According to statistics released by The Canadian Real Estate Association (CREA), national resale housing activity softened in May 2012 compared to April.
Highlights:
- Home sales down 3.1% from April to May.
- Actual (not seasonally adjusted) up 9% from levels in May 2011.
- The year-over-year increase continues to reflect the slowdown in sales a year ago following changes to mortgage rules that came into effect in March 2011.
- The number of newly listed homes edged up 0.3% from April to May.
- Easing sales activity and a small uptick in new listings resulted in a more balanced national housing market.
- The national average home price edged down 0.3% on a year-over-year basis in May.
For the full report, click here.
For CREA’s updated housing forecast, click here.