Canadian Home Sales Decline -7.4% Month-Over-Month but Rise 103.6% Year-Over-Year
Housing market continues to moderate in May
According to statistics released by the Canadian Real Estate Association (CREA) on Tuesday (6-15-21), Canadian national home sales and new listings were both down in May 2021. National homes sales recorded over the Canadian MLS® system declined month-over-month by -7.4% in May, building on the -11% decline recorded in April. Activity nonetheless remains at historic high levels, but in contrast to March’s all-time record high, it is now running closer to the levels seen in the second half of 2020. When compared to May 2020, and not seasonally adjusted, the sales activity increased by 103.6%. The number of newly listed properties fell back -6.4% from April.
The MLS® Home Price Index (MLS® HPI) increased 1% month-over-month and was up 24.4% year-over-year. The actual (not seasonally adjusted) national average sale price posted a 38.4% year-over-year gain in May to a little over $688,000.
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