- National home sales activity rose in April by 0.6%, month-over-month. This represents the second straight month of positive gains. However, on a year-over-year and a non-seasonally adjusted basis, sales are still down by 3.1%.
- Home prices increased by 1.3% versus a year ago. The average home price in Canada now rings in at roughly $380,600 on a non-seasonally adjusted basis.
- The aggregate MLS® home price measure tracks changes in prices but is less distorted by the composition of sales. By this measure, prices were up 2.2%, year-over-year. This pace matches what was recorded in March. It also equates to the slowest pace of acceleration in two years. Among the property type classes, price growth remained strongest for one-storey single family homes (+3.1%) and two-storey single family homes (+2.6%), year-over-year.
- The sales-to-new listings ratio came in at 50.4% in April, roughly the same as the last few monthly readings. This reading is indicative of a Canadian housing market firmly entrenched in balanced territory. According to the Canadian Real Estate Association, it would take 6.6 months to deplete the number of unsold homes – a count that has not materially changed over the past nine months.
- Sales improved in more than half of all local markets in the month, led by gains in Greater Toronto, Winnipeg and Calgary. However, listings were down in about half of all markets including Montréal, much of rural Québec, Ottawa, and Vancouver.
Extracted from TD Economics
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