Canadian Real Estate Association (CREA) — National Stats

January 2026 Update (reflecting December 2025 data released mid-January)

• National home sales declined by approximately 2.7% month-over-month in December 2025, extending the softer trend seen late in the year.
• On a year-over-year basis, sales were about 4.5% lower than December 2024, indicating continued caution among buyers heading into 2026.
• New listingsfell roughly 2.0% month-over-month, consistent with normal seasonal pullback during winter months.
• The MLS® Home Price Index (HPI) edged 0.3% lower month-over-month and was down about 4.0% year-over-year, reflecting ongoing price moderation across several major markets.
• The national average sale price was approximately $673,335, essentially flat year-over-year (-0.1%), suggesting price stabilization at the national level.
• Inventory conditions: There were roughly 133,500 properties listed nationallyat the end of December, up about 7.4% year-over-year, though still below long-term seasonal averages.

Months of inventorystood near 4.5 months, continuing to signalbalanced market conditions nationally.

Market Narrative:
CREA characterized December activity—and the market entering January—as quiet and balanced, reflecting seasonal slowdowns combined with affordability constraints. While buyer demand remains subdued, lower interest rates and stable pricing are expected to support a gradual recovery later in 2026.

Toronto Regional Real Estate Board (TRREB) — January 2026 Context

Greater Toronto Area (GTA) – December 2025 Results Released in January

• Seasonally adjusted home sales totaled approximately 5,624 units, down 0.4% from November, marking the third consecutive monthly decline..
• The MLS® Home Price Index (composite benchmark) stood at approximately $962,300, representing a 0.7% month-over-month decline.
• The average selling price in December was about 4.7% lower year-over-year, continuing a trend of gradual price easing.
• Year-over-year metrics:
• Sales: Down approximately 8.9% compared to December 2024.
• New listings: Increased by roughly 1.8% year-over-year, adding modest supply to the market.

Context:
TRREB noted that improving affordability, driven by lower prices and easing mortgage rates, may help support buyer activity as economic and labour market conditions become clearer later in 2026.

Other Regional Boards & Indexes — January Snapshot

Benchmark & Provincial Overview (December 2025 data released January 2026)

• National benchmark prices continued a gentle downward trend, with the aggregate benchmark estimated near $660,000–$665,000, reflecting a month-over-month decline of roughly 0.5–1.0% and a year-over-year decrease of about 4%.
• Ontario and British Columbia accounted for much of the national benchmark decline, while Quebec and parts of the Prairies remained comparatively resilient.
• Atlantic Canada continued to show relative price stability, with less volatility than larger urban markets.

Overall Market Condition:

By January, most regions across Canada were characterized as balanced, with neither buyers nor sellers holding a strong advantage. Regional divergence remains a defining feature of the national housing landscape entering 2026.