Housing Market Statistics | May 2020
Canadian home sales and listings post record declines in April 2020
National Home Sales

Home sales recorded over Canadian MLS® Systems dropped by a record 56.8% in April 2020 compared to an already weakened March, with a majority of sellers and buyers having seemingly moved off to the sidelines during the COVID-19 lockdown.

Actual Activity

Actual (not seasonally adjusted) sales activity dropped by 57.6% on a y-o-y basis, marking the lowest April sales figure since 1984. Similar to the m-o-m changes above, declines in the biggest markets were clustered in the 55%-70% range.

“ Never in our recent history have we dealt with such widespread effects of a pandemic that limit everyone's day to day life and have forced all of us to pivot and adjust to our new reality. REALTORS® across the country continue to comply with all government directives and advice to keep their clients safe. "
~ Costa Poulopoulos, Chair of CREA
Newly Listed Homes

The number of newly listed homes declined by 55.7% in April compared to March. As with sales activity, declines were recorded across the country.

MLS® Price Index

The Aggregate Composite MLS® Home Price Index (MLS® HPI) declined by 0.6% in April 2020 compared to March, the first decline since last May.

National Average Sale Price

The actual (not seasonally adjusted) national average price for homes sold in March 2020 was just over $488,000, down 1.3% from the same month the previous year.

“ Like so many other parts of normal daily life, a lot of buying and selling activity in housing markets across Canada has been put on pause. That said, preliminary data for May suggest things may have already started to pick up a bit for both sales and new listings, in line with evidence that new and existing virtual technology tools have been adopted by REALTORS® and their clients. ”
~ Shaun Cathcart, CREA’s Senior Economist

The national average price is heavily influenced by sales in Greater Vancouver and the GTA, two of Canada’s most active and expensive housing markets. Excluding these two markets from calculations cuts almost $100,000 from the national average price, trimming it to less than $392,000.