Canada’s real estate market in May saw the first increase in year-over-year sales since June 2021, and first annual increase in the national average price in a year.

The Canadian Real Estate Association says seasonally-adjusted sales for May were up 5.1% from April and 1.4% higher than May last year.

The climb in sales was the result of a month-over-month increase in new listings of 6.8%.

The actual national average home price was $729,000, an increase of 3.2% from May 2022.

”The rebound has been evident for a number of months at this point,” says CREA chair Larry Cerqua.

”But May really drove the point home with year-over-year comparisons for both national sales activity and national average home price back in positive territory.

”That being said, the degree to which a recovery will be able to play out on the sales side as opposed to the price side will come down to supply, which remains quite low.”