first released on March 17, 2025.
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Last modified: March 17, 2025
