Homes sales in Canada fell again on a month-over-month basis in March 2025, as rising tariff turmoil and uncertainty kept home buyers quiet, according to CREA.

Sales activity dropped by 4.8% in March, with sales declining in each of the three previous months, resulting in national home sales now down 20% from their recent high recorded in November 2024, with the largest declines seen in Ontario and British Columbia.

Shaun Cathcart, CREA’s Senior Economist, said: “Up until this point, declining home sales have mostly been about tariff uncertainty. Going forward, the Canadian housing space will also have to contend with the actual economic fallout. In short order we’ve gone from a slam dunk rebound year to treading water at best.”

Overall, the sales total for March 2025 fell 9.3% year-over-year and was the lowest for that month since 2009.

There were 165,800 properties listed for sale at the end of March 2025, a 18.3% rise from a year earlier but still below the long-term average (around 174,000 listings) for this time of the year.

Valérie Paquin, Chair of CREA’s 2025-2026 Board of Directors, said: “While the trend of falling monthly sales has been observed across Canada over the last few months, there are still many regions where sales are high, inventory is near record lows, and prices are rising.”