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May home sales down 5.1 per cent from year earlier, but CREA says momentum building
CREA said improving conditions and tighter supply helped stabilize prices, even as sales remained 5.1% below last year.
- The Canadian Real Estate Association reported 47,014 home sales in May, down 5.1 per cent from last year, though seasonally adjusted activity rose 5.5 per cent, signaling "meaningful upward momentum" for the first time this year.
- National average home prices reached $702,079, up 1.5 per cent year-over-year and the highest level in two years, suggesting a fundamental shift in market dynamics as buyer-seller alignment improves.
- New listings slipped one per cent on a month-over-month basis, while over 200,000 homes remained listed for sale on MLS systems across the country at month-end.
- CREA senior economist Shaun Cathcart says "Sellers and buyers expectations are increasingly aligned," evidenced by tightening sale-to-list price ratios that are helping prices stabilize across the market.
- Regionally, home prices were down in Ontario and Alberta, though Signs of recovery are emerging in Toronto's condo market after a year of sluggish sales and cancelled projects.
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20 Articles
20 Articles
May home sales down 5.1%, but CREA sees positive momentum
Despite year-over-year drop, activity was up 5.5 per cent on a seasonally adjusted basis compared with April this year. Prices have also begun to stabilize as buyers and sellers increasingly see eye to eye, according to CREA's senior economist
·Canada
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On Tuesday, the Canadian Real Estate Association (CAI) reports that sales of residential properties declined in May compared to the same month last year, but showed a month-to-month upward trend for the first time this year.
·Montreal, Canada
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The Toronto Star+9 Reposted by 9 other sources
May home sales down 5.1 per cent from year earlier, but CREA says momentum building
The Canadian Real Estate Association says home sales in May were down compared with a year ago, but there was "meaningful upward momentum" month-over-month for the first time this year.
·Toronto, Canada
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Coverage Details
Total News Sources20
Leaning Left9Leaning Right1Center3Last UpdatedBias Distribution69% Left
Bias Distribution
- 69% of the sources lean Left
69% Left
L 69%
C 23%
Factuality
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