CREA\u2019s home price index<\/a>, which aims to represent the sale of typical homes, edged 0.1 per cent lower between April and May. The index was down 4.1 per cent on a year-over-year basis, the smallest year-over-year decline so far in 2026.<\/p>\nRegionally, prices remained down on a year-over-year basis in B.C., Alberta and Ontario, offsetting gains in other provinces.<\/p>\n
Real estate analysts have described a tempered spring market amid cautious consumer behaviour. The sentiment is often linked to inflation and economic uncertainty associated with trade and international conflict.<\/p>\n
Eddy Chang, a sales representative with Royal LePage Noralta Real Estate in Edmonton, said it\u2019s been a \u201csteady\u201d spring thus far, especially compared with last year\u2019s \u201cturbocharged\u201d spring market in that city.<\/p>\n
\u201cThings definitely boomed, but not to the point where it felt like it took off on a rocket,\u201d he said in an interview.<\/p>\n
\u201cDefinitely, you could feel the seasonality, but my boots on the ground experience is that it was more of a steady pace rather than rocket fuel.\u201d<\/p>\n
In May, residential sales were down 12.5 per cent year-over-year in Edmonton, while activity ticked up 0.8 per cent month-over-month on a seasonally adjusted basis. Average sale prices rose 5.5 per cent from May 2025 and one per cent from April.<\/p>\n
Chang said the second half of last year saw a considerable slowdown as the market adjusted to tariff-fuelled fears.<\/p>\n
\u201cAlthough it\u2019s not gone, there\u2019s less doom and gloom about it,\u201d he said.<\/p>\n
\u201cLast year I had a couple clients that wanted to put their home search on pause because of these uncertainties and now people are back shopping, they\u2019re coming out of the woodwork and they\u2019re a lot more confident with their purchasing power.\u201d<\/p>\n
BMO senior economist Robert Kavcic said the combination of pent-up demand and a gradual relenting on price by sellers should start to bring volumes back into the market, and May\u2019s data might be some evidence of that.<\/p>\n
\u201cThe floor under Canada\u2019s hardest-hit housing markets might be firming, even if we\u2019re still unlikely to see a charged rebound,\u201d he said in a note.<\/p>\n
\u201cWe continue to see a long evolution in this housing cycle, and it appears that the price destruction phase is running its course, at least for single-family homes.\u201d<\/p>\n
May\u2019s data is consistent with forecasts that national home sales \u201cwill grind higher through the second half,\u201d added TD economist Rishi Sondhi.<\/p>\n
\u201cWe also foresee a modest rise in Canadian average home prices in (the second half of 2026), backed by firmer gains in markets outside of Ontario, where supply\/demand balances still favour buyers.\u201d<\/p>\n
CREA said new listings for May were down one per cent on a month-over-month basis.<\/p>\n
There were just over 200,000 properties listed for sale across Canada at the end of May, unchanged from a year earlier and 2.8 per cent below the long-term average for that time of year.<\/p>\n
—<\/p>\n
Sammy Hudes, The Canadian Press<\/p>\n
This report by The Canadian Press was first published June 16, 2026.<\/p>\n
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