Home resales rise again in May

OTTAWA — Home sales via Canadian MLS Systems rose by 1.9% in May, according to the latest data from the Canadian Real Estate Association. Together with monthly gains in March and April, activity in May reached the highest level since January 2018. Sales stood 8.9% above the six-year low reached in February 2019, but this latest increase has only just returned levels to their historical average. While May sales were only up in half of all local markets, that list included almost all large markets, led by gains in both the Greater Vancouver and Greater Toronto areas. Actual (not seasonally adjusted) sales activity was up 6.7% compared to May 2018, marking the largest year-over-year gain recorded since the summer of 2016.