Kulwinder Dheria

• Home sales in Canada edged up by 0.7% from March to April, the first increase in six months.
• New listings increased by 4.1% from March to April, following stabilization the previous month.
• Active listings increased by 2.7% in April, the third increase in four months.
• The number of months of inventory (active listings-to-sales ratio) edged up from 5.1 to 5.2 during the month, its highest level since April 2019 (excluding the pandemic).
• Market conditions loosened slightly in April but remained balanced at the national level, which largely reflects soft conditions in Ontario and B.C., while markets in all other provinces continue to favour sellers.
• Housing starts increased by 39.6K from 239.7K in March to 279.3K in April (seasonally adjusted and annualized), a print well above the consensus calling for 245.0K. This rebound was driven by a pickup in urban areas (+37.8K to 265.6K), while rural areas also edged higher (+1.8K to 13.7K). The increase in urban areas was concentrated in the multi-unit segment (+39.7K to 229.1K), while the single-detached segment edged lower (-2.0K to 36.5K). Housing starts rose sharply in Toronto (+19.1K to 37.4K) and Vancouver (+4.7K to 25.8K), while they declined in Calgary (-5.7K to 14.9K) and Montreal (-1.7K to 28.0K).
• The Teranet–National Bank Composite National House Price fell by 0.7% from March to April on a seasonally adjusted basis. Six of the eleven CMAs included in the index recorded declines during the month: Winnipeg (-2.3%), Calgary (-1.2%), Toronto (-1.1%), Vancouver (-0.7%), Montreal (-0.5%), and Hamilton (-0.3%). Conversely, prices rose in Halifax (+2.4%), Ottawa-Gatineau (+1.1%), Victoria (+0.4%), Edmonton (+0.1%), and Quebec City (+0.1%).

CANADA HOUSING MARKET: EXISTING HOME SALES INCREASED IN APRIL, BUT TOO SOON TO SHOUT ‘RECOVERY’

Housing sales increased nationally in April after five months of consecutive declines. But both indicators of market conditions we report suggest still-soft conditions nationally. The MLS HPI for all markets continued to decline in April.

The number of housing sales (in units) increased 0.7% (sa) from March to April, its first monthly rise since October 2025. Sales increased in 17 of the 31 markets we track from March to April, with the strongest increases posted in Barrie (18.8%), St. Catharines (18.2%) and Charlottetown (PEI; 16.6%). National sales declined -4% (nsa) over the 12-month period ending in April 2026. 

In April, national new listings posted a 4.1% (sa) monthly increase with above ¾ of the local markets we track contributing to this rise, with at least 10% increases observed for Quebec City (12.4%), Kitchener-Waterloo (10.5%), Ottawa (10.2%) and Peterborough (10%). New listings also edged up 0.2% (nsa) nationally over the 12-month period ending with April.

With new listings increasing at a faster pace than sales from March to April, the national sales-to new listings ratio (SNLR) was pushed down to 45.6% (sa). This figure is close to our estimated lower bound for the balanced conditions’ range (estimated at 44.7%), and very close to its lowest print since early 2009, when Canada was in a recession. Nearly ¾ of the monitored local markets have seen their SLNR declined from March to April.

The number of home sales recorded over Canadian MLS® Systems was up 0.7% on a month-over-month basis in April 2026.

“While home sales were up only modestly from March to April, the small increase reflected a slow start to the month with a stronger handoff into May, alongside falling days on market and stabilizing prices,” said Shaun Cathcart, Senior Economist with the Canadian Real Estate Association (CREA). “This latest bout of global economic uncertainty and higher mortgage rates means the previously expected rebound in housing markets this year will continue to be muted, but it does not mean there will be no upward momentum at all.”

April Highlights:

• National home sales edged up 0.7% month-over-month.
• Actual (not seasonally adjusted) monthly activity came in 4% below April 2025.
• The number of newly listed properties jumped 4.1% on a month-over-month basis.
• The MLS® Home Price Index (HPI) edged down 0.1% month-over-month and was
• down 4.2% on a year-over-year basis.
• The actual (not seasonally adjusted) national average sale price was up 2.2% on a
• year-over-year basis in April 2026.