As of May 15, 2024, the Canadian Real Estate Association (CREA) reported significant activity in the Canadian housing market. National home sales surged by 11.3% month-over-month in April, continuing a trend of increased sales seen in previous months. Despite this surge, the actual number of transactions in April was 19.5% below April 2022 levels. The number of newly listed homes edged up by 1.6%, but new supply remains at a 20-year low, resulting in a sales-to-new listings ratio of 70.2%, well above the long-term average of 55.1%.
Home prices are also showing signs of recovery. The Aggregate Composite MLS® Home Price Index (HPI) climbed 1.6% from March to April, although it remains 12.3% below year-ago levels. The national average home price in April 2024 was $716,000, up $103,500 from January 2023, with significant gains seen in the Greater Toronto Area (GTA) and B.C. Lower Mainland.
The CREA attributes this market activity to pent-up demand, despite high interest rates, and notes that while new supply is gradually increasing, it remains insufficient to meet the strong demand.
Details on the CREA website.
