Home sales down almost 10% annually last month: Canadian Real Estate Association

The Canadian Real Estate Association (CREA) says that home sales across Canada fell by nearly 10 percent in April compared to the same month last year. In total, 44,300 homes were sold in April, down from about 49,100 in April 2024. Month over month, sales also slipped slightly by around 0.1 percent from March to April.

CREA’s statistics show that the Home Price Index, which tracks price changes in a typical home, dropped by about 1.2 percent during April. Over the past year, that index is down around 3.6 percent. The national average sale price is also lower, down roughly 3.9 percent from last year.

Analysts say the housing market has become more quiet since the busy days of 2022. CREA described April’s results as part of a "quiet market" that has defined the scene for the past few years. Homebuyers and sellers are taking more time to make decisions, resulting in fewer completed deals.

The drop in sales and prices reflects a shift from the red‑hot market seen during the pandemic. Higher interest rates and tighter borrowing rules have made mortgages more expensive and harder to get. As a result, many buyers are holding back, and sellers are adjusting their price expectations.

However, CREA still expects some regions to do better than others. Markets with strong local economies or limited home listings may stay steadier. But on the whole, CREA has trimmed its forecast for home sales this year, citing softer demand and lingering uncertainty.

Looking ahead, CREA suggests that the housing market might stay slow through 2025. Buyers are likely to stay cautious unless interest rates fall or the cost of borrowing becomes cheaper. Sellers who need to move may adjust prices further, which could help stabilize the market as the year continues.