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Canadian housing market slumps in March as demand and prices decline
Posted on April 16, 2025 |
Home sales across Canadian MLS Systems fell 4.8% in March, continuing a four-month decline.
National home sales are down 20% from their recent peak in November 2023.
Year-over-year, March home sales dropped 9.3%, hitting their lowest level for the month since 2009.
New listings rose 3% from February, pushing the sales-to-new listings ratio down to 45.9%—the lowest since February 2009.
Total active listings reached 165,800 in March, up 18.3% year-over-year but still below the long-term March average.
Inventory levels stood at 5.1 months, nearing the long-term average and signaling a shift away from a seller’s market.
The National Composite MLS HPI fell 1% in March—the steepest monthly drop since November 2023.
Prices declined in Ontario and British Columbia, while the Prairies, Quebec, and the East Coast saw modest gains.