Canadian Real Estate Association (CREA) latest report suggest home sales and new listings were both down between April and May 2021.
The CREA stats reveal that while sales are historically high, home sales recorded dropped 7.4% month-over month in May 2021, building on the 11% decline recorded in April. The number of new listed homes declined by 6.4% in May compared to April.
“While housing markets across Canada remain very active, we now have two months of moderating activity in the books, and that goes for demand, supply and prices,” stated Cliff Stevenson, Chair of CREA. “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. As always, your best bet is to consult with your local REALTOR for the best information and guidance about buying or selling a home in this rapidly changing market,” continued Stevenson.
The actual national average home price was just over $688,000 in May 2021, up 38.4 percent from the same month last year. The national average price is influenced by sales in Greater Vancouver and the GTA. Excluding these two markets from calculations has the average price close to $548,000.