The Canadian Real Estate Association (CREA), recently released national sales statistics for May of 2019.
According to the report, "Home sales recorded via Canadian MLS® Systems rose by 1.9% in May 2019. Together with monthly gains in March and April, activity in May reached the highest level since January 2018. While sales stood 8.9% above the six-year low reached in February 2019, this latest increase has only just returned levels to their historical average. "
Housing market balance varies significantly by region. The number of months of inventory has swollen far beyond long-term averages in Prairie provinces and Newfoundland & Labrador, giving homebuyers in those parts of the country ample choice. By contrast, the measure remains well below long-term averages for Ontario and Maritime provinces, resulting in increased competition among buyers for listings and fertile ground for price gains."
Highlights of CREA's report
- National home sales rose 1.9% month-over-month (m-o-m) in May.
- Actual (not seasonally adjusted) activity was up 6.7% year-over-year (y-o-y).
- The number of newly listed homes edged back by 1.2% m-o-m.
- The MLS® Home Price Index (HPI) fell 0.2% m-o-m in May, the fifth straight decline.
- The actual (not seasonally adjusted) MLS® HPI stood 0.6% below May 2018.
- The actual (not seasonally adjusted) national average sale price was up 1.8% y-o-y.
Read the entire report on Canadian MLS® sales for May 2019.
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