Home Sales Down

National homes sales were down by 8.6 per cent on a month-over-month basis in May, says the Canadian Retail Estate Association (CREA). Sales were down in three-quarters of all local markets, led by several larger census metropolitan areas (CMAs) including Lower Mainland, BC; Calgary and Edmonton, AB; and the Greater Toronto Area (GTA) and Ottawa, ON. Actual monthly activity came in 21.7 per cent below the May record set in 2021. The number of newly listed properties was up 4.5 per cent from the previous month, influenced by a jump in new supply in Montreal, QC, while new listings in the GTA saw a small decline.