National home sales across Canada were down by 1.3% from January to February, according to data from the Canadian Real Estate Association (CREA). On a year-over-year basis, last month’s activity came in 8.1% below February 2025.
There were 151,850 properties listed for sale across all Canadian MLS Systems at the end of February, up 3.7% from a year earlier but 12.3% below the long-term average for that time of year. The number of newly listed properties declined by 3.9% on a month-over-month basis, effectively erasing the uptick recorded in January. The national sales-to-new listings ratio tightened to 47.6% compared to 46.4% in January.
The non-seasonally adjusted national average home price was $663,828 in February, down by a scant 0.2% from the same month last year. Regionally, prices remain down on a year-over-year basis in Alberta, British Columbia, and Ontario, offsetting gains in other provinces.
“February saw a continuation of the quieter levels of activity recorded in January, although there was some indication things were starting to pick up speed toward the end of the month,” said Shaun Cathcart, CREA’s senior economist. “2026 is still ultimately expected to be a story about pent-up first-time buyer demand finally seeing a chance to enter the market. They’ve had to wait a long time for mortgage rates to find a bottom, but some will no doubt continue to hold off for a bottom in prices in some Ontario and British Columbia markets.”
