Canada’s Home Sales Declined 4.3% In May

Home sales across Canada fell 4.3% year-over-year in May, according to the Canadian Real Estate Association (CREA).A total of 49,423 residential properties were sold nationwide in Canada during May compared with 51,642 in the same month of 2024.However, home sales rose 3.6% between April and May of this year, marking the first month-over-month increase at the national level in more than six months.The sales slowdown that has plagued the residential real estate market for much of 2025 has been attributed to potential buyers sitting on the sidelines amid economic uncertainty.While the market hasn’t rebounded, CREA said that signs of renewed confidence are starting to emerge as we head into the summer selling season. The association noted that new listings rose 3.1% month-over-month in May from April.There were 201,880 properties listed for sale across Canada at the end of May, up 13.2% from a year earlier, but still 5% below the long-term average for the month of about 211,500 listings.The average sale price of a home sold in May was $691,299, down 1.8% from a year ago. Sales remain tepid in Canada’s three largest housing markets of Toronto, Vancouver and Montreal.