Canadian home sales continue to pick up steam in May of 2023: CREA

The Canadian Real Estate Association (CREA) recently released national sales statistics for May of 2023.

"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.

“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 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 recovery will 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.

Highlights of this report:

•              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.

Read the recently released national sales statistics for May of 2023.

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