A cross-Canada glimpse at Canada’s housing performance.
Nationally, home sales fell 6.2% in May, which marked the largest month-to-month decline in nearly five years.
We take a look at province-by-province performance.
Prices showed some evidence of rebounding, increasing 4.2% year-over-year to $752,514 last month.
Sales, however, were down 7.8% with a total of 12,403 homes sold.
“In British Columbia, activity is showing early signs of recovering from last year’s correction in some areas of the province,” CREA said in its updated Resale Housing Market Forecast. “This suggests home buying sentiment may be starting to improve.”
The oil-dependent province continues to show evidence that it has left the worst of the oil downturn in its rearview mirror. Prices continue to hold steady (+1.3% y/y) at $412,382.
Sales were up 9.1%, though, with a total of 6,251 homes sold.
“Alberta has firmed up compared to the low reached in early 2016 and the balance between supply and demand in the province has been tightening,” CREA said.
The average home sold for $302,720 (+2.7% y/y) last month on a total of 1,224 sales (-7.9% y/y).
Sales and prices were up in all of Manitoba’s major markets, led by Thompson which saw its prices jump 17% ($224,100) and sales increase by 75%.
The most drastic sales decline occurred in the Greater Toronto Area, where the market experienced a 25.3% month-over-month drop.
Activity was also down “significantly” in surrounding areas, including; Oakville, Hamilton, and Barrie.
“Recent changes to housing policy in Ontario have quickly caused sales and listings to become more balanced in the GTA,” said CREA President Andrew Peck. “Meanwhile, the balance between supply and demand in Vancouver is tightening up, while many places elsewhere in Canada remain amply supplied.”
Quebec saw its sales jump 13.4% year-over-year and the average price increase 5% to $299,542.
A tale of balanced markets prevails in Eastern Canada.
“To varying degrees, housing markets in … New Brunswick, Nova Scotia
and Prince Edward Island had a breakout year in 2016, with rising sales drawing down previously elevated levels of supply,” CREA said. “So far this year, more balanced market conditions have remained in all of these regions.”