National Statistics

Canadian Home Sales Showing Signs of Stabilization in June

Ottawa, ON, July 14, 2023 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were up again on a month-over-month basis in May 2023.

Highlights:

• National home sales edged up 1.5% month-over-month in June.
• Actual (not seasonally adjusted) monthly activity came in 4.7% above June 2022.
• The number of newly listed properties rose 5.9% month-over-month.
• The MLS® Home Price Index (HPI) climbed 2% month-over-month but was still down 4.5% year-over-year.
• The actual (not seasonally adjusted) national average sale price posted a 6.7% year-over-year increase in June.
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MONTHLY HOUSING MARKET REPORT

CONSUMER CONFIDENCE

73% of Canadians
believe home ownership
is the best long-term
investment they can
make. This is up from
49% in 2021

% INTEREST RATES

45% of Canadians are
concerned that further
interest rate hikes will
impact their ability to
buy or sell a home!

OWNERSHIP IN CANADA

60% of Canadians said
they own their home.
17% don’t own but
expect to in the future.

$ AFFORDABILITY

64% of Canadians would
move for an affordable
home, but 50% wouldn’t
go farther than 100 km

ECONOMY

50% of Canadians said
taxes are their biggest
concern when buying a
home in the next 5 years.

ENVIRONMENT

57% of Canadians
believe climate
change/weather-related
events will impact where
they chose to live in the
next 5 years

NATIONAL AVEREAGE
PRICE EXPECTED TO
DECREASE 3.3%

The biggest price
declines are expected to
occur in Ontario and
Western Canada

55% OF REGIONS LIKELY
TO SHIFT TO BALANCE OR
BUYER’S MARKET

The trend has already
started to materialize
due to current economic
conditions

SALES EXPECTED TO
INCREASE IN 34% OF
MARKETS ANALYZED

This trend is more
prominent in Ontario,
where 11/21 regions
analyzed could see more
sales in 2023