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OTTAWA (MNI)

Canadian home sales fell for a second month in May from March's record high as some bidders were fed up with skyrocketing prices, a realtor group reported Tuesday.

Sales fell 7.4% in May following April's 11% decline, though transactions are still about double the rate from a year earlier as tracked by the Canadian Real Estate Association. The average selling price rose 38% from a year earlier in May, close to April's record 42% gain, and CREA's preferred index that matches up sales of similar dwellings rose a record 24%.

"More and more, there is anecdotal evidence of offer fatigue and frustration among buyers, and the urgency to lock down a place to ride out COVID would also be expected to fade at this point given where we are with the pandemic," CREA Chair Cliff Stevenson said in the report.


Source: CREA

MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com