Housing Market Statistics | June 2022
Canadian home sales slow again in May
National Home Sales

Home sales recorded over Canadian MLS® Systems declined by 8.6% between April and May 2022. This built on a larger drop recorded in April, leaving monthly activity at pre-COVID levels recorded in the second half of 2019 and only slightly above the 10-year average.

Actual Activity

The actual (not seasonally adjusted) number of transactions in May 2022 came in 21.7% below the record for that month set last year. At a little over 50,000 units sold, the May 2022 sales figure was very close to the 10-year average for that month.

“ May picked up where April left off, with sales activity continuing to slow and softening prices in many parts of the country. Inventories are finally beginning to rebuild from record lows just a few months ago, although we still have major supply shortages almost everywhere. "
~ Jill Oudil, Chair of CREA
Newly Listed Homes

The number of newly listed homes climbed 4.5% on a month-over-month basis in May. The monthly increase was influenced by a jump in new supply in Montreal, while new listings in the GTA posted a small decline.

MLS® Price Index

The Aggregate Composite MLS® Home Price Index (HPI) edged down 0.8% on a month-over-month basis in May 2022 following a 1.1% decline in April. The national MLS® HPI Benchmark price was $822,900.

National Average Sale Price

The actual (not seasonally adjusted) national average home price was a little over $711,000 in May 2022, up 3.4% from the same month last year.

“ Ultimately this has been expected and forecast for some time – a slowdown to more normal levels of sales activity and a flattening out of prices. What is surprising is how fast we got here. ”
~ Shaun Cathcart, CREA’s Senior Economist

The actual (not seasonally adjusted) national average home price was a little over $711,000 in May 2022, up 3.4% from the same month last year. 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 the calculation in May 2022 cuts $122,500 from the national average price.