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How tight or loose is the Canadian resale housing market? CREA's months-of-inventory measure, year-end by year-end, against its five-month long-term average.
months of inventory nationally at the end of December 2025
— still below the long-term average of 5 months, though up from a 15-month low of 3.6 in November 2024.
CREA National Statistics
National months of inventory at the end of December each year; CREA's long-term average is five months.
Months of inventory = active listings divided by the trailing sales rate, measured at the end of December each year by CREA. The long-term national average is 5 months; below roughly 3.6 is seller's-market territory, above roughly 6.4 is buyer's-market territory.
Inventory tightened through the rate-hike years: Months of inventory fell from 4.2 at the end of 2022 to 3.8 by the end of 2023, deep in seller's-market territory even as sales slowed, because new listings were even scarcer.
2024 stayed tight, then loosened into 2025: The measure held near 3.9 through 2024 before climbing to 4.5 by the end of 2025 as listings caught up with softer demand.
Still below balance: Even at 4.5 months, national inventory in December 2025 remained below CREA's five-month long-term average — this is not yet a buyer's market nationally.
Local conditions vary widely: The national figure blends very different regional pictures; brokers should read local board data, not just the national number, when advising clients on timing.
| Year (December) | Months of inventory | Note |
|---|---|---|
| 2022 | 4.2 | Post rate-hike correction |
| 2023 | 3.8 | Near a 15-month low by year-end |
| 2024 | 3.9 | 128,000 active listings nationally |
| 2025 | 4.5 | 133,495 active listings, up 7.4% year-over-year |
Source: CREA National Statistics news releases, each published in January for the prior December.
Months — CREA's long-term average for national months of inventory
CREA
Active residential listings across Canada at the end of December 2025
CREA
Homes sold across Canada in 2025
CREA
National sales-to-new-listings ratio, December 2025 — inside the 45–65% balanced-market range
CREA
Months of inventory is a client-conversation tool, not just a market stat — it tells a buyer whether to move fast or negotiate, and tells a seller how much competition they're up against. Track it locally, not just nationally, and revisit it with renewal and pre-approval clients before the spring surge hits.
Last updated August 1, 2026. Each figure carries its source; projections are labelled. Page reviewed on every major source release. Information only — not advice.
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