Eduardo Pontes
CREA: Declines in Canadian Home Sales Take a Pause in April Despite Ongoing Tariff Pressures
May 21
2025The number of sales recorded over Canadian MLS® Systems was unchanged (-0.1%) between March and April 2025, marking a pause in the trend of declining activity since the beginning of the year.
Demand is currently hovering around levels seen during the second half of 2022, and the first and third quarters of 2023.
“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.”
April Highlights:
- National home sales were unchanged (-0.1%) month-over-month.
- Actual (not seasonally adjusted) monthly activity came in 9.8% below April 2024.
- The number of newly listed properties fell 1% on a month-over-month basis.
- The MLS® Home Price Index (HPI) declined 1.2% month-over-month and was down 3.6% on a year-over-year basis.
- The actual (not seasonally adjusted) national average sale price was down 3.9% on a year-over-year basis.
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