Metropolitan Resale Snapshot: May 2022
The Conference Board of Canada
June 28, 2022
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.