Canadian Real Estate Association reported a 5.1% decrease in home sales for May compared to the previous year. Despite this decline, there was a noticeable positive trend from April, with a 5.5% increase on a seasonally adjusted basis. In May, a total of 47,014 homes were sold.
The national composite housing price index, reflecting the average price of typical homes sold, experienced a marginal 0.1% decline on a month-over-month basis. This index has been decreasing for 18 months, but May’s drop was the smallest since January 2025, as noted by CREA’s senior economist Shaun Cathcart.
Cathcart mentioned that prices are starting to stabilize as buyers and sellers are finding common ground. The tightening sale-to-list price ratios and shorter timeframes between listing and sale dates indicate this alignment in expectations.
According to CREA, new listings in May decreased by 1% 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 saw declines in British Columbia, Ontario, and Alberta.