The Canadian Real Estate Association (CREA) has revised its 2025 housing market forecast, citing slower-than-expected activity. Home sales in March dropped 9.3% year-over-year and 4.8% month-over-month, as potential buyers held back due to economic uncertainty and tariff concerns.

CREA now predicts 482,673 homes will sell in 2025—essentially flat from 2024 and a sharp downgrade from the 8.6% increase projected in January. The national average home price is also expected to dip slightly by 0.3% to $687,898, about $30,000 less than previous estimates.

CREA’s senior economist Shaun Cathcart described the market shift bluntly: “We’ve gone from a slam dunk rebound year to treading water at best.”

In March, the average national sale price stood at $678,331—down 3.7% from the same time last year.

Source: The Canadian Press, April 15, 2025