Home sales in May experienced a 5.1% decrease compared to the previous year, as reported by the Canadian Real Estate Association. However, there is positive momentum when compared to April, according to an economist. Total home sales for May reached 47,014, showing a 5.5% increase on a seasonally adjusted basis compared to April.
The national composite housing price index, reflecting the average price of typical homes sold, saw a slight 0.1% decrease on a month-over-month basis. Despite a continuous decrease in the index over the past 18 months, the drop in May was the smallest since January 2025, as noted by CREA’s senior economist, Shaun Cathcart.
Cathcart mentioned that prices are starting to stabilize as buyers and sellers are finding common ground. He highlighted the improving conditions in the housing market that have been developing for some time.
According to CREA, new listings in May decreased by 1% 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 saw a decline in B.C., Ontario, and Alberta, based on CREA’s data.
