New Listings in Canada Up 11%

The number of newly listed homes on the Canadian MLS Systems in January jumped by 11% from December to January, according to data from the Canadian Real Estate Association (CREA). However, the increased quantity of available properties did not result in a sales boost – transactions were down 3.3% month-over-month.

There were close to 136,000 properties listed for sale on all Canadian MLS Systems at the end of January, up 12.7% from the prior year but also below the long-term average for that time of the year of around 160,000 listings. In January, there were 4.2 months of inventory on a national basis, up from readings in the high threes in October, November, and December.

The non-seasonally adjusted national average home price was $670,064 last month, up 1.1% from January 2024. The National Composite MLS Home Price Index dipped by 0.08% from December to January.

“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.”