May was a record month for Canadian real estate:
Canadian existing-home sales via the Multiple Listing Service surged to a new high in May, according to statistics released today by The Canadian Real Estate Association.
Actual (unadjusted) sales activity totaled 54,184 units last month — the highest activity level for any month on record — and is an increase of 5.5 percent compared to the previous record set in May 2005. Seasonally adjusted sales activity posted a monthly increase of 2.9 percent due mainly to higher sales in Ontario and British Columbia. Transactions reached their highest monthly level on record in New Brunswick, and set a record for the month of May on a national basis and in Alberta, Saskatchewan, Quebec, Nova Scotia and Prince Edward Island.
Actual (unadjusted) new listings also reached the highest level for any month on record in May. New listings totaled 84,896 units last month, up 7.2 percent from a year ago, and are up 6 percent from the previous peak reached in March 2006. Seasonally adjusted MLS residential new listings numbered 65,884 units in May, up 1.3 percent from April, and are at the highest monthly level in more than 15 years.
May was also the fifth consecutive month in which year-over-year price growth exceeded 10 percent.
“Demand for resale homes continues to run high, despite rising interest rates and home prices,” Klump added. “This shows how additional full-time job growth, rising incomes and resilient consumer confidence are working together to keep resale housing activity buoyant. Listings are on the rise in many markets, which should help the market to become more balanced and rein in price gains in the second half of the year.”
June has seen even more single family listings come onto the housing market (1380 vs 1263 a month ago),with sales slowing slightly. This is definately causing a cooldown in our housing market.