Canadian Real Estate Sales Stable In May

Toronto saw its second-best May on record according to the Canadian Real Estate Association, despite a slight decline in home sales in the rest of Canada. Across Canada, national sales through MLS Systems hit 196,749 units as of May. The national average over the last 10 years in Canada up until May has been about 200,000 homes, bringing May 2011 to just about average.

“The Canadian housing market has seen some big ups and downs in recent years, making national sales activity so far this year look like something out of a Goldilocks story by comparison – not too hot, not too cold,” said the president of the Canadian Real Estate Association, Gary Morse. “Since local housing market trends often differ from national trends, buyers and sellers should consult their local Realtor to understand how the housing market is shaping up where they live,” he said.

New listings also declined across Canada, except for small increases in cities like Montreal and Toronto. And according to the chief economist of the Canadian Real Estate Association, Toronto’s sales activity is increasing faster than it can catch up.

“For the most part, sellers’ markets became slightly more balanced than the previous month,” said Gregory Klump. “Toronto stood out as an exception, with sales activity there growing faster than new supply.”

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