Housing Market Statistics | May 2023
Demand continues to outpace supply as Canadian home sales jump in April
“ Over the last few months, there have been signs that housing markets were going to heat back up this year, so it wasn’t a surprise to see things take off after the Easter weekend, which often serves as the opener to the spring market. The issue going forward is not new: demand is once again returning at a scale that is outpacing supply. ”
~ Larry Cerqua, Chair of CREA
“ With interest rates at a top, and home prices at a bottom, it wasn’t all that surprising to see buyers jumping off the sidelines and back into the market in April. Supply, on the other hand, has been sluggish, hence the price gains from March to April seen all over the country. ”
~ Shaun Cathcart, CREA’s Senior Economist
The actual (not seasonally adjusted) national average home price was $716,000 in April 2023, down 3.9% from April 2022, but up $103,500 from January 2023, a gain owed to outsized sales rebounds in the GTA and B.C. Lower Mainland. Excluding the GTA and Greater Vancouver from the calculation cuts more than $144,000 from the national average price.