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Home sales up 3.6% in May after ‘delayed' start to peak season: CREA
Home sales up 3.6% in May after ‘delayed' start to peak season: CREA

Global News

time16-06-2025

  • Business
  • Global News

Home sales up 3.6% in May after ‘delayed' start to peak season: CREA

Worries about tariffs and the trade war may have been weighing on the minds of potential home buyers and sellers, but the month of May showed some upward momentum, which could signal that the housing market is starting to warm up as summer officially approaches. 'May 2025 not only saw home sales move higher at the national level for the first time in more than six months, but prices at the national level also stopped falling,' said Shaun Cathcart, senior economist at the Canadian Real Estate Association (CREA). 'There is a sense that maybe the expected turnaround in housing activity this year was just delayed for a few months by the initial tariff chaos and uncertainty.' According to the latest report from the Canadian Real Estate Association, national home sales in May were up 3.6 per cent compared to April of this year, and the number of new properties added to the market increased by 3.1 per cent in the same period. Story continues below advertisement 1:36 Uncertainty in B.C. real estate market sees lowest home sales in a decade The CREA also highlighted that the increase last month was led by more activity in hot markets like the Greater Toronto Area, Calgary and Ottawa. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy This still represents a cooler market than the same time in 2024, and that's mainly because of uncertainty about the economy due to the trade war and other factors weighing on buyers and sellers. The national average sale price in May was 1.8 per cent lower than last year. When adjusting for seasonal factors, the Home Price Index was relatively unchanged in May compared to April of this year. Potential buyers may have been waiting on the sidelines for concerns about the trade war to settle, as well as to see how interest rates might be affected. As the Bank of Canada continues with its 'wait and see' approach in determining whether to make any changes to borrowing costs, which have a direct effect on mortgage costs, buyers who had been waiting for rates to decrease further may have been putting down offers on homes in May. Story continues below advertisement Although this is a promising sign for the housing market, the CREA findings are mostly based on national averages, and it's important to consider individual needs and preferences. 'Overall (there were) more sellers and buyers (in May) compared to April … it seems like this may carry over into June as well,' said CREA chair Valérie Paquin. 'If you're looking to buy or sell a property heading into the second half 2025, you'll need to understand how national trends are — or are not — playing out locally.'

Declines in Canadian Home Sales Take a Pause in April Despite Ongoing Tariff Pressures
Declines in Canadian Home Sales Take a Pause in April Despite Ongoing Tariff Pressures

Hamilton Spectator

time15-05-2025

  • Business
  • Hamilton Spectator

Declines in Canadian Home Sales Take a Pause in April Despite Ongoing Tariff Pressures

OTTAWA, Ontario, May 15, 2025 (GLOBE NEWSWIRE) — The number of sales recorded over Canadian MLS® Systems was unchanged (-0.1%) between March and April 2025, marking a pause in the trend of declining activity since the beginning of the year. Demand is currently hovering around levels seen during the second half of 2022, and the first and third quarters of 2023. 'At this point, the 2025 Canadian housing story would best be described as a return to the quiet markets we've experienced since 2022, with tariff uncertainty taking the place of high interest rates in keeping buyers on the sidelines,' said Shaun Cathcart, CREA's Senior Economist. 'Given the increasing potential for a rough economic patch ahead, the risk going forward will be if an average number of people trying to sell their homes turns into a large number of people who have to sell their homes, and that's something we have not seen in decades.' April Highlights: New supply declined by 1% month-over-month in April. Combined with flat sales, the national sales-to-new listings ratio climbed to 46.8% compared to 46.4% in March. The long-term average for the national sales-to-new listings ratio is 54.9%, with readings between 45% and 65% generally consistent with balanced housing market conditions. There were 183,000 properties listed for sale on all Canadian MLS® Systems at the end of April 2025, up 14.3% from a year earlier but still below the long-term average for that time of the year of around 201,000 listings. 'The number of homes for sale across Canada has almost returned to normal, but that is the result of higher inventories in B.C. and Ontario, and tight inventories everywhere else,' said Valérie Paquin, CREA Chair. 'If you're looking to buy or sell a property in 2025, you'll need to understand your local market, so contact a REALTOR® in your area today.' There were 5.1 months of inventory on a national basis at the end of April 2025, in line with the long-term average of five months of inventory. Based on one standard deviation above and below that long-term average, a seller's market would be below 3.6 months and a buyer's market would be above 6.4 months. The National Composite MLS® Home Price Index (HPI) declined by 1.2% from March to April 2025. The non-seasonally adjusted National Composite MLS® HPI was down 3.6% compared to March 2024. The non-seasonally adjusted national average home price was $679,866 in April 2025, down 3.9% from April 2024. The next CREA statistics package will be published on Monday, June 16, 2025. PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month. CREA cautions that average price information can be useful in establishing trends over time but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types. MLS® Systems are co-operative marketing systems used only by Canada's real estate boards to ensure maximum exposure of properties listed for sale. The Canadian Real Estate Association (CREA) is one of Canada's largest single-industry associations, representing more than 160,000 REALTORS® through 63 real estate boards and associations. Further information can be found at . For more information, please contact: Pierre Leduc, Media Relations The Canadian Real Estate Association Tel.: 613-237-7111 or 613-884-1460 E-mail: pleduc@ A photo accompanying this announcement is available at

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