OTTAWA, Ontario – According to the Canadian Real Estate Association (CREA), home sales recorded on Canadian MLS Systems increased by 0.7% month-over-month in April 2026. This modest rise comes amid ongoing global economic uncertainty and elevated mortgage rates, which continue to temper the anticipated housing market rebound.
Market Overview
Shaun Cathcart, Senior Economist at CREA, noted that while the month-over-month increase was small, it reflects a slow start to April with stronger momentum heading into May. Days on market are falling and prices are stabilizing, suggesting cautious optimism. However, the rebound remains muted due to external economic pressures.
Key April Highlights
- National home sales edged up 0.7% month-over-month.
- Actual (non-seasonally adjusted) activity was 4% below April 2025 levels.
- Newly listed properties surged 4.1% month-over-month, marking the start of the spring market.
- The MLS Home Price Index (HPI) dipped 0.1% month-over-month and fell 4.2% year-over-year.
- The actual national average sale price rose 2.2% year-over-year in April 2026.
Supply and Demand Dynamics
New listings jumped 4.1% in April, outpacing sales growth. Consequently, the national sales-to-new listings ratio eased to 45.6% from 47.1% in March. CREA notes this could be a timing issue between listings and sales. The long-term average for this ratio is 54.8%, with a range of 45% to 65% indicating balanced market conditions.
Inventory Levels
At the end of April 2026, there were 187,647 properties listed on Canadian MLS Systems, up 2.2% year-over-year but still 6.1% below the long-term average. National months of inventory stood at 5.2, slightly up from February and March due to new spring listings. This remains close to the long-term average of five months. A seller's market is below 3.6 months, while a buyer's market is above 6.4 months.
Price Trends
The National Composite MLS HPI edged down just 0.1% month-over-month in April, the smallest decline since October 2025. Sale-to-list price ratios are tightening, and days on market have been edging lower. Price stabilization is a key milestone for encouraging buyer re-entry into the market. On a year-over-year basis, the non-seasonally adjusted composite HPI was down 4.2%, the smallest decline in 2026.
Garry Bhaura, CREA Chair, commented: While many buyers remain in a wait-and-see mode, the April national housing numbers moved in the right direction across the board. With spring listings coming to market, sales increased, days on market decreased, and prices stabilized. The data trends suggest similar momentum in May.
