Canadian home sales continue to rise in March as markets tighten
Ottawa, ON, April 14, 2023 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were up on a month-over-month basis in March 2023.
- National home sales rose 1.4% month-over-month in March.
- Actual (not seasonally adjusted) monthly activity came in 34.4% below March 2022.
- The number of newly listed properties dropped a further 5.8% month-over-month.
- The MLS® Home Price Index (HPI) edged up 0.2% month-over-month but was down 15.5% year-over-year.
- The actual (not seasonally adjusted) national average sale price posted a 13.7% year-over-year decline in March.
Home sales recorded over Canadian MLS® Systems posted a 1.4% increase from February to March 2023. The small rise built on an increase of the same size in February, marking the first back-to-back monthly gains in more than a year. A standout in March was a big bounce in sales in B.C.’s Fraser Valley.
Access the March 2023 stats PDF.
CREA Updates Resale Housing Market Forecast
Ottawa, ON April 14, 2023 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity and average home prices via Multiple Listing Service® (MLS®) Systems of Canadian real estate boards and associations for 2023 and 2024.
National home sales have remained little changed from month to month since the summer of 2022 and, in fact, posted modest back-to-back monthly gains in February and March 2023. With nearly a year without any large declines, the downward adjustment to sales activity from rising interest rates and high uncertainty looks to be in the rear-view mirror.
Access the April 2023 forecast PDF.