The monthly Metropolitan resale snapshot provides an overview of the existing home market and expectations for existing home price growth over the short term for 30 areas.

• National sales of existing homes fell nearly 9 per cent in May, the third straight monthly decline, and were down 25 per cent from May 2021. Even with the dip, transactions were near the 10-year average of seasonally adjusted monthly sales. Still, a 5 per cent listings rise slackened the national market and contributed to a 3.8 per cent drop in Canada’s average resale price, the third straight monthly decline. Sharply rising interest rates and nervous consumers are behind the market slowdown, which is mild—for now.
• Canadian sales declines were widespread, while listings were frequently higher. Sales fell in 22 of our 30 markets during May, with 16 areas suffering monthly declines exceeding 5 per cent and 27 areas seeing volumes below year-earlier levels. Listings rose from April in 24 jurisdictions and were above year-earlier volumes in 21 markets. Most markets slackened last month, with the sales-to-listing ratio down in 26 areas. We count 22 markets in balanced territory and seven areas still in a sellers’ state. Toronto is our only buyers’ market. Price growth is clearly slowing; only nine markets saw at least 20 per cent year-over-year price growth, far fewer than earlier this year.
• Sales fell in Toronto, Calgary, and Vancouver during May but rose in Montréal. Vancouver and Calgary saw double-digit declines, while Toronto’s drop was about 9 per cent. Montréal transactions rose 2 per cent. Sales are historically mixed; Calgary’s sales remain well above their 10-year average, and Montréal’s were also high by this measure, but volumes in Toronto and Vancouver are significantly below it.