The Canadian Real Estate Association (CREA) recently released national sales statistics for January of 2025.

Canadian MLS® Systems posted a double-digit jump in new supply in January 2025 when compared to December 2024. At the same time, sales activity fell off at the end of the month, likely reflecting uncertainty over the potential for a trade war with the United States. 

Although sales were down 3.3% on a month-over-month basis in January, this was mostly the result of sales trailing off in the last week of the month.

Meanwhile, the number of newly listed homes increased with an 11% jump compared to the final month of 2024. Aside from some of the wild swings seen during the pandemic, this was the largest seasonally adjusted monthly increase in new supply on record going back to the late 1980s.

“The standout trends to begin the year were a big jump in new supply at an uncommon time of year, as well as a weakening in sales which only showed up around the last week of January,” said Shaun Cathcart, CREA’s Senior Economist. “The timing of that change in demand leaves little doubt as to the cause – uncertainty around tariffs. Together with  higher supply, this means markets that had been steadily tightening up since last fall are now suddenly in a softer pricing situation again, particularly in British Columbia and Ontario.”

January Highlights:

• National home sales fell 3.3% month-over-month.

• Actual (not seasonally adjusted) monthly activity came in 2.9% above January 2024.

• The number of newly listed properties jumped 11% month-over-month.

• The MLS® Home Price Index (HPI) was little changed (-0.08%) month-over-month and was also virtually unchanged (+0.07%) on a year-over-year basis.

• The actual (not seasonally adjusted) national average sale price was up 1.1% on a year-over-year basis. 

Read the recently released national sales statistics for January of 2025.

UPDATE - CREA’s Residential Market Forecast for 2025.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Saskatoon Real Estate

Local real estate agents reported 253 Saskatoon homes sold in January, up from the same month last year by over three percent and above the ten-year average by close to 19 percent.

This was the strongest January since 2021 when lockdown fatigue and working from home caused a strong sales surge as people scrambled to find more suitable digs the sustain themselves through that time.  

The “new listings” category saw a welcome surge as those needed to sell recognized the perfect storm of circumstances including high demand, low inventory, and falling interest rates.

A total of 451 Saskatoon homes were listed for sale during January, up 24 percent from the same month last year, and 20 percent higher than the 10-year average.

As the month closed, the total inventory of MLS® listings was at 618 (168 of which were subject to a conditional sale), higher than the previous month’s close by 63 units, but lower annually by 15 percent, and over 52 percent below the 10-year average. As you can see by the “active listings chart” below, a rather troubling trend continues, now for its tenth year. Each year, that left-to-right line falls lower.

In terms of total months of supply, we did see a small uptick from 2.2 to 2.5.

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 grew nearly 12K on a monthly basis to reach $409,017. That’s the highest average sale price for any January, ever. It’s higher than it was a year ago by $23,758.

The benchmark price of a single-family home as recorded on the MLS® Home Price Index grew by nearly $15,000 compared to December settle at $463,900 to take a nine percent annual gain of 47K.

Meanwhile, the benchmark price of a townhome slipped $26,200 from December to $319,400 to contain annual gains to the single-digit realm, nine percent. This category had consistently shown double-digit gains through 2024. The benchmark price remains higher annually by $15,200.

The benchmark price of a Saskatoon apartment inched higher again, growing by $1300 from December to $242,100. That’s higher annually by $17,668.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

We’re always happy to answer your Saskatoon real estate questions. Click here to reach out.

TeamFisher, your Saskatoon real estate market specialist.

Royal LePage Saskatoon Real Estate