Home sales bounced back by 57 per cent from their worst April in more than 30 years last month, but the average price of a home sold in May still inched lower compared with last year.
Home sales bounced back by 57 per cent from their worst April in more than 30 years last month, but the average price of a home sold in May still inched lower compared to last year.
The Canadian Real Estate Association, which represents 130,000 realtors across Canada and tabulates numbers based on sales on their Multiple Listings Service, says home sales were 56.9 per cent higher in May than they were in April.
April and May are typically a very busy month for home sales, as warmer weather prompts buyers to start shopping after their winter hibernation. But COVID-19 has thrown the usual seasonal patterns of real estate out the window, as widespread lockdowns and physical distancing requirements slowed most showings to a crawl.
This April was the worst such month in almost 40 years for home sales, CREA reported last month. Activity picked up a little