Real Estate: Home sales down 22% year over year


The Canadian Real Estate Association said the country’s housing market continued to cool last month with home sales falling nearly 22% since last year and nearly 9% in the April-May period.

On a year-over-year and non-seasonal adjusted basis, sales came in at 53,720, down from 68,598 in May 2021.

Total seasonally adjusted sales for the month were 42,649, down from 46,644 in April.

The association said sales fell more sharply in April, but May’s figures remained similar to levels of activity seen in the second half of 2019, before the COVID-19 pandemic began.

Sales in May fell in three-quarters of all local markets, led by regions such as the Lower Mainland in British Columbia, Calgary, Edmonton, the Greater Toronto Area and Ottawa.

With rising mortgage rates affecting sales, the association now expects 568,288 properties to change hands this year, down 14.7% from the 2021 record but still a number. second highest annual rate ever.

This Canadian Press report was first published on June 15, 2022.

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