The national housing market continued to cool down in May with the number of sales and new listings dipping from April and March, according to the latest numbers from the Canadian Real Estate Association.
Their May report reveals the pandemic-fueled trends that have driven the market – such as demand for larger homes and urban flight – are starting to wind down. The number of homes trading hands decreased by -7.4% month over month, though remain 103.6% higher than at the same time in 2020. That follows the -11% drop recorded in April, further cementing March as the market’s peak month. Sales activity was down in 80% of all markets – though CREA points out that, from a historical perspective, it was still the strongest May of all time.
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