Canadian home sales continue to slow through May, 2022: CREA

Canadian home sales continue to slow through May, 2022: CREA

The Canadian Real Estate Association (CREA) recently released national sales statistics for May of 2022.

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were down in May 2022. Home sales recorded over Canadian MLS® Systems declined by 8.6% between April and May 2022. This built on a larger drop recorded in April, leaving monthly activity at pre-COVID levels recorded in the second half of 2019 and only slightly above the 10-year average.

"With interest rates on the rise, and with 5-year fixed rates getting well out ahead of what the Bank of Canada is expected to do later this year, home sales have cooled sharply in recent months. Prices have also been halted in their tracks following a record-setting five months of growth between October 2021 and February 2022."


Highlights of CREA's report

  • National home sales fell by 8.6% on a month-over-month basis in May.
  • Actual (not seasonally adjusted) monthly activity came in 21.7% below the May record set in 2021.
  • The number of newly listed properties was up 4.5% month-over-month.
  • The MLS® Home Price Index (HPI) edged down 0.8% month-over-month but was still up 19.8% year-over-year.
  • The actual (not seasonally adjusted) national average sale price posted a 3.4% year-over-year gain in May.

Read the recently released national sales statistics for May of 2022.

Read also, the revised national housing forecast for 2022 and 2023.

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Royal LePage Vidorra


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