OTTAWA – The Canadian Real Estate Association says home sales in Canada dropped 2.8 per cent month-over-month in May.
The number of sales through the association’s MLS system was down in about 70 per cent of all markets, led by B.C. and Ontario where the number of homes listed for sale fell.
The number of newly listed homes fell by 3.2 per cent in May compared with April.
Compared with a year ago, sales in May were up 9.6 per cent.
The hot markets of Vancouver and Toronto helped push the national average price of a home sold in May to $509,460, up 13.2 per cent from a year ago.
Excluding Vancouver and Toronto, the average price for a home sold in May was $375,532, up 9.1 per cent from May 2015. Excluding British Columbia and Ontario as a whole, the average in May was down 0.7 per cent year-over-year to $310,007.