Housing Market Statistics | June 2023
Canadian home sales continue to pick up steam in May
National Home Sales

Home sales recorded over Canadian MLS® Systems posted a 5.1% increase between April and May 2023, building on the double-digit jump in April and smaller gains in February and March.

Actual Activity

The actual (not seasonally adjusted) number of transactions came in 1.4% above the same time last year. While this was a small gain, it was notable in that it was the first national year-over-year sales increase in almost two years (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. 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. ”
~ Larry Cerqua, Chair of CREA
Newly Listed Homes

The number of newly listed homes was up 6.8% on a month-over-month basis in May; although, the bigger picture is that new supply is still running at historically low levels.

MLS® Price Index

The Aggregate Composite MLS® Home Price Index (HPI) climbed 2.1% on a month-over-month basis in May 2023 – a large increase for a single month and on the heels of a similar gain in April.

National Average Sale Price

The actual (not seasonally adjusted) national average home price was $729,000 in May 2023, up 3.2% from May 2022.

“ A rebound in housing activity this year was never really in doubt because we knew the demand was there – the only question was around timing and that was answered this spring. 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. ”
~ Shaun Cathcart, CREA’s Senior Economist

The actual (not seasonally adjusted) national average home price was $729,000 in May 2023, up 3.2% from May 2022. This was the first year-over-year gain in this measure in 12 months. The national average price has recovered by more than $116,000 since January 2023 owing in large part to outsized sales rebounds in the GTA and B.C. Lower Mainland. Excluding the GTA and Greater Vancouver from the calculation cuts almost $150,000 from the national average price.