Canadian Home Sales Fall In May, Average Price Up 8.5 Per Cent
Posted June 16, 2010 1:42 pm.
This article is more than 5 years old.
The Canadian Real Estate Association said the number of home sales in Canada dropped in May and while home prices were up 8.5 per cent, that was a slower rise than has been seen over the past nine months.
The association said home sales dropped 4.3 per cent year-over-year in May while new home listings rose 16.6 per cent from May 2009 but were down when compared with April.
The drop in sales activity was seen in more than 70 per cent of local markets, but the lower national figure was dragged down primarily by fewer sales in Toronto, Vancouver and Ottawa.
The association said it’s unusual for sales to drop in May compared with April, but some of that can be explained by changes to mortgage regulations and rising mortgage rates that encouraged some buyers to get deals done early.
Economist Gregory Klump said statistics gathered by the association suggest that home supply and demand has become more balanced in some major markets, giving homebuyers more choice and more time to purchase a house.
