Canadian Existing Home Sales (May) — Out of the Fire, Into the Frying Pan
- Keywords:
- housing
Canadian existing home sales fell 7.4% in seasonally-adjusted terms in May, continuing the pullback from extreme levels seen earlier in the year. For some perspective, even though sales are down almost 18% from their high, the current level of activity is still 33% stronger than the 10-year average. So, while we hesitate to call this a slowdown given that sales are still effectively at record levels if we ignore the absolute frenzy in recent months, here are a few reasons for the pullback in the full report
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Robert Kavcic
Director and Senior Economist
Robert has been with the Bank of Montreal since 2006. He plays a key role in analyzing economic, fiscal and real estate trends in Canada. Robert regularly contribut…(..)
View Full Profile >Canadian existing home sales fell 7.4% in seasonally-adjusted terms in May, continuing the pullback from extreme levels seen earlier in the year. For some perspective, even though sales are down almost 18% from their high, the current level of activity is still 33% stronger than the 10-year average. So, while we hesitate to call this a slowdown given that sales are still effectively at record levels if we ignore the absolute frenzy in recent months, here are a few reasons for the pullback in the full report.
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