April 2026 FVREB Market Update: More Listings, Soft Sales, and a Tiny Spring Price Bump

Hope everyone had a great April, and welcome to May.

We have already made it through May the 4th, Cinco de Mayo, and Mother’s Day weekend, which is honestly one of my favourite holidays of the year. Hopefully you got to celebrate the moms, mother figures, and all the people quietly holding everything together behind the scenes.

A few recent reels from this month

Before we get into the numbers, here are a few recent videos from this month that people seemed to find helpful:

Bottom line first: more listings, soft sales, and a tiny spring price bump.

Now, onto the market.

Market summary

The short version: sales improved a little, inventory climbed again, months of supply moved higher, and prices barely ticked up for the second month in a row.

So the market is not crashing, but it is also not tight.

We are far enough into the year now that the trend is not really forming anymore. It is showing.

Sales did climb from March to April, moving from 893 transactions to 972. That part is normal. We usually expect activity to pick up as we move deeper into spring.

But compared to other Aprils, this is still very slow.

In fact, April 2026 was the third slowest April in the FVREB data going back to 2005. The only slower Aprils were 2020, which was obviously the COVID shutdown month, and 2025.

So yes, sales improved month over month. But no, this is not a strong spring market.

At the same time, inventory kept climbing.

Active listings moved from 6,524 to 7,029. That puts us at the third highest April inventory level we have seen in this data set, and it keeps us in territory we really have not spent much time in since around 2014.

Even though sales rose a little, inventory rose too. So months of supply moved higher again, from 7.4 months to 8 months.

The sales-to-active ratio barely changed, moving from 13.7% to 13.8%. Technically, yes, that is an increase. But we are talking about a tenth of a percent. That still keeps us right around buyer’s market conditions.

The interesting part is pricing.

Prices ticked up again for the second month in a row, from $898,300 to $899,200.

That is only about $900, or roughly 0.1%, so I would not call it a major move. But it is still worth noting, especially because prices had been drifting down almost every month since last spring.

Seasonally, this also makes sense. Prices rising slightly in March and April has happened a lot historically. Over the last 21 years, we have seen that kind of spring lift roughly 80% of the time.

But zooming out, the bigger picture has not really changed.

We are still sitting around April 2021 price levels, which is interesting because that was roughly a full year before the market actually peaked. The run after that was one of the most aggressive appreciation periods we have ever seen.

Buyers have options. Sellers have competition. And anything that is not priced properly is getting exposed pretty quickly.

The charts behind the story

Sales

Sales climbed from 893 to 972, which is a normal spring improvement. But historically, this is still weak. April 2026 was the third slowest April in the data going back to 2005.

Active Listings

Active listings rose from 6,524 to 7,029. That puts us at the third highest April inventory level in this data set. This is not just normal spring supply. This is a lot of competition for sellers.

Months of Supply

Months of supply moved higher again, from 7.4 months to 8 months. That is the issue. Even with more sales, inventory is still building faster than demand is absorbing it.

Sales-to-Active Ratio

The sales-to-active ratio moved from 13.7% to 13.8%. So technically it improved, but barely. This is basically flat and still points to buyer’s market conditions.

Benchmark Price

The benchmark price moved from $898,300 to $899,200. That is the second monthly increase in a row, but it is only about $900. So I would treat this as seasonal firmness, not a major shift.

Looking Ahead: The Spring Test

Coming into the year, there was some cautious optimism that the market might start to find better footing in 2026.

So far, I do not think that has really shown up in a meaningful way.

Yes, prices have ticked up for two months in a row. And of course, I would love for that to be the beginning of a more stable market.

But if we are being realistic, the fundamentals have not improved enough yet.

Inventory is high. Supply is still building. Sales are historically weak. Months of supply is rising. And buyers are still moving carefully.

That is why I am more cautious now than I was last month.

This is the part of the year where the market is supposed to look its best. Historically, March through May is when we usually see the strongest price action. So if the spring market is still this soft while inventory is climbing, the bigger question becomes what happens after the seasonal lift fades.

Could we still get a bit of a spring bounce?

Yes. That would be completely normal.

But based on the current setup, I would be careful about calling that a true market reversal. Right now, it looks more like seasonal firmness inside a market that still has a supply problem.

I am also watching the investor side of the market closely. There are more owners starting to feel pressure from higher payments, weaker rents, and slower resale conditions. If more of that inventory comes to market, it adds supply into a market that already has plenty.

For buyers, this means there are still opportunities. You have more choice, more time, and more negotiating power than we saw during the tighter years.

For sellers, the message is simple: this is not the market to test high and hope.

Good pricing still works. Strong presentation still matters. Smart positioning still makes a difference.

But lazy pricing is getting exposed quickly.

The market is not falling apart. But it is not forgiving either.

My read is that unless demand steps up in a much more meaningful way, this market remains tilted toward buyers and vulnerable to more pressure after the spring season passes.