Canadian home sales jump 5.5% in May, prices dip
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A house with a sold real estate sign on it in a neighbourhood of Ottawa, Ontario, Canada April 17, 2023. REUTERS/Lars Hagberg
By Fergal Smith
TORONTO, June 16 (Reuters) - Canadian home sales rose in May, making up some ground after a slow start to the typically active spring market, and prices edged lower, data from the Canadian Real Estate Association showed on Tuesday.
• Home sales increased 5.5% last month from April.
• Sales were down 5.1% on an annual basis, without seasonal adjustment.
• The industry group's Home Price Index edged 0.1% lower on the month and was down 4.1% year-over-year.
• “Like the weather in many parts of Canada this year, the spring market appears to have been delayed by a month or so, but the May numbers left little doubt that activity is now picking up,” Garry Bhaura, CREA's chair, said in a statement.
• Newly listed properties fell 1% month-over-month.
• The sales-to-new listings ratio rose to 49.2% from 46.2% in April but remained below the long-term average of 54.8%.
(Reporting by Fergal Smith; Editing by Nia Williams)
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