In May, home sales in Canada saw a 5.1% decline compared to the same period last year, as reported by the Canadian Real Estate Association (CREA). Despite this, there was a positive uptick in activity from April, with a 5.5% increase on a seasonally adjusted basis, totaling 47,014 sales.
The national composite housing price index, reflecting the average price of typical homes sold, experienced a marginal 0.1% decrease on a month-over-month basis. CREA’s senior economist, Shaun Cathcart, noted that while this index has been decreasing for the past 18 months, May’s decline was the smallest since January 2025, indicating a trend towards stability.
Cathcart highlighted a growing alignment between sellers’ and buyers’ expectations, leading to tighter sale-to-list price ratios and reduced time between listing and sale dates. He mentioned that the housing market conditions have been quietly improving for some time.
In terms of listings, there was a 1% decrease in new listings in May compared to the previous month, with over 200,000 homes listed for sale on MLS systems nationwide by the end of the month. Regionally, home prices dropped in British Columbia, Ontario, and Alberta, according to CREA’s data analysis.