According to the Canadian Real Estate Association (CREA), Canada’s real estate market saw a continued decline in home sales and prices in May while listings increased. Sales dropped 5.9% compared to May 2023 and 0.6% from April, with the national average home price falling 4% year-over-year to $699,117, although it edged up 1% from April. CREA’s benchmark price decreased by 2.4% annually and 0.2% month-over-month. New listings rose by 13.5% compared to last year and 0.5% from April.
The market varied regionally, with sales down significantly in Greater Vancouver (19.8%) and Greater Toronto (22.2%) but up in Edmonton (19.7%) and Winnipeg (14%). Regionally, prices have mostly stabilized, except in Calgary, Edmonton, and Saskatoon, where they have been rising since early 2023. The national sales-to-new listings ratio eased to 52.6% in May, indicating a balanced market. Inventory levels increased to 4.4 months, the highest since fall 2019.
Overall, May saw slight declines in sales and prices, but the recent rate cut is likely to drive a more active market in the coming months.
