Canadian home sales firmed in May but 2013 is still expected to be a slower year than last year or next year, the Canadian Real Estate Association said today.

Home sales were up 3.6 percent from April to May on a seasonally adjusted basis, but down 2.6 percent from a year ago, CREA said. About 60 percent of markets saw a decline in transactions from a year ago.

The increase — the largest monthly gain in nearly two and a half years — was the first “noteworthy” increase in the last nine months, CREA said, bringing sales back nearly to where they were last summer when new mortgage rules came into effect.

The number of newly listed homes was up 1.9 percent from April to May, with about two-thirds of local markets seeing annual gains.

Nationally, there were 6.4 months of inventory at the end of May, down from 6.6 months at the end of April.

The actual national average price for homes sold in April was $388,910, up 3.7 percent from a year ago.

In updating its 2013-2014 forecast, CREA said sales of existing homes are expected to total 443,400 in 2013, down 2.5 percent from 2012. That’s an upward revision from the previous forecast, which estimated sales would be down 2.9 percent this year.

CREA expects sales will grow by 4.7 percent next year, to a total of 464,300 units, slightly below the 10-year average.


Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription