Home sales continue to gain momentum in May

OTTAWA ― Statistics released by the Canadian Real Estate Association reveal that national home sales climbed further in May. Sales rose 1.9% from the previous month. Together with monthly gains in March and April, activity in May reached the highest level since January 2018, CREA reports. Actual (not seasonally adjusted) activity was up 6.7% year over year. However, the number of newly listed homes edged back by 1.2% in May. With sales up and new listings down, the national sales-to-new listings ratio tightened to 57.4% in May compared to 55.7% in April.