The Canadian real estate market entered the spring season with cautious momentum in April, as new listings increased, inventory held steady, and home prices showed the smallest month over month decline in six months, according to the latest report from the Canadian Real Estate Association (CREA). 

While sales activity increased modestly between March and April, easing days on market and stabilizing prices suggest market conditions may be gradually improving.

Sales edge higher as spring listings flood the market

Home sales recorded across Canadian MLS® Systems rose 0.7% in April compared to the previous month — a modest but meaningful uptick as buyers began re-engaging with the market. More notably, new listings jumped 4.1% month over month, marking the traditional kickoff to the spring selling season.

Because new supply grew faster than sales within the month, the national sales-to-new listings ratio eased slightly to 45.6%, down from 47.1% in March. It’s worth noting this may partly reflect a timing gap between when homes are listed and when they ultimately sell. 

The long-term average for this measure sits at 54.8%, and readings between roughly 45% and 65% are generally considered consistent with balanced market conditions — meaning Canada remains within that range.

“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, CREA’s senior economist. “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.”

Inventory remains below historical norms

At the end of April, there were 187,647 properties listed for sale across all Canadian MLS® Systems, up 2.2% compared to a year ago, though still 6.1% below the long-term average for this time of year.

Months of inventory — a key measure of how long it would take to sell all available homes at the current pace of sales — stood at 5.2 months nationally, up slightly from February and March as spring listings entered the market. This figure sits very close to the long-term average of five months. 

Home prices show the slowest monthly decline since october

Perhaps the most encouraging development in April was on the price front. The National Composite MLS® Home Price Index (HPI) edged down just 0.1% on a month over month basis – the smallest decline recorded since October 2025. This aligns with other improving signals, including tightening sale-to-list price ratios and a gradual reduction in days on market in recent months.

On a year over year basis, the non-seasonally adjusted National Composite HPI was down 4.2% compared to April 2025, but that also represents the smallest annual decline seen so far in 2026, a sign that the pace of correction may be slowing.

Regionally, prices remain down year over year in British Columbia, Alberta, and Ontario, which continue to offset gains recorded in other provinces. The national average home price came in at $695,412 in April 2026, up 2.2% from the same month last year.