June 14, 2019
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales climbed further in May 2019.
Highlights:
- National home sales rose 1.9% month-over-month (m-o-m) in May.
- Actual (not seasonally adjusted) activity was up 6.7% year-over-year (y-o-y).
- The number of newly listed homes edged back by 1.2% m-o-m.
- The MLS® Home Price Index (HPI) fell 0.2% m-o-m in May, the fifth straight decline.
- The actual (not seasonally adjusted) MLS® HPI stood 0.6% below May 2018.
- The actual (not seasonally adjusted) national average sale price was up 1.8% y-o-y.
Home sales recorded via Canadian MLS® Systems rose by 1.9% in May 2019. Together with monthly gains in March and April, activity in May reached the highest level since January 2018. While sales stood 8.9% above the six-year low reached in February 2019, this latest increase has only just returned levels to their historical average.
CREA Updates Resale Housing Market Forecast
Ottawa, ON, June 14, 2019 – 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 2019 and 2020.
Many of the economic fundamentals that support housing activity remain strong outside of the Prairies as well as Newfoundland and Labrador. Following the release of CREA’s previous forecast in March, population and employment growth has remained strong and the unemployment rate has fallen further. Additionally, the Bank of Canada is widely expected to not raise interest rates over the rest of the year.
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