In April, the Canadian Real Estate Association reported a decrease in home sales compared to the same period last year, alongside a rise in the average sale price. Home sales for the month totaled 42,927, marking a four percent decline from 44,698 in April 2025. However, on a seasonally adjusted basis, home sales in April saw a slight 0.7 percent increase compared to March.
CREA’s senior economist, Shaun Cathcart, noted that global economic uncertainty and increased mortgage rates have tempered expectations for a robust housing market rebound this year. Despite the modest uptick in sales from March to April, Cathcart emphasized the strengthening market conditions heading into May, with reduced days on market and stabilizing prices.
Although there has been a bump in activity, overall sales still lag around 10 percent below typical April levels, according to BMO chief economist Douglas Porter. The national average sale price of a home in April stood at $695,412, reflecting a 2.2 percent year-over-year increase.
On the other hand, CREA’s home price index, designed to represent typical home sales, saw a marginal 0.1 percent decline from March to April and a 4.2 percent drop year-over-year. New listings in April rose by 4.1 percent month-over-month, signaling the start of the traditional spring real estate market.
As of the end of April, there were 187,647 properties listed for sale across Canada, a 2.2 percent increase from the previous year but still 6.1 percent below the long-term average for that period. CREA revised its 2026 forecast, now anticipating only a one percent growth in home sales compared to the initially projected 5.1 percent, attributing the adjustment to the impact of the oil price shock on mortgage rates.
Looking ahead, the national average home price is expected to climb by 1.5 percent annually to reach $688,955 in 2026. Despite these shifts, Cathcart highlighted the narrowing gap between listing and selling prices in April, suggesting a potential market revitalization.
Regionally, British Columbia, Alberta, and Ontario experienced year-over-year price declines, counterbalancing gains in other provinces. Notably, Toronto saw a 6.3 percent drop in average home prices from the previous year and a 13 percent decrease compared to 2023 figures. Porter emphasized that while regional variations persist, much of the country is grappling with subdued real estate activity.
