Canadian home sales slow again in May
Ottawa, ON, June 15, 2022 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were down in May 2022.
- National home sales fell by 8.6% on a month-over-month basis in May.
- Actual (not seasonally adjusted) monthly activity came in 21.7% below the May record set in 2021.
- The number of newly listed properties was up 4.5% month-over-month.
- The MLS® Home Price Index (HPI) edged down 0.8% month-over-month but was still up 19.8% year-over-year.
- The actual (not seasonally adjusted) national average sale price posted a 3.4% year-over-year gain in May.
Home sales recorded over Canadian MLS® Systems declined by 8.6% between April and May 2022. This built on a larger drop recorded in April, leaving monthly activity at pre-COVID levels recorded in the second half of 2019 and only slightly above the 10-year average.
Access the May 2022 stats PDF.
CREA Updates Resale Housing Market Forecast
Ottawa, ON June 15, 2022 – 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 2022 and 2023.
With interest rates on the rise, and with 5-year fixed rates getting well out ahead of what the Bank of Canada is expected to do later this year, home sales have cooled sharply in recent months. Prices have also been halted in their tracks following a record setting five months of growth between October 2021 and February 2022.
Access the June 2022 forecast PDF.
One thought on “May 2022 CREA statistics and Quarterly forecast”
I would like to know that due to the decrease on home sales the prices of houses will decline and are we looking at a major correction in the market