Home sales in May experienced a 5.1% decline compared to the same period last year, as reported by the Canadian Real Estate Association. Despite this decrease, there was noticeable positive progress from April, according to an economist. Total home sales for May reached 47,014, reflecting a 5.5% increase on a seasonally adjusted basis compared to April.
The national composite housing price index, which tracks the average prices of typical homes sold, saw a slight 0.1% decrease on a month-over-month basis. Although this index has been decreasing for the past 18 months, CREA’s senior economist Shaun Cathcart noted that May’s decline, apart from April, was the smallest since January 2025. Cathcart mentioned that prices are starting to stabilize as buyers and sellers are finding common ground.
CREA highlighted that new listings in May decreased by one percent compared to the previous month, with over 200,000 homes listed for sale on MLS systems nationwide by the end of May. Regionally, home prices saw a decline in British Columbia, Ontario, and Alberta according to CREA’s data analysis.