Home resales log another decline

Sales of existing Canadian homes fell by 7.4 percent month-over-month in May, the Canadian Real Estate Association reports.

That decline follows April’s 11 percent drop. Month-over-month declines in sales activity were observed in close to 80 percent of all local markets. With May 2021 activity setting a record for the month, and May 2020 sales marking the worst May since the late 1990s, the actual (not seasonally adjusted) number of transactions this year represented a 103.6 percent increase on a year-over-year basis.