Canadian home sales hit lowest level since 2023

Canadian home sales dropped nearly 10% in February, reaching their lowest level since November 2023. This decline is attributed to uncertainty from the ongoing trade war with the United States, affecting buyer confidence. The Greater Toronto Area and surrounding regions saw the most significant decreases. Sales fell in about three-quarters of local markets, with new listings also down 12.7% month-over-month. At the end of February, there were 146,250 properties listed for sale, a 13.1% increase from 2024 but still below the long-term average of 174,000 listings for this time of year.