Existing Home Sales in Canada Surge in May
Existing Canadian home sales rose 56.9% month on month in May. This as they recover from their weakest levels on record in April, the result of the COVID-19 pandemic and shelter in place restrictions. Led by Quebec almost all the provinces posted gains in May. All major metropolitan areas throughout Canada also posted solid gains as well. Nevertheless, the large increase in May was only able recapture about one third of the activity lost between February and April and sales continue at multi-year lows.
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