Home resales continue momentum

Sales of existing Canadian homes increased by 5.1 percent between April and May, according to the Canadian Real Estate Association. That followed on a double-digit jump in April and smaller gains in February and March. Sales were up in about 70 percent of all local markets, including the largest: the Greater Toronto Area, Montreal, Greater Vancouver, Calgary, Edmonton, and Ottawa.

The actual (not seasonally adjusted) number of transactions came in 1.4 percent above the same time last year. This small gain was the first national year-over-year sales increase since June 2021.