May home sales up from April and year ago, Canadian Real Estate Association says
Canadian home sales picked up on May as buyers came back into the market helped by low mortgage rates, but economists cautioned against the momentum continuing.
The Canadian Real Estate Association said Monday that home sales through its Multiple Listing Service system were 5.9 per cent higher compared with April, the largest month-over-month increase in nearly four years.
TD Bank economist Leslie Preston noted the combination of the bounce back from the frigid winter that froze the market and a recent decline in mortgage rates was “clearly a potent combination for May home sales.”
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