The Canadian Real Estate Association (CREA) recently released national sales statistics for May 2024.
While May was another relatively uneventful month for many Canadian housing markets with national month-over-month home sales edging slightly lower and new listings moving only a little higher, the Bank of Canada’s recentrate drop will likely lead to increased activity moving forward.
“May was another sleepy month for housing activity in Canada, although it may prove to be the last of those now that interest rates have moved lower,” said Shaun Cathcart, CREA’s Senior Economist. “The Bank of Canada’s June 5 rate cut may have only been 25 basis points, but the psychological effect for many who have been sitting on the sidelines was no doubt huge. The question now turns to further rate cuts – specifically, how fast, and how far?”
Highlights:
• National home sales edged back 0.6% month-over-month in May.
• Actual (not seasonally adjusted) monthly activity came in 5.9% below May 2023.
• The number of newly listed properties ticked up 0.5% month-over-month.
• The MLS® Home Price Index (HPI) dipped 0.2% month-over-month and was down 2.4% year-over-year.
• The actual (not seasonally adjusted) national average sale price posted a 4% year-over-year decrease in May.
Read the recently released national sales statistics for May of 2024.
Read also: CREA’s Residential Market Forecast.
I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com
Norm Fisher
Royal LePage Saskatoon Real Estate
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