Canadian home sales drop sharply in May
According to statistics1 released today by The Canadian Real Estate Association (CREA), national home sales
posted a sizeable decline in May 2017.
- National home sales dropped 6.2% from April to May.
- Actual (not seasonally adjusted) activity in May stood 1.6% below last May’s level.
- The number of newly listed homes edged up 0.3% from April to May.
- The MLS Home Price Index (HPI) was up 17.9% year-over-year (y-o-y) in May 2017.
- The national average sale price advanced by 4.3% y-o-y in May.
The number of homes sold via Canadian
MLS Systems fell by 6.2% in May 2017
compared to April. The month-over-month
(m-o-m) percentage decline was the largest
since August 2012. (Chart A)
While May sales were down from the
previous month in about half of all local
markets, the sizeable national decline
largely reflects a 25.3% m-o-m drop in
the Greater Toronto Area (GTA). Activity
was also down significantly from the
previous month among other housing
markets across the Greater Golden
Horseshoe region, including Oakville-
Milton, Hamilton-Burlington and Barrie. By
contrast, activity rose to multi-year highs in
Montreal and Quebec City.
Actual (not seasonally adjusted) activity was down 1.6% on a year-over-year basis in May, with year-over-year
(y-o-y) gains in about 60% of all local housing markets offset by the sharp drop in the GTA ( 20.8% y-o-y).
Calgary, Edmonton, Ottawa and Montreal were among a number of urban centres where May sales surpassed