Despite elevated interest rates and diminished purchasing power, home sales in the majority of Canadian markets continued to rally in May. CREA_ACI | realestate realestatenews homesales
, actual monthly activity ended up 1.4% above transactions recorded in May of 2022, marking the first national year-over-year sales increase since June 2021.
“The rebound has been evident for a number of months at this point, but May really drove the point home with year-over-year comparisons for both national sales activity and national average home price back in positive territory,” said Larry Cerqua, Chair of CREA. “That being said, the degree to which a recovery will be able to play out on the sales side as opposed to the price side will come down to supply, which remains quite low.
“The 2023 housing puzzle piece that was less obvious was the reluctance of existing owners to take advantage of a slower market to make a move because they don’t want to mess with the ultra-low fixed rates they locked in during the COVID-19 pandemic. Without existing owners supplying the market with new listings, this housing demand rebound may play out more acutely than might have been expected on the price side this year.
CREA’s Thursday report also reveals that there were 3.1 months of inventory on a national basis at the end of last month, and that figure was below the 3.3 months recorded in April and down over a full month from the most recent peak observed in January. The long-term average for this metric is roughly five months.
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