Canadian Home Sales Slump Pauses in April as National Average Price Falls
Canada’s home sales slump paused in April, according to the latest data from the Canadian Real Estate Association (CREA).
Before we take a deeper look into why, here’s an overview of the latest Canadian housing market data:
- National home sales were essentially unchanged (-0.1%) in April compared to March and actual (not seasonally adjusted) monthly sales came in 9.8% below April 2024.
- The number of newly listed properties fell 1% in April compared to March.
- The MLS® Home Price Index (HPI)— the most advanced and accurate tool to gauge a neighbourhood’s home price levels and trends—declined 1.2% month-over-month and was down 3.6% on a year-over-year basis.
- The actual (not seasonally adjusted) national average sale price was $679,866, down 3.9% since April 2024.
A Break in Declining Home Sales
Shaun Cathcart, CREA’s Senior Economist said the month-over-month declines dating to December meant a cumulative drop of about 20% and remain about 10% lower than home sales levels in April 2024.
A total of 44,300 residential properties were sold across Canada last month, compared with 49,135 last year.
Looking back historically, as seen in the chart above, there have been ebbs and flows to home sales levels (notice the dips during the summer and fall 2022 when interest rates were on the rise, as well as near the end of 2023 before the Bank of Canada started cutting those rates).
“The difference this time is there is a lot more inventory this time than there was back then,” he said, during the CREA Housing Market Report (available to watch below).
Of course, consumers aren’t exactly confident these days in the economy, which is heavily impacted by tariff uncertainty.
Homes on the Market Drop in April
New listings declined by 1% month-over-month in April. As for total listings, there were 183,000 properties listed for sale at the end of April 2025, according to CREA, up 14.3% from a year earlier, but still below the long-term average of around 201,000 listings for this time.
This combined with flat sales meant the national sales-to-new listings ratio climbed to 46.8% compared to 46.4% in March. (Readings between 45% and 65% are generally consistent with balanced housing market conditions.)
However, as we’ve stated many times before, all real estate markets are local and what’s happening in Ontario or British Columbia isn’t reflected what’s happening elsewhere. While inventories are reaching 10 and 15-year highs in Toronto and Vancouver, respectively, they remain near 20-year lows in places like the Prairies and the East Coast, Cathcart mentions in the Housing Market Report.
“The number of homes for sale across Canada has almost returned to normal, but that is the result of higher inventories in British Columbia and Ontario, and tight inventories everywhere else,” said Valérie Paquin, Chair of CREA’s 2025-2026 Board of Directors.
National Average Price Declines
The national average price really is a tale of two stories here, something Cathcart argues doesn’t accurately paint any picture well. While things seem to be stabilizing at a national level, as seen in the chart below, it doesn’t reflect any market particularly well.
The non-seasonally adjusted national average price is $679,866, down 3.9% compared to last year, but let’s do a quick look at local markets.
The more expensive markets in Ontario and British Columbia are continuing to see price pullbacks well beyond that decline, while traditionally more affordable locations (the Maritimes, Quebec, Manitoba and Saskatchewan) are seeing prices rise. (Read CREA’s latest revision to their 2025 housing forecast to see where home prices and sales are expected to be.)
