Canadian home sales rebound by a record 56.9% in May: CREA

Dated: June 15 2020

Views: 63

TORONTO (Reuters) - Canadian home sales rebounded at a record rate in May, when lockdowns to help contain the coronavirus pandemic eased, after plunging in April, data from the Canadian Real Estate Association (CREA) showed on Monday.

Home sales surged 56.9% in May from the weakest month of April on record, the industry group said.

“The big picture is things are moving in the right direction but still have a long way to go,” said Shaun Cathcart, CREA’s senior economist. “Sales and new listings are both way up month-over-month but still way down compared to year-ago.”

Actual sales, not seasonally adjusted, fell 39.8% from a year earlier, while the group’s Home Price Index was up 5.3% from May last year.

“With sales and new listings moving down and now back up in tandem, and overall supply still falling, prices appear to be holding firm at this point,” Cathcart said.

Blog author image

Steven Axford

Steve Axford grew up in Victoria, BC and has always been active in his community. Steve is a Victoria Cougars Hockey Team alumni as well as a Victoria Shamrocks (intermediate) alumni. During his time....

Latest Blog Posts

Victoria Real Estate Market continues to outperform in unpredictable times

October 1, 2020  A total of 989 properties sold in the Victoria Real Estate Board region this September, 60.6 per cent more than the 616 properties sold in September 2019 and 1 per cent more

Read More

Choosing Flooring: 6 Things You Need to Know

When it comes to choosing new flooring for your home or apartment, the options can be overwhelming. Almost every type of flooring has some sort of advantage over other kinds, and taking in all the

Read More

Consumer interest in homeownership in Victoria unwavering over course of pandemic

A total of 989 properties sold in the Victoria Real Estate Board region this September, 60.6 per cent more than the 616 properties sold in September 2019 and 1 per cent more than the previous month

Read More

Understanding Canada’s Record Home Sales Last Month, And Why It’s Likely To Continue

Canada’s late Spring real estate market continues, but some of the pent-up demand has caught up. Canadian Real Estate Association (CREA) data show a new all-time record for August

Read More