OTTAWA — Canada's real estate market softened further in May as sales and prices of existing homes declined and listings rose.
“May was another sleepy month for housing activity in Canada, although it may prove to be the last of those now that interest rates have moved lower,” said CREA senior economist Shaun Cathcart in a statement. The national average price for May amounted to $699,117, down four per cent compared with a year earlier, though up one per cent month-over-month.
New residential listings were up 13.5 per cent nationally from last year, and up 0.5 per cent from April when seasonally adjusted.
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