The average home price was $450,886 in May according to CREA. This was up 0.4% from April and is a year-over-year increase of 8.1%. Large price gains continue to be concentrated in the Greater Toronto and Vancouver areas, while most other markets posted more moderate price increases.
43,453 homes sold in May according to seasonally adjusted data released by The Canadian Real Estate Association. This is an increase of 3.1% from last month and 6.3% from May of last year. The market continues to accelerate due to persistently low interest rates.
A seasonally adjusted 75,415 homes came on the market in May, increasing the sales-to-new-listings ratio to 57.6%. Inventory has continued to grow since hitting bottom in January amid concerns over the national economy and severe weather.
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