Canadian Existing Home Sales (April 2026)

Canadian home sales inch higher in April  

• Canadian existing home sales increased 0.7% month-on-month (m/m) in April. A solid gain in Ontario (+4.3% m/m), more-than-offset broad-based declines elsewhere, including B.C. (-1.1% m/m), and Quebec (-2.9% m/m).
• New listings jumped 4.1% m/m. With new listings rising and sales nudging higher, the sales-to-new listings ratio eased to 45.6% in April. This is well below the long-term average and signals modest price growth moving forward.
• Canadian average home prices increased much more sharply in April, rising 2.6% m/m. In contrast to sales, price increases were registered across most provinces, with notable gains in New Brunswick (+3.6% m/m), Nova Scotia (+3.3% m/m), Ontario (2.4% m/m), B.C. (+2.1%), 
• The MLS home price index, a more "like for like" measure, edged down 0.1% m/m, and was down 4.2% on a year-on-year basis, marking the smallest year-on-year decline so far this year. Prices for detached units were flat, while condo prices fell 0.7% m/m.

Key Implications

• Even with climbing interest rates through April, Canadian sales managed to post a gain, while average prices rose more firmly. The Canadian Real Estate Association also noted that activity was stronger heading into May. These dynamics are consistent with our call for an increase in Canadian home sales and average home prices in the second quarter. However, this will likely only partially retrace significant first quarter weakness, leaving an overall subdued picture for the first half of the year.
• Notwithstanding April's bounce-back, the housing market continues to face several headwinds, like weak population growth, elevated supply in key regions and shaky job markets. These factors suggest 2026 could be another subdued year for Canadian housing. The regional story is expected to persist as loose supply/demand balances should downwardly pressure prices in B.C. and Ontario, with tighter markets elsewhere providing some offset. 

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