CREA: Winter Storms Suppress January Home Sales

“The monthly decline in national home sales was driven primarily by less activity in the Greater Golden Horseshoe and Southwestern Ontario, suggesting that the story was probably more about a historic winter storm than a downshift in demand,” said Shaun Cathcart, CREA’s Senior Economist.

February 18, 2026

11:10 AM

Canadian home sales started 2026 on a colder note, with activity dampened by severe winter weather across parts of the country.

According to new data released Tuesday by the Canadian Real Estate Association (CREA), home sales recorded over Canadian MLS® Systems fell 5.8% month-over-month in January. Actual (not seasonally adjusted) sales were also 16.2% lower than in January 2025.

CREA says the slowdown was largely regional. “The monthly decline in national home sales was driven primarily by less activity in the Greater Golden Horseshoe and Southwestern Ontario, suggesting that the story was probably more about a historic winter storm than a downshift in demand,” said Shaun Cathcart, CREA’s Senior Economist. Despite the slow start, Cathcart noted that 2026 is still expected to be shaped by pent-up demand from first-time buyers.

While sales cooled, new supply moved in the opposite direction. Newly listed properties jumped 7.3% month-over-month, mirroring a similar early-year surge seen in January 2025. The increase was led by markets including Montreal, Quebec City, Calgary, Greater Vancouver, and Victoria, while Central and Southwestern Ontario saw weaker listing activity — further underscoring the role weather played in suppressing market movement.

“With a rare combination of a sizeable increase in new listings and a sharp slowdown in sales in January, the national sales-to-new listings ratio dropped to 45%,” reads CREA's report. That compares to 51.3% at the end of 2025 and sits below the long-term average of 54.8%, a range typically associated with balanced market conditions.

CREA

Inventory levels also edged higher: there were 4.9 months of inventory nationally at the end of January, up from 4.6 months in December, but still just below the long-term average of five months.

On the pricing front, the National Composite MLS® Home Price Index declined 0.9% month-over-month and was down 4.9% year-over-year. Prices remain lower compared to last year in British Columbia, Alberta, and Ontario, offsetting gains elsewhere. The national average home price came in at $652,941 in January, down 2.6% from a year earlier.

CREA’s next statistics package is scheduled for release on March 17, 2026.

Real Estate News

CREA: Winter Storms Suppress January Home Sales

“The monthly decline in national home sales was driven primarily by less activity in the Greater Golden Horseshoe and Southwestern Ontario, suggesting that the story was probably more about a historic winter storm than a downshift in demand,” said Shaun Cathcart, CREA’s Senior Economist.

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