The latest statistics from the Canadian Real Estate Association (CREA) indicate a relatively quiet month for the Canadian housing market in May 2024. Here are the key highlights:
- Home Sales: National home sales dipped slightly by 0.6% month-over-month in May 2024. This continues the trend of subdued market activity observed in recent months.
- Listings: The number of newly listed properties inched up by 0.5% from April to May 2024, indicating a modest increase in supply. However, the overall number of properties for sale is still below historical averages despite a 28.4% year-over-year increase in listings.
- Home Prices: The MLS® Home Price Index (HPI) dropped by 0.2% month-over-month and was down 2.4% year-over-year. The actual national average sale price in May 2024 was $699,117, representing a 4% year-over-year decrease.
- Market Balance: The sales-to-new listings ratio eased to 52.6% in May, suggesting a balanced market as this measure falls between 45% and 65%. There were 4.4 months of inventory on a national basis at the end of May, slightly up from 4.2 months at the end of April, indicating an increase in housing supply.
- Regional Variations: While prices remained stable across most of the country, regions such as Calgary, Edmonton, and Saskatoon saw steady price increases since the beginning of the year.
For more detailed information, you can visit CREA’s official statistics page.
