Canadian Existing-Home Sales Increase in May

On Tuesday, the Canadian Real Estate Association (CREA) reported that existing-home sales recorded over Canadian MLS Systems increased 5.5% in May. Not seasonally adjusted, actual activity was 5.1% below May 2025.

As of the end of May, just over 200,000 properties were listed for sale, unchanged from a year earlier and 2.8% below the long-term average for that time of year.

New listings fell 1.0%. With sales rising and new listings declining, the national sales-to-new listings ratio tightened to 49.2%, compared with 46.2% in April. CREA noted that the long-term average is 54.8%, with readings roughly between 45% and 65% generally consistent with balanced housing market conditions.

There were 4.8 months of inventory on a national basis at the end of May, down from 5.1 months in February, March, and April. The measure remains close to its long-term average of five months, with readings below 3.6 indicating a seller’s market and above 6.4 indicating a buyer’s market.

Regionally, CREA reported that prices remained down year-over-year in British Columbia, Alberta, and Ontario, offsetting gains in other provinces.

The non-seasonally adjusted national average home price was CA$702,079 in May, up 1.5% from May 2025. It was the highest monthly national average home price in two years and the first time the measure has moved above $700,000 in 23 months.