On May 15, 2024 CMHC issued a news release pertaining to the April housing starts.

According to the Canada Mortgage and Housing Corporation (CMHC), the total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada decreased by 1% in April 2024, reaching 240,229 units compared to March’s 242,267 units1. The six-month trend in housing starts also declined by 2.2%, from 243,907 units in March to 238,585 units in April. Notably, the year-over-year decrease was driven by lower multi-unit starts (down 11%), while single-detached starts increased by 3%1. In major cities, Toronto experienced a 38% decline, Vancouver fell by 30%, and Montreal decreased by 3% compared to April of the previous year1. CMHC’s Chief Economist, Bob Dugan, attributed the multi-unit volatility to last year’s challenging borrowing conditions, particularly in Ontario1. For more detailed data, you can explore CMHC’s Monthly Housing Starts and Other Construction Data2

The complete CMHC Newsrelease can be read here.

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.

May 6, 2024

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,456 units in April 2024. This was an increase of 8.9% from April 2023.

Home sales were 2% below the five-year average and 6.9% below the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 4,132 units over the first four months of the year — an increase of 11.5% from the same period in 2023.

“It’s a typical spring in Ottawa’s real estate market,” says OREB President Curtis Fillier. “What sets it apart from recent springs is a restored mutual confidence among both buyers and sellers. Buoyed by recent sales activity, sellers are more confident that they can move their property as evidenced by the uptick in listings. For buyers, the pressure of the pandemic market has eased and they’re comfortable taking the time to find the property that best suits their needs. The pace is still conservative while the economy is holding some back, but overall Ottawa’s market is strong and stable, and that’s a win-win.”

“The real story is in the details,” says Fillier. “Looking more closely at what’s selling and for how much suggests the demographic of buyer is changing. While most of Ottawa’s market is in balanced territory, townhomes have shifted to the seller’s market side as supply shrinks. Single-family homes are the most active market, which is inflating the average sale price. The next few months will be both telling and interesting as people continue to redefine their post-pandemic normal amid an upcoming federal election and back-to-work mandate for government workers. The detailed insights and data that REALTORS® have unique access to will be invaluable in helping buyers fine-tune their strategy for their specific neighbourhood and property type.”

By the Numbers – Prices: The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

• The overall MLS® HPI composite benchmark price was $643,700 in April 2024, a marginal gain of 1.6% from April 2023.
• The benchmark price for single-family homes was $727,700, up 1.6% on a year-over-year basis in April.
• By comparison, the benchmark price for a townhouse/row unit was $500,800, up slightly at 1% compared to a year earlier.
• The benchmark apartment price was $423,100, up 2.1% from year-ago levels.
• The average price of homes sold in April 2024 was $705,117 increasing 1.2% from April 2023. The more comprehensive year-to-date average price was $675,817, increasing by 2.4% from the first four months of 2023.
• The dollar volume of all home sales in April 2024 was $1.02 billion, up 10.2% from the same month in 2023.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory & New Listings

• The number of new listings saw an increase of 40.5% from April 2023. There were 2,597 new residential listings in April 2024. New listings were 19.7% above the five-year average and 4.6% above the 10-year average for the month of April.


• Active residential listings numbered 2,966 units on the market at the end of April 2024, a gain of 36.6% from April 2023. Active listings were 62.6% above the five-year average and 13.7% below the 10-year average for the month of April.


• Months of inventory numbered 2 at the end of April 2024, up only slightly from 1.6 in April 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.