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Home sales were strong in May at 8% above the five-year average and 9.3% above the 10-year average, but total sales for first five months of 2022 were lower by 18% compared to the same period last year.
The total houses sold at 309 units in May was also lower by 13.9% compared to May 2021.
On a year-to-date basis, or from January to May, home sales totaled 1,124 units over the first five months of the year, declining 18% from the same period in 2021.
However, the average price of homes sold jumped significantly in May at $341,224. It was 31.3% higher from May 2021.
The more comprehensive year-to-date average price was $327,860, up by 27.5% from the first five months of 2021.
Inventory continues to drop. The number of new listings fell by 8.1% from May 2021. There were 388 new residential listings in May 2022. New listings were 12.2% below the five-year average and 21.6% below the 10-year average for the month of May.
Active listings were 58% below the five-year average and 72.7% below the 10-year average for the month of May.
Mortgage interest rates have gone up in June at more than 5% for fixed rates, and it will be interesting to watch how the housing market will react. So far, houses have still been selling at over asking price with a few exceptions.
But let us brace for what the Bank of Canada will announce on July 13th regarding new interest rates.
