The Canadian Real Estate Association (CREA) recently released national sales statistics for December 2024.

With much of the early fall surge of supply having now been picked over, home sales activity recorded over Canadian MLS® Systems dipped in December 2024.

Sales were down 5.8% compared to November but still stand 13% above where they were in May, just before the first interest rate cut by the Bank of Canada in early June.

The fourth quarter of 2024 saw sales up 10% from the third quarter and stood among the stronger quarters for activity in the last 20 years, not accounting for the pandemic.

“The number of homes sold across Canada declined in December compared to a stronger October and November, although that was likely more of a supply story than a demand story,” said Shaun Cathcart, CREA’s Senior Economist. “Our forecast continues to be for a significant unleashing of demand in the spring of 2025, with the expected bottom for interest rates coinciding with sellers listing properties for sale in big numbers once the snow melts.”

December Highlights:

•                     National home sales fell 5.8% month-over-month.

•                     Actual (not seasonally adjusted) monthly activity came in 19.2% above December 2023.

•                     The number of newly listed properties dipped 1.7% month-over-month.

•                     The MLS® Home Price Index (HPI) climbed 0.3% month-over-month and was only down 0.2% on a year-over-year basis.

•                     The actual (not seasonally adjusted) national average sale price was up 2.5% on a year-over-year basis.

Read the recently released national sales statistics for December of 2024.

UPDATE - CREA’s Residential Market Forecast for 2025.

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Norm Fisher

Royal LePage Saskatoon Real Estate

Saskatoon home sales took a large monthly drop falling from 380 in November to just 256, but numbers remained well above seasonal norms. Sales were up ten percent over last December and 20 percent above the ten-year average. December is consistently the slowest sales month of the year.

The year came to a close with 5035 sales over the 12-month period, up 8.3 percent from last year, and proving to be the second strongest sales year in the Saskatoon real estate market’s history.

The number of new listings offered for sale on the Saskatoon MLS® continued to decline sharply as they always do in December. Local REALTORS added just 235 new listings to the system, down from 434 in November and below last December’s numbers by 5.4 percent.

Active listing inventory reached its lowest level in six years as the selection of available homes fell to a meager 555 units, down from 693 at the end of November and lower annually by 25 percent.

Despite rapid declines in the listing inventory and stronger than typical sales numbers, the total months of supply grew to 2.2. up from 1.8 at the close of the previous month.

Again, supply levels of less than four months signal a seller’s market. A supply of four to six months is considered balanced. A supply larger than six months would be a buyer’s market.

The average sale price of a Saskatoon home came in lower than it had in November by just a couple of thousand dollars at $397,611.

The benchmark price of a single-family home as recorded on the MLS® Home Price Index fell for the second consecutive month dropping by $6,900 to settle at $449,000 which is higher annually by seven percent.

Townhome prices continued on the upward trajectory they’ve been enjoying all year and increased by $4,700 to reach $345,600 claiming an annual gain of a whopping 14 percent.

Apartments prices fell just under two thousand dollars from November to $240,800. They grew by 12 percent through 2024.

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