By Sammy Hudes
A complete of 44,300 residential properties modified arms throughout Canada final month, in contrast with 49,135 in April 2024.
On a seasonally adjusted month-over-month foundation, residence gross sales final month ticked down 0.1%.
CREA senior economist Shaun Cathcart stated tariff-related uncertainty is continuous to maintain consumers on the sidelines, much like how excessive rates of interest chilled demand throughout the second half of 2022 and far of 2023 earlier than the Financial institution of Canada started slicing.
“Given the growing potential for a tough financial patch forward, the chance going ahead will likely be if a mean variety of folks attempting to promote their houses turns into numerous individuals who should promote their houses, and that’s one thing we’ve got not seen in a long time,” he stated in a information launch.
The affiliation additionally stated new listings fell one per cent month-over-month.
There have been 183,000 properties listed on the market throughout Canada on the finish of April, up 14.3% from a yr earlier however nonetheless under the long-term common for the month of round 201,000 listings.
It stated elevated provide ranges are being pushed by increased inventories in B.C. and Ontario, whereas tight inventories stay in all places else.
The precise nationwide common sale value of a house bought in April was $679,866, down 3.9% from a yr in the past. CREA’s own residence value index, which goals to characterize the sale of typical houses, fell 1.2% from March.
TD economist Rishi Sondhi known as April “one other subdued month” for residence gross sales.
“Financial uncertainty possible continued to maintain potential consumers sidelined,” he stated in a notice.
“With final month’s tender exhibiting (and weak momentum heading into the quarter) we’re presently monitoring one other decline in Canadian residence gross sales in Q2 following their sizable first quarter contraction.”
Final month, the affiliation downgraded its forecast for residence gross sales this yr, saying whole transactions would possible be on par with 2024 — a steep minimize from its January forecast of an 8.6% enhance in 2025.
Sondhi stated that might result in extra pent-up demand, which had already been constructing in Ontario and B.C. earlier than the Canada-U.S. commerce struggle started.
“Historical past reveals that Canadian housing markets can surge after lulls, so if confidence improves later within the yr (which is our view), the market may see gross sales pop,” he stated.
“Nonetheless, Canadian common residence value progress is more likely to stay a laggard for a lot of the yr, given very unfastened provide/demand balances in B.C. and Ontario.”
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Canadian home prices Canadian home sales Canadian real estate association crea existing home sales home price data home prices home sales real estate market sammy hudes shaun cathcart The Canadian Press
Final modified: Might 15, 2025