Canada May Home Price Index Tad Lower on Month, Higher Slip on Year, Says CREA

09:14 AM EDT, 06/16/2025 (MT Newswires) -- The Canadian Real Estate Association (CREA) on Monday released statistics on the country's home sales for May.

In summary: National home sales were up 3.6% month-over-month; Actual (not seasonally adjusted) monthly activity came in 4.3% below May 2024; The number of newly listed properties rose 3.1% on a month-over-month basis; The MLS Home Price Index (HPI) was 0.2% month-over-month lower and was down 3.5% on a year-over-year basis; The actual (not seasonally adjusted) national average sale price was down 1.8% on a year-over-year basis.

"May saw an increased number of new listings hitting the market early in the month, followed by a higher number of transactions in the second half of the month, so overall more sellers and buyers compared to April," said Valerie Paquin, CREA chair, in a statement.

There were 4.9 months of inventory on a national basis at the end of May, near 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 months.

CREA said the average or median prices of houses can change a lot from one month to the next and provide an inaccurate picture of price values and trends. The MLS HPI is based on the value home buyers assign to various housing attributes, which tend to evolve gradually over time. It's a more "like-for-like" comparison of home prices across Canada.

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