Canadian Home Sales Stall in April as Tariff Jitters Linger

After several months of shrinking activity, Canadian home sales plateaued in April, according to new figures from the Canadian Real Estate Association (CREA). National home sales logged through MLS® systems slipped by just 0.1 per cent from March—ending the decline that began earlier this year.

New listings also eased slightly, falling 1 per cent month-over-month. That small decline nudged the national sales-to-new-listings ratio up to 46.8 per cent from 46.4 per cent. Although still below the long-term average of 54.9 per cent, the ratio remains in the balanced market range.

“Right now, the 2025 housing story is about a return to the quiet markets we’ve seen since 2022, with tariff worries replacing high borrowing costs as the main reason buyers are waiting on the sidelines,” said Shaun Cathcart, CREA’s senior economist. “The bigger risk is if an average number of potential sellers turns into a wave of people who have to sell—something Canada hasn’t faced in decades.”

Inventory is rising but still below historical norms. At the end of April, about 183,000 properties were listed for sale across Canadian MLS® Systems—a 14.3 per cent increase year-over-year. However, it’s still lower than the long-term April average of 201,000. There were 5.1 months of inventory available nationally, which aligns with historical norms.

Prices also continued to soften. The National Composite MLS® Home Price Index declined by 1.2 per cent from March and was 3.6 per cent lower than in April 2024. The non-seasonally adjusted national average home price was $679,866, a 3.9 per cent drop from the same time last year. These trends in Canadian home sales may offer more opportunities for buyers as supply improves and competition moderates in many markets.