Canadian home sales dropped 40 percent last month, marking lowest number for May since 1996

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      On a month-over-month basis, Canadian home sales and listings looked good in May 2020.

      But when compared to the same month in a quarter of a century, the numbers in May were far from impressive.

      According to the Canadian Real Estate Association, sales in May 2020 dropped 39.8 percent compared to the same month in 2019.

      The CREA observed that last month’s transactions were the lowest for the month of May since 1996.

      Year-over-year declines in the larger markets were clustered in the 40 percent to 50 percent range, CREA stated in a report released Monday (June 15).

      As for prices, the value of a typical home was “still up” 5.3 percent in May compared to the same month in 2019.

      Home listings followed the trend in sales.

      According to the CREA, the number of homes on the market in May 2020 was 38.1 percent below May 2019.

      On a month-over-month basis, Canadian home sales rebounded by a “record” 56.9 percent in May 2020.

      The CREA emphasized that is simply a “percentage of the weakest month of April on record”.

      “As such, the May gain constituted a return of only a third of the activity lost between February and April, and the May 2020 sales figure was still the lowest level for that month since the mid-1990s,” according to the national association of realtors.

      On a month-over-month basis, Montreal led by way with a 92.3 percent increase.

      Hamilton-Burlington saw a 69.4 percent, followed by Calgary, 68.7 percent; Greater Toronto, 53 percent; Edmonton, 46.5 percent; Winnipeg 45.6 percent, Greater Vancouver, 31.5; Ottawa, 30.5 percent; and Fraser Valley, 20.5 percent.