Canadian home sales up in May

Ottawa, ON, June 16, 2014 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity posted a sizeable month-over-month increase in May 2014.

Highlights:

  • National home sales rose 5.9% from April to May.
  • Actual (not seasonally adjusted) activity stood 4.8% above May 2013 levels.
  • The number of newly listed homes climbed 3.8% from April to May.
  • The Canadian housing market remains in balanced territory.
  • The national average sale price rose 7.1% on a year-over-year basis in May.
  • The MLS® Home Price Index (HPI) rose 5.0% year-over-year in May.

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations rose 5.9 per cent from April to May 2014. This marks the largest month-over-month increase in nearly four years.

Ottawa, ON, June 16, 2014 – 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 2014 and 2015.

Extraordinarily bleak winter weather made for a slow start to 2014 national sales activity. As the first quarter ended, sales momentum heading into spring was constrained by a continuing shortage of listings in a number of local markets. The rise in newly listed properties in April and May supported an increase in sales activity.

The deferral of sales and listings reflects a delayed start to the spring home buying season, with combined sales for the period from March to May coming in largely as anticipated and at average levels. These deferrals are now likely to have been largely depleted, which suggests that the strength of sales momentum heading into the summer may be transient

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