Statistics released by the Canadian Real Estate Association (CREA) show national home sales were down in May 2022.

• National home sales fell by 8.6% on a month-over-month basis in May.
• Actual (not seasonally adjusted) monthly activity came in 21.7% below the May record set in 2021.
• The number of newly listed properties was up 4.5% month-over-month.
• The MLS® Home Price Index (HPI) edged down 0.8% month-over-month but was still up 19.8% year-over-year.
• The actual (not seasonally adjusted) national average sale price posted a 3.4% year-over-year gain in May.

Home sales recorded over Canadian MLS® Systems declined by 8.6% between April and May 2022. This built on a larger drop recorded in April, leaving monthly activity at pre-COVID levels recorded in the second half of 2019 and only slightly above the 10-year average.

Sales were down in three-quarters of all local markets, led by a number of larger census metropolitan areas (CMAs) including those in the Lower Mainland, Calgary, Edmonton, the Greater Toronto Area (GTA) and Ottawa.

The actual (not seasonally adjusted) number of transactions in May 2022 came in 21.7% below the record for that month set last year. At a little over 50,000 units sold, the May 2022 sales figure was very close to the 10-year average for that month.

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