MAY 2024 CREA Statistics and Quarterly Forecast
Housing Activity Sees Another Quiet Month
Canadian Housing Activity Sees Another Quiet Month in May
While May was another relatively uneventful month for many Canadian housing markets with national month-over-month home sales edging slightly lower and new listings moving only a little higher, the Bank of Canada’s recent rate drop will likely lead to increased activity moving forward.
“May was another sleepy month for housing activity in Canada, although it may prove to be the last of those now that interest rates have moved lower,” said Shaun Cathcart, CREA’s Senior Economist. “The Bank of Canada’s June 5 rate cut may have only been 25 basis points, but the psychological effect for many who have been sitting on the sidelines was no doubt huge. The question now turns to further rate cuts – specifically, how fast, and how far?”
Home sales activity recorded over Canadian MLS® Systems dipped 0.6% between April and May 2024, remaining a little below the average of the last 10 years. Home prices are also largely sliding sideways.
Access the May 2024 stats PDF.