Canadian homes sales grow for two consecutive months for the first time in a year: CREA

Canadian homes sales grow for two consecutive months for the first time in a year: CREA

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

"Home sales recorded over Canadian MLS® Systems posted a 1.4% increase from February to March 2023. The small rise built on an increase of the same size in February, marking the first back-to-back monthly gains in more than a year. 

“As the spring market heats up and it looks as though some buyers are coming off the sidelines, it’s important to remember that the
intense market conditions of recent years have not gone anywhere, they’ve just been on pause,” said Jill Oudil, Chair of CREA. “With buyers re-entering a market with historically low supply, homes are not only selling but selling faster. If you’re looking for information and guidance about how to buy or sell a property in this rapidly changing market, contact a REALTOR® in your area,” continued Oudil.

“The 2023 spring housing market is getting going after a tough 2022, and the green shoots continued to pile up in March,” said Shaun Cathcart, CREA’s Senior Economist. “Sales are trending up, markets have tightened considerably, the Bank of Canada is on hold, and the MLS® Home Price Index is stabilizing across the country. That said, the supply issue is still with us. New listings are at 20-year lows.” 

Highlights of this report:

•              National home sales rose 1.4% month-over-month in March.

•              Actual (not seasonally adjusted) monthly activity came in 34.4% below March 2022.

•              The number of newly listed properties dropped a further 5.8% month-over-month.

•              The MLS® Home Price Index (HPI) edged up 0.2% month-over-month but was down 15.5% year-over-year.

•              The actual (not seasonally adjusted) national average sale price posted a 13.7% year-over-year decline in March.

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

Read also CREA's Updated Housing Market Forecast for 2023.

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Royal LePage Vidorra


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