The number of sales recorded over Canadian MLS Systems was unchanged (-0.1%) between March and April, pausing the trend of declining activity since the beginning of the year. According to the Canadian Real Estate Association (CREA), actual (not seasonally adjusted) monthly activity came in 9.8% below the level recorded in April 2024.
New supply declined by 1% month-over-month in April. Combined with flat sales, the national sales-to-new listings ratio climbed to 46.8% compared to 46.4% in March. A total of 183,000 properties were listed for sale on all Canadian MLS Systems at the end of April, up 14.3% from one year earlier. There were 5.1 months of inventory on a national basis at the end of last month, which CREA said was in line with the long-term average of five months of inventory.
The non-seasonally adjusted national average home price was $679,866 in April, down 3.9% from one year before.
“At this point, the 2025 Canadian housing story would best be described as a return to the quiet markets we’ve experienced since 2022, with tariff uncertainty taking the place of high interest rates in keeping buyers on the sidelines,” said Shaun Cathcart, CREA’s senior economist. “Given the increasing potential for a rough economic patch ahead, the risk going forward will be if an average number of people trying to sell their homes turns into a large number of people who have to sell their homes, and that’s something we have not seen in decades.”
