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Canadian home sales and new listings on the rise in May

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales and new listings were up noticeably in May 2020 compared to April, though still historically low at this point. Summary: • National home sales rose 56.9% on a month-over-month (m-o-m) basis in May. • That said, actual (not seasonally adjusted) activity was still down 39.8% year-over-year (y-o-y). • The number of newly listed properties was up 69% from April to May. • However, actual (not seasonally adjusted) new supply was still 38.1% below May 2019. • The MLS® Home Price Index (HPI) was unchanged (-0.08%) m-o-m and was still up 5.3% y-o-y. • The actual (not seasonally adjusted) national average sale price fell 2.6% y-o-y. Home sales recorded over Canadian MLS® Systems rebounded by a record 56.9% in May 2020; although, that is as a percentage of the weakest month of April on record.