National residential sales dropped 8.6% in May 2022 from April, said the Canadian Real Estate Association (CREA), which also recorded a 0.8% decrease in the property price index. .
The average price of a property in May 2022 was $ 711,000. This is down more than 13% from the all-time high of $ 816,720 reached in February 2022. This data includes Greater Vancouver and Greater Toronto, the two most expensive markets in the country.
The slowdown in sales was part of a downward trend as the superheated real estate market hit an all-time high during the COVID-19 pandemic. L ‘AIT there was a reduction in real sales (not seasonally adjusted) of 21.7% compared to the record in May 2021.
Sales dropped in three-quarters of local markets, including some metropolitan areas, such as Greater Vancouver, Calgary, Edmonton, Greater Toronto and Ottawa, the statement read.AIT.
The selling price goes down, inflation continues
The MLS® Home Price Index (PPI) is down 0.8% monthly, but is still up 19.8% from last year.
While prices have stagnated in Metro Vancouver, they have risen on Vancouver Island, the association said.
On the other hand, Quebec, New Brunswick and Prince Edward Island continued to register noticeable gains.
The national average price is heavily influenced by sales in Greater Vancouver and Greater Toronto. If these two markets were not included in the May 2022 calculation, the national average price would have dropped by approximately $ 122,500.
L ‘AIT draws its data from 150,000 licensed real estate brokers and agents across Canada.
Source: Radio-Canada
