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Updated · Bloomberg · Jun 16Canada Home Sales Rise 5.5% in May as Benchmark Price Slips to C$657,700
3 articles · Updated · Bloomberg · Jun 16Summary
- Canadian home transactions climbed 5.5% in May from April, extending April’s modest gain and marking a second straight monthly increase.
- CREA said lower prices and a stabilizing economy helped draw buyers back, pointing to tentative momentum in the housing market.
- The national benchmark home price edged down 0.1% to C$657,700, continuing a pattern of soft pricing that has persisted through much of the past year.
- The combination of rising sales and still-muted prices suggests activity is recovering faster than valuations in Canada’s housing market.
Insights
With prices falling but global conflicts raising mortgage rates, is the Canadian dream of homeownership now further out of reach? As Toronto's housing market slumps, why are prices in Quebec and Saskatchewan simultaneously hitting all-time highs? Canada cut immigration to cool housing, but its population is now shrinking. How will policymakers solve this new demographic crisis?