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Canadian Home Sales Rise 3.6% in May, Signaling Stabilization

The uptick in transactions suggests a market bottom under current high borrowing costs

Though home sales have increased, experts say it's too early to declare a market rebound.
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The Canadian housing market is showing signs of emerging from its tariff-induced stupor. THE CANADIAN PRESS/Sean Kilpatrick
A row of houses under construction are seen at a subdivision near the town of Kleinburg, Ontario, Canada May 13, 2017. REUTERS/Chris Helgren/ File Photo

Overview

  • Home sales rose 3.6% month-over-month in May, marking the first gain in more than six months.
  • New listings climbed 3.1% compared to April, lifting total inventory to 201,880 properties and pushing it 13.2% above last year’s level.
  • The national average sale price fell 1.8% year-over-year to $691,299, while the Home Price Index remained flat from April.
  • Condominium prices declined 6% year-over-year, representing the sharpest drop since mid-2023, even as single-family detached homes held steadier.
  • Experts say the partial rebound reflects easing U.S. trade tensions with further gains likely if borrowing costs ease.