May home sales soared 56 per cent
June 23, 2020
Homebuyers apparently shook off pandemic restrictions in May, driving Canadian home sales up 56 per cent from April, according to the Canadian Real Estate Association (CREA).
Transactions, however, remained 39.8 per cent below the pace in May of 2019.
The number of newly listed homes climbed by a record 69 per cent in May compared to April.
Benchmark prices, nationally, were down 2.6 per cent in May to $494,476, CREA noted, and unchanged from a month earlier.
May 2020 sales figures were still the lowest level for that month since the mid-1990s.
Among Canada’s largest markets, sales in May compared to April rose by 53 per cent in the Greater Toronto Area, 92.3 per cent in Montreal, 31.5 per cent in Greater Vancouver, 68.7 per cent in Calgary, 46.5 per cent in Edmonton, 45.6 per cent in Winnipeg, 69.4 per cent in Hamilton-Burlington and 30.5 per cent in Ottawa.