Canadian Home Sales Continue to Pick Up Steam in May
Statistics released this week by the Canadian Real Estate Association (CREA) show national home sales were up again on a month-over-month basis in May 2023.
Highlights:
- National home sales climbed 5.1% month-over-month in May.
- Actual (not seasonally adjusted) monthly activity came in 1.4% above May 2022.
- The number of newly listed properties rose 6.8% month-over-month but is still historically low.
- The MLS® Home Price Index (HPI) climbed 2.1% month-over-month but was still down 8.6% year-over-year.
- The actual (not seasonally adjusted) national average sale price posted a 3.2% year-over-year increase in May.The actual (not seasonally adjusted) national average sale price posted a 3.2% year-over-year increase in May.
Home sales recorded over Canadian MLS® Systems posted a 5.1% increase between April and May 2023, building on the double-digit jump in April and smaller gains in February and March. (Chart A) Sales were up in about 70% of all local markets, including Canada’s largest markets: the Greater Toronto Area (GTA), Montreal, Greater Vancouver, Calgary, Edmonton, and Ottawa.
The actual (not seasonally adjusted) number of transactions came in 1.4% above the same time last year. While this was a small gain, it was notable in that it was the first national year-over-year sales increase in almost two years (since June 2021).
“The rebound has been evident for a number of months at this point, but May really drove the point home with year-over-year comparisons for both national sales activity and national average home price back in positive territory,” said Larry Cerqua, Chair of CREA. “That being said, the degree to which a recovery will be able to play out on the sales side as opposed to the price side will come down to supply, which remains quite low. If you’re looking for information and guidance about how to buy or sell a property in your local market, contact a REALTOR® in your area,” continued Cerqua.
