Demand Continues To Outpace Supply as Canadian Home Sales Jump in April
Statistics released ON May 15, 2023, by the Canadian Real Estate Association (CREA) show national home sales jumped by double digits on a month-over-month basis in April 2023.
- National home sales surged 11.3% month-over-month in April.
- Actual (not seasonally adjusted) monthly activity came in 19.5% below April 2022.
- The number of newly listed properties edged up 1.6% month-over-month but remain at a 20-year low.
- The MLS® Home Price Index (HPI) climbed 1.6% month-over-month but was down 12.3% year-over-year.
- The actual (not seasonally adjusted) national average sale price posted a 3.9% year-over-year decline in April.
Home sales recorded over Canadian MLS® Systems posted an 11.3% increase from March to April 2023, foreshadowed by smaller back-to-back gains recorded in February and March. (Chart A)
Following the trend seen in recent months, the sales increase was broad-based but once again dominated by the B.C. Lower Mainland and the Greater Toronto Area (GTA).