Home sales in May decreased by 5.1% compared to the same period last year, as reported by the Canadian Real Estate Association. However, there is positive momentum when compared to April, according to an economist. The total number of home sales in May was 47,014, showing a 5.5% increase on a seasonally adjusted basis compared to April.
The national composite housing price index, representing the average price of typical homes sold, experienced a slight decline of 0.1% on a month-over-month basis. This index has been on a downward trend for the past 18 months, but CREA’s senior economist, Shaun Cathcart, noted that May’s decrease was the smallest since January 2025.
Cathcart mentioned that prices are starting to stabilize as buyers and sellers are finding more common ground. The housing market conditions have been gradually improving beneath the surface for some time.
In May, new listings dropped by one percent compared to the previous month, with over 200,000 homes listed for sale on MLS systems nationwide by the end of the month. Regionally, home prices in British Columbia, Ontario, and Alberta saw declines, according to CREA.
