In April, the Canadian Real Estate Association reported a decrease in home sales compared to the previous year, while the average selling price rose. Home sales for the month totaled 42,927, a 4% drop from 44,698 in April 2025. However, on a seasonally adjusted basis, home sales in April increased by 0.7% compared to March.
Shaun Cathcart, CREA’s senior economist, noted that ongoing global economic uncertainties and higher mortgage rates have tempered expectations for a robust housing market rebound this year. Despite the modest increase in home sales from March to April, Cathcart mentioned a slow start to the month, with a more promising outlook for May, along with decreasing days on the market and stabilizing prices.
While there was a bump in real estate activity, sales remained approximately 10% below typical April levels, according to BMO chief economist Douglas Porter. The national average selling price for a home in April was $695,412, marking a 2.2% year-over-year increase.
CREA’s home price index, representing typical home sales, saw a marginal 0.1% decline from March to April and a 4.2% decrease compared to the previous year. New listings for April rose by 4.1% on a month-over-month basis, aligning with the traditional start of the spring real estate market.
At the end of April, there were 187,647 properties listed for sale across Canada, a 2.2% increase from the previous year but 6.1% below the long-term average for that time of year. CREA revised its 2026 home sales forecast, now anticipating only a 1% growth compared to the 5.1% initially predicted, attributing the adjustment to the impact of the oil price shock on mortgage rates.
The national average home price is expected to increase by 1.5% annually to $688,955, slightly lower than the earlier projection. Despite a narrowing gap between listing and selling prices in April, Cathcart pointed out a potential market revival.
Porter highlighted a subdued housing market recovery outlook due to consumer caution amid rising inflation linked to oil prices. Regional price declines in British Columbia, Alberta, and Ontario offset gains in other provinces. In Toronto, the average home price dropped by 6.3% year-over-year and 13% compared to 2023 figures.
Overall, while regional variations persist, Porter emphasized that much of the country is facing subdued real estate activity.