• Home sales fell 5.8% from December to January, marking the third consecutive monthly decline and the largest drop since February 2025 when U.S. tariffs were announced.
• New listings jumped 7.3% from December to January, their first increase in five months and the largest monthly increase since January 2025.
• Active listings increased by only 0.4% during the month due to a higher number of cancelled listings, likely due to the lack of momentum in the market.
• Market conditions eased during the month but remained balanced at the national level, which largely reflects soft conditions in Ontario and B.C., while markets in all other provinces continue to favour sellers.
• Housing starts dropped by 42.6K from 280.7K in December to 238.0K in January (seasonally adjusted and annualized), a print well below the consensus calling for 262.5K. Starts decreased in urban areas (-50.2K to 218.2K), while they increased in rural areas (+7.6K to 19.9K). In urban centres, the drop stemmed from the multi-unit segment (-51.9K to 177.0K), while the single-detached segment increased slightly (+1.7K to 41.2K). Decreases in housing starts were seen in Montreal (-11.5K to 17.6K), Toronto (-1.3K to 28.4K), and Vancouver (-0.4K to 33.5K), while Calgary (+10.2K to 25.6K) registered an increase.
• The Teranet–National Bank Composite National House Price Index declined by 0.4% from December to January after seasonal adjustment. Seven of the eleven CMAs included in the index recorded declines: Ottawa-Gatineau (-2.4%), Winnipeg (-1.0%), Toronto (-0.9%), Edmonton (-0.9%), Vancouver (-0.7%), Hamilton (-0.5%), and Victoria (-0.1%). Conversely, prices rose in Halifax (+2.0%), Quebec City (+1.6%), Montreal (+1.4%) and Calgary (+0.7%).

https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf