Home sales in April saw a decline compared to the previous year, while the average sale price rose, according to the Canadian Real Estate Association (CREA). In April 2026, there were 42,927 home sales, a decrease of four percent from 44,698 in April 2025. On a seasonally adjusted basis, home sales in April increased by 0.7 percent compared to March.
Shaun Cathcart, CREA’s senior economist, mentioned that global economic uncertainty and higher mortgage rates have tempered the expected housing market rebound for this year. Despite the modest increase in home sales from March to April, there was a stronger performance as the month progressed into May, with decreasing days on the market and stabilizing prices.
BMO chief economist Douglas Porter noted that sales activity remains about 10 percent below normal April levels, indicating ongoing challenges in the housing market. The national average sale price for a home in April was $695,412, marking a 2.2 percent year-over-year increase.
However, CREA’s home price index, representing typical home sales, experienced a slight decrease of 0.1 percent from March to April and was down 4.2 percent compared to the previous year. New property listings in April rose by 4.1 percent month-over-month, signaling the start of the spring real estate market.
At the end of April, there were 187,647 properties listed for sale across Canada, showing a 2.2 percent increase from the previous year but remaining 6.1 percent below the long-term average for that time of the year. CREA revised its forecast for 2026 home sales, anticipating only a one percent growth due to factors like the oil price shock affecting mortgage rates.
The association predicts a 1.5 percent annual increase in the national average home price to $688,955 for 2026, slightly lower than earlier projections. Despite challenges, Cathcart noted that the narrowing gap between listing and selling prices could stimulate market activity.
Porter highlighted that Canadian housing activity recovery expectations have been revised due to consumer caution amid rising inflation driven by oil prices. Regionally, prices declined in British Columbia, Alberta, and Ontario, offsetting gains in other provinces. In Toronto, average home prices in April dropped by 6.3 percent year-over-year and 13 percent compared to 2023 prices, reflecting subdued market conditions across the country.