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Last month, a total of 44,300 residential properties changed hands in Canada, compared with 49,135 in April 2024.
In the seasonally adjusted month, home sales fell 0.1% last month.
CREA senior economist Shaun Cathcart said tariff-related uncertainty is continuing to keep buyers off the market, similar to the high interest rates lowering demand in the second half of 2022 before Canadian banks began cutting.
“Given the growing potential for future economic hardships, if the average number of people trying to sell their homes becomes a large number of people who have to sell their homes, which we have never seen in decades,” he said in the release.
The association also said the new list fell by 1% per month.
As of the end of April, 183,000 properties were listed across Canada, an increase of 14.3% from the same period last year, but still below the long-term average for the month.
It said the increase in supply levels was driven by higher stocks in British Columbia and Ontario, while tight stocks remained.
The actual national average selling price of homes for sale in April was $679,866, down 3.9% from the same period last year. Crea’s own home price index is designed to represent the sale of typical homes, down 1.2% from March.
TD economist Rishi Sondhi called April “another gentle month” for home sales.
“Economic uncertainty may continue to keep potential buyers unchanged,” he said in a note.
“With softening performance last month (and weaker momentum into the quarter), we are currently tracking another decline in Canadian home sales after a massive first-quarter contraction.”
Last month, the association lowered its forecast for home sales this year, saying the total transactions could match 2024, which is an 8.6% increase in 2025 compared to January’s forecast.
Sandy said this could lead to higher demand, which had already established ontario and British Columbia before the Canadian-U.S. trade war began.
“History shows that the Canadian housing market may surge after stagnation, so if confidence increases later this year (which we think) the market may see sales trends,” he said.
“However, given the very loose supply balances in BC and Ontario, Canada’s average house price growth may remain a laggard for most of the year.”
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Canada House Price Canada Home Sales Canadian Real Estate Association CREA Existing Home Sales Home Price Data House Price Home Sales Real Estate Market Sammy Hudes Shaun Cathcart Canadian Press
Last modified: May 15, 2025
