After a record month in April, home sales across Canada have decreased in the month of May, dropping 2.8 per cent month-to-month, according to the Canadian Real Estate Association.
“National sales activity is still strong, even after coming off the record levels of the past couple of months,” said the president of the Canadian Real Estate Association, Cliff Iverson. “But, there are housing markets where sales continue to reflect a cautious mood among homebuyers and uncertainty about the local economy. All real estate is local, and Realtors remain your best source for information about sales and listings where you live or might like to in the future.”
The average price for a home in Canada reached $509,460 in May, which is an increase of 13.2 per cent year over year. However, if Vancouver and Toronto are removed, the average price increased by only 9.1 per cent to $375,532.
Gregory Klump, the chief economist for the Canadian Real Estate Association, said that, “Many of the housing markets in BC and Ontario that led the monthly decline in national sales are also places where months of inventory have fallen to all time lows. This suggests a lack of supply may be starting to rein in sales amid a continuation of strong housing demand.”