Canadian home sales drop in May following April’s record
Ottawa, ON, June 15, 2016 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales dropped in May 2016 after having set an all-time monthly record in April.
- National home sales dropped 2.8% from April to May.
- Actual (not seasonally adjusted) activity was up 9.6% compared to May 2015.
- The number of newly listed homes fell 3.2% from April to May.
- The MLS® Home Price Index (HPI) rose 12.5% year-over-year in May.
- The national average sale price climbed 13.2% in May from one year ago; net of Greater Toronto and Greater Vancouver, it advanced 9.1% year-over-year.
The number of homes trading hands via Canadian MLS® Systems fell by 2.8 percent month-over-month in May 2016 after having broken all previous monthly sales records in April.
CREA Updates Resale Housing Forecast
Ottawa, ON, June 15, 2016 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations in 2016 and 2017.
Canadian resale housing market trends that defined 2015 have intensified. National sales activity and average prices reached new heights in the first half of 2016 amid a growing supply shortage of single family homes in British Columbia and Ontario, particularly in B.C.’s Lower Mainland as well as in and around the Greater Toronto Area (GTA).
Price gains in these regions stand in contrast to declines in provinces where economic and housing market prospects are closely tied to the outlook for the oil patch and other natural resource industries. Elsewhere, home prices are growing modestly, such as in Ottawa or Montreal.