Canadian Existing-Home Sales Hold Steady in March

On Thursday, the Canadian Real Estate Association (CREA) reported that existing-home sales recorded over Canadian MLS Systems held steady in March, slipping 0.1%. Year-over-year, sales were down 2.3%.

As of the end of March, 167,524 properties were listed for sale, up 1.0% from a year earlier and below the long-term average for this time of year. New listings fell 0.2% month-over-month. Overall supply has generally been declining since May of last year.

With supply and sales little changed, the national sales-to-new listings ratio remained at 47.8%. CREA noted that the long-term average is 54.8%, with readings between 45% and 65% generally consistent with balanced market conditions.

There were 5.0 months of inventory on a national basis at the end of March, unchanged from recent months and in line with the long-term average.

The non-seasonally adjusted average home price was CA$673,084 in March, down 0.8% from a year earlier. Prices were lower in British Columbia, Alberta, and Ontario, offsetting gains in other provinces.