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

Canadian home sales fell sharply from January to February, as home buyers remained on the sidelines in the first full month of the ongoing trade war with the United States

Sales activity recorded over Canadian MLS® Systems dropped 9.8% month-over-month in February 2025, marking the lowest level for home sales since November 2023, and the largest month-over-month decline in activity since May 2022.

“The moment tariffs were first announced on January 20, a gap opened between home sales recorded this year and last. This trend continued to widen throughout February, leading to a significant, but hardly surprising, drop in monthly activity,” said Shaun Cathcart, CREA’s Senior Economist. “This is already being reflected in renewed price softness, particularly in Ontario’s Greater Golden Horseshoe region.”

February Highlights:

• National home sales dropped 9.8% month-over-month.

• Actual (not seasonally adjusted) monthly activity came in 10.4% below February 2024.

• The number of newly listed properties fell back 12.7% month-over-month.

• The MLS® Home Price Index (HPI) declined 0.8% month-over-month and was down 1% on a year-over-year basis.

• The actual (not seasonally adjusted) national average sale price fell 3.3% on a year-over-year basis. 

Read the recently released national sales statistics for February 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

Even as tariff concerns saw home sales take a downturn nationally, the Saskatoon real estate market continued to cook through February, as demand grew and inventory fell to a six-year low.

Local real estate agents reported 323 Saskatoon homes sold in February, up 70 units from last month, and higher than February of 2024 by 14 units. That beats the ten-year average number of sales for the month by 25 percent.

Following a “surge” in new listing activity in January, activity in this category softened.

Just 381 Saskatoon homes were offered for sale on the MLS® system across the month, down 70 units from January and down by 53 compared to the same month last year.

As the period closed, the total inventory of MLS® listings was at 581 (156 of which were subject to a conditional sale). This is its lowest point for February in six years.

In terms of total months of supply, we did see a decline from 2.5 to just 1.8.

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 again as it rose more than $20,000 from last month to reach $431,322. This is the highest average sale price for any February, ever. It’s higher than it was a year ago by $26,000.

The benchmark price of a single-family home as recorded on the MLS® Home Price Index stayed flat monthly at $463,800. That’s up $100 from last month, but higher annually by seven percent.

Meanwhile, the benchmark price of a townhome bounced back from a January dip to gain a bit more than 20K reaching $340,000. That’s higher than it was at the close of the same month last year by seven percent.

The benchmark price of a Saskatoon apartment took a step higher to hit $248,300 for a monthly increase of six thousand dollars and an annual gain of ten percent.

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