Market Update – June 2014

Market Update
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Canadian Residential Sales Activity for May 2014. Chart created by the Canadian Real Estate Association

National Home Sales Way Up in May

The latest statistics released by the Canadian Real Estate Association (CREA) this past week confirm what I and many Real Estate agents like myself experienced in May- sales activity was WAY up.

After an incredibly bleak winter that had most people hunkered down in their homes dreaming of the day they could put the snow shovel away and with a much delayed start to the annual “spring market” as a result, we finally saw much of the pent up demand released in May.

Highlights from CREA’s National Report include:

  • National home sales rose 5.9% from April to May.
  • Actual (not seasonally adjusted) activity stood 4.8% above May 2013 levels.
  • The number of newly listed homes climbed 3.8% from April to May.
  • The Canadian housing market remains in balanced territory.
  • The national average sale price rose 7.1% on a year-over-year basis in May.
  • The MLS® Home Price Index (HPI) rose 5.0% year-over-year in May.

To read CREA’s full report click here.

Local Market Activity

On a more local note the Realtors Association of Hamilton-Burlington noted that Seasonally adjusted sales of residential properties were 8.1 per cent higher than the same month last year.

Spring weather may have taken its time in arriving, but the spring real estate market certainly took off in May. We didn’t just trip over the record set in 2009; we beat it by 3.5 per cent. – RAHB CEO Ross Godsoe.

Read the full story on RAHB’s website

Market Activity in Selected RAHB Markets May 2014

Market Activity in Selected RAHB Markets – May 2014. Chart provided by Realtors Association of Hamilton Burlington

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Topics: CREA | RAHB
Originally published on June 18, 2014

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Written by Brandon Buller

Husband. Dad. Award-winning Real Estate Broker and Luxury Property Specialist with the Buller Real Estate Group at Keller Williams Edge Realty based in Burlington, Ontario, Canada.