Home sales across Canadian MLS Systems reached 44,300 units in April 2025, marking a 9.8% decrease compared to April 2024. Despite a stable month-over-month result of -0.1%, this year-over-year decline reflects a continued slowdown in market activity. The number of homes listed for sale rose to 183,000, a 14.3% increase from the same month last year, according to the Canadian Real Estate Association.
The MLS Home Price Index (HPI) fell 1.2% from March to April 2025 and was down 3.6% on a year-over-year basis. The national average sale price declined 3.9% compared to April 2024, settling at $679,866. On a seasonally adjusted basis, the price edged down by 0.1% from the previous month to $653,966.
Image: Seasonally adjusted / The Canadian Real Estate Association
New listings declined 1% month-over-month, while the year-over-year increase was 1.2%, resulting in a national sales-to-new listings ratio of 46.8%, just above March’s 46.4%. This remains well below the long-term average of 54.9%, but still within the 45–65% range generally consistent with balanced market conditions. Inventory reached 5.1 months, aligning with the national historical average.
Among major urban centers, sales fell most sharply in Greater Toronto, down 21.3%, and Niagara Region, down 34.5%. In contrast, markets such as Quebec City and Saguenay recorded sales increases of 12.1% and 7.2%, respectively. Montreal also reported a 10.4% year-over-year sales gain.
Regionally, prices were down in most Ontario cities. Kitchener-Waterloo and London & St. Thomas saw monthly benchmark price drops of 3.4% and 3.5%, respectively. Meanwhile, Saskatchewan cities posted gains, with Regina up 1.2% and Saskatoon up 1.3% from March.
The number of newly listed homes in April totaled 94,234 units, up 1.2% from April 2024. The monthly dollar volume of national sales was $30.1 billion, a 13.3% drop compared to the same month last year.
CREA cited economic uncertainty and trade tariffs, not high interest rates, as the primary factors currently keeping buyers on the sidelines.
