The number of home sales recorded over Canadian MLS Systems was up 0.7% on a month-over-month basis in April 2026, according to a report by the Canadian Real Estate Association.
“While home sales were up only modestly from March to April, the small increase reflected a slow start to the month with a stronger handoff into May, alongside falling days on market and stabilizing prices,” said Shaun Cathcart, Senior Economist with CREA. “This latest bout of global economic uncertainty and higher mortgage rates means the previously expected rebound in housing markets this year will continue to be muted, but it does not mean there will be no upward momentum at all.”
Report highlights:
- Actual (not seasonally adjusted) monthly activity came in 4% below April 2025.
- The number of newly listed properties jumped 4.1% on a month-over-month basis.
- The MLS Home Price Index (HPI) edged down 0.1% month-over-month and was down 4.2% on a year-over-year basis.
- The actual (not seasonally adjusted) national average sale price was up 2.2% on a year-over-year basis in April 2026.
CREA said new listings jumped 4.1% on a month-over-month basis in April 2026, marking the traditional starting point for the spring market.
With the gain in new supply outpacing sales within the month of April, the national sales-to-new listings ratio eased to 45.6% compared to 47.1% in March. That said, this could reflect a timing issue between when properties are listed and when they eventually sell. The long-term average for the national sales-to-new listings ratio is 54.8%, with readings roughly between 45% and 65% generally consistent with balanced housing market conditions, said the national organization.
“While many buyers remain in a wait and see mode, the April national housing numbers did move in the right direction across the board,” said Garry Bhaura, CREA Chair. “With the spring listings now coming onto the market, sales were up, days on market were down, and prices continued to stabilize. The data trends suggest more of the same for May.”
There were 187,647 properties listed for sale on all Canadian MLS Systems at the end of April 2026, up 2.2% from a year earlier but 6.1% below the long-term average for that time of the year, said the report.
“There were 5.2 months of inventory on a national basis at the end of April 2026, up slightly from February and March due to the influx of new spring listings. This remains very close to the long-term average for the measure of five months. Based on one standard deviation above and below that long-term average, a seller’s market would be below 3.6 months, and a buyer’s market would be above 6.4 months,” explained CREA.
Vitaly Gariev photo
The National Composite MLS Home Price Index (HPI) edged down just 0.1% on a month-over-month basis in April, the smallest decline since October 2025. This aligns with sale-to-list price ratios that have been tightening up and days on market that have been edging lower in recent months. Price stabilization is an important milestone necessary for buyers to eventually start re-entering the market in larger numbers, noted CREA.
The non-seasonally adjusted National Composite MLS HPI was down 4.2% compared to April 2025, the smallest year-over-year decline so far in 2026. The non-seasonally adjusted national average home price was $695,412 in April 2026, up 2.2% from the same month last year, said CREA.
“Even with climbing interest rates through April, Canadian sales managed to post a gain, while average prices rose more firmly. The Canadian Real Estate Association also noted that activity was stronger heading into May. These dynamics are consistent with our call for an increase in Canadian home sales and average home prices in the second quarter. However, this will likely only partially retrace significant first quarter weakness, leaving an overall subdued picture for the first half of the year,” said Rishi Sondhi, Economist, TD.
“Notwithstanding April’s bounce-back, the housing market continues to face several headwinds, like weak population growth, elevated supply in key regions and shaky job markets. These factors suggest 2026 could be another subdued year for Canadian housing. The regional story is expected to persist as loose supply/demand balances should downwardly pressure prices in B.C. and Ontario, with tighter markets elsewhere providing some offset.”
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, 2025 and 2026.
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