What strategies should buyers consider?
Canada’s spring housing market is showing renewed signs of stagnation, as national home sales plateaued in April and property prices continued to decline amid a growing inventory. As the Canadian Real Estate Association (CREA) reported a modest 0.1% dip in national sales activity from March to April, licensed mortgage broker and LowestRates.ca expert Leah Zlatkin highlighted the softening trend is especially pronounced in Ontario’s key urban centres.
“Buyers have more leverage than they’ve had in years,” Zlatkin observed. “We’re seeing a rise in relistings with price drops in areas like Milton, Toronto and Mississauga, especially for homes that were initially priced at or near 2022 peak levels.”
According to CREA, the number of properties listed for sale rose to 183,000 in April 2025—an increase of 14.3% from the previous year. In the Greater Toronto Area (GTA), data from the Toronto Regional Real Estate Board (TRREB) underscores the shift: listings have surged 66% since April 2023, while sales have fallen by 26%. Properties are also lingering longer on the market, with average listing durations up nearly 50%.
This imbalance is giving buyers a stronger hand, leading to intensified competition among sellers. Zlatkin noted a growing trend of listings being removed and later reappearing at reduced prices.
She advised sellers to adapt quickly to the market’s new dynamics. “The sellers who succeed today are the ones willing to meet the market where it is,” she said.
Zlatkin cautioned sellers against purchasing new properties before selling their current ones, highlighting the risks of carrying multiple mortgages in a slow market. She also urged homeowners to check mortgage portability options and avoid overpricing, which can lead to prolonged listings and steeper reductions later.
Nationally, CREA’s Home Price Index declined 1.2% month over month in April, while the average sale price dropped 3.9% from the previous year. Though the market remains statistically balanced, CREA’s Shaun Cathcart warned of the risk that current inventory levels could shift from routine listings to more distressed sales if economic pressures mount.
In this evolving environment, Zlatkin emphasized the importance of strategic planning and financial readiness for both buyers and sellers.
What are your thoughts on the shifting Canadian housing market? Share your insights in the comments below.
