Ontario MLS® home sales, new listings pull back in February as tariff uncertainty weighs on housing markets
Residential sales activity reported through the MLS® Systems of real estate boards in Ontario numbered 9,776 units in February 2025. This was a substantial decrease of 26.7% from February 2024.
Home sales were 37.2% below the five-year average and 35.6% below the 10-year average for the month of February.
On a year-to-date basis, home sales totalled 18,853 units over the first two months of the year. This was a large decline of 18.9% from the same period in 2024.
Nationally, home sales activity was down sharply by 10.4% from year-ago levels in February 2025.
The average price of resale residential homes sold across the province in February 2025 was $848,289, decreasing by 3.3% from February 2024.
The more comprehensive year-to-date average price was $839,711, a modest decline of 1.7% from the first two months of 2024.
The national average price, by comparison, marked a small reduction of 3.3% on a year-over-year basis to $668,097 in February 2025.
The number of new listings on MLS® Systems of real estate boards in Ontario saw a minor decrease of 2.5% from February 2024. There were 25,260 new residential listings in February 2025.
New listings were 3.3% below the five-year average and 2.4% above the 10-year average for the month of February.
Active residential listings numbered 49,284 units on the market at the end of February, a jump of 38.8% from the end of February 2024. Active listings haven’t been this high in the month of February in a decade.
Active listings were 66.3% above the five-year average and 53.3% above the 10-year average for the month of February.
Months of inventory numbered 5 at the end of February 2025, up from the 2.7 months recorded at the end of February 2024 and above the long-run average of 2.4 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The dollar value of all home sales in the province in February 2025 was $8.3 billion, down sharply by 29.1% from the same month in 2024.
| Ontario Monthly Summary | ||||
|---|---|---|---|---|
| February 2025 | Residential Sales | Year-over-year % change | Residential Average Price | Year-over-year % change |
| Central1 | 4,312 | -30.2 | $1,097,234 | -2.9 |
| Eastern2 | 1,259 | -10.5 | $618,385 | 1.6 |
| Northeastern3 | 776 | -38.6 | $710,816 | -0.1 |
| Northern4 | 439 | -11.3 | $399,860 | 9.2 |
| Southern5 | 1,676 | -31.6 | $755,112 | -0.4 |
| Western6 | 1,314 | -14.7 | $601,489 | 1.2 |
| Ontario | 9,776 | -26.7 | $848,289 | -3.3 |
| Ontario Year-To-Date Summary | ||||
|---|---|---|---|---|
| YTD 2025 | Residential Sales | Year-over-year % change | Residential Average Price | Year-over-year % change |
| Central1 | 8,436 | -21.8 | $1,074,730 | -1.7 |
| Eastern2 | 2,327 | -5.0 | $616,438 | 3.3 |
| Northeastern3 | 1,610 | -24.9 | $705,227 | 0.9 |
| Northern4 | 861 | -2.8 | $380,931 | 7.8 |
| Southern5 | 3,155 | -25.6 | $758,653 | 0.8 |
| Western6 | 2,464 | -10.3 | $597,908 | 2.0 |
| Ontario | 18,853 | -18.9 | $839,711 | -1.7 |
1 Oakville-Milton, Greater Toronto
2 Cornwall, Kingston and Area, Ottawa, Renfrew County, Rideau-St. Lawrence
3 Bancroft & District, Barrie & District, Kawartha Lakes, Lakelands, Northumberland Hills, Peterborough and the Kawarthas, Quinte & District
4 North Bay, Saul Ste. Marie, Sudbury, Thunder Bay, Timmins, Cochrane & Timiskaming Districts
5 Brantford Region, Guelph & District, Hamilton-Burlington, Kitchener-Waterloo, Niagara Region, Simcoe, and Cambridge
6 Chatham-Kent, Grey Bruce Owen Sound, Huron Perth, London & St. Thomas, Sarnia-Lambton, Windsor-Essex, Woodstock-Ingersoll-Tillsonburg
BOARD & ASSOCIATION INFORMATION
The Ontario Real Estate Association represents nearly 100,000 brokers and salespeople who are members of the 29 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of support services, educational programs, advocacy, standard forms, and other offerings.
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Rick Kedzior
