The Canadian Real Estate Association (CREA) recently released national sales statistics for May of 2020.
According to the report, "Home sales recorded over Canadian MLS® Systems rebounded by a record 56.9% in May 2020; although, that is as a percentage of the weakest month of April on record. As such, the May gain constituted a return of only a third of the activity lost between February and April, and the May 2020 sales figure was still the lowest level for that month since the mid-1990s."
Generally speaking, since the COVID crisis began small declines in prices have been seen in British Columbia while declining trends already in place in Alberta have accelerated. Across the rest of the
Prairies, where sales have been doing comparatively much better against history than in much of the country, price trends have actually been stabilizing.
Highlights of CREA's report
- National home sales rose 56.9% on a month-over-month (m-o-m) basis in May.
- That said, actual (not seasonally adjusted) activity was still down 39.8% year-over-year (y-o-y).
- The number of newly listed properties was up 69% from April to May.
- However, actual (not seasonally adjusted) new supply was still 38.1% below May 2019.
- The MLS® Home Price Index (HPI) was unchanged (-0.08%) m-o-m and was still up 5.3% y-o-y.
- The actual (not seasonally adjusted) national average sale price fell 2.6% y-o-y.
Read the entire report on Canadian MLS® sales for May of 2020.
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Royal LePage Vidorra
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