Where Canada’s housing market could go next as summer nears

The spring real estate market is having a slower start than previous years due in part to concerns about the economy, including the trade war with the United States, experts say.

Springtime in Canada historically means that, like the weather outside, the real estate market in Canada will start to warm up very soon, but things seem a little different this year.

With many experts noting a slower start than normal, those looking to move or even buy their first home could be in a position to find a deal depending on preferences, budgets and how willing you are to compromise.

“Spring has really been off to quite a slow start right across the board,” says research expert Anne-Elise Allegritti at Royal LePage.

“That’s due to just a lack of confidence generally in the economy in the country due to trade relations with the United States. That’s really putting a huge damper on Canadians’ mentality.”

The month of April saw home sales decline nearly 10 per cent compared with 2024, according to the latest report from the Canada Real Estate Association.

However, when factoring out seasonal variations, as most economists do to better gauge the underlying trends, April actually saw few to no changes from March after several months of declines.

“Things haven’t really picked up, but they’re not necessarily getting worse. So this could be the turning point,” Allegritti says.

“I think what we’re seeing (based on April’s report) is that buyers don’t feel a real sense of urgency. I’ll be curious to see what May data looks like.”