Resale housing activity softens

Canadian Home Sales Activity Moderates in May

OTTAWA – June 15, 2012 – According to statistics1 released today by The Canadian Real Estate Association (CREA), national resale housing activity softened in May 2012 compared to April. 

Highlights:

  • Home sales down 3.1% from April to May.
  • Actual (not seasonally adjusted) up 9% from levels in May 2011.
  • The year-over-year increase continues to reflect the slowdown in sales a year ago following changes to mortgage rules that came into effect in March 2011.
  • The number of newly listed homes edged up 0.3% from April to May.
  • Easing sales activity and a small uptick in new listings resulted in a more balanced national housing market.
  • The national average home price edged down 0.3% on a year-over-year basis in May.

Sales over MLS® Systems of real estate Boards and Associations in Canada declined by 3.1 per cent in May compared to April 2012. Having posted the first monthly decline since January, activity ran only slightly above the five- and ten-year averages for May.

CREA Updates Resale Housing Forecast

OTTAWA – June 15, 2012 – 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 for  2012 and 2013.

CREA’s previous forecast predicted generally stable resale housing activity in 2012, with growth in Alberta and Saskatchewan offsetting slight sales declines in British Columbia and Ontario. The revised forecast reflects a stronger than expected acceleration of sales activity in Alberta and Saskatchewan, a slightly faster than anticipated slowdown in British Columbia, and continued buoyancy in Ontario sales activity—specifically the Greater Toronto market.