Canadian residential property sales declined last month, and were
down by 3.1% compared to April, according to data from the Canadian
Real Estate Association. This is the first monthly decline since the
beginning of the year, but activity levels were still slightly above
the five and 10 year averages for May, showing the housing market is
still in reasonable shape.
The average price for a house sold last month was $375,605. This
is a 0.3% decline compared to May 2011, and although the national
average has remained pretty flat since last spring, sales prices have
increased in seven out of ten local Canadian markets.
Toronto is still Canada's most active housing market, and property
is selling quickly, but sales and average prices are also up in
Calgary compared to May last year. In comparison the rest of the
market in Canada has seen only modest growth, and market conditions
remain balanced. The number of newly listed homes has changed little
during the past three months, and listings were up just 0.3% compared
to April.
The number of new listings for the month was static in 49 markets,
and eased in 52 markets. The new listing to national sales ratio,
which is a measure of market balance, was 53.4% in May, slightly down
from April when the reading was 55.3%. National inventory levels were
at 5.9 months at the end of May, which is a slight increase on
April's 5.7 months. Experts consider housing supply and demand in
Canada to the balanced.
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