Canada Housing Research Brief

Residential market may be turning a corner. Canada’s housing market showed tentative signs of stabilization in April, as the median price of a single-family home edged up marginally on a monthly basis for the first time in more than a year. While the price still fell 3.4 per cent year-over-year, the monthly rise suggests pricing may be improving. This comes as home sales also rose 0.7 per cent monthly, due in part to fewer days on market. That said, the national sales-to-new listings ratio declined to 45.6 per cent as new listings rose faster than sales, indicating that market conditions remain relatively balancedto-soft. As a result, while pricing appears to be stabilizing in the near term, the current supply-demand backdrop suggests any meaningful pricing momentum may take some time to materialize.