CREA Says Harsh Ontario Snowstorm Helped Push January Home Sales Lower
National home sales fell 5.8 per cent month over month in January, with the Canadian Real Estate Association pointing to severe winter weather in parts of Ontario as a major factor behind the slowdown. CREA’s senior economist said the weakest activity was concentrated in central and southwestern Ontario, where a major storm left many residents unable to leave their homes. Local real estate agents agreed the weather likely kept buyers away, though some noted the decline also reflected the soft market conditions that carried over from late 2025.
Despite the sluggish start to the year, CREA has not adjusted its 2026 forecast, expecting improvement unless another major storm disrupts activity. Housing inventory sat at 4.9 months, near the long-term average, while affordability challenges remain for first-time buyers amid current mortgage rates. The national average home price was $652,941 in January, down 2.6 per cent year over year, with declines in British Columbia, Alberta and Ontario offsetting gains in other provinces. CREA projects a modest 2.8 per cent price increase for 2026.
