As we navigate early 2025, many are wondering how economic and political turbulence—most notably the uncertainty surrounding new U.S. tariffs—will continue to impact the real estate market. If the mood feels familiar, it’s because we’ve been here before.

Much like the early stages of the pandemic, we have entered a “wait and see” phase. Buyers are cautious. Sellers are pausing. Realtors across the country are watching closely to see how policies, lending conditions and consumer confidence evolve.

But if history is any guide, periods of uncertainty often precede bursts of activity and 2025 may be no exception.

Lessons from the past

When the COVID-19 crisis first hit, the market came to a near standstill. The uncertainty was palpable, and we were all left wondering how the world would respond to such an unprecedented event. But as the pandemic unfolded, we saw how the housing market adapted, shifting drastically to meet new needs. The introduction of government subsidies played a key role in revitalizing the economy, leading to a massive surge in the housing market.

While today’s tariff tensions and political uncertainty present a very different kind of challenge, they share one key trait: hesitation. In moments like this, the market doesn’t collapse—it pauses. And when clarity returns, buyers and sellers tend to come back with purpose. 

2025 could be the year that sets the stage for a very strong market.

Reasons for optimism

Canadian pride is stronger than ever, and our resilience will see us through these challenges. The key lies in our collective leadership, from both national and local levels, and I’m confident our leaders will step up with subsidies and grants to help mitigate many of the negative effects of the tariffs.

Additionally, Canada’s national debt remains the lowest in the G7, providing a solid foundation for our economy. As we look toward the future, we’re seeing increased housing inventory due to mortgage renewals, unsold condo inventory making its way back to market, and the natural spring surge of resale listings.

The market is setting up for success, and savvy Realtors are going to be busier than they’ve been in years. Whether it’s helping clients navigate the evolving tariff situation or taking advantage of the increased inventory, 2025 is poised to be an exciting year for those ready to seize the opportunity.

Preparing for the next phase

While we’re still in this “wait and see” period, unlike the uncertainty of COVID, this is actually the perfect time for agents and brokers to get back into the office and start planning for the upcoming market surge. If you haven’t already, now is the time to work closely with your local broker or manager to build a strategy that will set you up for success. Your focus should be on preparing your business for an active market and doing so with the right training, resources, and motivation.

For brokers, now is the time to ramp up efforts in your office. Your team should be buzzing with activity, offering training workshops, marketing seminars, motivational efforts, and team-building events to ensure that everyone is ready to hit the ground running when the market picks up. It’s important to stay ahead of the curve and stay engaged with your agents to ensure they are fully prepared for the challenges and opportunities ahead.

For agents who embraced remote work during the pandemic, it might be time to re-evaluate your work environment. Consider joining a local broker who is physically present every day—someone who can guide you, support your efforts, and push you toward success. Sometimes, the best way to succeed is by surrounding yourself with like-minded professionals who are committed to the same goals.

Final thoughts: Stay focused, stay ready

While the start of 2025 has introduced new challenges, it has also created space for preparation and recalibration. The fundamentals of Canada’s real estate market—population growth, fiscal strength and housing need—remain intact.

This year may not offer the frenzied pace of early pandemic recovery, but it has the potential to deliver something just as important: sustainable growth in a more balanced market.

Now is the time to be proactive, stay informed, and be ready to meet the moment when confidence returns to the market. Because it will.

Todd Shyiak

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.