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Home Sales and Listings Rise in May, But Activity Still at Record Lows

May home sales and brand-new listings information continue to inform the tale of COVIDs influence on the marketplace in two very distinct ways, year-over-year and month-over-month, according to the newest report from Canada Real Estate Association (CREA).

M-o-m, May should provide numerous reasons to believe that Aprils lows represented the bottoming out of COVID, with national house sales increasing 56.9% and the variety of new listings jumping a record 69% in between April and May. Of course, y-o-y, these numbers still represent a considerable downturn in the market, with home sales remaining down 39.8% from May 2019, and brand-new listings 38.1% below the same month in 2015. Throughout the country, last months sales activity was 39.8% listed below May 2019, marking the most affordable May sales figure because 1996.
CREA
Meanwhile, the MLS ® Home Price Index (HPI) stayed untouched (-0.08%) m-o-m and was still up 5.3% y-o-y, while the real (not seasonally changed) nationwide typical price fell 2.6% y-o-y. In the GTA, house sales rose by 53%, somewhat below the national average.
READ: The Toronto Real Estate Market is Suddenly on Fire Again
” Mays housing numbers are definitely a variety of results– sales and brand-new listings are both way up month-over-month but still method down compared to year ago,” stated Shaun Cathcart, CREAs Senior Economist. “The huge photo is things are relocating the best direction but still have a long method to go. That said, under the surface those numbers have actually been progressively increasing from mid-April right through the first week of June, so June may wind up a comparable story. With sales and new listings moving down and now back up in tandem, and general supply still falling, costs seem holding firm at this moment.”
CREA
National inventory in May 2020 ended at 5.6 months, below 9 months in April. CREA believes the “temporary jump in this measure recorded in April reflected the truth that sales were anticipated to fall immediately amid lockdowns; whereas, other variables like active listings would be anticipated to fall at a much slower rate.” As a result, active listings in May were amongst the most affordable levels on record for this time of year.
CREA
The national typical home price in May was $494,500, down 2.6% from the exact same month the previous year. Nevertheless, the two most expensive and active markets in the country, the GTA and Metro Vancouver, have such a strong influence on house prices that eliminating them reduces the national average by $93,500 to $401,000.
In April, the national typical price was just over $488,000, and $392,000 with the GTA and Metro Vancouver eliminated.
The post Home Sales and Listings Surge in May, But Activity Still at Record Lows appeared first on Toronto Storeys.

M-o-m, May should provide numerous reasons to believe that Aprils lows represented the bottoming out of COVID, with nationwide house sales increasing 56.9% and the number of brand-new listings jumping a record 69% between April and May. Of course, y-o-y, these numbers still represent a significant downturn in the market, with home sales remaining down 39.8% from May 2019, and new listings 38.1% below the exact same month last year. Across the country, last months sales activity was 39.8% listed below May 2019, marking the lowest May sales figure because 1996.
” Mays real estate numbers are certainly a blended bag of outcomes– sales and brand-new listings are both way up month-over-month but still method down compared to year back,” stated Shaun Cathcart, CREAs Senior Economist. With sales and new listings moving down and now back up in tandem, and overall supply still falling, rates appear to be holding firm at this point.”

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