Sales jump 5.9% in month of May
For all those predicting a market correction of declining sales, this past month (May 2014) certainly does not give that impression. The Canadian Real Estate Association (CREA) released its monthly statistics today, showing higher sales in May by 5.9% over April.
Sales rose in 4 out of 5 markets in Canada, and all the urban centers. The highest increases came in Calgary, Toronto, and Montreal.
The May sales jump resulted in CREA also restating its projection back to approximately 463,000 units to be sold this year. A slow winter season resulting from a lack of listings had 2014 start off on a poor note.
CREA’s chief ecnonomist Gregory Klump remarked: ““Had it not been for such a brutal winter that delayed the launch of the spring market, the improvement in new listings and sales would likely have been more spread out over the past few months.”
Some important figures:
Monthly Home Sales – 2 Year – CREA
– Note: Historically summer months have been strongest in terms of sales. However May 2014 far outpaces sales in both 2013 and 2012.
2014, 2015 Sales Projection – CREA
Note: British Columbia and Alberta projected to have strongest home sales nationally. The Maritimes are projected for a decrease in sales.