As we move through early 2025, many are pondering the impact of economic and political turbulence, especially the uncertainty surrounding new U.S. tariffs, on the real estate market. This feeling may seem familiar because we’ve experienced similar situations before.
Similar to the initial stages of the pandemic, we are now in a phase of “wait and see.” Buyers are cautious, sellers are holding back, and Realtors nationwide are monitoring closely to see how policies, lending conditions, and consumer confidence develop.
However, historical patterns suggest that periods of uncertainty often precede bursts of activity, and 2025 may follow this trend.
Lessons from the past
When the COVID-19 crisis initially struck, the market almost came to a standstill. The uncertainty was tangible, and we all wondered how the world would respond to such an unprecedented event. Yet, as the pandemic unfolded, we witnessed the housing market adapting significantly to meet new needs. Government subsidies played a crucial role in rejuvenating the economy, leading to a massive surge in the housing market.
While the current tariff tensions and political uncertainty present a different challenge, they share a common trait: hesitation. In such moments, the market doesn’t collapse; it pauses. And when clarity returns, both buyers and sellers tend to return with purpose.
2025 could potentially set the stage for a robust market.
Reasons for optimism
Canadian pride is stronger than ever, and our resilience will help us overcome these challenges. The key lies in our collective leadership, at both national and local levels, and I am confident that our leaders will provide subsidies and grants to mitigate many negative effects of the tariffs.
Moreover, Canada’s national debt remains the lowest in the G7, offering a stable foundation for our economy. Looking ahead, we are witnessing increased housing inventory due to mortgage renewals, unsold condo inventory returning to the market, and the natural spring surge of resale listings.
The market is gearing up for success, and savvy Realtors are likely to be busier than they have been in years. Whether assisting clients in navigating the evolving tariff situation or capitalizing on the increased inventory, 2025 promises to be an exciting year for those ready to seize the opportunity.
Preparing for the next phase
While we are still in this “wait and see” phase, unlike the uncertainty of COVID, this is an ideal time for agents and brokers to return to the office and start planning for the upcoming market surge. If you haven’t already, now is the time to collaborate closely with your local broker or manager to develop a strategy that will position you for success. Focus on preparing your business for an active market with the right training, resources, and motivation.
For brokers, it’s time to ramp up efforts in your office. Your team should be engaged in activities like training workshops, marketing seminars, motivational initiatives, and team-building events to ensure everyone is prepared to hit the ground running when the market picks up. Stay ahead of the curve and stay connected with your agents to ensure they are fully ready for the challenges and opportunities ahead.
For agents who embraced remote work during the pandemic, it may be time to reassess your work environment. Consider joining a local broker who is physically present daily, someone who can guide you, support your efforts, and push you toward success. Surrounding yourself with like-minded professionals committed to the same goals can often lead to success.
Final thoughts: Stay focused, stay ready
Although the beginning of 2025 has brought new challenges, it has also provided an opportunity for preparation and adjustment. The core elements of Canada’s real estate market—population growth, fiscal strength, and housing demand—remain intact.
This year may not offer the rapid pace of early pandemic recovery, but it has the potential to deliver something equally significant: sustainable growth in a more balanced market.
Now is the time to be proactive, stay informed, and be prepared to meet the moment when confidence returns to the market. Because it will.
Todd Shyiak is executive vice president at Century 21 Canada, where he oversees operations including the selection and servicing of all technology and training, leads national recruiting and retention initiatives and actively pursues M&A opportunities for C21 brokers. He has been in the real estate industry for decades. As an agent, Todd sold over 850 homes and condos. He has managed and mentored many agents, sold MLS systems to dozens of boards across Canada and the U.S., consulted and created broker technology and tools and ran his own agent recruiting company.
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