Fatigued and frustrated buyers mean home sales slowed again in May: CREA
Ottawa, ON, June 15, 2021 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales and new listings were both down between April and May 2021.
National home sales declined by 7.4% on a month-over-month basis in May.
Actual (not seasonally adjusted) activity was up 103.6% year-over-year.
The number of newly listed properties fell back by 6.4% from April to May.
The MLS® Home Price Index (MLS® HPI) rose 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.
Some buyers have had enough of the relentless pace of Canada’s housing market and this frustration is showing up in the market activity data published each month by the Canadian Real Estate Association (CREA).
The latest figures released this week by CREA showed national home sales down more than seven percent on a monthly basis in May after dropping 11 percent in April. March now appears to be the indisputable peak of the ongoing housing boom that began to take off last summer.
Home sales recorded over Canadian MLS® Systems fell by 7.4% month-over-month in May 2021, building on the 11% decline recorded in April. Activity nonetheless remains historically high, but in contrast to March’s all-time record it is now running closer to levels seen in the second half of 2020.
Month-over-month declines in sales activity were observed in close to 80% of all local markets. It was a mixed bag of results, with a slowdown in sales observed in most large markets across Canada.
Sean (MD Livabl.com)