Canadian Home Sales Down Three Percent in May: CREA Reports
The numbers are in for May 2016, and The Canadian Real Estate Association (CREA) is reporting that the number of homes sales via Canadian MLS® Systems is down “2.8 percent month-over-month in May 2016 after having broken all previous monthly sales records in April.”
The two provinces that lead the way in the decline were British Columbia and Ontario. With these two provinces being the largest markets in Canada, it greatly affects the country wide stats.
In another article posted by Canadian Real Estate Wealth Magazine, CREA stated that “We’ve hit the peak” when it comes to home sales. In this report it states that Vancouver housing sales are on the decline and Toronto’s sales numbers are even worse. Observers pointed at the lack of supply of homes for sale and home owners who are hesitant to trade up as main factors driving this slump.
Saskatoon Real Estate Market
So what about Saskatoon? If you missed it, I released a blog post last week on the State of the Saskatoon Real Estate Market. Go have a read.