CREA data points to cautious optimism, but a full rebound remains elusive
Canadian home sales nudged higher in April, with activity on MLS Systems across the country ticking up 0.7% from March — a modest advance that nonetheless carries some encouraging signals for a market still finding its footing.
The data from the Canadian Real Estate Association, showed that while the monthly gain was slim, the trajectory within April told a more nuanced story, with a sluggish opening to the month giving way to stronger momentum heading into May.
"While home sales were up only modestly from March to April, the small increase reflected a slow start to the month with a stronger handoff into May, alongside falling days on market and stabilizing prices," said Shaun Cathcart, CREA’s senior economist. "This latest bout of global economic uncertainty and higher mortgage rates means the previously expected rebound in housing markets this year will continue to be muted, but it does not mean there will be no upward momentum at all."
On an unadjusted basis, April transactions came in 4% below the same month in 2025, a reminder that year-over-year comparisons remain a headwind even as month-to-month conditions stabilize.
Listings surge
New listings surged 4.1% month-over-month in April, marking the traditional influx that buyers and sellers have come to associate with the season.
Because that supply growth outpaced the rise in sales, the national sales-to-new listings ratio slipped to 45.6% from 47.1% in March. The long-run average sits at 54.8%, with readings between 45% and 65% broadly consistent with balanced conditions — putting the current market squarely within that range, if toward the softer end.
Total inventory on Canadian MLS Systems reached 187,647 properties at month-end, up 2.2% from a year earlier but still running 6.1% below the long-term average for April. Months of supply edged up to 5.2 nationally — very close to the historical norm of five months — as the seasonal flood of new listings pushed the measure slightly higher than in February and March.
Price declines slower
Price declines continued to moderate.
The National Composite MLS Home Price Index slipped just 0.1% month-over-month in April, the smallest such dip since October 2025, as sale-to-list price ratios tightened and the average time a property spends on the market continued to shrink.
Year-over-year, the index was down 4.2% — the smallest annual decline recorded so far in 2026. Regionally, British Columbia, Alberta, and Ontario continued to weigh on the national figure, with price declines in those markets offsetting gains elsewhere in the country.
The non-seasonally adjusted national average sale price came in at $695,412 in April, a 2.2% increase from the same month last year.
"While many buyers remain in a wait and see mode, the April national housing numbers did move in the right direction across the board," said Garry Bhaura, CREA Chair. "With the spring listings now coming onto the market, sales were up, days on market were down, and prices continued to stabilize.”
