Canadian Existing-Home Sales Decline Month-Over-Month in April, but Listings Increase

On Wednesday, the Canadian Real Estate Association (CREA) reported that home sales recorded over Canadian MLS® Systems declined 1.7% between March and April, coming in a little below the 10-year average.

The actual, not seasonally adjusted, number of transactions was up 10.1% year-over-year; however, a significant part of that gain likely reflected the timing of the Easter long weekend.

With sales down and new listings up in April, the national sales-to-new listing ratio eased to 53.4%. The long-term average for the national sales-to-new listings ratio is 55%. A sales-to-new listings ratio between 45% and 65% is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets, respectively, CREA said.

There were 4.2 months of inventory on a national basis at the end of April, up from 3.9 months at the end of March and the highest level since the onset of the pandemic. The long-term average is about 5 months of inventory.

The National Composite MLS® Home Price Index (HPI) was unchanged from March to April, marking the third consecutive month of mostly stable prices. The actual, not seasonally adjusted, national average home price was $703,446, down 1.8% year-over-year.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.