Canadian Home Sales Up for Second Consecutive Month
The number of home sales recorded over Canadian MLS systems rose 2.8 per cent on a month-over-month basis in June, building on the 3.5 per cent gain recorded in May.
The recovery in sales activity over the past two months has been led overwhelmingly by the Greater Toronto Area, where transactions, while remaining historically low, have rebounded a cumulative 17.3 per cent since April.
“It’s another month of data suggesting the anticipated rebound in Canadian housing markets may have only been delayed by a few months, following a chaotic start to the year; although with the latest 35 per cent tariff threat, we’re not out of the woods yet,” says the Canadian Real Estate Association‘s (CREA) senior economist, Shaun Cathcart.
New supply declined by 2.9 per cent month-over-month in June. With sales up and new listings down, the national sales-to-new-listings ratio rose to 50.1 per cent, up from 47.3 per cent in May. The long-term average for the national sales-to-new listings ratio is 54.9 per cent, with readings between 45 per cent and 65 per cent generally consistent with balanced housing market conditions.
There were 206,435 properties listed for sale on Canadian MLS systems at the end of June, up 11.4 per cent year-over-year and just one per cent below the long-term average for that time of the year.
“Most housing markets continued to turn a corner in June, although market conditions still vary considerably depending on where you are in Canada,” says CREA chair Valérie Paquin. “If the spring market was mostly held back by economic uncertainty, barring any further big shocks, that delayed activity could very likely surface this summer and into fall.”
There were 4.7 months of inventory on a national basis at the end of June, dipping slightly below the long-term average of five months of inventory. Based on one standard deviation above and below that long-term average, a seller’s market would be below 3.6 months and a buyer’s market would be above 6.4
The national composite MLS home price index (HPI) was little changed from May to June 2025, down just 0.2 per cent, following three straight month-over-month declines of closer to one per cent in February, March and April.
The non-seasonally adjusted national composite MLS HPI was down 3.7 per cent compared to June of last year. Based on the extent to which prices fell off in the second half of 2024, CREA expects year-over-year declines to shrink in the months ahead.
The non-seasonally adjusted national average home price was $691,643 in June, down 1.3 per cent from the same month last year.