Canada’s Real Estate Market Enters a ‘Transition Phase,’ CREA Reports

Canada’s housing market appears to be settling into a calmer phase, despite ongoing global uncertainties such as the trade war.

According to the latest figures from the Canadian Real Estate Association (CREA), actual home sales in April 2025 were down 9.8% compared to the same month in 2024. “Actual” refers to the raw, unadjusted number of properties sold.

However, when adjusting for seasonal patterns, national home sales in April showed virtually no change from March, slipping just 0.1%, a sign that the market may be stabilizing after months of sharp declines.

“Sales have been dropping rapidly since January 20th, when tariffs were first announced,” explained Shaun Cathcart, CREA’s senior economist. “By March, activity had fallen 20% from November. But in April, we didn’t see any further drop — so in this market, flat is the new up.”

The number of new listings on the market also dipped slightly, falling 1% in April. At the same time, the MLS Home Price Index — which reflects average listing prices — declined 1.2% month-over-month, and 3.6% year-over-year. The actual sale prices dropped even further, by 3.9% compared to April 2024.

“Sellers are adjusting their expectations,” Cathcart added. “They recognize that the market isn’t as hot as it once was, but it’s also not collapsing. Prices are easing, not plummeting.”