{"id":15907,"date":"2020-06-23T10:10:00","date_gmt":"2020-06-23T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15907"},"modified":"2020-06-17T10:18:13","modified_gmt":"2020-06-17T17:18:13","slug":"crea-weakest-home-sales-in-around-3-decades","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/06\/crea-weakest-home-sales-in-around-3-decades\/","title":{"rendered":"CREA Weakest Home Sales in Around 3 Decades"},"content":{"rendered":"<p style=\"text-align: justify;\">Home sales have recovered significantly from the national market\u2019s worst April reading in nearly 40 years, although the average sale price remained relatively steady, the Canadian Real Estate Association reported.<\/p>\n<p style=\"text-align: justify;\">In May, Canadian housing transactions grew by 56.9% month-over-month. While this indicated substantial recovery, however, last month was similarly the weakest May in terms of sales in around three decades.<\/p>\n<p style=\"text-align: justify;\">\u201cMay&#8217;s housing numbers are certainly a mixed bag of results,\u201d said Shaun Cathcart, CREA chief economist. \u201cSales and new listings are both way up month-over-month but still way down compared to year ago.\u201d<\/p>\n<p style=\"text-align: justify;\">With government-mandated lockdowns taking hold of the national market, the COVID-19 pandemic has ground traditionally strong spring sales to a virtual halt.<\/p>\n<p style=\"text-align: justify;\">\u201cThe big picture is things are moving in the right direction but still have a long way to go,\u201d Cathcart told CBC.<\/p>\n<p style=\"text-align: justify;\">The average home sales price in May was $494,500, which was a bit higher than the $488,000 level in April, but 2.6% lower on an annual basis. Removing Toronto and Vancouver from the calculations yields an average of $401,000 in May.<\/p>\n<p style=\"text-align: justify;\">\u201cBecause the level of transactions is still so low, average price data should be taken with a large grain of salt,\u201d said Rishi Sondhi, an economist with TD Bank. \u201cWith the level of activity still at multi-decade lows, pent-up demand is likely to fuel additional gains for at least another few months [but] the big question is what happens after this initial burst.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/crea-weakest-may-home-sales-in-almost-thirty-years-330599.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">CREA : Weakest May Home Sales in Almost Thirty Years<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home sales have recovered significantly from the national market\u2019s worst April reading in nearly 40 years, although the average sale price remained relatively steady, the Canadian Real Estate Association reported. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/06\/crea-weakest-home-sales-in-around-3-decades\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-15907","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CREA Weakest Home Sales in Around 3 Decades &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/06\/crea-weakest-home-sales-in-around-3-decades\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CREA Weakest Home Sales in Around 3 Decades &#8226; 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