Canada’s housing market appeared to hit pause in April 2025, with national home sales remaining virtually unchanged from the previous month, according to the latest data released by the Canadian Real Estate Association (CREA).
Sales over Canadian MLS® Systems dipped by just 0.1% between March and April, effectively marking a halt in the trend of declining activity that has persisted since the start of the year.
“At this point, the 2025 Canadian housing story would best be described as a return to the quiet markets we’ve experienced since 2022, with tariff uncertainty taking the place of high interest rates in keeping buyers on the sidelines,” said Shaun Cathcart, CREA’s Senior Economist. “Given the increasing potential for a rough economic patch ahead, the risk going forward will be if an average number of people trying to sell their homes turns into a large number of people who have to sell their homes, and that’s something we have not seen in decades.”
Demand is currently hovering around the levels seen during the second half of 2022 and the first and third quarters of 2023, suggesting a continued trend of subdued market activity.
Key Metrics: April 2025
- National home sales: Unchanged (-0.1%) month-over-month
- Monthly activity: 9.8% below April 2024 (not seasonally adjusted)
- Newly listed properties: Down 1% from March
- MLS® Home Price Index (HPI): Declined 1.2% month-over-month; down 3.6% year-over-year
- National average sale price: $679,866, a 3.9% year-over-year decrease
Photo by Thirdman
New supply edged lower, with a 1% drop in newly listed properties. This, combined with flat sales, pushed the national sales-to-new listings ratio up slightly to 46.8% from 46.4% in March. While still below the long-term average of 54.9%, the ratio remains within the range typically associated with balanced market conditions (45%-65%).
Inventory levels continued to build modestly. By the end of April, there were 183,000 properties listed for sale across all Canadian MLS® Systems—up 14.3% compared to the same time last year, yet still below the long-term April average of around 201,000 listings.
“The number of homes for sale across Canada has almost returned to normal, but that is the result of higher inventories in B.C. and Ontario, and tight inventories everywhere else,” noted Valérie Paquin, CREA Chair.
Canada ended April with 5.1 months of housing inventory, aligning with the long-term national average. According to CREA, a seller’s market is defined by less than 3.6 months of inventory, while a buyer’s market requires more than 6.4 months.
The National Composite MLS® Home Price Index declined by 1.2% between March and April. On an annual basis, the index was down 3.6%. Similarly, the actual (not seasonally adjusted) national average home price fell 3.9% year-over-year to $679,866.
As market conditions level off and new economic uncertainties take center stage, both buyers and sellers will need to pay close attention to regional dynamics in the months ahead.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024 and 2025.
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