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
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