we have the latest snapshot for you now of the Canadian housing market the Canadian Real Estate Association says the number of new listings ticked up in May but National home sales are down from last May CBC Scott Peterson takes us through the numbers even the Canan Real Estate Association is calling these spring numbers for the month of May sleepy and uneventful non exactly Stellar terms from an organization that’s in the business of selling real estate but basically acknowledging that a lot of buyers are still shying away from entering this Market because of high interest rates let’s take a look at these numbers out from Korea just this morning as far as really a litus test as far as the health of the home industry across Canada sales first of all a real harbinger of where prices are going to go up 6% month over month for the month of May but still 6% below uh this time last year and and this is also these sales levels that we’re currently experiencing below long-term averages at the end of may17 5,000 homes were listed for sale in the MLS system that’s up 28% over this time last year also according to Korea that we are looking at the highest amount of inventory out there for unsold homes going back to the fall of 2019 meaning there’s more homes available for more buyers out there prices down 4% over this time last year so down a little bit more than they were in April the average home price now sliding to just under $700,000 across the country Calgary represents the strongest uh major market across the country with more people moving into Alberta and it’s clear that people are waiting for rate reductions that’s according to Korea as well and this uh monthly report for May does not include that rate reduction that we saw from the Bank of Canada in June and most economists are now saying that if not starting in June certainly the second half of this year we’ll start to see a more vigorous Market as people can see that there is a trend now from the Bank of Canada that interest rates are heading to the downside Scott Peterson CBC News Toronto
The Canadian Real Estate Association’s latest report Monday ‘sees another quiet month in May,’ adding that it saw the highest amount of housing inventory since fall 2019. CREA predicts the Bank of Canada’s recent rate drop will likely lead to an uptick in the months to come.
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