Home sales fall three percent nationally in May after record shattering April: CREA

The Canadian Real Estate Association (CREA), released national sales statistics for the month of May, 2016 this week.

According to the CREA, “The number of homes trading hands via Canadian MLS® Systems fell by 2.8 percent month-over-month in May 2016 after having broken all previous monthly sales records in April. Sales activity dropped in May from the previous month in about 70 percent of all markets, led by those in British Columbia and Ontario where the number of homes listed for sale has fallen to multi-year or all-time lows.”

Highlights of CREA's report    

• National home sales dropped 2.8% from April to May.
• Actual (not seasonally adjusted) activity was up 9.6% compared to May 2015.
• The number of newly listed homes fell 3.2% from April to May.
• The MLS® Home Price Index (HPI) rose 12.5% year-over-year in May.
• The national average sale price climbed 13.2% in May from one year ago; net of Greater Toronto and Greater Vancouver, it advanced 9.1% year-over-year.

Read the entire report on Canadian MLS® sales for May, 2016.

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Norm Fisher

Royal LePage Vidorra