Home sales fell 7.4 per cent in May; Buyers are increasingly frustrated by volatile home sales: CREA

The Canadian Real Estate Association says buyers are increasingly frustrated by volatile home sales in this country and an expected decline in transactions could underscore their irritation with hot markets like those in Metro Vancouver.

The association says home sales fell 7.4 per cent in May compared with the month earlier, and the month-over-month skid affected about 80 per cent of markets across Canada.

But the association also predicts sales will hit a new, overall record by the end of the year, leaping nearly 24 per cent compared with 2020 before slipping about 13 per cent next year.

Association chair Cliff Stevenson expects the drop will be greatest in the overheated markets of B-C and Ontario where average property prices are predicted to nudge 900,000 dollars this year and next.

CREA on Twitter:

"While housing markets across Canada remain very active, we now have two months of moderating activity in the books, and that goes for demand, supply and prices," says CREA’s Chair

@cliffstevenson

. Get the highlights Right pointing backhand index https://creastats.crea.ca/en-CA/ #CREAStats