Canadian home sales drop in May
OTTAWA — Home sales fell by a seasonally adjusted rate of 9.5 per cent in May from the previous month, due mainly to a decline in activity in Toronto, Vancouver and Ottawa, the Canadian Real Estate Association said Wednesday.
On an unadjusted basis, national sales activity was also down 4.3 per cent in May from a year earlier, CREA said, suggesting the combination of changes to mortgage regulations and rising mortgage rates "pulled forward a number of sales into April that would have otherwise taken place at a later date."
CREA president Georges Pahud said May was "the first full month in which sales activity was affected by these changes."
"An accompanying decline in new listings and housing starts means these changes are also affecting the supply side, which will keep the market balanced and Canadian home prices stable," he said.
The Schacter Team - Langley Real Estate