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Canada sees a 6% drop in existing-home sales in December

Posted on January 16, 2025 |

Home sales dropped by 5.8% in December compared to November but were still 13.0% higher than in May, before the Bank of Canada’s first rate cut in June.

Sales increased by 10% in Q4 compared to Q3, making it one of the strongest quarters in 20 years, excluding the pandemic.

New listings fell by 1.7% in December, the third monthly decrease in a row after a supply surge in September.

The sales-to-new listings ratio dropped to 56.9% in December from 59.3% in November, close to the long-term average of 55%, which shows a balanced market.

Sellers listed 128,000 properties by the end of 2024, 7.8% more than the previous year, but still below the long-term average of 150,000.

Inventory rose to 3.9 months in December, up from 3.6 months in November, but remained lower than the long-term average of 5 months.

The market stayed close to a seller’s market, with inventory just above the 3.6-month threshold.