In May 2025, home sales across Canadian MLS® Systems saw a 3.6% increase compared to the previous month—the first national gain in activity since November 2024. This uptick was largely driven by strong markets in the Greater Toronto Area (GTA), Calgary, and Ottawa. While it's just one month of positive momentum, it could signal a shift in the market. The recovery many were expecting in 2025 may have simply been delayed by earlier economic uncertainty and challenges, including the effects of tariffs. Although it’s still early, the latest data hints that things may be starting to turn around.

New listings also rose in May, helping to maintain a healthy balance between buyers and sellers. The ratio of sales to new listings held steady, pointing to continued stability in the market.

Despite the monthly bump in sales, activity remained slightly lower than in May of last year. Home prices held fairly steady, with the national average just below where it stood a year ago. After several months of declines, prices appear to be leveling off—another sign the market might be finding its footing.

Inventory levels continued to normalize, with just under 202,000 properties listed for sale by the end of the month. That’s a notable increase from last year, though still a bit below the long-term average. The number of months of inventory on the market was in line with historical norms, suggesting conditions remain balanced.

Real estate activity picked up noticeably in the second half of May and is expected to carry into June. As always, buyers and sellers should keep in mind that national trends don't always reflect what’s happening locally. For the best guidance, it's a good idea to connect with a trusted REALTOR® in your area.