Home sales across Canada declined 5.1% year-over-year in May as the economy entered a recession.
The Canadian Real Estate Association (CREA) says that home sales nationwide in May totalled 47,014, down 5.1% from the same month in 2025.
However, sales activity was up 5.5% on a seasonally adjusted basis in May from April of this year as we moved closer to the busy summer sales season.
The decline in home sales continues a trend that has been ongoing this year and comes as Canada’s economy enters a recession, defined as two consecutive quarters of economic contraction.
New listings in May were down 1% on a month-over-month basis as fewer people listed their property for sale.
Still, CREA said that it is optimistic that home sales will pick-up during the summer, which is traditionally the busiest time of year for Canada’s real estate market.
The average price of a home sold in Canada during May was $702,079, up 1.5% on a year-over-year basis, and the highest it’s been in two years.
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