May Market Snapshot: Housing Markets Appear to be Calming Down—But Still Setting Records
Wednesday Jun 23rd, 2021
Housing markets across Canada continue to moderate, as national home sales and new listings fell between April and May 2021.
While home sales were down 7.4% in May 2021 on a month-over-month basis, actual (not seasonally adjusted) activity was up 103.6% compared to May 2020. This means, it was still a record setting month for sales (and the third highest monthly sales figures ever) but the market appears to be less frenzied.
Is it the end of competitive markets?
Activity remains historically high, but in contrast to March’s all-time record, things seem to be running closer to levels seen the second half of 2020.
As we inch closer towards a post-pandemic life, there’s still a good probability of increased churn in resale markets as Canadians move around more than they would have in a non-pandemic world. With the vaccination rollout ramping up across the country and the light at the end of the tunnel so close, housing may take more of a back seat as everyone gets back to “normal” this summer.
Watch CREA’s Director and Senior Economist break down May’s numbers.
As always, we will keep you posted on the pulse of the market. Check back next month to see June’s snapshot with the most up-to-date insights!
Remember, contact a REALTOR® for detailed information about your neighbourhood and its price trends.