Home resales down in May

OTTAWA ― After reaching an all-time high in April, sales of existing homes in Canada declined 2.8% in May, according to the latest statistics from the Canadian Real Estate Association. The decreases affected about 70% of all markets, led by those in British Columbia and Ontario where the number of homes listed for sale has fallen to multi-year or all-time lows. Actual (not seasonally adjusted) sales activity was up 9.6% year-over-year in May 2016 and stood 15.1% above the 10-year average for the month of May. At the same time, the association reported that its home price index rose 12.5% from May of 2015.