07:43 AM EDT, 06/17/2025 (MT Newswires) -- Canadian national housing resale activity increased from April to May, with both sales and new listings rising, leaving market conditions relatively unchanged over this period, noted Scotiabank.

Housing sales picked up in May, and this pickup was observed in most reported markets the bank tracks, which is encouraging for those wishing for housing market conditions to tighten and prices to rise.

Headwinds on housing demand from the ongoing trade war triggered by the United States administration have so far offset tailwinds from the decline in the monetary policy rate by 225 basis points from June 2024 to March 2025, as well as recent government initiatives for first-time home buyers, stated Scotiabank.

If uncertainty about future trade tensions and their impact on employment and income conditions start easing, or even stabilizing, the bank expects to see a sustained tightening in housing resale conditions, as a consequence leading the MLS HPI to resume its long-term upward trend.

However, it is likely too soon to claim victory given the still existing tensions for global trade and the volatility of housing resale data.