Home sales in May witnessed a 5.1% decline compared to the previous year, as reported by the Canadian Real Estate Association. However, there is a notable positive shift from April, according to an economist. The total home sales for May reached 47,014, showing a 5.5% increase on a seasonally adjusted basis compared to April.
The national composite housing price index, reflecting the average price of typical homes sold, experienced a marginal 0.1% drop on a month-over-month basis. Despite a continual decline in the index over the past 18 months, the decrease in May was the smallest since January 2025, as highlighted by CREA’s senior economist, Shaun Cathcart.
Cathcart mentioned that prices are starting to stabilize as buyers and sellers are increasingly finding common ground. The housing market conditions have been steadily improving beneath the surface for some time, according to Cathcart.
In May, new listings decreased by one percent compared to the previous month, with over 200,000 homes listed for sale on MLS systems nationwide by the end of the month. Regionally, home prices showed a decline in British Columbia, Ontario, and Alberta, as per CREA’s data.