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Housing activity followed typical seasonal patterns, with both sales and inventory rising compared with March. Despite this expected increase, overall sales reached 2,104 units in April, marking a six per cent decline compared with the same time last year. The shift reflects a gradual cooling from previously elevated demand levels, as market conditions continue to normalize.
This moderation is largely tied to improved supply across various property types, which has reduced the urgency among buyers. As a result, the market is moving away from strongly seller-favoured conditions toward a more balanced environment. However, this balance is not uniform across all segments. Detached properties continue to face limited supply, while apartment-style homes are experiencing conditions that give buyers more negotiating power.
New listings totaled 3,829 units in April, keeping the sales-to-new-listings ratio at 55 per cent and supporting a steady rise in inventory. Total inventory reached 5,973 units, slightly higher than last year. Months of supply remained just under three months overall, indicating balanced conditions. Still, notable differences exist, with detached homes sitting at just over two months of supply, compared with more than four months for apartment-style properties.
Prices showed a modest monthly increase, with the total residential benchmark reaching $568,800. This gain was largely driven by seasonal trends typical of the spring market, with stronger growth seen in detached and semi-detached homes. On a year-over-year basis, prices remain about three per cent lower, with more significant declines—approaching nine per cent—seen in apartment-style units.
Across the different housing categories, conditions continue to vary. Detached and semi-detached homes are generally supported by tighter supply and stable demand, contributing to modest price resilience. In contrast, row housing shows more balanced conditions with varying price movements depending on location, while apartment condominiums remain firmly in buyer-favoured territory due to higher inventory levels. Overall, the market reflects a transition phase, with differing trends shaping each segment.