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Canada’s Housing Market Sees 9.8% Annual Sales Decline in April

CREA revises 2025 forecast downward as economic uncertainty and tariffs suppress buyer activity.

New homes are constructed in Ottawa on Monday, Aug. 14, 2023. THE CANADIAN PRESS/Sean Kilpatrick
Image
A for sale/sold sign stands in front of residential homes in the Riverside South neighbourhood of Ottawa on Friday, Aug. 30, 2024. THE CANADIAN PRESS/ Patrick Doyle
Greater Vancouver's real estate board says the number of homes sold in June tumbled 19.1 per cent from the previous year as inventory continued accumulating to levels not seen since the spring of 2019. Buildings under construction are pictured in Surrey, B.C. on Wednesday, June 26, 2024. THE CANADIAN PRESS/Ethan Cairns

Overview

  • Home sales in April 2025 dropped 9.8% compared to the same month last year, with seasonally adjusted sales flat month-over-month.
  • The national average home price fell to $679,866, marking a 3.9% decrease from April 2024, while CREA’s price index declined 1.2% from March.
  • Inventory levels rose 14.3% year-over-year to 183,000 listings but remain below the long-term April average of 201,000 properties.
  • CREA downgraded its 2025 sales forecast to match 2024 levels, abandoning its earlier projection of an 8.6% increase.
  • Tariff-related trade tensions and lingering effects of high borrowing costs continue to deter buyers, with risks of distressed selling if economic conditions worsen.