In 2024, CREA forecast a recovery year in Canada’s resale housing markets, fueled by pent-up demand and lower interest rates. By mid-fall 2024 the rebound appeared to be underway. That forecast would have seen national home sales once again top the 500,000 mark in 2025, and the average price of those sales return to the $700,000 range.

In early 2025, tariff chaos and economic uncertainty returned many home buyers back to the sidelines, taking particularly large bites out of activity in British Columbia and Ontario, while putting additional downward pressure on prices.

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