Canadian Home Sales Slump 7.4% In May

Canada’s housing market continued its cooling-off trend in May, as both home sales and new listings suffered a decline.

According to the latest data published by the Canadian Real Estate Association (CREA), home sales across the country fell 7.4% month-over-month in May, following an 11% drop in April. Nearly 80% of housing markets across Canada noted some form of decline last month, particularly in the larger real estate regions. However, despite this, real estate activity still remained historically elevated, and is 103.6% higher compared to year-ago levels.

Similarly, the number of newly listed homes dropped 6.4% between April and May, with a decline in listings across 70% of all local Canadian markets. The national sales-to-new-listings ratio stood at 75.4% last month, which is slightly below the 76.2% recorded in April. According to CREA, there were 2.1 months of inventory by the end of May, which is up from the historically-low 1.7 months noted in March.

In the meantime, the national average home price stood at $688,000 last month, marking an increase of 38.4% from May 2020. Likewise, the Aggregate Composite MLS Home Price Index rose 1% month-over-month, largely due to a deceleration in price growth of single-family homes.


Information for this briefing was found via CREA. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

US Homebuilder Confidence Slips Lower in July Amid Surging Construction Costs

America’s housing market continues to maintain its optimistic outlook, as interest rates sit at historically-low...

Monday, July 19, 2021, 01:02:00 PM

Equifax Canada: Surge in HELOC Use Could Become Troublesome Should Interest Rates Increase

Historically low interest rates have caused the demand for home ownership to soar to record...

Wednesday, September 1, 2021, 04:26:00 PM

Population Growth Declines in Canada’s Major Urban Centers Amid Pandemic

Amid record-low mortgage rates and flexible remote work options, an increasing number of younger Canadians...

Friday, January 15, 2021, 03:06:00 PM

US Home Prices Skyrocket by Most On Record In May

Home prices across the US catapulted by the most on records dating back 33 years,...

Saturday, July 31, 2021, 11:17:00 AM

CMHC: W-Shaped Economic Recovery Would Have Severe Impact On Housing Market

Canada’s housing market has remained strongly robust since the onset of the pandemic, with record-low...

Thursday, January 21, 2021, 04:47:00 PM