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Canadian home sales were up in May, with the strongest month-over-month increase in what has otherwise been a sluggish year to date.
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In its latest housing market report released Tuesday, the Canadian Real Estate Association (CREA) said the number of home sales recorded in the MLS systems rose by 5.5 per cent from April.
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“While it was just the first month in 2026 to see any meaningful upward momentum in headline demand, under the surface conditions have been improving for some time,” CREA senior economist Shaun Cathcart said.
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However, actual sales activity remained 5.1 per cent below levels reported from May 2025.
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While sales increased nationwide, May’s jump was “disproportionately” led by Ontario, according to Cathcart.
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“The national sales increase from April to May was broad-based but driven disproportionately by Ontario, suggesting the HST rebate on new builds may have only briefly drawn the attention of buyers away from the existing home market,” he said.
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Home prices continued to stabilize in May as the national benchmark price declined by a mere 0.1 per cent, amounting to $657,000 month over month. On an annual basis, the decline was 3.9 per cent. The MLS Home Price Index itself was down 4.1 per cent over the same period of time.
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Meanwhile, market conditions tightened as new listings edged down one per cent month over month and the sales-to-new-listings ratio climbed to 49.2 per cent from 46.2 per cent in April. By CREA’s historical standards, the market is becoming more balanced –– defined by a ratio falling between 45 per cent and 65 per cent.
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The association suggests that buyers and sellers are starting to align when it comes to price expectations. CREA pointed to tightening sale-to-list price ratios and shorter periods between listings and sale dates as evidence of an increasingly efficient market.
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More to come…
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