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May 19, 2023

Home demand continues to outpace supply  

National home sales jumped by double digits on a month-over-month basis in April, up 11.3% over March, foreshadowed by smaller back-to-back gains recorded in February and March, says the Canadian Real Estate Association (CREA). Following the trend seen in recent months, the sales increase was broad-based but once again dominated by the British Columbia Lower Mainland and the Greater Toronto, ON, Area (GTA). Actual (not seasonally adjusted) monthly activity came in 19.5% below April 2022. The number of newly listed properties edged up 1.6% month-over-month but remain at a 20-year low. The actual (not seasonally adjusted) number of transactions in April 2023 came in 19.5% below April 2022, a markedly smaller decline than those seen over the past year. At the same time, the number of newly listed homes edged up 1.6% on a month-over-month basis in April; although, the bigger picture is that new supply remains at a 20-year low. With sales gains vastly outpacing new listings in April, the sales-to-new listings ratio jumped to 70.2%, up from 64.1% in March. The long-term average for this measure is 55.1%. There were 3.3 months of inventory on a national basis at the end of April 2023, down half a month from 3.8 months at the end of March. The long-term average for this measure is about five months. 

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