Canada Housing Research Brief

Uncertainties halt housing recovery. After stronger showings over the latter parts of 2024, Canada’s housing market momentum paused in January. Lower interest rates, rising prices and increased buyer activity at the end of last year prompted some sellers to enter the market, with the number of newly listed properties up 11 per cent monthly; yet the total number of sales fell for the second consecutive month, down 3.3 per cent compared with December. As this drop was largely seen in the final week of the month, it appears uncertainty surrounding potential tariffs delayed purchasing decisions. Given this backdrop, the nation’s sales-to-new-listings ratio fell to 49.3 per cent, consistent with a balanced housing market. As a result, the median price of a single-family was largely unchanged month over month and was up 1.0 per cent year over year in January.