The Canadian Real Estate Association (CREA) reported on Thursday that home sales in April declined by four percent compared to the same month last year. The data highlights a continued softening in the housing market, as buyers and sellers navigate economic headwinds and higher borrowing costs.
Market Overview
According to CREA's latest statistics, national home sales in April totaled 38,000 units, down from 39,600 in April 2025. On a seasonally adjusted monthly basis, sales edged up by 0.5 percent from March, suggesting some stabilization, but the year-over-year drop underscores ongoing challenges.
The average home price in April was $703,000, relatively flat compared to a year ago, while the MLS Home Price Index dipped 0.3 percent year-over-year. New listings increased by 2.1 percent month-over-month, giving buyers more options and contributing to a balanced market.
Regional Variations
Sales declines were most pronounced in Ontario and British Columbia, where affordability remains a major issue. In contrast, markets in Alberta and Saskatchewan saw modest gains, supported by stronger local economies and population growth.
CREA Chair Larry Cerqua noted that the market is adjusting to a higher interest rate environment, with many buyers taking a wait-and-see approach. Sellers, meanwhile, are adjusting their expectations to align with current conditions.
Outlook
Economists predict that the housing market will remain subdued in the near term, with potential rate cuts later in the year possibly spurring a recovery. However, affordability constraints and regulatory changes continue to weigh on activity.
The full CREA report is available on their website, providing detailed breakdowns by province and city.
