Photo: Olivier Zuida The Duty
Excluding the greater Vancouver area and Toronto area, the average price of a home was approximately 401 000$.
Housing sales have recovered in may as a part of the ground lost in April, which has seen them reach a record low, said the canadian real estate Association (CREA). But even with this recovery, they showed a decrease of 39.8 % compared to sales in may 2019.
According to the Association, the data on the sales of the last month have been the lowest for a month of may since 1996, even if they represented an increase of 56.9% compared to the previous month. The volume of sales in April was the lowest ever recorded, said the ICA.
Like most sectors of the economy, the real estate sector has been affected by the measures put in place from mid-march to combat the spread of the pandemic COVID-19.
It is the decline in the national average price of homes sold in may, at 494 500 $, compared to the same month last year.
“Overall, we are on the right track, but we still have a long way to go “, observed Shaun Cathcart, chief economist of CREA, in a release. The number of homes sold steadily increasing from mid-April to the first week of June, he added.
The number of homes newly listed has increased from 69% in may compared to April. However, the ACI has been calculated that there were only 5.6 months of inventory in the country at the end of the month of may, compared to 9 months at the end of the month of April.
The major markets
The national average price of homes sold in may was $ 494 $ 500, a decrease of 2.6% compared to the same month last year.
Excluding the greater Vancouver area and Toronto, two of the housing markets are most active and the most expensive in the country, the average price was of about 401 000 $.
“Overall, since the beginning of the crisis of the COVID-19, small price decreases were recorded in British Columbia, while the downward trends already present in Alberta have increased,” said the ICA.
“In the rest of the Prairies, where sales have been comparatively better compared to the past and in most parts of the country, the price trends are in fact stabilized. “
On the major canadian markets, sales have increased 53 % in the greater Toronto area, to 92,3 % in the Montreal region, 31.5 % in the greater Vancouver area, from 20.5 % in the Fraser valley, 68.7% in Calgary, 46.5 % in Edmonton, from 45.6 % in Winnipeg, 69.4%, Hamilton-Burlington and 30.5% in Ottawa.