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Housing Sales Increased in May

Housing Sales Increased in May

graph showing housing sales increase in may

The trend in Canadian housing sales increased in May 2017 to 214,621 units, compared to 213,435 units in April 2017, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing sales.

“Housing sales increased in May in Canada’s urban areas”, said Bob Dugan, CMHC’s Chief Economist. “Row and apartment units led the upward move, while construction has slowed for pricier single- and semi-detached houses.”

While more homes were listed in May, it continues to be a seller’s market in Waterloo region and across the Greater Golden Horseshoe (GGH) as inventories remain tight at near or less than one month of inventory.

Addressing the Fair Housing Plan that was announced by the Ontario government in April, the president of the KWAR notes that it is still too soon to know if the measures will have the intended cooling effect on the market. “For now, home sales are still booming, and prices are going strong. While we continued to see big year-over year price gains in May, the overall residential average price did dip 3 per cent compared to April.” One month does not make a trend Craig concedes, but the spike in listings last month may have contributed to the flatter prices.

Monthly highlights

Toronto

In Toronto, total housing sales trended lower largely as a result of a decrease in single-detached and row units. May marks the first month that single-detached sales have bucked their upward trend since September 2016. This coincides with a noticeable increase in new home listings in the resale market, providing added choice to homebuyers, causing less demand to spill over into the new home market.

Kitchener-Cambridge-Waterloo

The trend of housing sales increased in Kitchener-Cambridge-Waterloo (KCW) in May by 8.2% compared to 6% last month due to stronger sales for all types of housing. This is the second consecutive month unit sales have hit an all-time high. Semi-detached and townhouse sales are higher this year, up by 39.1% and 22.8%, respectively. Demand for these housing types has been strong in the past few months due to the tight resale market and the influx of GTA households looking to purchase a more affordable home. New single-detached prices in KCW are approximately half of the cost of the same type of dwelling in Toronto.

“With the persistent buyer demand we’ve been experiencing these past several months, it was great to see that spike in residential listings enter the market in May, as we’ve had a severe shortage of inventory,” says James Craig, President of the KWAR.

In Kitchener Waterloo Specifically

REALTORS® listed 1,271 residential properties in K-W, a 38.6% increase compared to May of 2016, and a 29% increase compared to April. It’s the first time in two years that the number of new listings put on the market has exceeded the 1,000 unit mark. The five-year average for new listings in May is 989.

The average sales price of all residential sales increased 31% to $496,664 compared to May 2016. Detached homes sold for an average price of $594,047 an increase of 35.3%, while the average sale price for an apartment style condominium was $293,158, an increase of 25.8%. Townhomes and semis sold for an average of $361,198 (up 30%) and $383,819 (up 29.3%) respectively.

Ongoing demand for homes in Waterloo region has resulted in a shorter sales cycle. The average days on market in May was 12, compared to 24 days a year ago. On a month-to-month basis, it took two additional days on average from list to sale date in May compared to April.

 

 

graph showing housing sales increased in may

Preliminary Housing Start Data in Centres 10,000 Population and Over
Single-Detached All Others Total
May 2016 May 2017 % May 2016 May 2017 % May 2016 May 2017 %
Provinces (10,000+)
N.-L. 99 52 -47 26 16 -38 125 68 -46
P.E.I. 26 39 50 53 18 -66 79 57 -28
N.S. 110 120 9 223 207 -7 333 327 -2
N.B. 86 64 -26 113 100 -12 199 164 -18
Atlantic 321 275 -14 415 341 -18 736 616 -16
Qc 757 674 -11 2,824 2,424 -14 3,581 3,098 -13
Ont. 2,644 2,151 -19 3,765 2,765 -27 6,409 4,916 -23
Man. 170 257 51 246 568 131 416 825 98
Sask. 189 179 -5 65 222 242 254 401 58
Alta. 749 1,095 46 948 1,485 57 1,697 2,580 52
Prairies 1,108 1,531 38 1,259 2,275 81 2,367 3,806 61
B.C. 961 1,049 9 2,001 2,889 44 2,962 3,938 33
Canada (10,000+) 5,791 5,680 -2 10,264 10,694 4 16,055 16,374 2
Metropolitan Areas
Abbotsford-Mission 49 46 -6 60 89 48 109 135 24
Barrie 96 137 43 46 75 63 142 212 49
Belleville ** 53 ## ** 22 ## ** 75 ##
Brantford 43 35 -19 2 68 ## 45 103 129
Calgary 243 369 52 405 588 45 648 957 48
Edmonton 328 487 48 487 803 65 815 1,290 58
Greater Sudbury 10 18 80 10 0 -100 20 18 -10
Guelph 15 29 93 213 21 -90 228 50 -78
Halifax 57 69 21 189 181 -4 246 250 2
Hamilton 112 34 -70 126 127 1 238 161 -32
Kelowna 64 91 42 155 375 142 219 466 113
Kingston 28 31 11 5 17 240 33 48 45
Kitchener-Cambridge-Waterloo 162 111 -31 104 184 77 266 295 11
Lethbridge ** 43 ## ** 14 ## ** 57 ##
London 147 140 -5 387 95 -75 534 235 -56
Moncton 41 30 -27 22 90 309 63 120 90
Montréal 277 294 6 1,726 1,571 -9 2,003 1,865 -7
Oshawa 126 69 -45 90 20 -78 216 89 -59
Ottawa-Gatineau 254 220 -13 441 522 18 695 742 7
Gatineau 18 34 89 128 92 -28 146 126 -14
Ottawa 236 186 -21 313 430 37 549 616 12
Peterborough 40 29 -28 90 8 -91 130 37 -72
Québec 121 78 -36 500 292 -42 621 370 -40
Regina 56 49 -13 38 190 400 94 239 154
Saguenay 32 24 -25 20 29 45 52 53 2
St. Catharines-Niagara 164 116 -29 35 64 83 199 180 -10
Saint John 17 16 -6 1 0 -100 18 16 -11
St. John’s 82 38 -54 20 13 -35 102 51 -50
Saskatoon 122 102 -16 4 12 200 126 114 -10
Sherbrooke 17 28 65 58 85 47 75 113 51
Thunder Bay 15 9 -40 8 44 450 23 53 130
Toronto 934 653 -30 1,987 1,296 -35 2,921 1,949 -33
Trois-Rivières 21 16 -24 48 36 -25 69 52 -25
Vancouver 528 461 -13 1,483 2,021 36 2,011 2,482 23
Victoria 87 74 -15 137 105 -23 224 179 -20
Windsor 77 75 -3 122 21 -83 199 96 -52
Winnipeg 158 234 48 240 488 103 398 722 81
Total 4,523 4,308 -5 9,259 9,566 3 13,782 13,874 1

 

Data for 2016 based on 2011 Census Definitions.
Data for 2017 based on 2016 Census Definitions.  Housing Sales Increased 
Source: Market Analysis Centre, CMHC

** Belleville and Lethbridge were not metropolitan areas in 2016.
## not calculable/extreme value Housing Sales Increased 

 

Preliminary Housing Start Data — Seasonally Adjusted at Annual Rates (SAAR)  
Single-Detached All Others Total
April 2017 May 2017 % April 2017 May 2017 % April 2017 May 2017 %
Provinces (10,000+)
N.L. 457 447 -2 151 181 20 608 628 3
P.E.I. 358 418 17 48 216 350 406 634 56
N.S. 1,005 1,282 28 5,060 2,547 -50 6,065 3,829 -37
N.B. 592 630 6 167 951 469 759 1,581 108
Qc 6,469 5,800 -10 31,888 23,135 -27 38,357 28,935 -25
Ont. 28,612 21,391 -25 42,697 29,897 -30 71,309 51,288 -28
Man. 2,542 3,129 23 2,004 6,816 240 4,546 9,945 119
Sask. 2,084 1,978 -5 1,284 2,664 107 3,368 4,642 38
Alta. 12,513 13,131 5 17,058 17,678 4 29,571 30,809 4
B.C. 11,057 11,618 5 32,745 34,609 6 43,802 46,227 6
Canada (10,000+) 65,689 59,824 -9 133,102 118,694 -11 198,791 178,518 -10
Canada (All Areas) 76,837 71,624 -7 136,665 123,041 -10 213,498 194,663 -9
Metropolitan Areas
Abbotsford-Mission 441 527 20 780 1,068 37 1,221 1,595 31
Barrie 56 1,006 ## 648 900 39 704 1,906 171
Belleville 380 358 -6 132 264 100 512 622 21
Brantford 59 280 375 168 816 386 227 1,096 383
Calgary 4,669 4,783 2 8,364 7,056 -16 13,033 11,839 -9
Edmonton 4,401 5,885 34 6,444 9,636 50 10,845 15,521 43
Greater Sudbury 151 169 12 48 0 -100 199 169 -15
Guelph 280 346 24 1,080 252 -77 1,360 598 -56
Halifax 606 661 9 4,848 2,172 -55 5,454 2,833 -48
Hamilton 186 252 35 2,280 1,524 -33 2,466 1,776 -28
Kelowna 1,287 1,100 -15 3,516 4,500 28 4,803 5,600 17
Kingston 263 314 19 288 204 -29 551 518 -6
Kitchener-Cambridge-Waterloo 1,576 1,390 -12 948 2,208 133 2,524 3,598 43
Lethbridge 457 505 11 168 168 625 673 8
London 1,737 1,349 -22 456 1,140 150 2,193 2,489 13
Moncton 194 235 21 120 1,080 ## 314 1,315 319
Montréal 2,682 2,746 2 17,347 18,001 4 20,029 20,747 4
Oshawa 1,031 724 -30 84 240 186 1,115 964 -14
Ottawa-Gatineau 1,780 2,119 19 5,112 6,264 23 6,892 8,383 22
Gatineau 191 388 103 972 1,104 14 1,163 1,492 28
Ottawa 1,589 1,731 9 4,140 5,160 25 5,729 6,891 20
Peterborough 420 268 -36 132 96 -27 552 364 -34
Québec 700 643 -8 6,240 3,504 -44 6,940 4,147 -40
Regina 991 711 -28 756 2,280 202 1,747 2,991 71
Saguenay 220 205 -7 240 348 45 460 553 20
St. Catharines-Niagara 1,640 1,359 -17 876 768 -12 2,516 2,127 -15
Saint John 168 158 -6 0 0 168 158 -6
St. John’s 340 333 -2 72 156 117 412 489 19
Saskatoon 1,184 1,000 -16 276 144 -48 1,460 1,144 -22
Sherbrooke 306 315 3 948 1,020 8 1,254 1,335 6
Thunder Bay 66 107 62 48 528 ## 114 635 457
Toronto 12,377 7,034 -43 28,224 15,552 -45 40,601 22,586 -44
Trois-Rivières 198 133 -33 360 432 20 558 565 1
Vancouver 4,619 4,881 6 24,852 24,252 -2 29,471 29,133 -1
Victoria 947 1,075 14 1,560 1,260 -19 2,507 2,335 -7
Windsor 1,061 838 -21 240 252 5 1,301 1,090 -16
Winnipeg 2,286 2,650 16 1,920 5,856 205 4,206 8,506 102

 Housing Sales Increased 

Data based on 2016 Census Definitions.  Housing Sales Increased 
Source: Market Analysis Centre, CMHC

 Housing Sales Increased 

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